Are traditional marketing mix strategies still suitable for hotel banquet marketing? Using the binary logistic regression analysis method, this study used 763 banquet sales records at the Quanzhou Hilton Hotel to comprehensively test the influence of traditional marketing mix strategies on banquet marketing effects. By focusing on new marketing methods, this study tested the effectiveness of traditional marketing strategies in the new media era. The findings revealed that a combination of products is easier to (...) market than a single product, whereas price is still a key factor in hotel banquet marketing. However, sales channels and personal identity have no significant effects on banquet marketing. Finally, based on the failure cases analysis, this study proposed a feasible path for promoting banquet marketing. (shrink)

To be effective ethical business leaders, students need experience identifying ethical dilemmas. Textbooks provide models and guidelines to categorize ethical challenges, yet students need practice applying these tools in the real world. The exercise described in this study is designed to do just that by helping students learn to identify ethical challenges in marketing. Using the marketing mix as a framework, this scavenger hunt-like exercise provides significant learning experiences by emphasizing teamwork, out of classroom learning, and meeting students (...) where they are with technology. The exercise may be used at either an undergraduate or graduate level in business ethics classes. Learning themes tapped in this exercise can be realized in the on-site classroom or the virtual classroom. Further variations on these themes conclude the article. (shrink)

This article analyses the Fair Trade sector as a “mixed-form market,” i.e., a market in which different types of players (in this case, nonprofit, co-operative and for-profit organizations) coexist and compete. The purposes of this article are (1) to understand the factors that have led Fair Trade to become a mixed-form market and (2) to propose some trails to understand the market dynamics that result from the interactions between the different types of players. We start by defining briefly Fair Trade, (...) its different dimensions (including the “fair” quality of the products) and its organizational landscape, focusing on the distinction between the pioneer “Alternative Trading Organizations” and the second-mover companies. Then, we recall the theoretical emergence factors for each type of organization (nonprofit, co-operative and for-profit) and apply these emergence factors to the context of Fair Trade. This analysis allows us to capture the specificities of each type of operator with regard to Fair Trade and, thus, to have a better understanding of the dynamics in the sector. Such dynamics includes competition, but also conflict and partnership. Our analysis includes elements on ethical imitation, consumers’ behaviors, effects on welfare and the role of the government. (shrink)

The purpose of this research is to investigate the effectiveness of Digital Content Marketing on a Mixed Reality training platform environment with the consideration of online purchase intention through social media. E-commerce today encounters several common issues that cause customers to have reservations to purchase online. With the absence of physical contact points, customers often perceive more risks when making purchase decisions. Furthermore, online retailers often find it hard to engage customers and develop long-term relationships. In this research, a (...) Structural Equation Model is proposed to examine the efficacy of DCM from both immediate and long-term OPI. The results examine whether adopting DCM on an MR training platform environment through social media brings positive results in OPI. Empirical research was carried out through online questionnaires collected in 2021 and 2022. A total of 374 questionnaires were qualified for data analysis in this study, conducted with IBM SPSS and AMOS. The results imply that DCM is critical to stimulating both immediate and long-term OPI. The immediate OPI is positively affected by increasing perceived value through MR in DCM. Regarding the long-term OPI, increased customer engagement with DCM under MR environment can cultivate brand trust and significantly affect the long-term OPI. (shrink)

The Anglican Church of Kenya (ACK) is the oldest church in Kenya and the largest protestant denomination in the country. Since religions were liberalized after the attainment of political independence in AD 1964, the church has experienced declining congregations due to the registration of new denominations, especially the Pentecostal ones. The decline has been noticeable from the beginning of the 21st Century but there are no reports of strategies to resolve the phenomenon. Since congregation members are the customers for a (...) church, the declining phenomenon indicates a marketing problem that requires a marketing strategy. This research investigated how the ACK is operationalizing a marketing strategy and its influence on its sustainability. The ACK operates on standardized structures and a diocese is the highest independent unit. This research was conducted in the diocese of Kirinyaga as the unit of analysis with Wanguru Archdeaconry as the unit of observation. The independent variables were the elements of the marketing mix, namely Product, Promotion, Position and Price strategies while the dependent variable was the church sustainability. Data collection involved 308 participants drawn from the 19 parishes in the Wanguru archdeaconry and included the church leadership and the congregation members. The research instruments were a semi-structured questionnaire and interviews. For the Product variable, the research applied the Maslow Hierarchy of needs theory while for the promotion variable, it was the AIDA Model (Attention, Interest, Desire and Action). For the positioning strategy, the Segmentation, Targeting and Positioning (STP) Model was applied while the Value-Based Pricing theory was used for the price strategy. For church sustainability, the research applied the Triple Bottom Line model. Data analysis was conducted using Structural Package for Social Sciences (SPSS). The results indicated that the ACK has not operationalized an effective marketing strategy for while the Gospel as the marketing product of the church was highly rated, there were low scores for Promotion, Position and Price strategies. (shrink)

