The Political,Economic, and Social Aspects of Katrina

In this paper, we examine the resiliency of community recovery after a natural disaster. We argue that a resilient recovery requires robust economic/financial institutions, political/legal institutions, and social/cultural institutions. We explore how politically and privately created disaster preconditions and responses have contributed to or undermined institutional robustness in the context of the Gulf Coast's recovery after Hurricane Katrina. We find that where postdisaster resiliency has been observed, private-sector responses contributing to the health of these institutional arenas are largely responsible. Where postdisaster fragility and slowness has been observed, public-sector responses contributing to the frailty of these institutional arenas are largely the cause. In other words, we engage in a comparative institutional analysis of civil society, entrepreneurial commercial society, and government agencies and political actors in the wake of a natural disaster.     

Coping with Stress in Outdoor Recreational Settings: An Application of Transactional Stress Theory

This study uses a transactional model of stress and coping as a way to understand how outdoor recreationists deal with negative setting elements during a recreation experience. Within the transactional model, coping behaviors can be viewed as the result of on-going transactions among personal and environmental factors, perceptions of threat or stress, and the perceived effectiveness of coping strategies. The current study focuses specifically on the relationship between reported levels of stress and the types of coping strategies used by recreationists in Glacier National Park. Findings suggest that certain behavioral and cognitive coping responses to stress are associated with different levels of reported stress. Specifically, respondents with lower levels of stress were more likely to engage in certain cognitive adjustments to cope with detracting situations. Respondents reporting higher levels of stress were more likely to engage in either direct action aimed at changing the environmental conditions or are displaced entirely from the recreational setting. In addition to these primary findings, the study discusses the range of coping behaviors employed.     

Applications of parks management information systems

The paper presents a conceptual model of an integrated management information system for municipal parks maintenance and operations. Research efforts in management information systems are presented in three categories: Business Research, Federally Sponsored Research, and Park and Recreation Systems Research. A case is made for further empirical research, the development of normative models, and evaluative criteria in an attempt to realize the full potential of electronic data processing in parks and recreation.     

ECONOMIC ANALYSIS IN THE MAINTENANCE,REPAIR, AND OVERHAUL INDUSTRY: AN OPTIONS APPROACH

This paper presents a practical case application of the real options framework to a multi-stage investment in the aerospace maintenance, repair, and overhaul (MRO) industry. With the deregulated commercial airline industry and military procurement reform, the $44 billion MRO sector must implement tools to remain strategically poised. In this case study, the MRO participant values a multi-stage irreversible expenditure in maintenance equipment and processes under air travel demand uncertainty using a real options analysis. The investment scenario is viewed from a delay, growth, and compound options framework, and an appropriate sensitivity analysis is performed. The main contribution of this paper is the detailed real option framing, valuation, and discussion that may be used as an illustration for industry practitioners or classroom instruction.     

Was there too little entry during the Dot Com Era?

We present four stylized facts about the Dot Com Era: (1) there was a widespread belief in a Get Big Fast business strategy, (2) the increase and decrease in public and private equity investment was most prominent in the Internet and information technology sectors, (3) the survival rate of dot com firms is on par with or higher than other emerging industries, and (4) firm survival is independent of private equity funding. To connect these findings we offer a herding model that accommodates a divergence between the information and incentives of venture capitalists and their investors. A Get Big Fast belief cascade could have led to overly focused investment in too few Internet startups and, as a result, too little entry.     

How 'modern' is the modern apprenticeship?

Despite the fact that some sectors of industry are facing major skills shortages, the Scottish labour market continues to be characterised by occupational segregation and a large disparity between the wages of women and men. The concentration of individuals in occupations and training based on their gender effectively restricts the pool of potential recruits to industry and is unlikely to make the best use of human capital. Moreover, it obstructs the pursuit of gender equality by reinforcing the gender pay gap and restricting individual career choices. This paper reports on the government's flagship training policy, the Modern Apprenticeship programme, from a gender perspective. It concludes that, ten years on from its introduction, the scheme represents something of a 'missed opportunity' to tackle occupational segregation and its deleterious effects in the wider economy and in society at large. It is recommended that the government and organisations involved in the development and delivery of Modern Apprenticeships adopt a more conscious and cohesive approach to promoting non-traditional choices at the vocational level.     

Testing subgame perfection apart from fairness in ultimatum games

We present an experiment designed to separate the two commonplace explanations for behavior in ultimatum games—subjects’ concern for fairness versus the failure of subgame perfection as an equilibrium refinement. We employ a tournament structure of the bargaining interaction to eliminate the potential for fairness to influence behavior. Comparing the results of the tournament game with two control treatments affords us a clean test of subgame perfection as well as a measure fairness-induced play. We find after 10 iterations of play that about half of all non-subgame-perfect demands are due to fairness, and the rest to imperfect learning. However, as suggested by models of learning, we also confirm that the ultimatum game presents an especially difficult environment for learning subgame perfection. Electronic Supplementary Material Supplementary material is available in the online version of this article at . JEL Classification C91, D64, J52