Optimal investment-consumption-insurance with random parameters

This paper discusses an optimal investment, consumption, and life insurance purchase problem for a wage earner in a complete market with Brownian information. Specifically, we assume that the parameters governing the market model and the wage earner, including the interest rate, appreciation rate, volatility, force of mortality, premium-insurance ratio, income and discount rate, are all random processes adapted to the Brownian motion filtration. Our modeling framework is very general, which allows these random parameters to be unbounded, non-Markovian functionals of the underlying Brownian motion. Suppose that the wage earner’s preference is described by a power utility. The wage earner’s problem is then to choose an optimal investment-consumption-insurance strategy so as to maximize the expected, discounted utilities from intertemporal consumption, legacy and terminal wealth over an uncertain lifetime horizon. We use a novel approach, which combines the Hamilton–Jacobi–Bellman equation and backward stochastic differential equation (BSDE) to solve this problem. In general, we give explicit expressions for the optimal investment-consumption-insurance strategy and the value function in terms of the solutions to two BSDEs. To illustrate our results, we provide closed-form solutions to the problem with stochastic income, stochastic mortality, and stochastic appreciation rate, respectively.     

Consumer showrooming: Value co-destruction

PurposeThis research employs value co-destruction as a theoretical lens to investigate the antecedents of consumer showrooming behavior. Drawing on relevant literature, a research model specifying showrooming dynamics from the consumer's perspective is conceptualized and empirically tested.MethodologyUtilizing survey data from 275 consumers, structural equation modelling is employed to assess a research model including thirteen hypotheses.FindingsThe study findings reveal that showrooming behavior is complex and comprises differing degrees of accumulative value co-destruction and value co-creation behavior across online and offline channels. Specifically, consumer characteristics, channel characteristics and product characteristics are shown to be associated with in-store value taking and online value co-destruction and co-creation.Originality and valueScholarly insights into the antecedents of consumer showrooming are rare. In responding to calls for research, this paper represents the first empirical investigation of consumer showrooming behavior utilizing the lens of value co-destruction. The study adds to academic understanding of the showrooming phenomena and demonstrates that co-destructive and co-creative behaviors can occur in a simultaneous, concurrent and iterative fashion. Focusing on practice, the findings reveal opportunities for experience-led shopping environments.     

Risk Perception and Buying Behavior: An Examination of Some Relationships in the Context of Cruise Tourism in Jamaica

Cruise tourism continues to grow substantially, even as many other forms of travel stagnate. In this era of increasing worldwide violence against tourists, safety, security, and risk abatement are becoming principal components in travelers' decision-making processes. This work examines the issue of perceived risk and safety and what impact these perceptions have on shopping behavior. The research takes place in Jamaica, a country with a reputation for aggressive vendors. Findings indicate that those visitors who traveled with others spent more time shopping and purchased more. Additionally, it was found that first time visitors express higher levels of discomfort with their surroundings than did repeat visitors, thus inhibiting purchase behavior. Finally, it was found that levels of perceived risk and security did have an impact on a traveler's intention to return to Jamaica.     

Older shopper types from store image factors

This study aims to characterise the older shopper by exploring unobserved heterogeneity within the segment and developing an older shopper typology from an empirically derived store image scale. Store attribute theory informed a two-stage research design. Firstly, a ‘pool’ of salient store attributes was identified through in-depth interviews. Scales were then developed and quantitatively tested using data collected through a household postal survey. Seven store image factors emerged, forming the basis of the typology. Five clusters were subsequently profiled using behavioural and demographic variables: Prudent neutrals, All-Round demanders, Reluctant casuals, Demanding sociables, and Affluent utilitarians. A discussion of the resultant classification's utility in terms of retail strategy, including opportunities for better targeting through adjustment of the retail offer, is presented. This study develops a store image scale that reflects the importance of store choice decisions of older shoppers, extending store image research by providing contemporary insights into the requirements of older shoppers in a changing retail environment.     