China’s historical mixed-ownership reform (the Reform) has prioritized enhancing the efficiency and financial performance of its large state-owned enterprises (SOEs) through introduction of partial private-sector equity ownership. However, the presence of a significant gap between China’s private enterprises’ corporate social responsibility (CSR) practices and those of its SOEs suggests potential for Reform-related ownership changes to negatively impact economy-wide CSR performance. We therefore examine the Reform’s impact on private acquirer firms’ CSR practices. We use a proprietary data set of firms listed (...) on the Shanghai and Shenzhen Stock Exchanges, covering the 2011–2015 period. Our findings identify that private firms can enhance their economic and political status through acquiring equity in state-controlled or SOEs and, following this, improve their CSR practices. Our findings have policy implications in the context of the world’s largest emerging market and, more generally, for SOE ownership reform in emerging and transition economies. (shrink)

One of the key challenges of social policy in Poland in the early 21st century is to adapt its management to the requirements of a service economy. Essential conditions for the mixed economy of welfare have been already created after adjustments of the subsystems of national social policy during the first years of membership in the European Union since 2004. Labour market policies already include the relationships between providers from the public sector, the commercial sector, and the non-governmental sector. However, (...) the tasks and services of individual entities and institutions still lack coordination and integration. This paper focus on the examples of possibilities for their development by combining the activation policy with concepts of the governance and welfare mix. The paper presents the results of the author’s research on the implementation of welfare mix solutions in the field of professional activation of the unemployed people in Poland. Two case studies are included the implementation of outplacement programs that are based on the cooperation between different entities; and the cooperation between the public employment services and non-governmental employment agencies in the activation of people with disabilities in the labour market. Moreover, basic concepts of ongoing reforms of active labour market policies in Poland were discussed. The summary contains the practical recommendations and possible directions for further research in the field of integration of employment services. (shrink)

International marketing practices, embedded in a strong ethical doctrine, can play a vital role in raising the standards of business conduct worldwide, while in no way compromising the quality of services or products offered to customers, or surrendering the profit margins of businesses. Adherence to such ethical practices can help to elevate the standards of behavior and thus of living, of traders and consumers alike. Against this background, this paper endeavors to identify the salient features of the Islamic framework (...) of International Marketing Ethics. In particular, it highlights the capabilities and strengths of this framework in creating and sustaining a strong ethical international marketing culture. At the heart of Islamic marketing is the principle of value-maximization based on equity and justice (constituting just dealing and fair play) for the wider welfare of the society. Selected key international marketing issues are examined from an Islamic perspective which, it is argued, if adhered to, can help to create a value-loaded global ethical marketing framework for MNCs in general, and establish harmony and meaningful cooperation between international marketers and Muslim target markets in particular. (shrink)

The product market competition has become a global challenge for business organizations in the challenging and competitive market environment in the influx of the COVID-19 outbreak. The influence of products competition on organizational performance in developed economies has gained scholars’ attention, and numerous studies explored its impacts on business profitability. The existing studies designate mixed findings between the linkage of CSR practices and Chinese business firms’ healthier performance in emerging economies; however, the current global crisis due to the coronavirus has (...) made product market completion fierce, which ultimately affects business firms’ performance. This study focuses on this logical global challenge, investigates the rationale, and examines product-market completion impact on firms’ performance operating in the Chinese markets. The study collected data from the annual reports of Chinese business organizations with A-share listing and registered with the database of China Stock Markets and Accounting Research. The study employed a Generalized Method of Moment technique and investigated the connection between product market competition and Chinese firm performance. The empirical analysis of this study highlights the conclusion that market competition positively and significantly affected business firms’ performance. This study specified that product market competition play a dynamic and indispensable role in achieving healthier firm performance in the Chinese markets. This study provides valuable insights on practical implications and future research directions for the scholars to draw interesting results with new study models. (shrink)

We propose that marketing of unhealthy foods and beverages to Black and Latino consumers results from the intersection of a business model in which profits come primarily from marketing an unhealthy mix of products, standard targeted marketing strategies, and societal forces of structural racism, and contributes to health disparities.

