Outdoor recreation expenditures and the effects of spatial structure

Abstract

Visitor expenditure models have been the focus of substantial attention in outdoor recreation research because of their significance in estimating local economic impacts. At the disaggregate level models have usually included simple measures of distance decay and variables representing the attributes of households and supply features. Scholars have ignored the differential effects that the spatial structure of opportunities might have upon expenditures. This paper presents an analysis of the effects of spatial structure upon visitor expenditures for outdoor recreation in Oklahoma. Analyses are presented which identify and differentiate the relative effects of spatial structure upon visitor expenditures and the alternative forms of spatial diversification behavior consistent with such expenditure patterns.     

The importance of urban milieu in predicting recreation participation: The case of day hiking

Abstract

Numerous outdoor recreation forecasting studies have included household characteristics as well as aspects of the recreation facilities and accessibility. Only a few studies, however, have included in the prediction equation any measure of the effects of urban milieu on behavior. Four commonly cited surrogates of urban milieu are used to cluster the cities of Illinois into three relatively homogeneous groups of environments. Regression analyses are then undertaken using individual household data, aspects of the recreation facilities patronized by the households, participation, and distance and travel time estimates. Comparisons of the regression analyses indicate that, as a concept, milieu is an important predictor of both the volume of recreation participation and salient features of recreation facilities.     

The Foreclosure–House Price Nexus: A Panel VAR Model for U.S. States, 1981–2009

Despite housing's economic importance, little has been written on how foreclosures and home prices interact in a framework that includes macroeconomic and housing variables such as employment, permits or sales. Panel VAR results for quarterly state‐level data indicate that price–foreclosure linkages run both ways. Foreclosures negatively impact home prices. The negative impact of prices on foreclosures, however, is much larger. These results suggest the low‐frequency association observed between foreclosures and prices is mostly driven by the endogenous adjustment of foreclosures to prices via the strategic choices of homeowners and lenders, rather than through the effects of foreclosures on home prices.     

Optimal tracking for asset allocation with fixed and proportional transaction costs

This paper studies the asset allocation problem of optimally tracking a target mix of asset categories when there are transaction costs. We consider the trading strategy for an investor who is trying to minimize both fixed and proportional transaction costs while simultaneously minimizing the tracking error with respect to a specified, target asset mix. We use imupulse control theory in a continuous-time, dynamic setting to deal with this problem in a general and analytical way, showing that the optimal trading strategy can be characterized in terms of a quasi-variational inequality. We derive an explicit solution for the two-asset case, and we use this to provide a sensitivity analysis, showing how the optimal strategy depends upon individual input parameters. We also use some theory for one-dimensional diffusion processes to derive analytical expressions for various measures of performance such as the average time between transactions.     

The moderating influence of strategic orientation on the strategy formation capability–performance relationship

An effective strategy formation capability is a complex organizational resource—a dynamic capability that should lead to superior performance. Strategy scholars have examined the strategy formation capability from many perspectives. However, no study has examined a comprehensive model of strategy formation in the context of the firm's strategic orientation. We develop and examine such a model. The results show that strategic orientation moderates the relationship between different elements of the strategy formation capability and performance. Copyright © 2006 John Wiley & Sons, Ltd.