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Vector autoregressions (VAR) combined with Minnesota-type priors are widely used for macroeconomic forecasting. The fact that strong but sensible priors can substantially improve forecast performance implies VAR forecasts are sensitive to prior hyperparameters. But the nature of this sensitivity is seldom investigated. We develop a general method based on Automatic Differentiation to systematically compute the sensitivities of forecasts – both points and intervals – with respect to any prior hyperparameters. In a forecasting exercise using US data, we find that forecasts are relatively sensitive to the strength of shrinkage for the VAR coefficients, but they are not much affected by the prior mean of the error covariance matrix or the strength of shrinkage for the intercepts.

The tourism experience model (TEM) is a meta-analytical, phenomenological inspired model of how tourists experience destinations. This essay argues that social and cultural psychology form only part of the analysis of how the tourist’s consciousness filters interactions. By considering the existential self versus the role-authentic self of social psychology, the TEM adds to social psychology’s scope explaining how and why tourists may experience social interactions. In addition, it models the dynamics of how the tourist experiences his own activity (exploratory vs. recreational). The model thereby goes beyond both the exclusive social focus and the ego-centric notion of the Individualism–Collectivism dichotomy.

We link the exploration–exploitation framework of organizational learning to small- and medium-sized enterprises (SMEs) in a developing economy. SMEs in a developing economy generally lack abundant resources and capabilities because of an evolving set of industrial and environmental regulations. Studying two SMEs in China, we argue that their approaches to balancing exploration and exploitation depend on the development stages of the SMEs and their industrial and environmental contexts. In particular, we propose a four-stage framework that unfolds via initiation, innovation, transformation, and expansion. In this framework, SMEs balance exploration and exploitation by adopting temporal separation and organizational separation sequentially. We also find that SMEs may benefit from exploring a narrow scope of products and exploiting them in a wide market scope.

Accumulating evidence suggests that Team-member exchange (TMX) influences employee work attitudes and behaviours separately from the effects of leader-member exchange (LMX). In particular, little is known of the effect of LMX differentiation (in-group versus out-group) as a process of social exchange that can, in turn, affect TMX quality. To explore this phenomenon, this chapter presents a multi-level model of TMX in organizations, which incorporates LMX differentiation, team identification, team member affect at the individual level, and fairness of LMX differentiation and affective climate at the group-level. We conclude with a discussion of the implications of our model for theory, research, and practice.

Purpose – The integration of librarians and technologists to deliver information services represents a new and costly organizational challenge for many library administrators. To understand how to control the costs of integration, this study uses structural contingency theory to study the coordination of librarians and technologists within the information commons.

Design/methodology/approach – This study tests the structural contingency theory expectation that an organization will achieve higher levels of performance when there is a positive relationship between the degree of workflow interdependence and the complexity of coordinative structures necessary to integrate these workflows. This expectation was tested by (a) identifying and collecting a sample of information common; (b) developing and validating survey instruments to test the proposition; and (c) quantitatively analyzing the data to test the proposed contingency theory relationship.

Findings – The contingency theory expectations were confirmed by finding both a positive relationship between coordination and interdependence and a positive relationship between perceptions of performance and degree of congruency between interdependence and coordination.

Limitations – The findings of this study are limited to both the context of an information common and the structures tested. Future research should seek to both broaden the context in which these findings are applicable, and test additional structural relationships as proposed by contingency theory

Practical implications – This study contributes to the library profession in a number of ways. First, it suggests that managers can improve IC performance by matching coordination structures to the degree of interdependence. For instance, when librarians and technologists are strictly co-located, managers should coordinate workflows using less resource-intensive policies rather than meetings. Second, the instruments developed in this study will improve the library manager's ability to measure and report unit interdependence and coordination in a valid and reliable manner. Lastly, it also contributes to the study of structural contingency theory by presenting one of the first empirical confirmations of a positive relationship between interdependence and coordination.

Originality/value – This study represents one of the first empirical confirmations of the structural contingency theory expectations of both a positive relationship between workflow interdependence and coordination, and a positive relationship between performance and coordination's fit to workflow interdependence. These findings are of value to both organizational theorists and to administrators of information commons.

The predominant view of positioning in both the literature and practice – a remarkably uni- or two-dimensional view – asks these questions: (1) What dimension should the product or service be positioned on, for example, unique styling, design, performance, and quality? (2) What category does the product or service compete in or belong to? So marketers therefore ask: Should the computer brand be positioned as reliable (Dell), or faster (Toshiba)? Research on economic value is well established in the pricing literature, especially in business-to-business pricing. Most of this literature focuses on differentiation value, that is, how to calculate the worth of the differential benefits a customer receives from using the firm's product versus the competitive substitute. But a much less studied area of this research deals with the price of the competitive reference product, or competitive frame of reference. Rarely do marketers extend positioning strategy to the level of economic value, asking: How is the product framed, and how valuable is the frame? The purpose of this chapter is to explore competitive frames of reference in business-to-business positioning. Specifically, what are alternative types of frames of reference? What is the role of the reference price in frames of reference? What are the implications of choosing one type of frame of reference versus another?