The accurate delineation of various forms of business organization requires a comparative analysis of their objectives, functions, and organizational structures. In particular, this paper highlights differences in managerial work between business firms and non-profits exemplified by the charitable organization. It adopts as its template the theory of the marketing firm, a depiction of the modern corporation as it responds to the imperatives of customer-oriented management, namely consumer discretion and consumer sophistication. It describes in §2 the essentials of the theory (...) and its basis in consumer behavior analysis, and outlines its unique position as the organization responsible for marketing transactions, based on objective exchange, competitive markets and prices, and the deployment of the entire marketing mix. §3 deals in greater depth with the objective, strategic functions, and organization of the marketing firm in terms of the concepts of metacontingency and bilateral contingency. §4 discusses how the marketing firm differs from charities in terms of goal separation, market-based pricing and competition, the entrepreneurial process, the pursuit of customer-oriented management, and organizational structure. Particular attention is accorded the organizational differences between marketing firms and charities, which arise as a direct consequence of the distinct patterns of contingency they entail. §5 discusses the implications of the foregoing analysis and draws appropriate conclusions. (shrink)

This paper discusses the normative credentials of the “commodification of security,” i.e. subjecting protection against (criminal) threats to the market. It distinguishes between a “pure security market,” in the absence of public protection by the police, and an “additional security market,” co-existing with public provision. It argues that a pure security market is not so much unstable (as Nozick’s invisible hand argument for the minimal state implied) but undesirable, because of persisting levels of unjustifiable violence. This does not however, mean (...) that an additional security market is equally problematic. I discuss two main arguments in favor of state provision and how both lead to the same conclusion, that additional security efforts by commercial providers should be considered permissible. This shifts the question to the conditions which make the resulting mix of market and state legitimate. I will close by discussing three of these conditions: adequate regulation, cooperation between market and state providers, and a balance between both so that commercial security efforts do not undermine the minimum level provided by the state. (shrink)

This empirical investigation reexamines the impact of gender on ethics judgment of marketing professionals in a cross-section of firms in the United States. In the study, gender differences in ethics judgment focus on decisions in the context of marketing-mix elements (product, promotion, pricing, and distribution). The results of statistical analyses indicate that men and women marketing professionals differ significantly in their ethics judgment. Overall, female marketing professionals evinced significantly higher ethics judgment than their male counterparts. Given (...) the changing demographics of corporate America, it is conceivable that ethical decision-making in organizations stands to improve as the ratio of women in executive positions increases. The finding also bodes well with the recent emphasis of moving away from transaction-based in favor of relationship-focused conceptualization of marketing. (shrink)

Female customers are an important market for fitness centers. This study aims to examine successful fitness training health models used by female fitness clubs. A case study approach and the interview method were used to collect data regarding the marketing strategies of female fitness clubs. Purposive sampling was employed to select executives working at the headquarters of a female-only gym, and semi-structured interviews were conducted to provide a context for fitness behaviors and to discuss the business’ marketing mix. (...) Six managers at Curves across six different positions were interviewed. This study found that Curves’ most significant difference compared to other private fitness clubs is that it makes women feel comfortable. Through charitable activities combined with promotions, women feel as if the gym empathizes with them. This study is unique in that it is one of the first studies to explore the business model of the female fitness club. In particular, this research suggests that sports organizations should focus their services strategies on female exercise demands. The findings of this study will support the development of marketing strategies to promote the growth of women’s health as a priority within the fitness industry. (shrink)

Technology licensing as a vital part of business behavior in many industries has drawn a fair amount of attention in industrial organization literature. Most existing literature on licensing decisions assumes that all firms engage in Cournot or Bertrand competition, while the type of mixed competition may affect the choice of the licensor. In this context, what decision will the licensor make faced with different mixed competitions? This paper studies the optimal technology licensing contract of a licensor firm engaging in different (...) mixed competitions with a potential licensee in a differentiated duopoly market considering one upstream firm that provides key inputs. We find that if either the royalty or fixed-fee licensing is applied, the licensor favors royalty licensing under Bertrand-Cournot competition when the degree of substitution is small and prefers the fixed-fee licensing no matter under what kind of mixed competition as the degree of substitution increases. In the case of fixed-fee licensing, the result shows that the profits of licensors are the same under different types of mixed competition. Besides, fixed-fee licensing is not always the optimal choice for consumers, and they would prefer royalty licensing when the degree of substitution is very small. (shrink)

The link between Corporate Social Responsibility (CSR) and financial performance has continued to generate mixed and inconclusive results. Most studies in this area seem to assume that corporate social and financial performance share the same underpinning logic. Drawing from a qualitative analysis of practitioners' accounts of the challenges of mainstreaming the market for responsible investments, as part of the broader CSR agenda, this article re-examines this taken-for-granted assumption in the extant literature, and reaches the conclusion that CSR, as a complex (...) private governance of externalities, does not easily lend itself to measurability and profitability. In other words, not everything about CSR is measurable and profitable as much as the financial markets would expect. Comparing what is rendered measurable and profitable, on one hand, and what is yet to fully lend itself to measurability and profitability, on the other, is identified as one of the fundamental flaws of this literature. As such, CSR and financial performance will continue to run on competing logics until their different markets are distinctively articulated and/or aligned. (shrink)

