Heritage Tourism in Singapore Chinatown: A Perceived Value Approach to Authenticity and Satisfaction

This study examines object-based and existential authenticity using a multidimensional approach to perceived value. The effects of value perceptions on satisfaction are also examined. Data was collected from tourists at the Singapore Chinatown heritage precinct. The findings revealed that object-based authenticity, existential authenticity, and perceived monetary value positively influenced overall perceived value and subsequently, satisfaction. This paper provides researchers with a theoretical framework of authenticity and perceived value for future empirical studies in the heritage tourism context. It also provides insight into how destination marketers and policy makers can develop effective and sustainable strategies for heritage destinations.     

The density of the time to ruin for a Sparre Andersen process with Erlang arrivals and exponential claims

We derive expressions for the density of the time to ruin given that ruin occurs in a Sparre Andersen model in which individual claim amounts are exponentially distributed and inter-arrival times are distributed as Erlang(n,?β). We provide numerical illustrations of finite time ruin probabilities, as well as illustrating features of the density functions.     

Stable and enforceable: a new fiscal framework for the Euro area

Since the great financial crash, the need for new fiscal rules to prevent unsustainable fiscal policies is universally recognised. In practice such rules, including those in the Stability and Growth Pact, have proved to be impossible to enforce. Thus, to avoid unsustainable fiscal policies reappearing, and to prevent monetary policy from being undermined by undisciplined governments, there is a need for a framework capable of imposing fiscal discipline. This paper considers an intertemporal assignment, where fiscal policy focuses on long-term objectives and monetary policy on short-term stabilisation. We argue for public sector debt targets as a practical way to achieve such a set up, and an excess debt protocol is constructed to give enforceable form to those targets. The ideas of “fiscal space” and optimal debt levels are used to provide a mechanism for identifying a stable region within which the debt targeting regime should operate. Making these factors explicit would both improve the credibility of planned fiscal policies and reduce risk premia on borrowing costs. We finally show how Europe’s competitiveness pact, and debt restructuring operations, can be used to maximise the available fiscal space.     

Is the European union a natural currency area, or is it held together by policy makers?

Is the European Union a Natural Currency Area, or Is It Held Together by Policymakers? — In 1999, EMU started with 11 members, but with considerable uncertainty about the depth of the convergence between them. The optimal currency area literature stresses the need for shocks which are symmetric and of similar size across countries. Our results show that symmetries in the core are only marginally stronger than those in the periphery; and that these symmetries have been increasingly maintained by policy interventions. Consequently, Europe may evolve into an optimal currency area; but the symmetries will be policy-induced rather than a market phenomenon. This suggests a fragility which could be reflected in the value of the new currency.     

Fitting strategic resources with product-market strategy: Performance implications

Resources, strategy, and performance inter-relationships are central to strategic marketing theory. Strategic resources are key inputs to product-market strategy that form the basis of superior firm performance. However, these inter-relationships are subject to ‘fit’ requirements. This article examines the hypothesis that greater fit between the strategic resources of marketing organizations and product-market strategy encourages superior financial and customer-market performance. This fit is most important to marketing organizations exhibiting either a Defender or Analyzer strategic orientation. No significant relationship is found for fit among Prospectors.     

Understanding and motivating salesperson resilience

Marketing Letters - Prior research has shown that approximately half of salespeople fail to achieve their targets each year. Not only is the role difficult but also sales jobs are often marked by...     

Government support for tourism and the UK: A different perspective

The nature of government support for industry in the UK is examined. Support for tourism has not equalled that given to manufacturing but the grounds on which the case for tourism are argued are unsatisfactory. The circumstances where a free enterprise economy could be reconciled with increased government support for tourism are argued. A case is made for subsidized holidays and it is suggested that cash grants for tourism development are inappropriate and should be replaced by other forms of funding.     

A New Method for Estimating the Effects of Fuel Taxes: An Application to Thailand

This article proposes a new methodology for estimating the impactof fuel price and tax changes on the general price level andthe distribution of income and applies a model to Thailand usingdata for 1975–76 and 1981–82. Because the modelallows for pricing under international competition where taxincreases must be partially absorbed in reduced factor incomerather than always being passed on in higher consumer prices,the results are significantly different from those generatedby the more conventional cost-plus pricing rule. The inflationaryimpact of fuel tax changes is slight because of both the opennessof the economy and the low energy intensity of manufacturingand other production in Thailand. In contrast, taxes on importsengender price increases not only for imports but also for goodswhich substitute for imports. The model also indicates thatthe net effects of taxes on petroleum products (other than kerosene)are progressive in their distributional impact, relative toa tax on imports or consumption. A main policy conclusion ofthe study is that fuel taxes could be used to increase bothequity and allocative efficiency without inducing significantinflationary responses. It follows that in the current circumstancesof falling world oil prices, developing countries could generaterevenues needed for structural adjustment by increasing fueltaxes to maintain domestic petroleum price levels.     

The communicative power of expert systems

'Expert Systems' or intelligent knowledge-based computer systems can be expected to have a considerable impact in the near future on the dissemination and use of technical expertise in practical situations. The potential benefits of such an approach to decision-making in applied science domains, for example, in anti-corrosive coating selection, are considerable. This paper argues, therefore, that a premium must be placed on such a system's performance as a communicator.
The structure and behaviour of a classical 'production system' are briefly described, and the communicative ability of such a system is analysed. This critical examination of a production system's question-answering capabilities highlights the inherent restrictions which the structure of this kind of system places on its explanatory and justificatory powers. An outline design for a less inhibitive structure is presented.
It is argued that the form in which the system provides 'answers' after the completion of a problem-solving session, may not yield sufficient appropriate information to the user, and a possible alternative view of a 'solution schema' is proposed.     

How vulnerable is the Soviet economy?: The effectiveness of economic sanctions

The effect of trade embargoes as a measure of foreign policy can be unpredictable. Using a framework of game theory based on macro-economic model Sovmod I from the Stanford Research Institute, the efficacy of future US sanctions on the USSR is examined. The West cannot force the Soviet economy far off its preferred growth path, but it can put pressure on its trade deficit (and thus foreign exchange reserves). The best strategy for the USA is the selective encouragement of trade that implicitly carries the threat of embargo.