Advertising,Price and Quality in Self–regulating Professions: A Survey

This paper surveys the theoretical and empirical literature on the relationship between advertising, fees and quality in the self–regulating professions. Much of the literature is derived from the perspective of advertising as an information–enhancing device, helping to reduce the information asymmetry between professional and client. This is consistent with the majority of the empirical studies which suggest that advertising tends to have a downward effect on professional fees, with little if any adverse effect on quality. There are, however, important issues of method and measurement which may lessen the force of this conclusion     

Trends in British public investment

British public investment has declined sharply both as a share of GDP and as a share of government spending since the 1970s. Only part of this decline is explained by privatisation, which transferred some public investment to the private sector. More important was the very large and permanent reduction in public house‐building between the mid‐1970s and the early 1980s. Between the late 1980s and the early 1990s, the rate of public investment recovered somewhat, but after that time it declined again, reaching a record low in 1999. The most recent decline in public investment has affected a range of central government programmes, and it has not been significantly offset by investment under the Private Finance Initiative. The government now plans to increase investment spending, although levels look set to remain low by historical standards for some time to come.     

THE RELATIONSHIP BETWEEN THE BLACK MARKET AND OFFICIAL EXCHANGE RATES: AN EXAMINATION OF LONG-RUN DYNAMICS IN INDIA

This study is the first to use Johansen's cointegration approach for India in the analysis of the long‐term dynamics between the black and official exchange rates for the period 1953–1993. The study also estimates the long‐run elasticity of the official rate with respect to the black market rate. As monthly data over 40 years are used, and a more robust methodology is employed, the results are likely to be more reliable as compared with the earlier work on India. The results of our study suggest that while there is a long‐term relationship between the two rates, the direction of causality is from the black rate to the official exchange rate. This is plausible in the Indian context where policy has generally lagged behind events in the black market. The hypothesis of a constant black market premium is rejected, implying that there is a mismatch between the percentage change in the official exchange rate and the percentage change in the black market rate.     

Mountains in motion

While terraforming other planets is a common theme in science fiction, little attention has been given to terraforming our own Earth, to create greater landscape stability. This essay is an attempt to link themes from geology with human brain-body futures, in the spirit of Dator's dictum that any useful idea about the future should appear to be ridiculous. It opens the question of how we might, literally begin to ‘engineer’ a global consciousness.     

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Kurz kommentiert

Kurz kommentiert     

Investigating the immediate and long-term effects of job stressors on frontline service employees

Two studies investigate the immediate and long-term effects of job stressors on frontline service employees (FSEs). Using cognitive appraisal theory, we develop and test a conceptual model of two job stressors (crowding and emotional labor) that affect coping strategies and job outcomes. Study 1, which is a field experiment, investigates the immediate effects of crowding in a single firm. Study 2 extends the findings of Study 1 and investigates the long-term effects of emotional labor and crowding on FSEs across multiple firms. The results show that crowding has a negative impact on coping strategies and job-related outcomes. In addition, emotional labor can lead to long-term negative outcomes, such as emotional exhaustion and decreased job retention, for some FSEs. Consequently, service organizations should consider strategies or tactics that prevent high levels of customer crowding and help FSEs deal with emotional labor.     

The relationships between food-related personality traits,satisfaction, and loyalty among visitors attending food events and festivals

This study applies the concept of food-related personality traits to hospitality and tourism and identifies relationships between personality, satisfaction, and loyalty. An on-site survey was carried out with 335 visitors attending the Gwangju Kimchi (local food) Festival in South Korea between 15th and 19th of October, 2008. The relationships between 4 latent constructs (food neophobia, food involvement satisfaction, and loyalty) and 16 indicators were measured using structural equation modelling. The findings showed that food neophobia had a negative effect on satisfaction and loyalty, food involvement had a positive relationship with loyalty, and satisfaction and loyalty showed a significant positive relationship.     

Construction and validation of a scale to measure tourist motivation to consume local food

Although the importance of the role of local food in tourism has begun to form an academic debate in the last decade, little effort has been invested in understanding what tourist motivations influence consumption of local food and beverages in a tourist destination and to develop a measurement scale for those motivations. Thus, this study adopted the comprehensive procedures of measurement scale development recommended by prior studies. The scale development procedure yielded a five factor measurement scale with acceptable levels of reliability and validity. Five underlying motivational dimensions of local food consumption were labelled: cultural experience; interpersonal relation; excitement; sensory appeal; and health concern. The outcomes and applications of the developed scale are discussed both in terms of theoretical and managerial implications.