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The purpose of this study is to analyze whether differences in market-wide levels of investor personality influence experimental asset market outcomes in terms of limit orders, price levels and price bubbles.

Investor personality is determined by a questionnaire. These data are combined with data from 17 experimental asset markets. Two approaches are used to estimate market-wide levels of investor personality. First, the market-wide average of each personality trait is determined; second, the percentage of individuals with comparable personality in a market is computed. Overall, 364 undergraduate business students participated in the questionnaire and the experimental asset markets.

Limits and transaction prices are higher in markets with higher mean values in participants’ extraversion and openness to experience and lower mean values in participants’ agreeableness and neuroticism. In markets with lower mean values of subjects’ openness to experiences more overpriced transactions are observed. In markets with a higher proportion of extraverted subjects and a lower proportion of neurotic subjects higher limits and transaction prices are observed. Bubble phases last longer in markets with a higher proportion of extraverted and a lower proportion of neurotic subjects.

Overall, the findings suggest that market-wide personality levels influence market outcomes. As a consequence, market-wide levels of personality help to explain prices in auctions with limited number of participants. Additionally, studies that analyze the influence of subjects’ characteristics, including risk aversion, emotional states or overconfidence, on market outcomes should also consider personality traits as potential underlying factor.

In this paper, we study the effect of induced positive and negative moods on traders' willingness to trade (pay and accept) in experimental asset markets.

We conduct experimental asset markets where subjects undergo a mood induction procedure prior to trade. After the subjects are induced with either negative or positive affect, they can trade an experimental asset with a known stream of dividends for a known number of periods.

We first show that both positive and negative affects are associated with larger positive deviations from fundamental values. We also show that when subjects are induced with positive mood, they bid higher prices but for fewer units of the stock. On the supply side, positive affect is associated with higher prices and quantities, and consequently in higher willingness to offer. Finally, we use our experimental data to test existing theories on mood effect. We find that negative affect is related to momentum trading, while positive affect is associated with information processing.

To our knowledge, this is the first work that studies the effect of mood on traders' behavior, rather than market outcomes.

The purpose of this paper is to construct a flux-controlled memcapacitor (MC) emulator without grounded restriction with the binary operation ability. The active first-order low-pass filter (LPF) and high-pass filter (HPF) circuits are constructed by replacing the capacitor with MC.

The output saturation of the active device is innovatively adopted to realize the binary operation of MC with two memcapacitance values. By applying the direct current control voltage together with the input signal, the memcapacitance can be controlled, and hence, cut-off frequency of the filters can be adjusted without changing the circuit structure.

Experiments and simulation results show that the new filter has good frequency selectivity. Both LPF and HPF can change the cut-off frequency by changing the positive and negative control voltage. The experimental and simulation results are in good agreement with the theoretical analysis, which proves the feasibility and validity of the emulator and the filters.

These MC emulators are simple and easy to physically fabricate, which have been increasingly used for experiment. It also provide an effective reference for device miniaturization and low power consumption.

This study aims to report on experimental asset markets designed to examine the impact of a levy on trade, as well as the taxation authority’s ability to raise tax revenue when markets are subject to mispricing. Some have suggested that a transaction tax will discourage irrational speculation and lead to more efficient markets, but others argue that a higher cost of trading will prove to be an impediment to trade with no useful outcomes.

The authors’ goal is to provide insight on the impact of a transaction tax in a very specific asset market. The authors chose this design because the robustness of the bubble and crash pattern points to an environment that is particularly appropriate for the study of the effectiveness of a transaction tax in promoting efficient pricing. Furthermore, in a laboratory, the authors can control for extraneous factors that are problematic in the study of naturally occurring environments.

The authors examine whether a securities transaction tax promotes efficiency in markets that are prone to mispricing and find little evidence that a tax on trade will reduce speculation.

This study’s experimental environment is, of course, an abstraction of naturally occurring markets and it may be that the model excludes important aspects.

The authors find that a tax on financial transactions allows the taxation authority to raise significant revenue with little impact on pricing or trading volume.

To the best of the authors’ knowledge, this study is the first systematic examination of a transaction tax on outcomes in a market that is prone to mispricing.

This study examines individual ambiguity attitudes alone and in groups by leveraging the descriptive model of anchoring and adjustment on decision-making under ambiguity. The study extends Ellsberg's probability ambiguity to outcome ambiguity and examines decisions made under both ambiguities, at different likelihood levels and under the domain of gains and losses.

