Casinos and Conventions

ABSTRACT

The casino industry has always relied on the leisure traveler whose primary motivation is to gamble. Thus, one would expect the casino and convention industries to operate in totally different arenas. This was the case until the mid-1990s. Today, the casino industry is embracing the convention industry and constructing facilities to meet the needs of the convention and meeting attendee. This article starts by setting up the framework for this dichotomy between the two industries by tracing the history of casino gaming in the U.S. Discussion leads to a review of how and why there was a lack of conventions/meetings business in both Las Vegas and Atlantic City. The article then goes on to review specific development of the conventions/meetings business in Las Vegas, Atlantic City, and other jurisdictions. It concludes with a prognosis about the future along with opportunities for future research.     

Attendees’ needs and service priorities in a large convention center: Application of the importance–performance theory

The study identified attendees’ needs and service priorities when attending an exhibition at a large convention center. Data was collected using self-administered questionnaires from 566 subjects attending five different exhibitions. The results indicated that overall cleanliness of the convention center, a well-maintained facility, and helpfulness of guest services personnel were top priorities for attendees regarding the convention center's facility services. Attendees also attributed high importance to the following features of the convention facility: directional signage within the convention center, availability of high quality lodging near the convention center, sufficient restrooms throughout the facility, and ability to get cell phone signal. Furthermore, statistically significant differences were found between the level of importance and performance of the majority of the facility services and features of the convention center. Implications for decision makers regarding these importance–performance gaps are discussed.     

Hicksian Income in the Conceptual Framework

In seeking to replace accounting conventions by concepts in the pursuit of principles‐based standards, the FASB/IASB joint project on the conceptual framework has grounded its approach on a well‐known definition of income by Hicks. We welcome the use of theories by accounting standard setters and practitioners, if theories are considered in their entirety. Cherry‐picking parts of a theory to serve the immediate aims of standard setters risks distortion. Misunderstanding and misinterpretation of the selected elements of a theory increase the distortion even more. We argue that the Boards have selectively picked from, misquoted, misunderstood and misapplied Hicksian concepts of income. We explore some alternative approaches to income suggested by Hicks and by other writers, and their relevance to current debates over the Boards' conceptual framework and standards. Our conclusions about how accounting concepts and conventions should be related differ from those of the Boards. Executive stock options (ESOs) provide an illustrative case study.     

The evolution of conventions under incomplete information

Summary. We formulate an evolutionary learning process with trembles for static games of incomplete information. For many games, if the amount of trembling is small, play will be in accordance with the games (strict) Bayesian equilibria most of the time. This supports the notion of Bayesian equilibrium. Often the process will select a specific equilibrium. We study an extension to incomplete information of the prototype conflict known as Chicken and find that the equilibrium selection by evolutionary learning may well be in favor of inefficient Bayesian equilibria where some types of players fail to coordinate.Received: 17 March 2003, Revised: 3 December 2003, JEL Classification Numbers: C72.     

Conventions,Festivals, and Tourism

Abstract

The link between conventions and tourism has often been assumed, and to some extent has been researched, and yet little research has been undertaken to study the relationships between organizations staging an event. The aim of this paper is to highlight the links between convention, festival, and tourism organizations using a case study in Lismore, Australia. The Lismore Chamber of Commerce has used an agricultural convention in conjunction with a community festival to share resources and attract wider audiences. This paper demonstrates the outcomes of this relationship in terms of innovation, cooperation, and regional development. Where previous attempts to coordinate the herb industry had failed, the case shows how coordinated events can serve an important purpose. The case also demonstrates the use of a network analysis methodology as a potential tool for researchers and managers in identifying and understanding industry relationships. The results demonstrate the success of this event and highlight the importance of developing and maintaining network relations.     

Institutions, social norms, and decision-theoretic norms

This article attempts to contribute to the debate on how to define and theorize institutions, particularly regarding normativity and explanations for conformity. Firstly, it proposes some distinctions and concepts: it separates moral from epistemic values, leading to different types of legitimacy and social norms; then it distinguishes different meanings of the term ‘normative’ and introduces the concept of decision-theoretic norm. Secondly, the article defends a broad concept of institutions by arguing that some institutions are neither social norms nor decision-theoretic ones, a point that matters for institutional change and stability. Some conventions from which innovators break are highlighted as an example.     

Applying economic sociology to understand the meaning of “Quality” in food markets

This article reviews the concept of the “market” and questions the standard view of the “market” developed by orthodox economic theory. The article highlights how Economic Sociology and Convention Theory is more useful in understanding markets and appreciating markets as social constructs, which are governed by institutions and social orders. This adjustment in the analytical framework to study markets and especially food markets, is useful in unpacking the various dimensions of “quality” in food products and illustrating that “quality” is an institution that is shaped by society and by culture.     

Innovation and social probable knowledge

In this paper, some elements of Keynes's theory of probabilityare used to understand the process of diffusion of an innovation.Based on work done elsewhere, it is argued that this processcan be viewed as a process of dealing with the collective uncertaintyabout how to sort out a technological problem. Expanding theconcepts of weight of argument and probable knowledge to dealwith this kind of uncertainty, we argue that the concepts ofsocial weight of argument and social probable knowledge canbe very helpful in understanding the process of diffusion ofan innovation.     

'A sort of guide, philosopher and friend': the rise of the professional auditor in Britain

This paper considers the legal and financial context in which professional audit emerged in Britain during the nineteenth century. It concludes that an important contributing factor to the rise of the audit profession was its provision of advice on prudent accounting, which represented a distinctive competence. The capture of a jurisdiction over business advisory services from the legal profession involved, however, a relationship of complicity with management and large insider investors the interests of social capital- to the exclusion of small investors, who were stigmatized as 'speculators'.