New development: Policy tsars—Whitehall's expert advisers revealed

The number of tsars in government acting as external experts has been steadily growing. Policy tsars are mostly businessmen and retired public servants. They are left free to work as they wish, so their practices vary greatly. In consequence, issues of propriety (since these are public appointments) and effectiveness (since they advise ministers very directly) arise.     

Food tourist segmentation: Attitude,behavioral intentions and travel planning behavior based on food involvement and motivation

This study assessed attitudes, intentions, and travel planning behavior for potential food tourists. Using two-step cluster analysis, respondents were segmented into three groups based on food involvement and motivation. These clusters had high, moderate, and low food involvement and motivation levels, respectively. Findings suggest moderate motivation and involvement food tourists are the largest group, but high motivation and involvement food tourists should be pursued by practitioners. They have the most positive attitudes and strongest intentions to consume local cuisine. Further, high motivation and involvement food tourists are most likely to select a destination based on the availability of food-related activities.     

Restaurant Authenticity: Factors That Influence Perception,Satisfaction and Return Intentions at Regional American-Style Restaurants

This study assessed perceptions of authenticity and its relationship with satisfaction and return intentions for regional American-style restaurants using randomly selected customers at a Southern-style country-cooking restaurant. Results showed that personal and restaurant attributes influenced perceived restaurant authenticity, with a restaurant’s food and beverage and local community marketing having the strongest influences. Results also showed that perceived authenticity influences restaurant satisfaction and return intentions. Findings suggest restaurants should ensure their food and beverage meets customers’ authenticity standards and that they should promote their community connections in order to enhance diner loyalty and return patronage. Implications are discussed in detail.     

Are PACs Trying to Influence Politicians or Voters?

Political Action Committees (PACs) can affect public policies in either of two ways: altering legislators' roll-call voting behavior, or influencing election outcomes. This paper develops a dynamic model demonstrating that the relative importance of the election-influencing channel is easily underestimated. A one-time contribution to a candidate who supports the PAC's position that alters an election outcome yields benefits to the PAC as long as that candidate holds office. In contrast, roll-call vote buying is likely to operate on a quid-pro-quo basis, limiting the PAC's return on investment. Empirical tests based on the theoretical model suggest that PACs value the election-influencing aspect of contributions at least as much as the roll-call vote-buying channel.     

Viewpoint: On the generalizability of lab behaviour to the field

Abstract.  We can think of no question more fundamental to experimental economics than understanding whether, and under what circumstances, laboratory results generalize to naturally occurring environments. In this paper, we extend Levitt and List (2006) to the class of games in which financial payoffs and 'doing the right thing' are not necessarily in conflict. We argue that behaviour is crucially linked to not only the preferences of people, but also the properties of the situation. By doing so, we are able to provide a road map of the psychological and economic properties of people and situations that might interfere with generalizability of laboratory result from a broad class of games.     

Corporate Culture and the Problem of Executive Compensation

In this commentary on Bebchuk and Fried s Pay Without Performance , the former SEC Chairman begins by declaring, "I have problems with exorbitant executive pay precisely because I care about markets and private enterprise. These huge pay checks… undermine corporate governance and send a signal that boards are willing to spend shareholders' money lavishly and with too little oversight." The author calls for a number of regulatory reforms, including expensing of stock options, broader and more complete disclosure of compensation, greater independence of directors, and empowerment of shareholders. At the same time, he notes that corrective market forces are already at work in the form of companies like Institutional Shareholder Services that monitor corporate governance and decision-making.     

Field experiments in economics: The past, the present, and the future

This study presents an overview of modern field experiments and their usage in economics. Our discussion focuses on three distinct periods of field experimentation that have influenced the economics literature. The first might well be thought of as the dawn of “field” experimentation: the work of Neyman and Fisher, who laid the experimental foundation in the 1920s and 1930s by conceptualizing randomization as an instrument to achieve identification via experimentation with agricultural plots. The second, the large-scale social experiments conducted by government agencies in the mid-twentieth century, moved the exploration from plots of land to groups of individuals. More recently, the nature and range of field experiments has expanded, with a diverse set of controlled experiments being completed outside of the typical laboratory environment. With this growth, the number and types of questions that can be explored using field experiments has grown tremendously. After discussing these three distinct phases, we speculate on the future of field experimental methods, a future that we envision including a strong collaborative effort with outside parties, most importantly private entities.