Corporate social responsibility has become of great interest to both researchers and practitioners alike with much discussion on whether the costs outweigh the performance implications. CSR has become a firm strategic tool as firms recognize that the customer value proposition and CSR is integrated with the focus on how to differentiate the firm from the view of the customer. We utilized market orientation theory as our foundation for our research as it explains how organizations adapt to their customer environment to (...) develop competitive advantages. With the current customer focus on CSR, MO assists the field in identifying a possible firm differentiation. Our research found that firms that ranked high on CSR correlated positively to performance. We also found our theoretically developed constructs of firm customer orientation and firm market orientation correlated with the firm adopting CSR. The results also indicated that CSR positively mediates CO and MO to firm performance. As past research had mixed results over the direct relation of MO to performance, our research suggests that CSR may be the missing variable to explain the MO/performance relationship. (shrink)

The ethical behavior of a national sample of marketing professionals was examined by analyzing their responses to four different types of ethical dilemmas presented in vignette form. The ethical situations operationalize the concepts of coercion and control, deceit and falsehood, conflict of interest, and self integrity, within the context of the marketing mix elements – place, promotion, price, and product. Responses were examined to determine whether behavior varied by type of ethical situation, and whether demographic factors affected their (...) responses. The results indicate that marketing professionals vary their ethical decisions depending on which marketing mix decision they face. Among demographic variables, age, gender, and education level had significant but mixed influence on respondents' ethical decisions across the different situations. (shrink)

In this volume, Richard Parker contemplates the opposing interests of the developing global market television industry and the future of entertainment programming trying to appeal to the local tastes. The author also presents the basic economics of television and how this understanding will enhance the dissemination of news and we as an audience will take this even more for granted.

Ethical debates about assisted dying typically assume that only medical professionals should be able to provide patients with assisted dying. This assumption partially rests on the unstated principle that assisted dying providers may not be motivated by pecuniary considerations. Here I outline and defend a mixed provider model of assisted dying provision that contests this principle. Under this model, medically competent non-physician professionals could receive fees for providing assisted dying under the same terms and conditions as physicians can in those (...) juris- dictions where medically assisted dying is lawful. The mixed provider model blunts objections to assisted dying rooted in supposed clashes with medical values. In addition to generating a market likely to expand access to assisted dying, the mixed provider model would not create markets that are unjust because they are “noxious” in Satz’ sense or because they raise “semiotic” concerns about the value of human life. (shrink)

The way in which securities are traded is very different from the idealized picture of a frictionless and self-equilibrating market offered by the typical finance textbook. Market Liquidity offers a more accurate and authoritative take on liquidity and price discovery. The authors start from the assumption that not everyone is present at all times simultaneously on the market, and that even the limited number of participants who are have quite diverse information about the security's fundamentals. As a result, the order (...) flow is a complex mix of information and noise, and a consensus price only emerges gradually over time as the trading process evolves and the participants interpret the actions of other traders. Thus a security's actual transaction price may deviate from its fundamental value, as it would be assessed by a fully informed set of investors. This book takes these deviations seriously, and explains why and how they emerge in the trading process and are eventually eliminated. The authors draw on a vast body of theoretical insights and empirical findings on security price formation that have accumulated in the last thirty years, and have come to form a well-defined field within financial economics known as 'market microstructure.' Focusing on liquidity and price discovery, they analyze the tension between the two, pointing out that when price-relevant information reaches the market through trading pressure rather than through a public announcement, liquidity suffers. The book also confronts many puzzling phenomena in securities markets and uses the analytical tools and empirical methods of market microstructure to understand them. These include issues such as why liquidity changes over time, why large trades move prices up or down, and why these price changes are subsequently reversed, why we see concentration of securities trading, why some traders willingly disclose their intended trades while others hide them, and why we observe temporary deviations from arbitrage prices. (shrink)

The old discussion of 'Market or State' is obsolete. There will always have to be a mix of market and state. The only relevant question is what that mix should look like. How far do we have to let the market go its own way in order to create as much welfare as possible for everyone? What is the responsibility of the government in creating welfare? These are difficult questions. But they are also interesting questions and Paul De Grauwe analyses (...) them in this book. The desired mix of market and state is anything but easy to bring about. It is a difficult and sometimes destructive process that is constantly in motion. There are periods in history in which the market gains in importance. During other periods the opposite occurs and government is more dominant. The turning points in this pendulum swing typically seem to coincide with disruptive events that test the limits of market and state. Why we experience this dynamic is an important theme in the book. Will the market, which today is afforded a greater and greater role due to globalization, run up against its limits? Or do the financial crisis and growing income inequality show that we have already reached those limits? Do we have to brace ourselves for a rejection of the capitalist system? Are we returning to an economy in which the government is running the show? (shrink)

