To go or stay home and watch: exploring the balance between motives and perceived constraints for major events: a case study of the 2008 Beijing Olympic Games

The current study offers insight into the role of motivation and constraints on behavioural intentions prior to a mega event. The Psychological Continuum Model framework was used to integrate motivation and leisure constraints theory to examine attraction towards the 2008 Olympic Games. Semi‐structured interviews (N = 47) and a questionnaire (N = 235) distributed in Australia and the USA were used to identify and measure three motivational themes: cultural learning, cultural experience and olympic event interest, and three perceived constraints: structural, interpersonal and intrapersonal. Structural Equation Modelling revealed that motives were positively related to behavioural intentions while constraints were negatively related. Analysis further revealed the interaction between motives and perceived constraints led to two different forms of behavioural intentions; intentions to travel and attend the event vs. stay home to watch the event on TV. Policy and marketing implications are discussed that illustrate the benefits of understanding both motives and perceived constraints for tourism travel. Copyright © 2008 John Wiley and Sons, Ltd.     

Existence of financial equilibria with restricted participation

We consider a two-date model of a financial exchange economy with finitely many agents having nonordered preferences and portfolio constraints. There is a market for physical commodities at any state today or tomorrow and financial transfers across time and across states are allowed by means of finitely many nominal assets or numéraire assets. We prove a general existence result of equilibria for such a financial exchange economy in which portfolios are defined by linear constraints, extending the framework of linear equality constraints by Balasko et al. (1990), and the existence results in the unconstrained case by Cass (1984, 2006), Werner (1985), Duffie (1987), and Geanakoplos and Polemarchakis (1986). Our main result is a consequence of an auxiliary result, also of interest for itself, in which agents’ portfolio constraints are defined by general closed convex sets and the financial structure is assumed to satisfy a “nonredundancy-type” assumption, weaker than the ones in Radner (1972) and Siconolfi (1989).     

Forecasts of US short-term interest rates: A flexible forecast combination approach

This paper develops a flexible approach to combine forecasts of future spot rates with forecasts from time-series models or macroeconomic variables. We find empirical evidence that, accounting for both regimes in interest rate dynamics, and combining forecasts from different models, helps improve the out-of-sample forecasting performance for US short-term rates. Imposing restrictions from the expectations hypothesis on the forecasting model are found to help at long forecasting horizons.     

THE STOCK MARKET, HOUSING AND CONSUMER SPENDING: A SURVEY OF THE EVIDENCE ON WEALTH EFFECTS

Abstract.  This paper examines the time-series and micro-econometric evidence on the relationship between stock and house prices and consumer spending. The time-series studies distinguish between short-run and long-run links between consumption, income and wealth. They allow us to identify which variables adjust to restore the long-run equilibrium in the case of a shock, and to determine the time taken by the adjustment process. The micro-econometric literature improves our understanding of the link between wealth and expenditure and distinguishes among the alternative hypotheses – of direct wealth effect, common causality and collateral channel – that have been proposed to explain this relationship. The relationship between wealth and consumer spending appears to be strong, but there is some disagreement as to its size and nature. Furthermore, there appear to be some important differences across countries, which should be allowed for by policy makers when appraising the policy implications of a change in asset prices.     

The effect of offshoring on knowledge flows in the US automobile industry

This paper examines the impact of financial constraints on innovation for established firms. We make use of a direct measure of the existence of financial constraints obtained thanks to a specific survey addressed to French established firms. This is a distinctive feature of this paper as most of previous studies had to rely on proxies (like the cash-flow sensitivity), which may be subject to interpretation problems. The probability to have innovative activities and the probability to face financial constraints are simultaneously estimated by a recursive bivariate probit model. Accounting for the endogeneity of the financial constraint variable, we find that financial constraints significantly reduce the likelihood that firms have innovative activities. The probability to encounter financial constraints is explained by firms’ ex ante financing structure and economic performances.     

