How Reliable Are Hog Futures as Forecasts?

The Chicago Mercantile Exchange hog futures contract was revamped in 1997 and it is one of the largest futures markets for a nonstorable commodity. The literature is divided on whether or not futures prices for nonstorables provide reliable forecasts of cash prices. We find that from 1998 to 2004, the hog futures market was an unbiased predictor of cash prices.     

A provider-cost/patron-effort schema for classifying products

Since the commodity-oriented thinkers of marketing’s early history, marketers have sought a valid schema for classifying products. Currently, the marketing literature is dominated by two types of schemata for classifying products: product-based and consumer cost-based. Despite marketing tenets such asexchange is the focal notion of marketing andgood marketing theory integrates the perspectives of firms and consumers, no existing schema embodies either exchange or a dual firm/consumer perspective. After reviewing the existing classificational schemata, one such schema is proposed and evaluated. The two classifying dimensions of this schema are providers’ relative variable costs (PRVC) and patrons’ relative effort (PRE). Crossing high and low levels of PRVC and PRE yields four product categories: low cost/effort, patroneffort heavy, provider-cost heavy, and high cost/effort. His work has appeared inJournal of Marketing, Journal of Business Research, Journal of Retailing, Journal of Advertising, International Journal of Advertising, Business Horizons, Business Ethics: A European Review, and other journals. His current research interests include marketing theory, advertising, and ethics. He received his Ph.D. in marketing from Purdue University. will soon receive his Ph.D. in marketing from the University of North Texas. His work has appeared inAcademy of Management Journal, as well as the proceedings of the American Marketing Association, the Decision Science Association, and the Society of Franchising. His research interests include building and testing models in international marketing, consumer behavior, and marketing management. His current research interests include self-referent processing of advertisements and consumer satisfaction.     

Implementation in Economic Environments with Incomplete Information: The Use of Multi-Stage Games

This paper shows that, in economic environments with incomplete information, incentive compatibility and a preference reversal condition are sufficient for implementation in sequential equilibrium.Journal of Economic LiteratureClassification Numbers: C72, D71, D82.     

Anti-branding on the internet

Anti-brand web sites are online spaces that focus negative attention on a specific targeted brand. Although anti-consumption movements on the internet have been gaining in numbers and in strength, research has not fully uncovered the nature of such sites and their impact on brand value and consumer anti-consumption. We present a conceptual framework describing online anti-branding and investigate causal relationships in two empirical studies. Study 1 investigates the brand value's impact on likelihood of the presence of anti-brand sites. Strong brands are more likely to have anti-brand sites. Study 2 is a content analysis of a representative sample of anti-brand sites that assesses the nature of the language used by such sites. Anti-brand sites use three types of language — market, ideological and transactional speech. The study finds that market speech is most prevalent and relates to brand value.     

REMOVING THE “VEIL OF IGNORANCE”: NONLINEARITIES IN EDUCATION EFFECTS ON GENDER WAGE INEQUALITIES

A large literature studies the mean gender wage gap in developing countries and finds mixed evidence about the role of education policies in closing gender earnings inequalities. We contribute to this literature by exploring two types of nonlinearities in wage earning regressions: (1) nonlinearities on the effects of education on expected earnings along the distribution of education endowments; and (2) heterogeneities on the contributions of education to the gender wage gap at different quantiles of the wage distribution. Our analyses provide new insights on how these nonlinear effects can be used to set up better targeted gender and development policies. (JEL I26, C14)     

Constructing a value-based healthcare system for hypertensive patients through changing payment mode: evidence from a comparative study in rural China

Objective: To construct a value-based healthcare system for rural Chinese hypertensive patients through an increasing outpatient care reimbursement ratio.

Methods: This comparative study sampled two similar counties, Dangyang County and Zhijiang County, in Hubei Province of China, as the intervention group and the control group, respectively. The Social Health Insurance Fund of the intervention group budgeted 600 yuan per capita per year to insured patients with third stage hypertension to cover their outpatient expenditures, while the outpatient expenditures of the control group were not covered by its Social Health Insurance Fund. The inpatient expenditure reimbursement policies in both groups were not adjusted during the study. Value improvement in this study was defined as reduction in medical costs and improvement in health outcomes within the pilot healthcare system. A propensity score matching model combined with a difference-in-differences model was used to estimate the changes in medical costs and health outcomes.

Results: In total, 1,673 pairs of patients were enrolled into statistical analysis after the propensity score matching. The intervention increased per capita annual outpatient expenditure by 81.2 (+31.8%) yuan (p?>?.05), but decreased the per capita annual inpatient expenditure and total medical expenditure by 475.4 (–40.7%) yuan and 394.2 (–27.7%) yuan, respectively (p?p?p?p?p?>?.05).

Conclusion: Increasing the outpatient expenditures, the reimbursement ratio was beneficial to the value of the healthcare system for hypertensive patients. Outpatient care for patients with chronic diseases should be prioritized for rural China and healthcare settings with inadequate health insurance funds.     

Resource availability in the social cloud: An economics perspective

Social cloud has emerged as a case of sharing economy, where socially connected agents share their computing resources within the community. This paper considers the social cloud as an endogenous resource-sharing network, where agents are involved in closeness-based conditional resource sharing. This study focuses on (1) the impact of agents' decisions of link addition and deletion on their own local and global resource availability as well as on others' global resource availability (as spillover effects), (2) the role of agents' closeness in determining spillover effects, (3) agents' link addition behavior, and (4) stability and efficiency of the social cloud. The findings include the following: (i) Agents' decision of link addition (deletion) increases (decreases) their local resource availability. However, these observations do not hold in the case of global resource availability. (ii) In a connected network, agents experience either a positive or a negative spillover effect and there is no case with no spillover effects. Agents observe no spillover effects if and only if the network is disconnected with three or more components. Furthermore, an agent experiences negative spillover if there is no change in its closeness. Although an increase in the closeness of agents is necessary to experience positive spillover effects, the condition is not sufficient. (iii) We study the relation between agents' distance from each other, and their local as well as global resource availabilities. We prove that the local resource availability of an agent from another agent increases with decrease in the distance between them and that maximum local resource availability is obtained from the agent with the least closeness. Using these results, we discuss which agent to add a link to, so as to maximize the local resource availability. We discuss why such results are difficult to establish for global resource availability. However, in a two-diameter network, we show that for an agent, link formation always increases the global resource availability. (iv) We also study resource-sharing network formation and its efficiency in a strategic setting. We prove the existence of a pairwise stable network. Furthermore, we provide a set of conditions for a few prominent network structures (star, complete, wheel, and bipartite networks) to be pairwise stable. We show that the “connected in pairs, otherwise disconnected” network is better than a connected network, in terms of social welfare.