The Regulation of Pharmacists in Belgium and the Netherlands: In the Public or Private Interest?

The regulation of pharmacists in Belgium and the Netherlands is analysed in order to test the rent-seeking hypothesis put forward in the private interest literature. Both the self-regulation issued by the professional bodies and public regulations are examined. It appears that many regulations in both countries either restrict the entry into the profession or restrict competition within the profession. A qualitative comparative analysis of these regulations in both countries is presented as well as some empirical findings. The economic analysis and the empirical data seem to give some support to the rent-seeking hypothesis.     

Multi-Event Bonus-Malus Scales

This article is devoted to the design of bonus‐malus scales involving different types of claims. Typically, claims with or without bodily injuries, or claims with full or partial liability of the insured driver, are distinguished and entail different penalties. Under mild assumptions, claim severities can also be taken into account in this way. Numerical illustrations enhance the interest of the approach.     

A Bayesian adaptive design in clinical trials for continuous responses

Adaptive design is a popular concept in several clinical trials, especially in phase III trials. The idea is to allocate treatments to the entering patients according to the state of art of the present data, i.e., to allocate a larger number of patients to the better treatment. The present paper provides a Bayesian formulation of an adaptive allocation design for clinical trials that considers all the continuous responses along with the associated covariates for future allocation. Some Bayesian inferences followed by the allocation are discussed along with a Bayesian prediction for future allocation. The convergence of the allocation probabilities is also discussed along with some related logistics of the design.     

GSS for Multi-Organizational Collaboration: Reflections on Process and Content

Multi-organizational collaboration has become the norm for modern organizations as they seek to survive and prosper in increasingly turbulent times. These collaborations can take many forms, but face problems due to different management styles, different cultures, and different operating modes of the participant organizations. These differences usually cause difficulties for the multi-organizational teams that are set up to make the collaboration operational. Group Support Systems (GSSs) is one possible way of supporting these multi-organization collaboration teams (MCTs). This paper builds and describes a conceptual framework that highlights the critical characteristics of these teams and how GSS might support their activities. The framework is based on a detailed analysis of three case studies using three different GSSs.     

Using Causal Mapping with Group Support Systems to Elicit an Understanding of Failure in Complex Projects: Some Implications for Organizational Research

This paper reflects upon the use of causal mapping supported by a Group Support System (GSS) in a particular legal setting. The mapping method and GSS tool was used for the forensic analysis of eight major engineering and construction projects where the contractor intended to claim significant compensation (typically in excess of $20m). Necessarily detailed records were kept of every aspect of the analyses and processes adopted. This paper is an examination and reflection upon analysis of these records, with particular attention to the process. The task of capturing the way in which participants (witnesses) in a project ‘make sense’ of a cost and time overrun is an important aspect of forensic analysis as they have an experience based perspective, that has often involved dealing with high levels of complexity as projects move from planned order through to what they describe as “absolute chaos”. In addition the requirement to account for, and be held responsible for, behaviors that that may in retrospect be seen as incompetent raises interesting issues in determining the validity of the data capture and analyses. Moreover, participants’ views regarding the complex causality of outcomes, reflected in the causal map, are tested through the use of a simulation model replicating the causal map. The implications of this approach as a research method for undertaking organizational research are thus considered by drawing upon experiences of using the approach to develop the case for litigation in several disruption and delay claims. In particular the paper addresses the issues related to defensiveness of participants, anonymity, accessing multiple perspectives in a group setting, organizational learning and the ‘changing of mind’ of participants, and developing an organizational memory.     

Does a Terroir Product Tell the Same Story to Tourists,Day‐trippers and Local Consumers? The Moderating Role of Variety‐seeking Tendency and Perceived Authenticity

The issue of segmentation of the culinary tourism market is central for local economic actors because many products and activities address several marketing targets, including tourists and residents. This research shows that the assessment of the attributes of a terroir cheese is not altered by the consumer's tourist status. In contrast, taking into account the underlying motivations behind culinary tourism, an individual variable (the variety‐seeking tendency) and a variable related to the product (its perceived authenticity) appear as relevant segmentation criteria for such a culinary tourism product. Copyright © 2015 John Wiley & Sons, Ltd.     

How Much Does Investor Sentiment Really Matter for Equity Issuance Activity?

We study the extent to which investor sentiment matters for aggregate equity issuance activity. We focus on firms that are susceptible to investor sentiment and for which accurate measures of economic fundamentals are available. While sentiment on its own matters for equity issuance, it matters relatively little once we control for accurately measured fundamentals. Collectively, proxies for sentiment explain roughly 10 percentage points of the time-series variation of equity issuance beyond the roughly 40% explained by fundamentals. We conclude that investor sentiment does not seem to matter very much for aggregate equity issuance activity.     

Closed-form solutions to stochastic process switching problems

This paper studies the price of an asset depending on both a fundamental and possible interventions of an authority. Using the martingale approach in continuous time, we provide closed-form solutions to switching problems involving irreversible, state dependent and intramarginal switch policies. The martingale approach provides additional information regarding the switching policy, namely the average time before authority intervention, the conditional probability of intervention, or the total time of intervention. Applications in international and financial economics include exchange rates modelling, corporate claims valuation and capital budgeting decisions.