The ontology of marketing, particularly the question of what products and brands are, is still largely unexplored. The ontological status of brands hinges on their relationship with products. Idealists about brands see perceptual or cognitive acts of consumers grouped under the heading ‘brand awareness’ or ‘brand image’ as constitutive for the existence of brands so that, in their view, tools of the marketing mix can influence relevant mental dispositions and attitudes. Brand realists, on the other hand, reject the (...) view of brands as mere marks or names and interpret them as emergent products with properties that afford branding in the sense of Gibson’s ecological psychology. Brand strength is a function of the degree to which brands occupy defensible niches in product space. Branding as a process involves changing external or internal boundaries of products. Several arguments are proposed in favor of brand realism. The fragments of an ontology of marketing are developed in a broadly Aristotelian framework. Brand realism has significant implications for a new understanding of issues ranging from the effects of advertising to financial brand valuation, the nature of trademarks, and marketing strategy in general. It permits one to treat brand equity as a real phenomenon not dependent on associations, attitudinal states such as brand loyalty, or spurious constructs such as brand character or personality. (shrink)

Transnational food retailers expanded to middle-income countries over recent decades responding to supply and demand. Control in new markets diffuses along three axes: socio-economic, geographic, and product category. We used a mixed method approach to study the progression of modern retail in Thailand on these three axes and consumer preferences for food retailing. In Thailand modern retail controls half the food sales but traditional fresh markets remain important. Quantitative questionnaires administered to members of a large national cohort study revealed around (...) half of respondents were primarily traditional shoppers and half either utilized modern and traditional formats equally or primarily shopped at supermarkets. Fresh foods were mainly purchased at traditional retail formats and dry packaged foods at supermarkets. Qualitative interviews found price and quality of produce and availability of culturally important products to be significant reasons for continued support of fresh markets. Our results show socio-economic and geographic diffusion is already advanced with most respondents having access to and utilizing modern retail. Control of the fresh food sector by transnationals faces barriers in Thailand and may remain elusive. The short to mid-term outcome may be a bifurcated food system with modern and traditional retail each retaining market share, but fresh markets longer term survival may require government assistance as supermarkets become more established. Fresh markets supply affordable, healthy foods, and livelihoods for poorer Thais and are repositories of Thai food culture and social networks. If they survive they will confer cultural, social, economic, and health benefits. (shrink)

China is undergoing tremendous social and economic transformations with different local innovations and variations. By comparing and contrasting three industrial villages in China demonstrating different mixes along the organizational continuum from market economy to collectivist economy, this article offers an alternative model of development that combines market production and distribution with redistribution and the building of public goods based on group boundaries. This alternative market activity is named community capitalism, a concept that has the potential to mitigate the sharp dichotomy (...) between state socialism and market economy. The article also argues that, in order to fully understand the process of China’s transition, it is necessary to take into account not only the economic and political institutions, but also the local cultural, social and political resources. It is the interaction and mixes of the two that determine the path of development local communities embark on. (shrink)

We draw insights from Activity Theory within the field of human-computer interaction to quantitatively measure a mobile in-store experience (MIX), which includes the suite of shopping activities and retail services that a consumer can engage in when using their mobile device in brick-and-mortar stores. We developed and validated a nine-item, formative MIX index using survey data collected from fashion consumers in the United States (n= 1,267), United Kingdom (n= 370), Germany (n= 362), and France (n= 219). As survey measures of (...) consumer engagement in omnichannel retailing using a mobile device, the index items with stronger factor loadings described in-store shopping activities whereas those with weaker factor loadings described activities related to behavioral targeting and social networking. These results suggest that retailers should give consumers the autonomy to independently find, evaluate and purchase merchandise in brick-and-mortar stores, thereby enabling them to co-create personalized shopping experiences as active participants within an omnichannel retail servicescape. Our findings also suggest that retailers should provide consumers with more authentic ways to build community and brand affiliations than mobile marketing and social media promotions. In-store activities should not simply be a migration of pre-existing e-commerce capabilities onto mobile devices. An engaging mobile in-store experience should be an amalgam of physical and digital activities that produce a seamless shopping journey and leverage the unique properties of mobile devices – ultra-portability, location sensitivity, untetheredness, and personalization. Retail executives can use the validated MIX index to prepare strategic investments in mobile technology applications and capabilities for retail stores within their omnichannel operations. The nine-item MIX index is also well-suited for consumer surveys, which also makes it an attractive measure of consumer engagement in omnichannel retailing for future academic research. (shrink)

