Subcultural influences on family decisionmaking

This investigation assessed Mexican-American and Anglo wives' perceptions of family decisionmaking roles for the purchase of eight different goods and services. This comparison was used to explore the impact ethnic subculture plays in consumer behavior. The findings indicate that ethnicity significantly affects wives' perceptions of family decisionmaking roles for expensive items, and that this is not just due to common associations with other variables. This is an under researched area in which cross-national differences and basic socioeconomic disparities are often inaccurately attributed to culture.     

On Blending Competitive Trade Models

Three standard models typically discussed in the theory of international trade are the Ricardian model, the Heckscher‐Ohlin model and the Specific‐Factors model. Models are often compared with each other, in an attempt to analyze which model is best or fits reality better. Instead, I suggest that these international trade models can often be blended to take account of finite changes when, as a country develops, the appropriate model to be used changes as the pattern of production changes. Trade allows countries to produce fewer commodities than it consumes, and which commodities are selected to be produced may change as the economy grows in the size of its endowment bundle and/or technology changes. At issue is not only the question of which commodities are produced, but also how many commodities are produced, especially with reference to the number of productive factors.     

Oil shocks,policy uncertainty and stock returns in China

This paper examines the interdependence of China's policy uncertainty, the global oil market and stock market returns in China. A structural VAR model is estimated that shows that a positive shock to economic policy uncertainty in China has a delayed negative effect on global oil production, real oil prices and real stock market returns. Shocks to oil market‐specific demand significantly raise China's economic policy uncertainty and reduce the real stock market returns. As measured by a spillover index, the interdependence between these variables has been rising since 2003 as China's influence in the oil market has increased. An equivalent spillover index calculated for the US is smaller and has been largely flat over time.     

The influence of consumer decision‐making styles on online apparel consumption by college students

Apparel purchases now constitute one of the fastest‐growing segments of e‐commerce. Thus, there are strong theoretical and managerial reasons to better understand consumer characteristics associated with buying apparel online. This paper investigates motivations for online apparel consumption using the Consumer Styles Inventory. Data from a sample of 357 US college students showed that quality consciousness, brand consciousness, fashion consciousness, hedonistic shopping, impulsiveness and brand loyalty were positively correlated with online apparel shopping. Price sensitivity was negatively correlated with online spending.     

Trembles in extensive games with ambiguity averse players

We introduce and analyze three definitions of equilibrium for finite extensive games with imperfect information and ambiguity averse players. In a setting where players’ preferences are represented by maxmin expected utility, as characterized in Gilboa and Schmeidler (J Math Econ 18(2):141–153, 1989), our definitions capture the intuition that players may consider the possibility of slight arbitrary mistakes. This generalizes the idea leading to trembling-hand perfect equilibrium as introduced in Selten (Int J Game Theory 4(1):25–55, 1975), by allowing for ambiguous trembles characterized by sets of distributions. We prove existence for two of our equilibrium notions and relate our definitions to standard equilibrium concepts with expected utility maximizing players. Our analysis shows that ambiguity aversion can lead to behavioral implications that are distinct from those attained under expected utility maximization, even if ambiguous beliefs only arise from the possibility of slight mistakes in the implementation of unambiguous strategies.