The methodology selected for this study is a two-stage within-subject lab experiment, with participants from different Indian universities. Each participant made 12 lottery decisions at the individual level and at individuals in the group level.

The results show that ambiguity attitudes are not universal in nature. Ambiguity seeking as a dominant choice was observed at both the individual level and at individual in the group level. However, the magnitude of ambiguity seeking or ambiguity aversion contingent upon the domain of gains and losses differed widely across the individual level and at individuals in the group level.

The study enables to contribute toward giving a robust descriptive explanation for individual behavior in real-world applications of finance. It aims to provide direction for theoretical normative models to accommodate heterogeneity of ambiguity attitudes.

The study is novel as it examines a two-dimensional approach by representing ambiguity in probability and in outcomes. It also analyzes whether decisions under ambiguity vary when individuals make decisions alone and when they make it in groups.

Product positioning is a crucial component of competitive marketing strategy. Perceptual mapping techniques are frequently used to aid managers in making product positioning decisions. Presents an overview of perceptual mapping, explains the conceptual foundation, and compares three widely used techniques – factor analysis, discriminant analysis, and multidimensional scaling. Highlights differences in these analytical techniques, with implications for marketing managers.

Pallet handling and conveying machinery made by Schaefer of Munich has been added to the range of equipment marketed by Medway in the UK. Schaefer are one of the market leaders in Europe and have hundreds of installations throughout the world, including many in British companies. Products include depalletisers, conveying equipment and palletisers. Systems are custom‐designed, manufactured and installed for each user.

Information disclosure requirements are a relatively common feature of consumer protection regimes generally. In the case of retail investment products such requirements have been in place since the late 1980s. Now the European Distance Marketing of Financial Services Directive will impose a similar disclosure regime wherever a contract is concluded at a distance. But, despite the popularity of disclosure regimes with policy makers, the available evidence suggests that such regimes may not be particularly effective. The purpose of this paper is to discuss first, the extent to which disclosure regimes are underpinned by a solid understanding of consumer decision‐making behaviour, and secondly, the implications the development of the internet as a delivery channel for retail investment products might have for their effectiveness. The paper concludes that, despite the indeterminacy of consumer decision‐making research such that it fails to provide a ready model on which to (re)design disclosure regimes, the development of the internet as a delivery channel both compounds the challenges for the regulator in devising an effective disclosure regime, but also provides the regulator with an opportunity to explore the potential to deliver interactive capabilities which would enhance the potential to better influence consumer decision making. As such, the paper should be of interest to regulators, the industry (which has expressed doubts about the cost‐effectiveness of such regimes) as well as academics interested in regulatory policy.

Scientific knowledge is usually regarded as the basis for the management of natural environment and wildlife in ecotourism. However, recently, social construction approaches challenge the domination of natural science. This study aims to examine the effectiveness of the social construction paradigm in ecotourism management, through conducting a content analysis of social media comments on an accident caused by a monkey in a Chinese ecotourism area. The results show that people commented on the accident from five aspects. First, the public expressed their compassion and mourning for the deceased. Second, people thought that the death was casual and absurd, yet life is full of uncertainty and people should cherish the present. Third, people commented much on the deceased tourist’s company, which is a famous sugar brand well entrenched in many Chinese people’s childhood memories. Fourth, people constructed the monkey as Monkey King, Golden Monkey (another famous sugar brand in China) and as a criminal. Fifth, people also gave their opinions about possible causes of the accident, namely, it was caused by “the mandate of heaven,” company competition, conspiracies or poor management. This study only seriously considers the comments about the mandate of heaven. This explanation is consistent with the Chinese traditional construction of nature as “heaven,” which is believed to dominate the natural and human worlds. Most people, including the managers, accepted the accident and did not explore further about the reasons for the accident. In this case, such a social construction of nature does not aid effective ecotourism management.

Products liability is having a substantial impact upon manufacturing industry. Marketing management is not immune and it is likely that products liability will lead to a major revision in product strategies.Starting from first principles, the monograph leads the reader through liability developments and liability issues as they pertain to death and personal injury. The major part of the monograph is devoted to central propositions that will assist the general manager and the marketing manager to review their present thinking and to provide new insights into this challenging, complex and strategic problem.