Due to huge advancements in natural language processing (NLP) and machine learning, chatbots are gaining significance in the field of customer service. For users, it may be hard to distinguish whether they are communicating with a human or a chatbot. This brings ethical issues, as users have the right to know who or what they are interacting with (European Commission in Regulatory framework proposal on artificial intelligence. https://digital-strategy.ec.europa.eu/en/policies/regulatory-framework-ai, 2022). One of the solutions is to include a disclosure at the start (...) of the interaction (e.g., “this is a chatbot”). However, companies are reluctant to use disclosures, as consumers may perceive artificial agents as less knowledgeable and empathetic than their human counterparts (Luo et al. in Market Sci 38(6):937–947, 2019). The current mixed methods study, combining qualitative interviews (n = 8) and a quantitative experiment (n = 194), delves into users’ responses to a disclosed vs. undisclosed customer service chatbot, focusing on source orientation, anthropomorphism, and social presence. The qualitative interviews reveal that it is the willingness to help the customer and the friendly tone of voice that matters to the users, regardless of the artificial status of the customer care representative. The experiment did not show significant effects of the disclosure (vs. non-disclosure). Implications for research, legislators and businesses are discussed. (shrink)

This study develops an internal–external institutional framework that explains why firms act in socially responsible ways in the emerging country context of China. Utilizing a mixed method of in-depth interviews and a survey study of 225 Chinese firms, the author found that internal institutional factors, including ethical corporate culture and top management commitment, and external institutional factors, including globalization pressure, political embeddedness, and normative social pressure, will affect the likelihood of firms to act in socially responsible ways. In particular, implicit (...) ethical corporate culture plays a key role in predicting different aspects of corporate social responsibility, while external institutional mechanisms mainly predict market-oriented CSR initiatives. This study contributes to the research on CSR antecedents by showing that in the emerging economy of China, CSR toward nonmarket stakeholders is more closely intertwined with corporate tradition and values, while legitimacy-seeking CSR activities are still limitedly rewarded. (shrink)

The urban traffic environment is characterized by the presence of a highly differentiated pool of users, including vulnerable ones. This makes vehicle automation particularly difficult to implement, as a safe coordination among those users is hard to achieve in such an open scenario. Different strategies have been proposed to address these coordination issues, but all of them have been found to be costly for they negatively affect a range of human values (e.g. safety, democracy, accountability…). In this paper, we claim (...) that the negative value impacts entailed by each of these strategies can be interpreted as lack of what we call Meaningful Human Control over different parts of a sociotechnical system. We argue that Meaningful Human Control theory provides the conceptual tools to reduce those unwanted consequences, and show how “designing for meaningful human control” constitutes a valid strategy to address coordination issues. Furthermore, we showcase a possible application of this framework in a highly dynamic urban scenario, aiming to safeguard important values such as safety, democracy, individual autonomy, and accountability. Our meaningful human control framework offers a perspective on coordination issues that allows to keep human actors in control while minimizing the active, operational role of the drivers. This approach makes ultimately possible to promote a safe and responsible transition to full automation. (shrink)

This book offers a unified treatment of selected topics in the theory of financial markets. Starting with discrete time models, Dothan introduces discrete time stochastic calculus and discrete martingale methods of intuitive simplicity to characterize attainability, completeness, pricing, and the relationship between risk and return in financial markets. Subsequently, he uses the intuition developed in conjunction with the discrete time theory to introduce continuous time calculus for continuous, jump, and mixed continuous-jump processes, and to deal with attainability, completeness, pricing, and (...) the relationship between risk and return in general continuous time models. Throughout, the exposition of the continuous time theory emphasizes the analogies between discrete time and continuous time methods and results. The book includes many examples, applications to the pricing of options and other derivative securities, and an extensive discussion of the Black-Scholes model and its most general theoretical extension. (shrink)

This essay proposes an interdisciplinary framework for teaching markets and morals by exploring the linkages between political economy, civil society, and culture. Free markets in capitalist mixed economies shape, and are shaped by, political institutions of representative democracy, the vibrancy of civil society, and the values, norms, and beliefs embedded in culture. The major challenge for liberal society and free markets is to reconcile individual and group interests with the common good. The cultural contradictions of capitalism reflect the inadequacy of (...) commercial virtues to sustain a liberal society. External constraints of law and institutional checks and balances in all spheres need to be conjoined with internalized moral constraints of a well-ordered individual conscience. This, in turn, requires a normative order which transcends radically the selfishness of individual and group interests, thus preserving liberty and democracy while enhancing economic efficiency and the social beneficence of free markets. The essay thus confirms Alexis de Tocqueville's notion of the interdependence of liberty, morality, and faith. (shrink)

