Measuring Efficiency: A Comparison of Multilevel Modelling and Data Envelopment Analysis in the Context of Higher Education

Data envelopment analysis (DEA) and multilevel modelling (MLM) are applied to a data set of 54,564 graduates from UK universities in 1993 to assess whether the choice of technique affects the measurement of universities’ performance. A methodology developed by Thanassoulis and Portela (2002; Education Economics, 10(2), pp. 183–207) allows each individual's DEA efficiency score to be decomposed into two components: one attributable to the university at which the student studied and the other attributable to the individual student. From the former component, a measure of each institution's teaching efficiency is derived and compared to the university effects from various multilevel models. The comparisons are made within four broad subjects: pure science, applied science, social science and arts. The results show that the rankings of universities derived from the DEA efficiencies which measure the universities’ own performance (i.e., having excluded the efforts of the individuals) are not strongly correlated with the university rankings derived from the university effects of the multilevel models. The data were also used to perform a university‐level DEA. The university efficiency scores derived from these DEAs are largely unrelated to the scores from the individual‐level DEAs, confirming a result from a smaller data set (Johnes, 2006a; European Journal of Operational Research, forthcoming). However, the university‐level DEAs provide efficiency scores which are generally strongly related to the university effects of the multilevel models.     

The Problem of Time Dependent Explanatory Variables at the Context-Level in Discrete Time Multilevel Event History Analysis: A Comparison of Models Considering Mobility Between Local Labour Markets as an Example

The paper deals with the question of how to include time dependent explanatory variables at the context-level in multilevel event history models. In general, context-level explanatory variables in multilevel models are assumed to be time constant. Only time constant context-level explanatory variables perform the task of reducing context-level error variance. Thus, it will be suggested that the analysis should be extended to a three-level model. In this model, time periods of persons constitute level 1 units, time periods of contexts constitute level 2 units and the contexts themselves constitute level 3 units – in which in turn level 2 units are clustered. Considering mobility between local labour markets as an example, four different ways of modelling time varying context-level variables are compared. The result is that the proposed three-level model leads to the most conservative results.     

Unemployment or protectionism: Some choices for the USA and Western Europe to the year 2000

This article reports on the economic implications to the USA and Western European economies after imposing protectionist trade policies on selected groups of imports till 2000. The effects of this policy are also presented for Japan and the non-oil-producing developing countries. Before discussing the results of the computations and the import restricting assumptions, a summary of the methodological framework, the World Input-Output Model, used in the computation is presented.     

Distributed Decision Making: A Proposal of Support Through Cooperative Systems

In this paper we show that decision making processes evolve to be more and more distributed and asynchronous. In order to support decision-makers who are not at the same place at the same time we define cooperation processes and a set of models models able to support designers of Cooperative decision support framework. These models come from a more general architecture of a Cooperative Knowledge Based System and are based on the knowledge acquisition field. A definition of cooperative decision support framework is also given.     

Using Forecasting Criteria to Identify Value Relevance in the Relationship Between Accounting Numbers and Market Value

We explain and demonstrate a disciplined and systematic approach to repeatable modelling using forecast criteria, in addition to the usual statistical estimation criteria, to identify value relevance in regressions of the market‐accounting relation. The method was used in Cooke et al. ( 2009 ). It is illustrated here in the case of a single firm over a 59‐year period. Market and accounting data for the U.S. firm Abbott Laboratories Inc. from 1955 are modelled using a testing‐down, error correction approach. Hold‐out samples of 10 to 15 years are used to assess forecasting performance relative to a random walk. Emphasis is placed upon the use of simple, directly observable and theory‐independent model variables that can be replicated with other sample data. In this case, logarithmic transformations of all variables have to be computed in order to achieve correct statistical specification, implying a multiplicative relationship in the raw data. The strongest cointegrating accounting variable with forecasting ability for Abbott's market value is earnings. The model parameters exhibit long‐run stability and the accounting regressor marginally improves forecasts of market value compared to a random walk, demonstrating ‘value relevance’.     

Assessing mainland Chinese tourists' satisfaction with Hong Kong using tourist satisfaction index

The purpose of this study is to test a two‐step tourist satisfaction index framework empirically. The first step estimates sectoral‐level satisfaction indexes based on a structural equation model, and the second obtains an overall tourist satisfaction index by conducting second‐order confirmatory factor analysis. This study is a pilot test of the theoretical framework based on three tourism‐related service sectors in Hong Kong. The results indicate that mainland Chinese tourists are most satisfied with the hotel sector in Hong Kong, followed by the retail sector, and least satisfied with local tour operators. The aggregate tourist satisfaction index is 74.04 out of 100. The results of this study have important practical implications for long‐term destination management. Copyright © 2010 John Wiley & Sons, Ltd.     

All hype or the real deal? Investigating user engagement with virtual influencers in tourism

Virtual influencer (VI) marketing has become increasingly prevalent on social media with the evolving landscape of digitalisation. However, the use of VIs in tourism has received limited attention in the literature. This study examines salient source and content attributes that stimulate Instagram users’ engagement with VIs in a tourism context. An online discrete choice experiment was designed using key attributes (i.e. source realness, image composition and caption discourse) identified from online focus groups. Survey responses from 309 adult Instagram users in Australia were analysed through discrete choice modelling. The findings indicate that humanlike VIs are preferred over 3D animated VIs and the least preferred influencers are 2D animated VIs. Instagram posts from humanlike VIs that combine images of tourism settings with rational messages attract the most engagement from the audience. Theoretical and practical implications are provided with recommendations for how tourism practitioners can harness VI marketing effectively.     

Tick size and market quality: Simulations based on agent‐based artificial stock markets

This paper investigates the way that minimum tick size affects market quality based on an agent‐based artificial stock market. Our results indicate that stepwise and combination systems can promote market quality in certain aspects, compared with a uniform system. A minimal combination system performed the best to improve market quality. This is the first study to analyse tick size systems that remain at the theory stage and compare four types of system under the same experimental environment. The results suggests that a minimal combination system could be considered a new direction for market policy reform to improve market quality.