大学生网络购物忠诚度关键影响因素实证研究

大学生网络购物忠诚度的提高对网络零售企业利润的增长有重要的影响。通过问卷调查和统计分析,找出影响大学生网络购物忠诚度关键因素,采取相应对策措施,有利于提高大学生网络购物忠诚度,拓展网络商家的市场空间。     

论购物佣金的法律治理

目前,旅行社扭曲的经营模式是以不合理的购物佣金为基础的,这种购物佣金也几乎必然损害旅游者权益.当前的治理方式主要有两种,即立法禁止与立法规范.但两者都没能解决问题,其共同的困境在于:第一,都是地方立法,受限于地方利益的顾虑,执法者不可能严格执法；第二,都过度依赖行政监管,但行政监管存在自身固有的不足.可行的解决思路是在旅游法中赋予旅游者一项合适的权利,通过旅游者有效的维权活动制约旅行社损害旅游者利益的佣金行为.购物反悔权正是这样一种合适的权利,它将迫使旅行社主动将购物佣金控制在旅游者可以接受的限度内,或者干脆放弃购物安排.此时行政监管的主要职责将转化为保障旅游者该项权利的顺利实现,借此形成市场主导、行政保障的治理模式.     

新形势下如何做好电力系统通信工作

文章论述了做好电力系统通信工作应具备的条件、目前电力企业及电力系统通信工作情况、电力系统通信工作的主要方法,并针对目前电力企业存在的主要问题,提出了做好电力系统通信工作的相应对策。     

Exploring the core factors of online purchase decisions by building an E-Commerce network evolution model

With the continuous development of the Internet and information technology, online shopping has become a popular purchase mode. The in-depth analysis of consumer decision-making in online shopping is an important issue. Our purpose is to study how the factors of the shopping web pages corporately affect online purchase decisions and determine which are the core factors that affect consumer purchase decisions. We screen the influencing factors on the shopping webpage and deploy e-commerce network evolution based on various weight combinations of these factors to generate sales distributions of online products. By comparing these simulated sales distributions to the real data, the optimal weight of each factor is obtained. The results show that sales volume and the number of high-quality negative comments are the most important factors influencing consumers' decision-making, the number of comments and the number of comments with pictures are relatively minor factors, store type and video presentation of the products have the least impact. The optimal simulated sales distribution is very close to the real case and verifies that the introduced network evolution technology is applicable. The proposed model can be used as a uniform evaluation platform for correlational study, which is an important link in the purchase research chain.     

The effect of shopping goals and in-store mobile device use on purchase outcomes in brick-and-mortar stores

The present study examines the effect of using a mobile device on search and evaluation by a shopper in a brick-and-mortar store. A conceptual model that proposes inter-relationships between shopping goals, the amount and type of in-store mobile device use, and purchase outcomes is developed. Data from a national quota sample of 1034 mobile shoppers is used to test hypotheses derived from the proposed model. The findings provide several new insights into the impact of in-store mobile device use on the consumer decision journey in a brick-and-mortar store. Depending upon the shopping goals of the consumer, the use of a mobile device by shoppers in a brick-and-mortar store can either decrease or increase search, lead to more deferred purchases or in-store-now purchases, and more online or physical store purchases. The study is among the first to model the pathway to purchase for mobile device assisted shoppers in brick-and-mortar stores.     

Understanding the role of situational factors on online grocery shopping among older adults

This paper seeks to identify the situational factors that drive the adoption of online grocery shopping among older adults. A two-step research process is employed. First, exploratory qualitative research is carried out to identify situational factors that older adults take into account when deciding whether to buy groceries online. This is followed by a conjoint experiment to determine which situational factors are considered most important when making such a decision. The sample consisted of 9 participants in the in-depth individual interviews and 206 respondents in the conjoint experiment. The findings indicate that health, mobility issues, and distance to a store are the most important situational factors driving older adults to buy groceries online. Moreover, the findings confirm that the adoption of online grocery shopping among older adults is a result of a complex trade-off of situational variables. The findings contribute to managerial practice by providing online grocery retailers with insight that can be applied when designing promotional programs targeted at older adults.