Price formation on clandestine markets: the case of the Paris gold market during the Second World War

Because of the scarcity of data, there are few quantitative analyses dealing with clandestine markets, despite their prime importance during wartime. This article exploits a unique database of daily prices of gold coins traded in occupied Paris in order to gain insights into the price formation on such a market. First, using data from Switzerland, we show that arbitrage took place, despite the costs and risks involved, and led to a gradual (but incomplete) convergence of gold prices. Furthermore, a study of price seasonality reveals that less strict borders controls during the weekends made the volatility of returns higher at the start of the following week. Second, on the basis of an event study, we provide evidence that laws related to black markets did not have a significant impact on the gold price, except for the most severe law passed on 8 June 1943 which greatly increased the sentences for involvement. Finally, we assess whether the so‐called coin premiums existed on this clandestine market, and show that the large price variations for one gram of fine gold contained in different coins were due to market participants’ preferences for specific gold coins.     

Importance‐Performance and Segmentation: An Application at a Biosphere Reserve in Vietnam

This paper examines how importance‐performance analysis (IPA) used with segmentation can be an effective natural resource management tool. Data were obtained from visitors (n = 368, response rate = 66%) to the Can Gio Mangrove Biosphere Reserve, Vietnam. Two distinct user segments were identified according to their preference for facility development within the reserve. The two segments differed in their importance‐performance ratings for (a) attractions, (b) beach facilities and services, (c) facilities in the area, and (d) beauty of the area. Those favoring development rated each of these reserve attributes as more important (p < .001) than those less disposed to additional development. Those favoring development rated the performance of three of four attributes positively, while all four attributes received negative performance scores for those less disposed to additional development. Implications show that segmentation can allow for more accurate planning and decision making.     

What’s in the black box? Evaluating anti-poverty tourism interventions utilizing theory of change

Increasing interest in poverty alleviation at the beginning of twenty-first century has facilitated the rapid growth of various anti-poverty tourism interventions (ATIs) around the globe. The tourism–poverty alleviation link, however, is still not well established, partly due to a paucity of appropriate evaluation approaches that are capable of simultaneously providing researchers, practitioners and policy-makers with a deeper understanding of an ATI’s mechanisms, the complexity surrounding its operational processes and evidence of its impacts. Additionally, ATI stakeholders’ values and influences play a significant role in ATI evaluation yet their perspectives are often overlooked. Theory of Change (ToC) has the potential to generate a holistic picture of an ATI, as this innovative approach has been developed to connect stakeholders’ theories of context with the mechanisms and outcomes of an intervention. Utilizing a case study of microfinance tourism in Vietnam, this paper provides readers with insight into ToC and proposes a conceptual framework which guides the application of ToC to facilitate the effective evaluation of ATIs.