Search results

This study aims to propose a risk-induced game theoretic forecasting model to predict average daily rate (ADR) under COVID-19, using an advanced recurrent neural network.

Using three data sets from upper-midscale hotels in three locations (i.e. urban, interstate and suburb), from January 1, 2018, to August 31, 2020, three long-term, short-term memory (LSTM) models were evaluated against five traditional forecasting models.

The models proposed in this study outperform traditional methods, such that the simplest LSTM model is more accurate than most of the benchmark models in two of the three tested hotels. In particular, the results show that traditional methods are inefficient in hotels with rapid fluctuations of demand and ADR, as observed during the pandemic. In contrast, LSTM models perform more accurately for these hotels.

This study is limited by its use of American data and data from midscale hotels as well as only predicting ADR.

This study produced a reliable, accurate forecasting model considering risk and competitor behavior.

This paper extends the application of game theory principles to ADR forecasting and combines it with the concept of risk for forecasting during uncertain times.

This study is the first study, to the best of the authors’ knowledge, to use actual hotel data from the COVID-19 pandemic to determine an appropriate neural network forecasting method for times of uncertainty. The application of Shapley value and operational risk obtained a game-theoretic property-level model, which fits best.

This viewpoint paper calls for research on the social impact that comes with implementing algorithmic pricing in hospitality and tourism, in particular online price discrimination. It seeks to broaden the literature on consumer backlash and corporate social responsibility (CSR) to include algorithmic pricing.

As algorithmic pricing will become increasingly important in hospitality and tourism, the authors argue that scholarly attention should be directed to two topics.

First, there is a need for research on how algorithmic pricing triggers consumer backlash and online firestorms, and how these can be detected, prevented, and mitigated. Second, the authors need to increase our understanding of how deception, misconduct, dishonesty, and injustice in algorithmic pricing impact CSR performance, especially when differential pricing is enticed by deceptive yet legal algorithmic applications of indirect behavioral “self-selection” mechanisms.

Algorithmic price discrimination has been criticized for its potential to harm consumers, and doubt is cast upon the current ability of legal frameworks to set minimum standards of behavior.

Algorithmic pricing includes a variety of computerized pricing applications aimed at increasing revenue and minimizing opportunity costs. With early use by airlines decades ago its diffusion has gradually extended to other sectors including hospitality and tourism. While algorithms are expected to increasingly impact pricing decisions, little research can be found on the topic, with the exception of a vigorous debate in the policy literature on its ethical implications and regulatory needs.

The purpose of this study is to explore the impact of customer engagement in sales promotion on purchase intention. Utilizing value co-creation and customer engagement theories, the authors tested a model that specifies the effect of customer engagement in sales promotion on purchase intention, through its impact on perceived value and customer satisfaction.

The model was tested with the PLSc-SEM approach.

Engaging customers to store's offers by giving them the possibility to choose the type of promotional discount that suits their personal preferences and needs is positively associated with purchase intention, and that this relationship is mediated in serial by perceived value and customer satisfaction.

Involving customers in sales promotion provides opportunities for retail front line management, as well as for customer relationship management to attract attention and interest.

While previous research concerned situations where firms and customers collaborate in the co-creation of value, its role in the sales promotion process is yet unclear. This study starts filling this gap by taking a closer look at customer participation in the sales promotion process and its impact on customer purchase intention.

Selective laser sintering (SLS) is one of the most rapidly growing rapid prototyping techniques (RPT). This is mainly due to its suitability to process almost any material: polymers, metals, ceramics (including foundry sand) and many types of composites. The material should be supplied as powder that may occasionally contain a sacrificial polymer binder that has to be removed (debinded) afterwards. The interaction between the laser beam and the powder material used in SLS is one of the dominant phenomena that defines the feasibility and quality of any SLS process. This paper surveys the current state of SLS in terms of materials and lasers. It describes investigations carried out experimentally and by numerical simulation in order to get insight into laser‐material interaction and to control this interaction properly.

