An evolutionary model with best response and imitative rules

We formulate an evolutionary oligopoly model where quantity setting players produce following either the static expectation best response or a performance-proportional imitation rule. The choice on how to behave is driven by an evolutionary selection mechanism according to which the rule that brought the highest performance attracts more followers. The model has a stationary state that represents a heterogeneous population where rational and imitative rules coexist and where players produce at the Cournot–Nash level. We find that the intensity of choice, a parameter representing the evolutionary propensity to switch to the most profitable rule, the cost of the best response implementation as well as the number of players have ambiguous roles in determining the stability property of the Cournot–Nash equilibrium. This marks important differences with most of the results from evolutionary models and oligopoly competitions. Such differences should be referred to the particular imitative behavior we consider in the present modeling setup. Moreover, the global analysis of the model reveals that the above-mentioned parameters introduce further elements of complexity, conditioning the convergence toward an inner attractor. In particular, even when the Cournot–Nash equilibrium loses its stability, outputs of players little differ from the Cournot–Nash level and most of the dynamics is due to wide variations of imitators’ relative fraction. This describes dynamic scenarios where shares of players produce more or less at the same level alternating their decision mechanisms.     

The origins of external knowledge inflows and the impact of university technologies

This paper analyses how universities leverage knowledge coming from different technological, institutional, and geographical domains to develop technologies exerting a relevant impact for firms’ technological advancements. The analysis is based on a panel of 219 worldwide universities that filed, at least, a patent belonging to the alternative energy production sector in the period 2002–2010. Results show that using external knowledge originating in different technological and institutional domains exerts an inverted U‐shaped effect on the firms’ subsequent technological progress, while the geographical origin seems to do not exert any influence.     

Beyond virtues and vices: Antonio Genovesi's and Adam Smith's “science of relationships”

ABSTRACT

Some recent literature has rediscovered the Italian tradition of “civil economy”. This literature has underlined how the discourse about virtues and vices was fundamental in order to establish how, in a political and economic context, a harmonious order could be established. On the basis of this main focus on virtues and vices, it was stated that Genovesi's thought is essentially different from Smith's one. In this article, I argue that the direct focus on questions of virtues and vices does not help capture the novelty introduced by these authors and the relational value of their agency theory.     

Public expenditure distribution,voting, and growth

In this paper, we study why the misallocation of resources across different productive sectors tends to persist over time. To this end, we propose a general equilibrium model that delivers two structural relations. On one hand, the public expenditure distribution influences the future sectoral composition of the economy. On the other hand, the distribution of vested interests across sectors determines public policy decisions. The model predicts that different initial sectoral compositions entail different future streams of public expenditure and therefore different development paths.     

Trade credit and bank credit: Evidence from recent financial crises

This paper studies the effect of financial crises on trade credit for a sample of 890 firms in six emerging economies. Although the provision of trade credit increases right after a crisis, it contracts in the following months and years. Firms that are financially more vulnerable to crises extend less trade credit to their customers. We argue that the decline in aggregate trade credit ratios is driven by the reduction in the supply of trade credit that follows a bank credit crunch, consistent with the “redistribution view” of trade credit provision, whereby bank credit is redistributed via trade credit from financially stronger firms to weaker firms.     

Strategic technology alliances and networks

This paper briefly reviews the literature on strategic technology alliances (STAs) and networks, allocating the contributions to ‘micro’ (firm) and ‘meso’ perspectives (the network). The focus is on a logical reconstruction of important themes in the literature pertaining to the role of STAs in boosting innovation and in promoting the survival and growth of partners and their environments. Overall, the literature points to a quite important role of alliances and networks especially in knowledge-intensive industrial activities combining the production and utilization of technological knowledge for competitiveness and growth. Not unexpectedly, important differences are pointed out in terms of incentives and benefits from alliances across different types of firms and industries. Network structure evolves in accordance with the nature of the industry and with the type of technological advancement sought by participating organizations.     

The use of eLearning strategies among travel agents in the United Kingdom,India and New Zealand

ABSTRACT

This study explores the use of eLearning courses created by destination management organizations for education and certification in the travel trade. Phone interviews were conducted with travel agents based in the United Kingdom, India and New Zealand to identify knowledge upgrade strategies with regard to tourism destinations. The study evaluates the rates of current usage and awareness of eLearning courses about tourism destinations among agents in the three countries.     

Gambling destinations and the effect of gambling results on tourist satisfaction and loyalty

ABSTRACT

Tourists visiting gambling destinations are likely to participate, to some or to a great extent, in gambling activities. Therefore, their gambling experience contributes to the evaluation of their experience at the destination. This study investigates the effect of gambling results on the overall satisfaction and loyalty of 7431 tourists visiting Macao by estimating a set of ordered probit models. The results indicate an asymmetric effect on the overall satisfaction: the negative effect of a losing outcome outweighs the positive effect of a winning outcome. Both winning and losing gambling outcomes have a positive and similar effect on the likelihood to recommend the destination, and the likelihood to revisit is affected in a positive way only by a winning outcome. The main determinants of tourist satisfaction and loyalty are further verified and the influence of tourist profile variables is also explored. Theoretical and managerial implications are outlined based on the results.     

The psychological process of travel destination choice

ABSTRACT

This paper reviews literature on travel destination choice and organizes these studies systematically. A “cell–system” structure is proposed to describe the psychological process of travel destination choice. When forming decisions on vacations, tourists gather information on potential destinations and evaluate visit intentions among potential destinations (“cell”). The visit intentions are successively compared while information is updated in the process (“system”). The “cell–system” structure provides a clear view of the psychological process of travel destination choice. Empirical studies based on the structure can provide further insights into why and how tourists choose travel destinations.