The influence of negative marketplace information on consumer attitudes toward a service establishment

Market information about service providers and retailers can significantly influence how customers view firms. Prior research indicates that the impact of such information (especially when it is counter to consumers’ initial views of a firm) is dependent upon the nature of the customers’ evaluations, as well as the nature of the information itself. The current study examines these issues in the context of attitudes toward, and negative reviews about, a service provider (a new restaurant chain). An experimental study partially supports prior research findings and suggests a new process using a validated measure distinguishing between hedonic and utilitarian dimensions of attitude. Implications of our results are provided for theory and practice.     

高职学生理性核心能力素养培养的探讨——基于高职数学文化教育的视角

当前由一般竞争力到形成核心竞争力的培养过程中,存在着对核心能力素养培养认识的缺位,以及优化提升核心竞争力的能力不强等问题.核心能力素养是提升核心竞争力的要素,提高数学素养可培养学生理性思维的核心能力素养,而提高数学素养的有效途径是开展数学文化教育.     

Mitigation of the Lucas critique with stochastic control methods

Lucas (In: Brunner, K., Meltzer, A.H. (Eds.), The Phillips Curve and the Labor Markets, Supplementary Series to the Journal of Monetary Economics, 1976, pp. 19–46) pointed out, that when optimization is performed on a deterministic macro model, the resulting policy may not reflect the true optimal solution. Private agents may react to announced policies and consequently model parameters will start to drift. The aim of this paper is to develop a methodology for deriving an optimal policy in the presence of rational expectations and parameter drift. This drift is captured by a stochastic optimization framework with time-varying parameters. The resulting optimal policy is capable of tracking changes in the parameters due to policy changes. A numerical example illustrates how the methodology provides a way to mitigate the effects of the Lucas critique.     

有效承接发达地区产业转移的金融政策选择——以广西为例

生产要素流动是区际产业转移的推动器,而此其中资金的流动和投资又是实现产业转移目标和提升产业转移绩效的关键。国内外的成功经验也表明,金融产业转移既是产业转移的重要领域,而且往往又是其中的先行领域,因此现阶段在承接区际产业转移的过程中,大力发展金融产业、积极构建有效的地方系统性的金融政策体系以及制定和实施有效的金融倾斜政策,无疑具有重要的现实意义。     

Industry policy,investor sentiment,and cross-industry capital flow: Evidence from Chinese listed companies’ cross-industry M&As

This study investigates how the government’s industry policies affect investor sentiment, and whether the influenced investor sentiment guides corporate capital flow in the real economy. By examining a sample of cross-industry mergers and acquisitions (M&As) of Chinese listed companies, we find that industry policies promulgated by the government have a significant asymmetric influence on investor sentiment. Furthermore, investor sentiment under the exogenous shock of industry policies has a significant real effect on companies’ cross-industry M&A behavior, generating cross-industry capital flow. Additional analyses reveal that this effect arises because the acquirer depends on equity financing and has incentive to cater to investor sentiment. Our findings help clarify the effect of public policies on the stock market, theoretically, from the company’s micro-level perspective, as well as the mechanism by which stock market volatility transmits to the real economy.     

Stochastic interest rates under rational inattention

This paper introduces state uncertainty due to information-processing constraints into the Vasicek model to examine the impacts of rational inattention. By exploiting the term structure of interest rates, we derive closed-form solutions for the subjective bond price and the corresponding bond yield and find that uncertainty induced by informational frictions plays vital roles in undervaluing the bond price and overestimating the bond yield. Furthermore, we clarify the applications of interest rate dynamics under rational inattention and generate the following results: (i) there is an ambiguous relationship between the investor’s channel capacity and option price; (ii) an increase in state uncertainty via a change in the degree of channel capacity is likely to accelerate investment.     

(Im)Balanced customer-oriented behaviors and AI chatbots' Efficiency–Flexibility performance: The moderating role of customers’ rational choices

Artificial intelligence (AI) based chatbots are increasingly deployed in frontline encounters, because they combine frontline service efficiency and flexibility. Using a large-scale data set with more than 130,000 man–machine dialogues from an e-bike sharing platform, Study 1 reveals a complex relationship between chatbots' customer-oriented behaviors and their efficiency–flexibility ambidexterity. Chatbots' level of efficiency–flexibility ambidexterity is higher when their functional and relational customer-oriented behaviors are balanced rather than imbalanced (i.e., a negative imbalance effect) and when they are balanced at a higher rather than a lower level (i.e., a positive balance effect). A follow-up experiment, Study 2, and online survey, Study 3, consistently show that the negative imbalance effect is stronger as customers' perceptions of non-personalization costs decrease and privacy concerns increase, while opportunity cost has no significant influence on the negative imbalance effect. However, consistent with rational choice theory, the positive balance effect is stronger as non-personalization costs increase, privacy concerns decrease, and opportunity cost decreases. In addition, Study 1 and 3 consistently show that in alignment with the stimulus–organism–response framework, efficiency–flexibility ambidexterity partially mediates the relationship between chatbots’ (im)balanced customer-oriented behaviors and customer patronage. This study contributes to the literature on frontline ambidexterity by introducing an AI application context and a more nuanced nonlinear view of the antecedents and consequences of frontline ambidexterity.     

公榔村土地资源利用现状及其合理开发利用研究

本文在深入分析公榔村土地资源利用现状基础上,针对该村土地利用中存在的问题,提出了合理利用土地的基本原则,并运用线性规划方法对其合理利用结构进行了初步探讨。     

A test for rational bubbles in stock prices

This paper presents two necessary conditions for the absence of rational bubbles on the assumption that the discount rate is stationary. One condition is that real stock prices and real dividends are cointegrated with the time-varying cointegrating vector. The other is that the order of integration of real stock prices is equal to that of real dividends. The first condition is different from that proposed on the assumption of a constant discount rate. In contrast, the second condition is the same as that presented on this assumption. Examining the second condition using Japanese data, we find that Japanese stock prices and dividends satisfy the necessary condition. First version received: May 2000/Final version accepted: April 2001     

Endogenous uncertainty and the non-neutrality of money

Summary. We study some implications of the Theory of Rational Beliefs to monetary policy. We show that monetary policy in a Rational Beliefs environment can have an important effect on the characteristics of economic fluctuations. In Rational Beliefs Equilibria money is generically non-neutral unlike Rational Expectations Equilibria in which money is neutral and monetary policy is ineffective. Under Rational Beliefs Equilibria nominal prices and real output change not only in response to changes in the exogenous growth rate of money but also in response to changes in the state of beliefs. In Rational Beliefs Equilibria monetary shocks have real effects even when they are observed but are not fully anticipated. Furthermore, the non-neutrality of money results in a short run Phillips curve. When money “flutters, real output sputters” [8]. We show that Endogenous Uncertainty and the distribution of market beliefs are the major explanatory variables of such fluctuations. Under Rational Expectations monetary policy is ineffective because agents neutralize it by predicting correctly the effect of the policy. Under Rational Beliefs it is shown instead that inflation and recessions can be substantially aggravated by the distribution of market beliefs. Received: January 14, 2002; revised version: April 5, 2002 RID="*" ID="*" I would like to thank Mordecai Kurz for his constant help and support. Most of the ideas developed hereby have been inspired by innumerable and fruitful discussions with him. I have also greatly benefited from helpful comments by Stanley Black, Luigi Campiglio, Carsten Nielsen and Ho-Mou Wu. I also received valuable remarks from participants at the V meeting of “The Society for the Advancement of Economic Theory” held in Ischia, Italy, on July 2-8, 2001, where an initial draft of the present work was presented.