Business models and their relationship with marketing: A systematic literature review

The purpose of this paper is to identify the degree to which the marketing discipline has hitherto engaged with business model literature. The results of a systematic review of business model literature are presented and utilise both the citation counts and the h-index to objectively demonstrate the limited engagement that the marketing discipline has had with business model literature, and the limited degree that the discipline has influenced that literature. The key findings reveal a growing, but formative body of literature that, hitherto, has been dominated by non-marketing disciplines and which has only just begun to be addressed by present day marketing scholars. Using the most influential articles identified in the analysis, the paper concludes with a case for the empirical development of the business model concept with industrial marketing scholarship. Such development is argued to be grounded in the potential of open business models, co-created with multiple stakeholders in a supply chain and the end users of a value proposition.     

Fundamentals or trends? A long-term perspective on house prices

Using a long-term time series covering 350 years of house prices along the Herengracht in Amsterdam, we examine whether a fundamental factor or a trend explains house prices and whether their explanatory power is time varying. We find that agents in the housing market switch in their formation of expectations about future changes in house prices between fundamental and momentum strategies. Specifically, we show that agents base their expectations more on fundamentals during economic slowdowns and more on recent trends or momentum during economic booms.     

Notes on contributors

This article establishes a basic framework for a comparative analysis of public management reform around the world in recent times. It focuses on politicians and administrators as ‘drivers’ and/or ‘supporters’ of reform, as influenced by their policy roles and contributions, along with electoral politics and government-legislature alignments. Three models are outlined on the basis of the reform experience of selected countries. The models are then related to various reform initiatives by way of eight propositions. The underlying aim is to provide some guidance for research and understanding of reform in different contexts.     

The out-of-sample forecasting performance of nonlinear models of regional housing prices in the US

This article provides out-of-sample forecasts of linear and nonlinear models of US and four Census subregions’ housing prices. The forecasts include the traditional point forecasts, but also include interval and density forecasts, of the housing price distributions. The nonlinear smooth-transition autoregressive model outperforms the linear autoregressive model in point forecasts at longer horizons, but the linear autoregressive and nonlinear smooth-transition autoregressive models perform equally at short horizons. In addition, we generally do not find major differences in performance for the interval and density forecasts between the linear and nonlinear models. Finally, in a dynamic 25-step ex-ante and interval forecasting design, we, once again, do not find major differences between the linear and nonlinear models. In sum, we conclude that when forecasting regional housing prices in the United States, generally the additional costs associated with nonlinear forecasts outweigh the benefits for forecasts only a few months into the future.     

Climate change adaptation: Is there a role for intervention research?

While climate change will expose regions to similar impacts, the extent of those impacts and effective response at the local level will be determined not only by the location's sensitivity and vulnerability but also by local groups and individuals’ capacity, including their institutional links, social networks and motivation to action. In parallel, scientific information and research plays a critical role in informing climate change adaptation by providing both an improved understanding of the actual climate risks and response alternatives.The paper focuses on two local-scale intervention research projects undertaken in urbanised coastal areas in Brazil and in Australia concentrated on improving the dialogue between ‘those who make science’ and ‘those who use science to make decisions’ in order to make climate science more useful, and creating purposeful collective action, respectively. A conceptual model is devised to investigate how intervention research could aid adaptive capacity by generating new knowledge and facilitating change towards climate change adaptation at the local level. Drawing on the findings, a framework is proposed to advance the role of intervention research in policy development for enhancing adaptive capacity.     

Category management and consumer choice

This paper shows the results of an exploratory analysis of the structure of a complex product category: Wine. In complex categories, a usual strategy of consumers is the partitioning of alternatives into homogeneous subsets and the sequential eliminations of subsets until a product/brand is chosen from among few homogeneous alternatives in the last subset. To identify if there is such a kind of strategy and the product attributes involved is of great interest for the retailer. After a discussion of the different modelling alternatives of the choice process, the authors provide an application of the additive trees (ADDTREE) model to explore the hierarchical structure. The ADDTREE results provide a first overview of the competitive market structure of the wine category: competition becomes more intense as the wine category is partitioned by, first, the type of wine criteria and, second, the designation of origin (DO) criteria.     

Expropriation risk and technology

This paper develops a unified framework to analyze the dynamics of firm investment in countries with poor legal enforcement. The firm's technology edge over the government generates endogenous property rights. Industry variation in the technology gap predicts a sectoral pecking-order of expropriations. Long-run investment distortions may be Pareto superior relative to persistent investment at the static optimum. The dynamics of investment and transfers depend on whether incentives (backloading) or efficiency (frontloading) concerns dominate at the initial division of surplus. An increase in government efficiency may reduce its welfare. The model provides a technology-driven rationale for the widespread use of conglomerate structures in emerging market countries.     

Comparative Analysis of Thresholds of Non-Revolutionary Institutional Change: China and the United States in the 1980s

Ireland has experienced a series of interlocking banking, fiscal, unemployment, and political crises since 2007. We detail the challenges involved in modeling individual moments of the crisis through the lens of balance sheets and transactions matrices among sectors of the Irish society. We conclude with a series of recommendations for models of small open economies.     

The new exchange rate policy in the Asian emerging economies – goodbye trouble,hello comfort?

In this paper, we discuss new aspects of exchange rate policy that can be observed in the Asian emerging economies. In the first place, we show the alternative regimes they may choose and their respective pros and cons. Secondly, we concentrate on the recent strategy of systematic undervaluation of one's currency – figuring prominently among ‘big’ Asian players such as China and India – and the most likely implications of such a strategy for domestic allocation, distribution and stabilization goals. With the background of Germany's experiences in 1969, almost on the eve of the Bretton Woods' system collapse, we model a speculative attack on an undervalued currency in the vein of the Flood–Garber seminal paper from 1984. Now, however, the country in concern (just like India and China) possesses strong rather than weak fundamentals. The continuous accumulation of international reserves, in addition, leads to the question of an ‘optimal management’ of foreign exchange reserves in Asian emerging economies with regard to size and composition. We finally propose a sequence of reforms/policies that should be implemented in those Asian emerging economies on their still long journey to a regime featured by autonomous monetary policy, flexible exchange rate and capital mobility. A brief summary and an outlook for future research close the paper.