Factors influencing cultural event tourism in Nelson Mandela Bay,South Africa

ABSTRACT

Cultural tourism has established a market share of approximately 20% in the tourism sector globally. In addition, it fosters socio-economic benefits for a destination and its residents. This study explores residents’ attitudes towards cultural events in Nelson Mandela Bay (NMB), South Africa, to enhance the destination image and induce stakeholder engagement. In this study, 3659 residents of NMB either completed an online questionnaire or a face-to-face interview. The results indicate that the residents of NMB have a positive attitude to cultural events. Notably, the demographic profile of the respondents is representative of the country and may be transferred to a national level to assist the South African tourism industry. The findings clarify insights to the market needs and cultural differences that may be used to tailor unique selling propositions in culturally diverse destinations.     

Cost-effectiveness of rivaroxaban versus apixaban for the initial treatment of venous thromboembolism and extended prevention of recurrences in the UK

Abstract

Aim: To evaluate the relative cost-effectiveness of using rivaroxaban vs apixaban for the initial treatment plus extended prevention of venous thromboembolism (VTE) in the UK. Extended prevention was assessed using a 10-mg rivaroxaban dose, as the 20-mg dose has already been evaluated.

Methods: A Markov model compared the health outcomes and costs of treating VTE patient cohorts with either rivaroxaban (15?mg twice daily for 3 weeks, followed by 20?mg once daily for 6 months, then extended prevention with 10?mg once daily) or apixaban (10?mg twice daily for 1 week, followed by 5?mg twice daily for 6 months, then extended prevention with 2.5?mg twice daily) over a lifetime horizon. The model included an initial acute treatment and prevention phase (0–6?months) and an extended prevention phase (6–18 months). Efficacy and safety data were derived from two network meta-analyses. Reference treatment comparators were derived from the EINSTEIN-Pooled study and EINSTEIN-CHOICE trial. Healthcare costs and utility data were derived from published literature.

Results: The rivaroxaban regimen was associated with increased quality-adjusted life years (QALYs) and slightly lower total costs compared with apixaban over a lifetime horizon. Deterministic and probabilistic sensitivity analyses demonstrated that rivaroxaban remained a cost-effective alternative to apixaban over a wide range of parameters. Incremental cost-effectiveness ratio estimates were below the £20,000 per QALY threshold in 74.1% of 2,000 model simulations. Scenario analyses further supported that rivaroxaban is a cost-effective alternative to apixaban.

Limitations: Clinical and safety inputs were derived from network meta-analysis, which are subject to inherent limitations whereby small differences between study designs may severely impact efficacy and safety outcomes. Furthermore, these inputs were based on data from clinical trials, which may not reflect real-world data.

Conclusions: Rivaroxaban was associated with a slightly lower total cost and increased QALYs compared with apixaban for VTE management in the UK over a lifetime horizon.     

Option market making under inventory risk

We propose a mean-variance framework to analyze the optimal quoting policy of an option market maker. The market maker’s profits come from the bid-ask spreads received over the course of a trading day, while the risk comes from uncertainty in the value of his portfolio, or inventory. Within this framework, we study the impact of liquidity and market incompleteness on the optimal bid and ask prices of the option. First, we consider a market maker in a complete market, where continuous trading in a perfectly liquid underlying stock is allowed. In this setting, the market maker may remove all risk by Delta hedging, and the optimal quotes will depend on the option’s liquidity, but not on the inventory. Second, we model a market maker who may not trade continuously in the underlying stock, but rather sets bid and ask quotes in the option and this illiquid stock. We find that the optimal stock and option quotes depend on the relative liquidity of both instruments as well as on the net Delta of the inventory. Third, we consider an incomplete market with residual risks due to stochastic volatility and large overnight moves in the stock price. In this setting, the optimal quotes depend on the liquidity of the option and on the net Vega and Gamma of the inventory.      

The micro-price: a high-frequency estimator of future prices

The micro-price estimated using high-frequency data is empirically a better predictor of short-term prices than the mid-price or the weighted mid-price     

Radical Intellectuals: What Happened to the New Urban Sociology?

This article is about the rise and fall of radicalism among ‘new urban sociologists’ during the 1960s and 1970s. First, I analyze the social and theoretical developments of that time and demonstrate the novelty of the questions that the new urban sociologists posed. Second, I examine the features of the practical engagements and motivations of the members of this group and show how they changed over time. Finally, I discuss the processes of institutionalization of this group. The story of the new urban sociologists is the story of members of the same generation who, dissatisfied with the development of theory in their field, developed a distinct approach to urban problems. The project that they developed combined elements of both intellectual and political projects. I consider both aspects of this project in light of Gouldner’s sociology of intellectuals, and show that de‐radicalization was a consequence of a peculiar combination of political disillusionment, theoretical triumph and a successful project of professionalization.