William A. Barnett and Apostolos Serletis
This chapter is an up-to-date survey of the state-of-the art in consumer demand analysis. We review (and evaluate) advances in a number of related areas, in the spirit of the…
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This chapter is an up-to-date survey of the state-of-the art in consumer demand analysis. We review (and evaluate) advances in a number of related areas, in the spirit of the recent survey paper by Barnett and Serletis (2008). In doing so, we only deal with consumer choice in a static framework, ignoring a number of important issues, such as, the effects of demographic or other variables that affect demand, welfare comparisons across households (equivalence scales), and the many issues concerning aggregation across consumers.
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Elizabeth G. Pontikes and Ruben Kim
This article suggests that both producers and analysts are strategic about categorization. Producers use categorization to maintain a balance of differentiation and legitimacy…
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This article suggests that both producers and analysts are strategic about categorization. Producers use categorization to maintain a balance of differentiation and legitimacy, whereas analysts seek to influence categorization and clarify boundaries. Ideas are explored for software producers and Gartner, the preeminent high-technology analyst. Findings show evidence of strategic categorization. Producers move to proximate market categories in response to competition. Gartner reports on large categories and those that receive investment and stops reporting on categories that have fuzzy boundaries. Compared to analysts, producers may be more influential in category creation than previous research has acknowledged.
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Pinar Ozcan, Kerem Gurses and Mareike Möhlmann
This chapter focuses on the largely unexplored within- and cross-category spillovers between category kings and commoners within the field of the sharing economy. Going beyond the…
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This chapter focuses on the largely unexplored within- and cross-category spillovers between category kings and commoners within the field of the sharing economy. Going beyond the reputational spill-overs that are the main focus of extant literature, the authors also consider spill-overs in awareness, regulation, and customer usage between category kings and commoners, providing a holistic view of what it means to be a commoner in the same or adjacent category as a king. On the basis of a mixed-method study based on semi-structured interviews with UK sharing platforms and a consumer survey, the authors show that category commoners are affected by kings differently depending whether they are in the exact same sub-category or in an adjacent one within the same larger category. This chapter expands extant work on within and cross-category dynamics by taking the less popular perspective of the less visible category members. Studying these dynamics in the setting of the sharing economy also contributes to the authors’ knowledge of what enables/hinders the growth of a new field as a whole. Finally, the findings have important policy implications.
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Ryadh M. Alkhareif and William A. Barnett
This chapter builds monthly time-series of Divisia monetary aggregates for the Gulf area for the period of June 2004 to December 2011, using area-wide data. We also offer an…
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This chapter builds monthly time-series of Divisia monetary aggregates for the Gulf area for the period of June 2004 to December 2011, using area-wide data. We also offer an “economic stability” indicator for the Gulf Cooperation Council (GCC) area by analyzing the dynamics pertaining to certain variables such as the dual price aggregates, aggregate interest rates, and the Divisia aggregate user-cost growth rates. Our findings unfold the superiority of the Divisia indexes over the officially published simple-sum monetary aggregates in monitoring the business cycles. There is also direct evidence on higher economic harmonization between GCC countries – especially in terms of their financial markets and the monetary policy. Monetary policy often uses interest rate rules, when the economy is subject only to technology shocks. In that case, money is nevertheless relevant as an endogenous indicator (Woodford, M. (2003). Interest and prices: Foundations of a theory of monetary policy. Princeton, NJ: Princeton University Press.). Properly weighted monetary aggregates provide critical information to policy-makers regarding inside liquidity created by financial intermediaries. In addition, policy rules should include money as well as interest rates, when the economy is subject to monetary shocks as well as technology shocks. The data show narrow aggregates growing while broad aggregates collapsed following the financial crises. This information clearly signals problems with the financial system's ability to create liquidity during the crises.
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William J. Luther and Mark Cohen
Lester and Wolff (2013) find little empirical support for the Austrian business cycle theory. According to their analysis, an unexpected monetary shock does not alter the…
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Lester and Wolff (2013) find little empirical support for the Austrian business cycle theory. According to their analysis, an unexpected monetary shock does not alter the structure of production in a way consistent with the Austrian view. Rather than increasing production in early and late stages relative to middle stages, they find the opposite – a positive monetary shock typically decreases production in early and late stages relative to middle stages. We argue that the measures of production and prices employed by Lester and Wolff (2013) are constructed in such a way that makes them inappropriate for assessing the empirical relevance of the Austrian business cycle theory’s unique features. After describing how these measures are constructed and why using ratios of stages is problematic, we use a structural vector autoregression to consider the effects of a monetary shock on each stage of the production process. We show that, with a clearer understanding of what is actually being measured by the stage of process data, the results are consistent with (but not exclusive to) the Austrian view.
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William Barnett and Michael Saliba
There is a significant body of literature explaining how a free market for kidneys would eliminate both the economic and the medical shortage of kidneys and thus, in addition to…
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There is a significant body of literature explaining how a free market for kidneys would eliminate both the economic and the medical shortage of kidneys and thus, in addition to supplying sufficient kidneys for those who become needy in the future, remove the entire backlog of 40,000+ patients waiting for a kidney transplant in the United States. This article is an attempt to fathom the financial and market processes that would evolve were a free market for kidneys to be permitted. Issues addressed include the types of institutions that would likely develop, how transactions would be facilitated, and what would happen to the price of kidneys both in the short and long term.
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Marc-David L. Seidel and Henrich R. Greve
In social theory, emergence is the process of novelty (1) creation, (2) growth, and (3) formation into a recognizable social object, process, or structure. Emergence is recognized…
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In social theory, emergence is the process of novelty (1) creation, (2) growth, and (3) formation into a recognizable social object, process, or structure. Emergence is recognized as important for the existence of novel features of society such as new organizations, new practices, or new relations between actors. In this introduction to the volume on emergence, we introduce a framework for examining emergence processes and theories that have been applied or can be applied to each of the three stages. We also review each volume chapter and discuss their relation to each other. Finally, we make suggestions on the future of research on social emergence processes.