Scientific integrity cannot be adequately ensured by appeals to the ethical principles of individual researchers. Research fraud has become a public scandal, exacerbated by our inability accurately to judge its extent. Current reliance on peer review of articles ready for publication as the sole means to control the quality and integrity of the majority of research has been shown to be inadequate, partly because faults in the research process may be concealed and partly because anonymous peer review is itself imperfect. (...) Consequently, the scientific literature is mixed, with the reader unable always to distinguish the good articles from the bad. Scientific research is subject to market forces that will always provide a motivation for a range of misdemeanours. This has led to a ‘market for lemons’. Regulations, and sanctions against miscreants, need to be modelled on those historically found necessary to limit financial fraud. Practical and effective systems of process control and audit have already been devised to ensure the integrity of clinical and pre-clinical research. These should be adapted for use in a much wider range of research activities. (shrink)

Since the late 1980s, obesity in America has been a looming public health concern. Recently, medical researchers found that, for the 2011‐12 period, 35.3 percent of U.S. adults (aged 20 or older), 20.5 percent of teenagers (ages 12‐19), 17.7 percent of children (ages 6‐11), and 8.4 percent of young children (ages 2‐5) have obesity, and 6.3 percent of U.S. adults having severe obesity. In a recent working paper by Karnani, McFerran, and Mukhopadhyay (2015), these management scholars argue that obesity represents (...) a market failure. In their study, Karnani et al. evaluate the effectiveness of corporate social responsibility, industry self‐regulation, social activism, and government regulation as to its effectiveness on consumer behavior and reducing obesity. Karnani et al. are advocates of “reasonable” government intervention, i.e., tax/subsidies, market regulation, and education, to address the public health issue of obesity. However, evidence shows that reasonable government intervention is also vulnerable to government failure and potential public health risk. Recommended is a mix of institutional activities found in corporate social responsibility, industry self‐regulation, social activism, and government intervention, all of which should provide the direction needed to continue this public health trend away from America’s epidemic levels of obesity. (shrink)

Sensor-based data are becoming increasingly widespread in social, behavioral and organizational sciences. Far from providing a neutral window on 'reality', sensor-based big-data are highly complex, constructed data sources. Nevertheless, a more systematic approach to the validation of sensors as a method of data collection is lacking, as their use and conceptualization have been spread out across different strands of social-, behavioral- and computer science literature. Further debunking the myth of raw data, the present article argues that, in order to validate (...) sensor-based data, researchers need to take into account the mutual interdependence between types of sensors available on the market, the conceptual (construct) choices made in the research process, and the contextual cues. Sensor-based data in research are usually combined with additional quantitative and qualitative data sources. However, the incompatibility between the highly granular nature of sensor data and the static, a-temporal character of traditional quantitative and qualitative data has not been sufficiently emphasized as a key limiting factor of sensor-based research. It is likely that the failure to consider the basic quality criteria of social science measurement indicators more explicitly may lead to the production of insignificant results, despite the availability of high volume and high-resolution data. The paper concludes with recommendations for designing and conducting mixed methods studies using sensors. (shrink)

This study involved using a mixed method research design to examine the moral philosophy difference between the ethical decision-making process of CEOs in U.S.-led and non-U.S.-led within the luxury goods industry. The study employed a MANOVA to compare the ethical profiles between the two leader types and a phenomenological qualitative process to locate themes that give indication as to the compatibility of the luxury strategy values and practices with the principles and concepts of responsible leadership and conscious capitalism. As the (...) luxury goods industry is facing the first slowdown since 2000, pressure to achieve sales targets in the U.S. to make up for losses in other markets will place these CEOs under extreme pressure from their headquarters. These leaders must possess the ethical decision-making capability to balance legal and moral dilemmas unique to multinational luxury goods organizations while delivering business results in a challenging environment. Results of the study show no evidence of difference in the ethical decision-making profiles between the two groups of leaders. The themes and emergent findings resulting from the qualitative analysis indicate a profound incompatibility between the values informing decision-makers using the luxury strategy and those employed by leaders operating within the principles and parameters of responsible leadership and conscious capitalism. Recommendations for future research include replicating the study with a larger sample, within a different geographic region or comparing leaders using the luxury strategy to those using conscious capitalism. (shrink)

This article examines discourses about mixed reality as a data-rich sensing technology – specifically, engaging with discourses of time as framed by developers, engineers and in corporate PR and marketing in a range of public facing materials. We focus on four main settings in which mixed reality is imagined to be used, and in which time was a dominant discursive theme – the development of mixed reality by big tech companies, the use of mixed reality for defence, mixed reality (...) as a technology for control of populations in civil society and mixed reality as a technology used in workplace settings. Across these settings, the broad narrative is that mixed reality technologies afford overwhelmingly positive benefits like efficiency and security through their capture, relay and rendition of data – affording a form of anticipatory power to the user. The framing of temporality, we argue, is underlain by social and political values, which represent certain interests, but leave others out in the imagination of mixed reality's technological advance. (shrink)

