The concept of needs: A survey of illusions

Social forecasting must take account of human needs before it can proceed. Whatever method it chooses, it must be clear about the fundamental concepts employed. In this article the authors expose the misconceptions generated by commercial rationality which persuades the individual into a market relationship with consumer objects. Quantification makes it obvious that there are limits to productive capacity, but what are we to say of the non-measurable sphere of human desires?     

Environmental management systems and green supply chain management: complements for sustainability?

Some researchers question the legitimacy of EMSs since organizations can claim to have one when in fact they make no attempt to reduce their environmental harm. In instances where EMSs enhance an organization's environmental performance, critics argue that improvements are likely to occur within the organization's operational boundaries rather than being extended throughout the supply chain. However, previous research suggests that the organizational capabilities required to adopt an EMS may facilitate GSCM implementation and the institutional pressures to adopt both management practices are similar. Consequently, EMS adopters may have a greater propensity to expand their focus beyond their organizational boundaries and utilize GSCM practices to minimize system‐wide environmental impacts. This research illuminates the debate by empirically evaluating the relationship between EMS and GSCM practices. Copyright © 2006 John Wiley & Sons, Ltd and ERP Environment.     

Differential Effects of Chinese Women's Sexual Self-Schema on Responses to Sex Appeal in Advertising

Despite the increased use of sex appeal in advertising, little is known about the influence of individual personality differences on responses to sexual information. This study examines the effects of the “sexual self-schema” personality trait on Chinese women's responses to advertisements using sex appeal. Regardless of the type of sexual information used, attitudes toward these advertisements mediate the effect of sexual self-schema on the purchase intentions of women with lower sexual self-schema while this mediating effect was not observed in women with higher sexual self-schema. The theoretical and practical implications of sex appeal in advertising for Chinese women are discussed.     

Nature-based tourism's impact on environmental knowledge,attitudes, and behavior: a review and analysis of the literature and potential future research

Although nature-based tourism is often promoted as benefiting local destinations through income generation, employment, and direct conservation support, it is also believed to influence tourists’ environmentally friendly attitudes, knowledge, and ultimately their behavior. Yet, few studies have empirically documented these outcomes, and those that do are inconsistent in the variables measured and the time frame analyzed. This paper examines the empirical research on nature-based tourism's ability to foster long-term stewardship behavior among travelers by conducting a systematic review of peer-reviewed tourism research published between 1995 and 2013. This search, focused on literature addressing changes in tourists’ environmentally related knowledge, attitudes, intentions, and actual behaviors, yielded just 30 empirical studies. Outcomes related to new environmental knowledge were commonly reported in these studies, but findings related to environmental attitudes and behaviors were inconsistent. Few studies measured environmental behavior directly, and fewer still include longitudinal assessments of persistent changes in attitudes or behaviors. We suggest potential future areas for research as well as programmatic strategies that may facilitate favorable outcomes from nature-based tourism, particularly those related to tourists’ knowledge, attitudes, and behaviors. Key areas include understanding visitors’ prior experiences and background, designing and delivering more effective interpretive messages, and using social media.     

Robust portfolio choice with uncertainty about jump and diffusion risk

We analyze the portfolio planning problem of an ambiguity averse investor. The stock follows a jump-diffusion process. We find that there are pronounced differences between ambiguity aversion with respect to diffusion risk and jump risk. Ignoring ambiguity with respect to jump risk causes larger losses in an incomplete market, whereas ignoring ambiguity with respect to diffusion risk is more severe in a complete market. For a deterministic jump size we show that the loss from market incompleteness is always increasing in the level of ambiguity aversion with respect to one risk factor and decreasing in the level of ambiguity aversion with respect to the other risk factor.     

Markov-modulated diffusion risk models

In this paper we consider Markov-modulated diffusion risk reserve processes. Using diffusion approximation we show the relation to classical Markov-modulated risk reserve processes. In particular we derive a representation for the adjustment coefficient and prove some comparison results. Among others we show that increasing the volatility of the diffusion increases the probability of ruin.     

Returns to individual traders in agricultural futures markets: skill or luck?

Using individual trader data from the Commodity Futures Trading Commission's (CFTC) Large Trader Reporting System (LTRS) for the period January 2000 to September 2009, this article investigates whether noncommercial traders in the corn, live cattle and coffee futures markets persist in making profits. Two out-of-sample measures of skill – a winner and a loser ranking test and a top and a bottom decile test – are used to analyse the ability of traders to consistently perform well at monthly, quarterly and annual time horizons. The findings identify significant persistence in rankings – traders in the top half of the profit distribution in a time period tend to stay in the top half in the next period. Differences in magnitude of profitability between the top and bottom deciles also provide support that persistent skill exists among the top 10% of traders. Detailed examination of annual rankings for those traders who were most continuously in the markets further reveals persistence in profits for a smaller subset of traders, as well as an indication of persistence in the face of losses.     

Ethical claims and labelling: An analysis of consumers' beliefs and choice behaviours

Abstract

Although consumers' growing interest in ethical consumption has been well-documented, their understanding of specific claims, and the link between their stated concerns and behaviour, has not. Using a framework from systematic-heuristic and behaviour modification theory, this study explored consumers' understanding of varied ethical claims and a specific eco-label, and then estimated the effect these stimuli had on their choice behaviours. In-depth interviews revealed a strong interest in environmental and social attributes but considerable scepticism about specific claims. However, a choice modelling experiment found ethical attributes nevertheless influenced respondents' choices. Two distinct clusters whose views and choice behaviours differed markedly existed: one was primarily price-driven and the other more responsive to specific claims. Discrepancies between the qualitative and quantitative studies appear attributable to differences in information processing; many consumers respond strongly to heuristics, even though they believe themselves sceptical of the claims these communicate. The findings raise important policy questions about the scientific basis of many ethical claims, since consumers were strongly influenced by these, despite their views to the contrary.     

Comparable worth in a decentralized labour market: the case of Ontario

Abstract.  We document the application of pro‐active pay equity legislation to the private sector of the Canadian province of Ontario in the early 1990s. We report substantial lapses in compliance among smaller firms where the majority of men and women work. We also find that the pay equity law had no effect on aggregate wages in female jobs or on the gender wage gap. This experience provides unique perspectives on (1) the tensions between the workings of a decentralized labour market and the principles of comparable worth and (2) the obstacles to its extension to the private sector. JEL classification: J7, J3