Regulating Borrower Hardship in Australia,Singapore, and Hong Kong: Payment Holidays During COVID-19 and Beyond

Journal of Consumer Policy - Borrower hardship, while a critical issue, is not often addressed by consumer protection frameworks across the Asia–Pacific. The widespread use of payment...     

Walrasian analysis via two-player games

We associate to any pure exchange economy a game with only two players, regardless of the number of consumers. In this two-player game, each player represents a different role of the society, formed by all the individuals in the economy. Player 1 selects feasible allocations trying to make Pareto improvements. Player 2 chooses an alternative from the wider range of allocations that are feasible in the sense of Aubin. The set of Nash equilibria of our game is non-empty and our main result provides a characterization of Walrasian equilibria allocations as strong Nash equilibria of the associated society game.     

Characterization and incentive compatibility of Walrasian expectations equilibrium in infinite dimensional commodity spaces

Summary. We consider a differential information economy with infinitely many commodities and analyze the veto power of the grand coalition with respect the ability of blocking non-Walrasian expectations equilibrium allocations. We provide two different Walrasian expectations equilibrium equivalence results. First by perturbing the initial endowments in a precise direction we show that an allocation is a Walrasian expectations equilibrium if and only if it is not privately dominated by the grand coalition. The second characterization deals with the fuzzy veto in the sense of Aubin but within a differential information setting. This second equivalence result provides a different characterization for the Walrasian expectations equilibrium and shows that the grand coalition privately blocks in the sense of Aubin any non Walrasian expectations equilibrium allocation with endowment participation rate arbitrarily close to the total initial endowment participation for every individual. Finally, we show that any no free disposal Walrasian expectations equilibria is coalitional Bayesian incentive compatible. Since the deterministic Arrow-Debreu-McKenzie model is a special case of the differential information economy model, one derives new characterizations of the Walrasian equilibria in economies with infinitely many commodities.Received: 29 October 2003, Revised: 24 February 2004, JEL Classification Numbers: D51, D82, D11. Correspondence to: Emma Moreno-GarcíaThe authors are grateful to an anonymous referee for his/her careful reading and helpful comments and suggestions.C. Hervés and E. Moreno acknowledge support by Research Grant BEC2000-1388-C04-01 (Ministerio de Ciencia y Tecnología and FEDER); and support by the Research Grant SA091/02 (Junta de Castilla y León).     

Does ECO certification deliver benefits? An empirical investigation of visitors’ perceptions of the importance of ECO certification's attributes and of operators’ performance

Certification is highlighted as a key sustainable tourism management tool. Yet, very little is known about visitors’ perceptions of such schemes. This is an important gap: the success of certification schemes depends on consumers’ confidence in the quality of products and services that the schemes endorse. This paper surveyed 610 visitors to the Wet Tropics World Heritage Area and surrounds in Queensland, Australia about (1) the perceived importance of various attributes of the ECO certification scheme; and (2) the perceived performance of operators based on those attributes. Data analysis identified aspects of ECO certification and of operator performance that may need improvement. It found that importance of attributes varied across products and visitor groups; at accommodations, most attributes were perceived to be important, Nature (as an aesthetic experience) and Marketing being more important than others, while at attractions and on tours, visitors were indifferent. Younger visitors rated Environment and Conservation more highly than their older counterparts and females rated Conservation more highly than males. Visitors – notably at accommodations – considered that ECO certified operators were performing “better” than non-ECO certified operators on many attributes. How these visitor perceptions translate into reality remains an important topic for future research.     

Understanding ASEAN tourism collaboration — the preconditions and policy framework formulation

Intergovernmental collaboration in tourism among ASEAN nations has received little attention in the literature despite the significant contribution that tourism makes in the region. This paper helps improve our understanding of the phenomenon by providing empirical evidence that explains the preconditions that gave rise to ASEAN tourism and the formulation of its policy framework. It is suggested that, to truly realise the vision of economic integration and sustainable tourism development, continuous efforts are required to establish, promote and protect the common interests of member countries. Policy‐makers should also strive for a good balance between pragmatism and mechanism when implementing policies. Copyright © 2009 John Wiley & Sons, Ltd.     

Measuring the social impacts of local authority events: a pilot study for a civic pride scale

• The provision of events and festivals by local government has become an expected, if non‐mandatory, service. In many regions these events are organised in order to provide mainly social, rather than economic, benefits to the community and, as a consequence, the providing organisation may have difficulty in demonstrating a return on the budget invested. This paper suggests the use of multi‐item attitude scales to quantify the intangible effects of the festival or event programme on the local community. The findings of a pilot study of one such scale are presented showing that reliable and valid methods can be developed, that they can be relatively low cost and simple to apply and that the data generated can be of great value in enhancing the evaluation of local authority service provision.

Copyright © 2006 John Wiley & Sons, Ltd.     

Strategy in the Public Sector: Management in the Wilderness

ABSTRACT The central question addressed in this paper is ‘Why have organizational strategies emerged in the public sector?’ Two broad answers are suggested. First, ‘strategies’ profile the organization through identifying aims, outputs and outcomes. Public services must, now, provide such transparency in order to secure on‐going funding from government bodies. Once ‘strategies’ are being produced, they also offer an organizational vision that potential additional funding agencies can buy into (with both commitment and money). And public services are short of resources. Second, ‘strategies’ signal greater devolved responsibility in the public sector for both acquiring resources and achieving results. They enable the inclusion of managerial priorities and values in setting the direction of public services. And politicians desire more control over the professionals that dominate public services whilst, simultaneously, wanting to make them more responsible for outcomes. This article explores the growth of strategic planning in a particular area of the public sector – the national parks. Strategies as ‘dormant documents’ and strategies as ‘funding pitches’ are discussed. It is suggested that, in the public sector, strategies should be the object of strategy.     

THE ORANGE BOOK – TURNING RIGHT OR CHANGING GEARS?

The Liberal Democrats becoming kingmakers in 2010 did not depend solely on the numbers adding up on May 5th. Did The Orange Book pull the party to the right, making coalition with the Tories a meeting of minds? Or was it better viewed as an element in an overall strategic shift towards greater professionalism, making a deal with either of the major parties more likely?