This study compares Australian marketers with those in the United States along lines that are particular to the study of ethics. The test measured two different moral philosophies, idealism and relativism, and compared perceptions of ethical problems, ethical intentions, and corporate ethical values. According to Hofstede''s cultural typologies, there should be little difference between American and Australian marketers, but the study did find significant differences. Australians tended to be more idealistic and more relativistic than Americans and the other results were (...) mixed, making it difficult to generalize about the effects of moral philosophies on the components of ethical decision-making measured here. This is an important finding; as firms become increasingly more globalized, marketers will more often be involved in cross-cultural ethical dilemmas and it seems natural to assume that similar cultures will have similar ethical orientations. That assumption may well prove erroneous. (shrink)

Public policy in post-apartheid South Africa has been characterized by a mix of state regulation and ‘neo-liberalism’. This article argues that this mix is rooted in the model of economic modernity adopted in South Africa in the 1920s and 1930s, and underpinned by the institutions of a modern state. In an economy transformed by mining and subsequent secondary industrialization, the state played a central role in facilitating capitalist growth, including through the regulation of labour. I argue that, contrary to the (...) conventional understanding, the enduring characteristic of the political economy of modernization in South Africa was not so much the mobilization of cheap African labour, mostly migrants from across Southern Africa, but was rather the institutionalization of high wages and protected incomes for economic, social and political insiders. Anglo-centric institutions and conceptions of industrial and social citizenship were adapted to the colonial context in South Africa. The imperatives of both gold-led capitalist industrialization and the governance of a society in which the settler or immigrant population remained a minority required that the African population was excluded from most dimensions of this citizenship. But the institutions, discourses and ideologies associated with high wages (for citizens) continued to structure economic life in South Africa through and after the apartheid period. South Africa’s mode of economic modernization thus reflects the possibly unique interaction of a British model of economic modernization with the social, economic and political realities of a colonial society. (shrink)

Influencer marketing is an increasingly important and ubiquitous component of strategic communication campaigns, yet one that remains ethically fraught, due largely to the nonexistence of, and objections to, ethics codes and/or regulation guiding its use or disclosure. This article describes a unique academic/industry hybrid study conducted in the Czech Republic combining (a) mixed-methods research in which marketing professionals, industry associations, influencers, and consumers served as participants and (b) a case study of the subsequent development and implementation of – (...) and positive responses to – that nation’s first “Fair Influencer” Code of Ethics, whose content was based directly on the research findings. To date, the Code has 150 signatories, representing all constituencies of the influencer-marketing sphere, and has been lauded by Czech and Slovak consumer and media outlets as well as influencers themselves, suggesting the applicability of similar efforts in other nations where influencer marketing thrives but still lacks – and encounters resistance to – ethical or regulatory oversight. (shrink)

The financial crisis has led to new interest in the ethics of financial markets. In this article, we further the debate on the nature of banking contracts by showing that the fundamental subjective purposes of loan and deposit contracts are irreconcilable. Any resultant mixture of the two contracts is a legal aberration. We consider a mutual fund as an important and legitimate alternative to the common demand deposit to provide high liquidity and some yield without offering full availability of a (...) nominal sum. Besides being a close substitute for how many deposit accounts function today, the mutual fund has the additional benefit of satisfying all legal and ethical requirements. Loan and investment contracts allow for the “bank” to make use of their clients’ funds while the intents of money owners are clearly classified without running into legal or ethical problems. (shrink)

This paper is about a support information management system for a wind power producer having an energy storage system and participating in a day-ahead electricity market. Energy storage can play not only a leading role in mitigation of the effect of uncertainty faced by a WP producer, but also allow for conversion of wind energy into electric energy to be stored and then released at favourable hours. This storage provides capability for arbitrage, allowing an increase on profit of a WP (...) producer, but must be supported by a convenient problem formulation. The formulation proposed for the support information management system is based on an approach of stochasticity written as a mixed integer linear programming problem. WP and market prices are considered as stochastic processes represented by a set of scenarios. The charging/discharging of the ESS are considered dependent on scenarios of market prices and on scenarios of WP. The effectiveness of the proposed formulation is tested by comparison of case studies using data from the Iberian Electricity Market. The comparison is in favour of the proposed consideration of stochasticity. (shrink)

Welfare expenditure is under attack, so that a grasp of the determinants of welfare policy is timely. Neither functionalist nor instrumentalist theory, whether of a Marxist or mainstream kind, has been successful here. This paper offers a systematic presentation of the bourgeois state and of its interdependence with the economy, of which welfare policy is a key aspect. Controversially, the systemic necessity of welfare policy grounds a right to existence not adequately sustained by the value-form determination of the economy, reproduced (...) by market mechanisms: formal equality of process does not ensure equity of outcome. The state is thus faced with a problem of managing the conflicting demands of economic efficiency and individual's right to existence, while at the same time maintaining the autonomy of the economy. (shrink)