Towards sustainable tourism planning in New Zealand: Monitoring local government planning under the Resource Management Act

In the light of the increasing pace and scale of tourism activity in New Zealand, the concept of sustainable tourism has become a key ingredient in the nation's tourism strategy. This paper explores sustainable tourism planning in New Zealand at the level of local government, and in particular, focuses on the implementation of the Resource Management Act 1991 (RMA) as a mechanism for achieving sustainable tourism. Using the findings of a survey of Regional Councils and Territorial Local Authorities, the paper explores public sector planning responses to tourism impacts and sustainability concerns in New Zealand. The paper extends the earlier work of Page and Thorn (1997. Towards sustainable tourism planning in New Zealand: public sector planning responses. Journal of Sustainable Tourism 5(1): 59-77; 2002. Towards sustainable tourism development and planning in New Zealand: the public sector response revisited. Journal of Sustainable Tourism 10(3): 222-238), which identified major issues of concern at local council level with regard to tourism impacts and argued the need for a national vision for tourism to ensure that the RMA achieved its original goals. Since then, a national tourism strategy has been published and changes in legislation have further empowered local authorities to further progress the sustainability agenda. This paper examines these developments and the ensuing implications, concluding that significant progress has been made in developing tourism policies at the local level, but that a number of constraints and issues limit the development of New Zealand as a sustainable destination.     

First mover or higher quality? Optimal product strategy in markets with positive feedbacks

Conventional wisdom holds that in markets with positive feedbacks being first to market can matter more than product quality. In this paper, we test that intuition within a generalized Pólya urn model. We find that if we assume constant feedbacks, in the long run, higher quality products dominate the market regardless of initial market shares, contradicting the common wisdom. However, when we allow for variable feedbacks, initial advantages persist almost indefinitely. Thus, the choice of whether to rush to market or focus on quality depends on market characteristics such as whether the positive feedbacks result from more consistent returns to scale or from more variable social influences.     

The Effect of Employment while in High School on Educational Attainment: A Conditional Difference‐in‐Differences Approach*

Using American panel data from the National Education Longitudinal Study of 1988, this article investigates the effect of working during grade 12 on attainment. We employ, for the first time in the related literature, a semiparametric propensity score matching approach combined with difference‐in‐differences. We address selection on both observables and unobservables associated with part‐time work decisions, without the need for instrumental variable. Once such factors are controlled for, little to no effects on reading and math scores are found. Overall, our results therefore suggest a negligible academic cost from part‐time working by the end of high school.     

THE RELATIONSHIP BETWEEN FINANCIAL PERFORMANCE AND STOCK MARKET BASED MEASURES OF CORPORATE DIVERSIFICATION

This study examines the relationship between corporate diversification and financial performance. The use of a stock market based measure of diversification allowed a much larger database than in previous studies and overcame the subjective nature of measuring internal diversification. Because previous researchers found that firm size affected performance, size was controlled in this analysis. The authors conclude that there is no statistically significant relationship between the degree of internal diversification and financial performance.     

Corporate Ethical Values and Altruism: The Mediating Role of Career Satisfaction

This study explores the ability of career satisfaction to mediate the relationship between corporate ethical values and altruism. Using a sample of individuals employed in a four-campus, regional health science center, it was determined that individual career satisfaction fully mediated the positive relationship between perceptions of corporate ethical values and self-reported altruism. The findings imply that companies dedicating attention to positive corporate ethical values can enhance employee attitudes and altruistic behaviors, especially when individuals experience a high degree of career satisfaction.     

Is there an optimistic bias on betting markets?

Bettors are subject to an optimistic bias when betting on the team they support. This paper shows that this individual bias does not affect betting odds on British teams in association football (soccer), as it is often argued.     

Rate Level Indexed Mortgages: An Evaluation

In this paper, a new and superior alternative mortgage design is presented and evaluated. The mortgage design is motivated by a desire to reduce the exposure of both borrowers and lenders to risks that result from high and variable interest rates, while at the same time providing a mechanism by which changes in the real value of payments and rates of amortization can be controlled. In addition to a theoretical discussion of the merits of this design a simulation of the mortgage's performance is provided that uses market data from the period 1965 to 1983.     

Inviting the Amateurs into the Studio: Understanding How Consumer Engagement in Product Design Creates Value

With consumers increasingly taking on the role of product designer, interesting and important avenues for new research are emerging. This article highlights two broad areas that researchers in both consumer behavior and product design may want to consider: (1) what constitutes consumer design and (2) what factors influence value creation when consumers assume responsibility for some or all of the design task.