Discovering culture-led regeneration in Dundee

The arts and culture sectors have been shown to contain considerable potential as driving forces for regeneration. Following a series of physical, economic and community regeneration initiatives in the city of Dundee, an arts and culture-based strategy is now being followed which would seem to offer a means by which sustainable regeneration achievements can be made. While this initiative has been integrated with other aspects of regeneration in the city, a broader, strategic approach to culture-led regeneration would seem to be necessary for maximum benefits to be obtained.     

Market power,price discrimination,and allocative efficiency in intermediate‐goods markets

We consider a monopolistic supplier's optimal choice of two‐part tariff contracts when downstream firms are asymmetric. We find that the optimal discriminatory contracts amplify differences in downstream firms' competitiveness. Firms that are larger—either because they are more efficient or because they sell a superior product—obtain a lower wholesale price than their rivals. This increases allocative efficiency by favoring the more productive firms. In contrast, we show that a ban on price discrimination reduces allocative efficiency and can lead to higher wholesale prices for all firms. As a result, consumer surplus, industry profits, and welfare are lower.     

Market‐share contracts as facilitating practices

This article investigates how the use of contracts that condition discounts on the share a supplier receives of a retailer's total purchases (market‐share contracts) may affect market outcomes. The case of a dominant supplier that distributes its product through retailers that also sell substitute products is considered. It is found that when the supplier's contracts can only depend on how much a retailer purchases of its product (own‐supplier contracts), intra‐ and interbrand competition cannot simultaneously be dampened. However, competition on all goods can simultaneously be dampened when market‐share contracts are feasible. Compared to own‐supplier contracts, the use of market‐share contracts increases the dominant supplier's profit and, if demand is linear, lowers consumer surplus and welfare.     

Economics at the FTC: Mergers,Dominant-Firm Conduct,and Consumer Behavior

Economists at the Federal Trade Commission (FTC) pursue the agency’s competition and consumer protection missions. In this year’s essay, in antitrust, we discuss the new Merger Guidelines, three exclusion cases, and R&D issues in the Thoratec/HeartWare merger and the Google/AdMob merger. In consumer protection, we discuss the FTC’s new rule on debt settlement, our efforts to improve disclosures, and our recent work on appliance energy disclosures.     

Pre‐sale information and hammer prices for Australian Indigenous art

Using sales data from 1987–2011 we investigate the role that pre‐sale price information plays in determining hammer prices for Australian Indigenous artworks. Importantly, we control for the degree of market concentration as this might influence buyers’ perceptions of fairness in relation to price estimates which are provided by auction houses. Auction houses therefore act as important intermediaries between art sellers and art buyers. The results suggest that pre‐sale estimates and market concentration have a differential impact on hammer prices, depending on the point in the conditional realised price distribution under examination.     

Harvesting the “Business Test Trip”: Converting Business Travelers to Holidaymakers

A destination has no chance of being chosen unless it is part of a tourist's early consideration set (Crompton & Ankomah, 1993 Crompton, J. and Ankomah, P. 1993. Choice set propositions in destination decisions. Annals of Tourism Research, 20(3): 461–476. [Crossref], [Web of Science ®] , [Google Scholar]), implying the tourist's awareness of the destination. Raising awareness for a destination is challenging, especially in times of global competition. We investigate a common, yet empirically untested, assumption that business travelers can be converted to holidaymakers at the same destination at a future point in time. Empirical results indicate that business travelers do use business trips to a new destination to assess the potential for future leisure travel. Marketing strategies which destinations could deploy to entice business travelers back as holidaymakers are discussed.     

Commonplaces in Risk Talk: Face Threats and Forms of Interaction

Talk about risk is problematic for interaction; it can involve the speaker or hearer saying things that threaten participants' ‘face’, the ways they want themselves to be seen by others. One way of dealing with these threats to face, and to keep the conversation going, is the use of commonplaces. Commonplaces, generally applicable and generally known arguments, play an important role in interaction, invoking shared, taken‐for‐granted perspectives embedded in familiar roles and everyday practices. They are similar to some of the frames discussed in risk communication, but they focus our attention on rhetoric and interaction rather than cognition. In this paper, I show how commonplaces are used in focus group discussions of public choices involving dangers to life or health. They tend to be used in response to dilemmas, when a speaker is put on the spot, and they tend to lead to other commonplaces. Analysis of commonplaces supports those who argue that studies of public perception of risks and programmes of communication about risks need to be sensitive to the personal interactions, rhetorical strategies, and cultural embeddedness of any risk talk.     

How are young music artists configuring their media and sales platforms in the digital age?

Abstract

Research on how music artists generate sales from their content through different platforms is scant. In this study, configuration theory is used to show that different market access configurations are viable simultaneously and that young musicians differ significantly in how they generate revenues. Using data on the media and sales performance of 338 young musicians in the Netherlands, we show that there is an ‘Emerging Star’ group (7–13% of artists depending on regional scope) and that record labels play an important role in this configuration providing broad media access on all platforms, both old and new. Digital age ‘Independents’ (14% of young artists), mostly without a record label, seem to benefit from the use of social media while exploiting synergies around live music. All artists in the remaining groups ‘Question Marks’ and ‘Hobbyists’ experience low to very low performance on all platforms. This study shows that configuration theory can provide detailed insight into viable and unviable marketing strategies. In particular, it shows that the globally declining music CD platform can still be very important for specific artists that exploit synergies between live performances, on-site CD sales and social media fan relationship management. The implications for marketing theory and young music artists are discussed.     

Defensive sniping and efficiency in simultaneous hard-close proxy auctions

A well-known myopic bidding strategy fails to support an equilibrium of simultaneous ascending proxy auctions for heterogeneous items when a hard-close rule is in place. This is because, in common with the single-auction case, last minute bidding (sniping) is a best response to naive behaviour. However, a modification to the myopic strategy in which all bidders submit an additional bid in the closing stages of the auction–a practice I call ‘defensive sniping’–is shown to yield an efficient, belief-free equilibrium of such environments. This equilibrium is essentially unique within the class of belief-free, efficient equilibria.