Random regret minimization for consumer choice modeling: Assessment of empirical evidence

This paper introduces to the field of marketing a regret-based discrete choice model for the analysis of multi-attribute consumer choices from multinomial choice sets. This random regret minimization (RRM) model, which has recently been introduced in the field of transport, forms a regret-based counterpart of the canonical random utility maximization (RUM) paradigm. This paper assesses empirical results based on 43 comparisons reported in peer-reviewed journal articles and book chapters, with the aim of finding out to what extent, when, and how RRM can form a viable addition to the consumer choice modeler's toolkit. The paper shows that RRM and hybrid RRM–RUM models outperform RUM counterparts in a majority of cases, in terms of model fit and predictive ability. Although differences in performance are quite small, the two paradigms often result in markedly different managerial implications due to considerable differences in, for example, market share forecasts.     

Together alone: a group-based polarization measurement

Quality & Quantity - The growing polarization of our societies and economies has been extensively studied in various disciplines and is subject to public controversy. Yet, measuring...     

The impact of transport-and transaction-cost reductions on food markets in developing countries: evidence for tempered expectations for Burkina Faso

Reductions in transport and transaction costs are expected to have a major effect on the functioning of food markets in developing countries. For Burkina Faso, this is a relevant issue as it may have important consequences for the food markets in urban and rural deficit areas. A partial equilibrium model is presented to analyze the short-term effects of reduced costs on price formation, inter-regional cereal trade, and farmers' and traders' storage strategies. Our results show that the high expectations with regard to the direct effects of cost reductions on food prices and food availability require some nuance. The effects of a reduction of transport costs will be small. Moreover, also the unintended negative consequences on the competitive position of farmers and traders in other regions that do not profit from road construction should be taken into account. Finally, it is concluded that only if transport and transaction costs are reduced simultaneously, will both the consumers and farmers benefit significantly.     

A systematic literature review of the relationship between demographic diversity and innovation performance at team-level

ABSTRACT

Demographic diversity is a relevant aspect to consider when forming innovation teams, particularly where the labour market needs to be transformed in terms of age, gender and race (as in South Africa). Existing research reports mixed findings about the effects of demographic diversity on innovation performance of teams. This study contributes to the existing equivocal research by systematically reviewing the literature about the effects of demographic diversity and its dimensions on innovation performance of teams. Results show that high diversity of demographic dimensions, namely age, gender and culture increases team innovation performance when considered individually while the overall team demographic diversity has mixed effects. This review also confirms the existence and effects of various moderators that can be leveraged to develop team-formation policies such that the direct effects of demographic diversity and its dimensions on team performance can be influenced to foster the desired innovation performance.     

A global compass for the great divergence: Emissions versus production centres of gravity 1820–2008

We construct the world's centres of gravity for human population, GDP and CO₂ emissions by taking the best out of five recognised data sources covering the last two centuries. On the basis of a novel distortion‐free representation of these centres of gravity, we find a radical Western shift of GDP and CO₂ emission centres in the nineteenth century, in sharp contrast with the stability of the demographic centre of gravity. Both GDP and emissions trends are reversed in the first half of the twentieth century, after World War I for CO₂ emissions, after World War II for GDP. Since then, both centres are moving eastward at an accelerating speed. These patterns are perfectly consistent with the lead of Western countries starting the industrial revolution, the gradual replacement of coal by oil and gas as alternative sources of energy and the progressive catch‐up of Asian countries in the recent past.     

家族企业要行使好所有权

那些能够延续三代或三代以上的家族企业,往往比其他同类企业更具竞争力。＂家族＂的两个难题家族企业往往是一种被忽略的所有制形式。然而,家族企业无所不在：从社区周围的夫妻店,到数百万支撑众多经济体的中小型企业,再到宝马、三星和沃尔玛等家喻户晓的巨头,到处都能见到家族企业的身影。     

Modeling politicians' preferences for road pricing policies: A regret-based and utilitarian perspective

This paper presents the results of a stated choice-study among Dutch local politicians in the context of road pricing policies. Politicians were asked to express their preferences for policy-options that differed in terms of (i) emissions reduction, (ii) congestion reduction, (iii) operational costs, (iv) acceptability among the general public and (v) acceptability among retailers. Utility-maximization-based and regret-minimization-based discrete choice models were estimated, and their results compared, on 238 stated choices made by members of Dutch city-councils. The estimated models allow for the evaluation of the popularity of different road pricing scenarios among Dutch local politicians, as a function of their performance in terms of the above-mentioned criteria.     

Modeling experienced accessibility for utility-maximizers and regret-minimizers

This paper argues that there is a discrepancy between what Logsum-measures of accessibility aim to measure (experienced-utility) and what they actually measure (decision-utility). The latter type of utility refers to the evaluation of an alternative with the aim of making a decision, while the former refers to the evaluation of a chosen alternative after the choice has been made. We argue that accessibility should preferably be conceptualized and operationalized in terms of experienced-utility, but that this type of utility is difficult to measure. Motivated by these observations we show, taking the Logsum as a starting point, how its building blocks (parameters estimated from choice patterns) can be used to construct closed-form and easy to compute accessibility-measures that provide an approximation of experienced-utility. We distinguish between decision-making based on utility-maximization and regret-minimization premises. Using a small-scale case-study building on departure time-choice data, we illustrate the working of the developed accessibility-measures and highlight how they differ from the Logsum-approach.     

地方债务“堰塞湖”

家族式企业要做到经久不衰,关键是要采用专业的管理模式,并努力使家族能始终保持企业主的地位。