We propose a new model for the dynamics of the aggregate credit portfolio loss. The model is Markovian in two dimensions with the state variables being the total accumulated loss Lt and the stochastic default intensity λt. The dynamics of the default intensity are governed by the equation dλt=κ(ρ(Lt,t)−λt)dt+σλtdWt. The function ρ depends both on time t and accumulated loss Lt, providing sufficient freedom to calibrate the model to a generic distribution of loss. We develop a computationally efficient method for model calibration to the market of synthetic single tranche collateralized debt obligations (CDOs). The method is based on the Markovian projection technique which reduces the full model to a one-step Markov chain having the same marginal distributions of loss. We show that once the intensity function of the effective Markov chain consistent with the loss distribution implied by the tranches is found, the function ρ can be recovered with a very moderate computational effort. Because our model is Markovian and has low dimensionality, it offers a convenient framework for the pricing of dynamic credit instruments, such as options on indices and tranches, by backward induction. We calibrate the model to a set of recent market quotes on CDX index tranches and apply it to the pricing of tranche options.

Purpose: This paper adopts a practice-oriented approach to address gaps in existing knowledge of the significance of cultural producers’ and intermediaries’ practices of taste for the construction and organization of markets. Using the example of the cultural field of “natural” wine, I propose how taste operates as a logic of practice, generating market actions in relation to the aesthetic regime of provenance.

Methodology/approach: The paper sets out the conceptual relationship between aesthetic regimes and practices of taste. The discussion draws from interpretive research on natural wine producers and cultural intermediaries involving 40 interviews with natural wine makers, retailers, sommeliers, and writers based in New York, Western Australia, the Champagne region, and the Cape Winelands.

Findings: Three dimensions of how taste is translated into action are examined: as a device of division, which establishes a fuzzy logic of resemblance; as a device of operation, which provides an intuitive platform for shaping the means of production; and as a device of coordination, which enables an embedded experience of trust.

Originality/value: The paper’s discussion of dispositions, affect, intuition, and pattern identification provide new insights into the translation of taste into action, and the macro-organization of markets. I argue for attention to how cultural producers and cultural intermediaries are mobilized through their habitual sense of taste, shifting the focus away from consumers to those whose market actions are largely self- and peer-referential. This is important for understanding processes of market development and value construction.

For teachers to fully enact pedagogy rooted in equity and inclusion, they must have access to purposeful systems and tools supporting proactive and collaborative planning built explicitly to center the needs of those historically denied full access to learning. This chapter takes on the historical injustices that have been perpetuated within public education in the United States since its inception and presents practical tools and systems (rooted in research and refined in the field) that can promote more equitable day-to-day teaching and learning in classrooms.

The global governance of trade is in a deadlock and the WTO is suffering from a long standing crisis of legitimacy. This paper aims to analyse the main issues which might influence the governance of world trade from now until 2030 and present quantitative projections of international trade.

The research on the main issues which might influence the governance of world trade from now until 2030 draws on a detailed analysis of the WTO and trade policies. Four scenarios of the world economy are presented, which are derived from the international AUGUR research project “Challenges for Europe in the world in 2030” coordinated by Paris Nord University. The analysis takes into account econometric forecasting of world trade conducted in the framework of this project.

First, the failure of the Doha Round of multilateral trade negotiations to reach its ambitious agenda derives from the discrepancy between the governance of world trade and the new power relationship prevailing in the world economy, with new emerging powers (China, India, etc.) rapidly increasing their share of world trade. Second, the continuous restructuring of world trade and economy, which goes together with new forms of globalization, will increase pressure for a profound reform of the governance of world trade in the next few years.

This paper calls for a reform of world trade governance, especially of the missions of WTO within a renovated economic world order. Future research could investigate more deeply the potential for regional trade integration, which is reinforced by international production networks. Regional trade agreements might be an increasing alternative to multilateral trade agreements.

This paper brings new ideas by raising the issue of the governance of world trade using a prospective approach, with the aim to identify the key channels through which international trade integration will impact the world economy. This study bases its analysis on potential scenarios from now on until 2030, each of these scenarios corresponding to a specific institutional configuration.