DYNAMIC INDIFFERENCE VALUATION VIA CONVEX RISK MEASURES

The (subjective) indifference value of a payoff in an incomplete financial market is that monetary amount which leaves an agent indifferent between buying or not buying the payoff when she always optimally exploits her trading opportunities. We study these values over time when they are defined with respect to a dynamic monetary concave utility functional, that is, minus a dynamic convex risk measure. For that purpose, we prove some new results about families of conditional convex risk measures. We study the convolution of abstract conditional convex risk measures and show that it preserves the dynamic property of time-consistency. Moreover, we construct a dynamic risk measure (or utility functional) associated to superreplication in a market with trading constraints and prove that it is time-consistent. By combining these results, we deduce that the corresponding indifference valuation functional is again time-consistent. As an auxiliary tool, we establish a variant of the representation theorem for conditional convex risk measures in terms of equivalent probability measures.     

Traveling in the three-dimensional city: applications in route planning, accessibility assessment, location analysis and beyond

Indoor environments are increasingly important spaces in contemporary three-dimensional cities. Handling these micro-scale spaces within the broader context of outdoor - urban environments is a significant challenge in transportation analysis and geographic information science. This complexity stems from the greater computational requirements, the specificity of indoor network data structures, as well as the inherent perceptual intricacies of 3D visualization. As built environments grow in size and in complexity, two-dimensional urban geography research reveals its limits. This paper advocates for 3D network-based urban research and showcases the feasibility of this approach for three specific types of urban analytical functionalities, namely route planning, spatial accessibility assessment, and facility location planning. The latter modeling functionality can be viewed as foundational elements for comprehensive network-based three-dimensional analytics of urban environments. The effectiveness of the data modeling scheme and of the integrated software application 3DCityNet is discussed through the three coupled geospatial modeling functionalities.     

The Moderating Effects of Resident Characteristics on Perceived Gaming Impacts and Gaming Industry Support: The Case of Macao

Based on a joint use of social exchange and social representation theories, this study examined the moderating effects of resident characteristics on the relationships between perceived gaming impacts, gaming benefits, and industry support. The findings demonstrated that the relationships changed when the resident characteristics (age, education, tourism industry dependence, and community attachment) were introduced to the structural model as moderators. The study provides a better understanding of which subgroup of people within a community are more or less disposed to certain impacts of gaming. The theoretical and practical implications were discussed.     

Photographs in tourism research: Prejudice,power, performance and participant-generated images

Photography has often been considered tainted as a source of research data, even in tourism, its natural habitat. This situation is undoubtedly a legacy of the prejudice that many social scientists held toward the use of visual data when the academic study of tourism took off in the 1970s and 1980s. Tourism research has therefore persistently favoured textual data over visual data. This paper argues that the power of photography to prove and move can be harnessed to bridge this theoretical and practical cognitive gap. Issues relating to the performance of photography, including those of timing and intent, as well as the speed of information exchange, need however to be considered when designing and implementing research using photographic data. This implies a need to review the 'circle of representation' of tourism destination images, as well as to divide participant-generated image methods into two strands: found photographs and commissioned photographs.     

Politics of memories: Identity construction in museums

This paper adopts collective memory theory to reveal processes through which heritage tourism stakeholders (re)construct contested national identity. Theoretically sensitised to identity crisis, the study analyses how Hong Kong and Macao heritage managers utilise complex transnational memories to (re)construct an identity aligned with, yet distinct from, that of China. Through a critical discourse analysis of interviews and discursive exhibition and museum texts, the article reveals that museum managers formulate heritage imaginings and a sense of belonging(s) through defining the collective memory for “Self” and “Other”. The article concludes that, by collective memory-building, museum professionals make tangible statements of national identities through legitimating negotiations and resistance in heritage tourism discourse. Implications for heritage tourism studies and museum management are also discussed.     

Community (Dis)connection Through Leisure for Women in Prison

This article examines incarcerated women's leisure and re-entry into community. Framed in creative analytic practice, two poems reflect two major themes: (1) women's experiences of disconnection from community prior to and deepened by experiences in prison and (2) leisure and community re-entry, which describes complex meanings of leisure for women in prison and implications for return to community. These poems elucidate six often incongruous facets of leisure experience. Structures embedded in leisure service provision stigmatize and limit rather than encourage opportunities for incarcerated women to make personal choices regarding leisure. Leisure also provides contexts of relationship and humanity for women as they re-enter community.     

Gaming can be sustainable too! Using Social Representation Theory to examine the moderating effects of tourism diversification on residents' tax paying behavior

Tourism authorities in the Las Vegas region have suggested the diversification of the tourism industry as a strategy to improve the vitality of rural communities outside of the metropolitan area. The present study uses Social Representation Theory as the conceptual basis to test the moderating effects of the various types of proposed tourism development on residents' willingness to pay higher taxes to support such development. A survey of 301 residents in Las Vegas rural communities examined how the factors of economic dependence on tourism, community attachment, and ecocentric attitude towards tourism influence residents' perceptions of tourism's impacts. A higher economic dependence on tourism and higher levels of community attachment led to more favorable perceptions of tourism's economic and social impacts. The economic impacts, in turn, resulted in a willingness to pay higher taxes, irrespective of the type of tourism development proposed by the Las Vegas authorities. The results suggest that rural communities reinforce a hegemonic social representation of tourism in order to characterize the ethos of capitalist urbanism that pervades the economic development discourse. The residents' social construction of tourism has important implications for tourism planners in the region and suggests the adoption of an inclusive tourism diversification strategy that leverages both gaming and alternative tourism.     

Politics and tourism promotion: Hong Kong’s myth making

By using “crisis of identity” as background, this study analyses how post-colonial Hong Kong relies on myths that are grounded in its complex, centuries-old socio-cultural political heritage to convey through tourism an identity different and separate from that of China. This qualitative inquiry, which relies on both online and printed promotional documents reinforced by primary data collected through in-depth interviews, proposes an explanation of the symbolic representation of tourism through four sequential myths. The article concludes that Hong Kong exploits its colonial past to create an identity that enhances its “local Chineseness” with a Western flavor and positions the territory to assume an increasingly hybrid identity to avoid being just another Chinese city.