The Undisclosed Renminbi Basket: Are the Markets Telling Us Something about Where the Renminbi–US Dollar Exchange Rate is Going?

On 21 July 2005 China adopted an undisclosed basket exchange rate regime. We formally assess and envisage the gradual evolution of the renminbi over time. We utilise nonlinear dependencies in the renminbi exchange rate and describe the smooth transition of the renminbi/US dollar (RMB/USD) exchange rate using the family of time‐varying autoregressive (TV‐AR) models. The results indicate that the forward‐looking nonlinear model adequately depicts the gradual reform process underlying the new RMB exchange rate regime.     

Do complainants appreciate overcompensation? A meta-analysis on the effect of simple compensation vs. overcompensation on post-complaint satisfaction

This paper examines the incremental effect of overcompensation as compared to simple compensation on post-complaint satisfaction. In overcompensation, consumers are entitled to a refund that is more than the purchase price, whereas in simple compensation, the refund given is equivalent to if not less than the purchase price. A meta-analysis of 17 experimental studies shows that overcompensation has a substantially lower incremental effect on post-complaint satisfaction than simple compensation. However, when distinguishing between transaction-specific satisfaction and cumulative satisfaction, the smaller effect size of overcompensation mainly holds true for transaction-specific satisfaction. For cumulative satisfaction, the effect size of overcompensation is only marginally smaller. While counter-intuitive, these results appear to have a basis in three established theoretical frameworks, namely the Weber–Fechner law, prospect theory, and the different phenomenologies of the two satisfaction constructs. Implications are discussed for marketing research as well as for complaint management. Areas for future research are also explored.     

Do consumers value price transparency?

We examine the role of price transparency in consumer preferences and demand. We assemble a detailed dataset on the driving school industry in Portugal to quantify how firms present the price of the course of instruction, and its individual components, to potential students. Our unique data allows us to estimate a structural model of school choice and measure the impact of varying levels of price information on demand. The results show that consumers are willing to pay a significant amount for price transparency, on average 11% of the service price, and that consumer demographics drive heterogeneous preferences for transparency.     

Nostalgia marketing and (re-)enchantment

Most marketing and branding activities are essentially concerned with enchantment—the rendering of the ordinary into something special. To create enchantment, companies are increasingly marketing past-themed brands and products. Yet, there is little research about why and how such nostalgia marketing creates enchantment for consumers. Building on different modalities of nostalgia identified in sociological literature (reluctant nostalgia, progressive nostalgia, and playful nostalgia), we analyze the creation of enchantment through a longitudinal, qualitative, multi-method program of inquiry. We find three routes to enchantment grounded in different nostalgia modes: (1) re-instantiation (symbolic retrojection into a past), (2) re-enactment (reflexively informing the present with past-themed brands and practices), and (3) re-appropriation (ludic re-interpretation of the past). By unfolding the different ways in which marketers can press rewind to create enchantment, we discern important implications for theorizing and managing past-themed brands in terms of marketing strategy, targeting and positioning, brand experience design, and marketing communications.     

The effects of the high school curriculum on school dropout

High school dropouts and their lower employment prospects are a major concern for developed countries. This article answers the question whether the high school curriculum has the potential to affect students’ dropout decision. Focusing on the curriculum is also motivated by the manifold curriculum reforms or reform initiatives worldwide. Using a quasi-experimental evaluation design, we identify the effects of a curriculum reform on students’ probability to drop out of high school in the short run, i.e. for the first three cohorts graduating under the new curriculum requirements. The reform increased the curriculum requirements in high school, for instance, by reducing the freedom of choice in course selection. The results show that high school dropout rates increased for males and females alike.     

Viel Arbeit und wenig Geld

Belastungserleben und Burnout - Pflegende in den Krankenh?usern haben in den letzten zehn Jahren eine dramatische Verdichtung ihrer Arbeit erlebt. Restrukturierungsprojekte zur Effizienzsteigerung und Kostenminimierung wurden in den H?usern durchgeführt. Doch welchen Einfluss übt diese Entwicklung auf die psychische Gesundheit der Pflegenden aus?     

META‐ANALYSIS OF ECONOMICS RESEARCH REPORTING GUIDELINES

Meta‐regression analysis (MRA) can provide objective and comprehensive summaries of economics research. Their use has grown rapidly over the last few decades. To improve transparency and to raise the quality of MRA, the meta‐analysis of economics research‐network (MAER‐Net) has created the below reporting guidelines. Future meta‐analyses in economics will be expected to follow these guidelines or give valid reasons why a meta‐analysis must deviate from them.     

Volatility dependence across Asia-Pacific onshore and offshore currency forwards markets

This paper estimates switching autoregressive conditional heteroskedasticity (SWARCH) time series models for weekly returns of nine Asian forward exchange rates. We find two regimes with different volatility levels, whereby each regime displays considerable persistence. Our analysis provides evidence that the knock-on effects from China's currency forwards markets upon other Asian countries have been modest, in that little evidence exists for co-dependence of volatility regimes.     

Price discrimination in service industries

This article outlines recent methods and applications directed at understanding the profit and consumer welfare implications of increasingly prevalent price discrimination strategies in the service sector. These industries are typically characterized by heterogeneity in consumers?? valuation and usage of the service, resale constraints, and a focus on price as the service??s key attribute. The article focuses on how firms use nonlinear pricing or bundling strategies to benefit from the heterogeneity in consumer demand. We describe the basic economic model commonly used in the literature to analyze such strategic choices and present recent methodological improvements to this benchmark. A discussion of existing applications and future research opportunities concludes the article.