Determinants and Implications of Cyclicality: Contrasting Evidence Across Developed and Developing Countries

ABSTRACT

Using data for a sample of advanced and developing countries, the paper studies variation in the effects of aggregate demand shocks on the macro-economy and distinguish between the effects of expansionary and contractionary shocks. The aim is to study the determinants and implications of cyclicality across representative countries in each group. The composite evidence points to high degree of cyclicality in many countries. The risk of cyclicality is higher in developing countries as high trend inflation limits the scope to mobilize growth and increases downward rigidity of prices. Policy priorities in developing countries should be focused on fighting inflation and improving the investment environment towards maximizing the return on investment and sustaining growth and capacity building. Policy priorities in advanced countries should be focused on mobilizing resources to ease capacity constraints and finance larger investment, with limited crowding out, to maximize the potential of real growth and combat inflationary pressures.     

Why Do Prices Remain Stable in the Bubble and Bust Period?

In spite of a large swing in real output growth in the bubble and bust period, aggregate prices remained relatively stable in Japan. Empirical results show that such price rigidity can be explained by the customer market model combined with financial constraints. The degree of financial constraints that firms face in the bubble and bust period fluctuates significantly, and the impact of financial positions on firms’ prices is counter-cyclical. In booms, liquidity-abundant firms invest in market share by keeping prices down, while in a recession financially constrained firms charge a high price to locked-in customers who remain loyal. Such counter-cyclicality is clearly observed in the pricing behavior of large firms that produce differentiated goods. In contrast, small firms whose product brand is not well established in the market cannot lock in customers, and hence financial constraints do not affect their pricing decisions.     

An Integration of Constraints and Benefits Within an Older Women's Social Club: An Examination,Extension and Critique

ABSTRACT

The serious leisure perspective (SLP), which divides leisure activities into three distinct forms (serious, casual, and project-based), has been developed by Robert Stebbins over the last 40 years. This article evaluates the perspective as theory and as a typology. The theory associated with the SLP concerning social worlds, identification, and optimal leisure lifestyles is found to be generally untested because it has been developed in relation to the serious leisure form only. The validity of the typology is questioned on the grounds that “seriousness” is a continuum, rather than discrete categories, and that most leisure activities can be engaged in with varying degrees of seriousness. It is proposed that the SLP be replaced by a more flexible, open research approach, the Leisure Experience Perspective, which consolidates features of the SLP and other research traditions and theoretical perspectives.     

Sex as Leisure in Later life: A Netnographic Approach

ABSTRACT

This study aimed to provide an in-depth understanding of the roles of sex as leisure activity in later life and to explore the links between sex and wellbeing at this life stage. Applying a netnographic approach, the study followed a full year of activity in 14 leading English language-based seniors’ online communities. The final dataset of 2,534 sex-related posts was analyzed using constructivist grounded theory. The findings reflect the multiple roles of sex in older adulthood, highlighting its importance, leisurely qualities, and benefits. The community members also discussed various constraints limiting sexual function and expression. Many posters, however, did not treat these constraints as a verdict and reported adopting myriad strategies to maintain sexuality despite limiting constraints. These findings suggest that sexual activities encompass all patterns of leisure in older adulthood and highlight the threats of leisure constraints to wellbeing and the importance of constraint negotiation.     

‘I lose,but that’s not the point’: Situated Economic and Social Rationalities in Horserace Gambling

ABSTRACT

This article compares ethnographic observations of horserace gambling in two UK spaces – the betting shop (remote) and the racecourse (proximal). The paper identifies the emerging, situated rationales that attract gamblers to these leisure spaces, and that motivate them to integrate their gambling activities as an ongoing, sustainable feature of their lives. Doing so, it is observed that, for the vast majority of punters, gambling on the horses is neither ‘addictive’ nor is it ‘irrational’, except in narrowly defined zweckrational terms. The article thus argues for a shift in current gambling research, away from an overwhelming preoccupation with pathological gambling, towards a broader consideration of the more representative and socioeconomically significant activities of leisure gambling.