ERROR-CORRECTION, ⇐ SURPRISE ⇒ MODELS AND THE DIFFERENTIAL APPROACH TO THE CONSUMPTION FUNCTION(*)

The paper provides a general theoretical framework that allows a comparison and a possible reconciliation of error correction models of consumers’behaviour and the life cycle hypothesis under rational expectations. It is suggested that by relaxing the assumption of intertemporally strongly separable and homothetic preferences, a generalization of Hall's random walk model can be derived, containing an error correction mechanism.     

Tourists’ hotel event experience and satisfaction: an integrative approach

ABSTRACT

Tourists’ hotel event experiences have received little attention in tourism research. By proposing an integrated model of expectation–confirmation theory (ECT) and the experience economy concept, this research explores the relationship between tourists’ event experience and their satisfaction regarding the hotel event setting. The hypothesized model was empirically validated using a sample of 663 tourists who experienced a holiday event at a resort hotel. Results confirmed that the integration of the experience economy and ECT provided a better understanding of tourists’ post-satisfaction in a pleasure-driven setting. This affective–cognitive approach advances the knowledge of tourists’ experiences and satisfaction at hotel events.     

Impact of financial/economic crisis on demand for hotel rooms in Hong Kong

The main objectives of this study are (1) to identify the factors that influence the demand for hotel rooms in Hong Kong and (2) to generate quarterly forecasts of that demand to assess the impact of the ongoing financial/economic crisis. The demand for four types of hotel room from the residents of nine major origin countries is considered, and forecasts are generated from the first quarter of 2009 to the fourth quarter of 2015. Econometric approaches are employed to calculate the demand elasticities and their corresponding confidence intervals, which are then used to generate interval demand predictions. The empirical results reveal that the most important factors in determining the demand for hotel rooms in Hong Kong are the economic conditions (measured by income level) in the origin markets, the price of the hotel rooms and the ‘word of mouth’ effect. Demand for High Tariff A and Medium Tariff hotel rooms is estimated to have experienced negative annual growth in 2009 due to the influence of the financial/economic crisis, whereas that for High Tariff B hotel rooms is thought to have grown in 2009 after having decreased in 2008. The demand for tourist guesthouse rooms is expected to be the least affected by the crisis. Overall demand is predicted to recover gradually from 2010 onwards.     

Estimating the impact of showroom entertainment on the gaming volumes of Las Vegas hotel–casinos

Increases in showroom headcounts are found to increase casino gaming volumes in two Las Vegas Strip casinos. This study examines long-standing assumptions regarding the indirect contribution of investment-intensive showroom entertainment. Such contributions are difficult to measure and the literature contains no rigorously derived estimates of gaming contributions from in-house entertainment venues. Despite the paucity of research, gaming companies are willing to invest staggering sums in showroom entertainment, based in large part on the belief that traffic from these venues will increase gaming volumes. Using estimates produced by time series regression models, the two showrooms produced average gaming win contributions of $11.28 and $19.32, per paid showroom attendee. Based on these estimates alone, extravagant investment in showrooms would have to be justified by other means. Future studies aimed at understanding the showroom contributions to non-gaming profit centers and the role of showrooms in the high-roller's patronage decision are both recommended.     

Dimensions of Chinese culture values in relation to service provision in hospitality and tourism industry

Factor and reliability analyses were employed in this exploratory attempt to investigate and refine the structure and dimensions of Chinese cultural values (CCVs) in relation to service provision. Based on the results of factor analysis, CCVs could best be conceptualized as a five-component construct that influences the attitude or behavior of employees in providing service. These five factors were identified as follows: Integration 1 (attitude towards work); Integration 2 (attitude towards people); moral discipline; status and relationships; and moderation. The identification of these dimensions has two major implications to human resource development and service management practice in the hospitality and tourism industry. First, Chinese cultural values play a critical role in determining specific interventions, challenges and barriers in service organizational management. Second, given the profound influence of Chinese cultural values on service provision, international tourism and hotel managers, particularly in human resource development, should realize the importance of ensuring that Western management practices are adopted critically in Chinese organizations. Given the limited amount of research on this topic, the findings generated from this study are very important in guiding future research and providing insights into an area that deserves more academic attention.     

A Segmentation of Volunteers at the 2013 Austin City Limits Music Festival: Insights and Future Directions

Volunteers at music festivals play a critical role in festival operation and success. As the music festival industry continues to grow, the ability for these large productions to effectively execute a large volunteer program is augmented. Volunteers from the 2013 Austin City Limits Music Festival were surveyed in regards to their self-image congruency, motivation, satisfaction, and intent to return as a volunteer at the festival. Analysis resulted in three distinct segments which has significant practical implications for festival management. Academic implications exist with the addition of self-image congruency and further discovery of volunteers in the festival and event industry.     

Correlation of acid gas-ethanolamine equilibrium using ionic concentrations

Experimental equilibrium measurements are modeled using a Davies-like ionic strength correction term for the reaction equilibrium constants. Calculated and experimental results are in much better agreement when the ionic strength correction terms are used.     

The interaction of shock waves in cylindrical structures

An experimental investigation into the validity and use of the hydraulic jump analogy for studying the interaction of shock waves in air with cylindrical structures.     

Contribution of low-level flammable vapor concentrations to dust explosion output

As a result of extensive dust explosion research, additional areas of hazards have arisen. The potential of combining small percentages of flammable vapors (below the lower explosion limit) introduces additional dust explosion hazards.     

Personal Attachment to the Union in Small Bargaining Units

Union member attachment research has generally examined large unions organizing large employers. The present study presents a conceptual model and related data concerning various aspects of the union attachment expressed by individuals in small bargaining units. The results show differences among individuals in commitment based on their union experiences and demographic characteristics. Résumé Les études traitant de la loyatué qu'éprouvent les membres envers leur syndicats examinent généralement des syndicats importants au sein d'entreprises de taille. La présente étude offre un modèle conceptuel et les données relatives aux divers aspects de la loyauté exprimée par des individus appartenant à de petites unités de négociations. Les résultats démontrent les différences de loyauté chez les membres selon leur experience syndicale et les caractéristiques démographiques.