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In his March 1986 article in Newsweek, Russell Watson exposed “Queen Imelda” Marcos's life of indulgence as the Philippines' First Lady in the opening paragraph:Three thousand pairs of shoes, size eight and a half. Five shelves of unused Gucci handbags, still stuffed with paper, price tags still attached. Five hundred bras, mostly black, and a trunk full of girdles, 40 and 42 inches around the hips. Huge bottles of perfume, vats of Christian Dior wrinkle cream, a walk-in-safe littered with dozens of empty jewelry cases. When the palace of Ferdinand and Imelda Marcos was opened to the public as a museum last week, foreigners and Filipinos alike gawked at what the former First Lady had left behind. “It was the worst case of conspicuous consumption I have ever seen,” said an American visitor, Rep. Stephen Solarz. “Compared to her, Marie Antoinette was a bag lady.” (Watson, 1986, p. 14)

Renewable generation is a main component of most hybrid generation systems. However, randomness on its generation is a characteristic to be considered due to its direct impact on reliability and performance of these systems. For this reason, renewable generation usually is accompanied with other generation elements to improve their general performance. The purpose of this paper is to analyze the power generation system, composed of solar, wind and diesel generation and power outsourcing option from the grid as means of reserve source. A multi-objective optimization for the design of hybrid generation system is proposed, particularly using the cost of energy, two different reliability indexes and the percentage of renewable energy as objectives. Further, the uncertainty of renewable sources and demand is modeled with a new technique that permits to evaluate the reliability quickly.

The multi-state model of the generators and the load is modeled with the Universal Generating Function (UGF) to estimate the reliability indexes for the whole system. Then an evolutionary algorithm NSGA-II (Non-dominated Sorting Genetic Algorithm) is used to solve the multi-objective optimization model.

The use of UGF methodology reduces the computation time, providing effective results. The validation of reliability assessment of hybrid generation systems using the UGF is carried out taking as a benchmark the results obtained with the Monte Carlo simulation. The proposed multi-objective algorithm gives as a result different generators combinations that outline hybrid systems, where some of them could be preferred over others depending on its results for each independent objective. Also it allows us to observe the changes produced on the resulting solutions due to the impact of the power fluctuation of the renewable generators.

The main contributions of this paper are: an extended multi state model that includes different types of renewable energies, with emphasis on modeling of solar energy; demonstrate the performance improvement of UGF against SMC regarding the computational time required for this case; test the impact of different multi-states numbers for the representation of the elements; depict through multi-objective optimization, the impact of combining different energies on the cost and reliability of the resultant systems.

This article examines the influence of market opportunity, risk, and distance on the choice of destination country for Mexican franchises.

The research hypotheses are developed under the theoretical approaches of institutional theory, agency theory, and transaction costs theory and were contrasted on the data obtained from 52 Mexican international franchisors operating in 37 countries as of 2016. This study uses linear regression with ordinary minimums using the STATA 13.1 software.

The results reveal that a larger market size, a greater level of economic freedom, and a smaller geographic distance are determining factors in the choice of destination country. No statistical significance was found in the variables GDP per capita, level of democracy and cultural distance.

This research contributes to the theoretical and practical field. On the theoretical side, this study integrates institutional theory, agency theory, and transaction cost theory to evaluate the factors of the destination country that influence the internationalization process of the franchise. Another contribution of this study is to apply theories and models of developed economies to the process of internationalization of franchises in an emerging economy. Additionally, this study is based on a model that considers the distance, opportunities and risks that are considered by Mexican franchisors in the selection of the international markets in which they maintain operations. This study contains important practical implications that can serve as relevant information for decision-making in the franchise sector and its internationalization. This data is valuable for new models of Mexican franchises that decide to start their internationalization process.

The purpose of this paper is to offer an economic analysis of the convenience store format and the various categories thereof for the Spanish case in the period 1998‐2004.

Using secondary information sources, the analysis methodology is based on economic indicators of the output level and on the calculation of output/input ratios.

The results show a positive evolution of the format regarding both the sales volume and the number of establishments, a high‐concentration rate in the sector and a positive trend of the productivity ratios. However, differences are observed between distribution groups or chains, as well as between the various analysed types.

The analysis uses secondary data, namely generally accepted apparent economic indicators that cannot reflect the entire reality of the market. The analysed market is the Spanish market. So, more effort of analysis is needed with primary data and it emerges the convenience of that the competent authorities provide more statistical information about the sector.

This work provides knowledge about management decisions by retailers regarding a specific format (the convenience format), which is emerging in some categories and is mature in others. This research covers a lack of both conceptual and empirical studies that are targeted at understanding these formats and at analysing their current and future situation. The most specific contribution is the focus on a specific format not analysed previously, from the point of view of economic ratios including an approximation to marketing productivity, a priority area of study in this area of knowledge. The analysis performed allows verifying the positive evolution shown by the format in recent years. It also reflects upon the fact that it would be advisable for competent authorities to publish periodic statistics on the global format and on its types.

This paper aims to analyze decisions about payment rates on credit card statements by using background factors and perceptions that indirectly influence beliefs, according to the theory of planned behavior.

Since legal and institutional frameworks and household financial surveys are heterogeneous among countries, household data on the Chilean economy is used as the starting point in this matter.

The probability that an individual chooses to pay amounts less than the total billing of their credit cards rises with essential variables related to perceived behavioral control. Being the head of the household, being younger, perceiving a high or excessive financial burden of debt and facing unfavorable and unexpected situations that divert the budget, among others, are relevant to repayment decisions.

The novelty of this article is that its psychological approach differs from the traditional focus of economic rationality regarding credit cards. The results are relevant for policymakers and financial regulators due to implications for household behavioral finance and means of payment.

Analizamos la decisión de la tasa de pago de los estados de cuenta de tarjetas de crédito a través del uso de factores de fondo y percepciones que indirectamente inciden en las creencias de acuerdo a la teoría del comportamiento planeado.

Debido a que los marcos legales e institucionales, así como también las encuestas financieras de hogares son heterogéneas entre países, se utilizan datos de los hogares de la economía chilena como un punto de partida en esta materia.

La probabilidad de que un individuo elija pagar un monto menor que el total de facturación de sus tarjetas de crédito es afectada por variables proxy asociadas al control conductual percibido. La condición de ser jefe de hogar, ser más joven, la percepción de una alta o excesiva carga financiera de la deuda, y enfrentar situaciones desfavorables e inesperadas que desvían del presupuesto, entre otras, son relevantes para las decisiones de pago.

La novedad de este artículo es que su enfoque difiere del enfoque tradicional de la racionalidad económica en relación a las tarjetas de crédito. Los resultados son relevantes para los hacedores de política y reguladores financieros debido a sus implicancias para las finanzas conductuales de los hogares y sus medios de pago.

The purpose of this study was the development and the nutritional, physical-chemical and sensorial characterization of probiotic and synbiotic sorbets elaborated with jussara pulp (Euterpe edulis), Lactobacillus spp. and polydextrose.

Five formulations of jussara sorbets (one control, two probiotics and two synbiotics) were produced and evaluated according to their centesimal composition, pH, soluble solids, instrumental color, overrun, apparent density, sensory acceptability and purchase intent.

All sorbets exhibited low calorific value, with no difference between them (p = 0.96). The synbiotic samples (S3 and S5) showed the higher carbohydrate (30.4 and 30.2 per cent) and crude fiber content (0.4 and 0.5 per cent). Regarding to sensory acceptance, the probiotic samples (S2 and S4) presented greater global acceptability (averages acceptance 6.4 and 6.6, respectively) while the polydextrose samples (S3 and S5) showed low values (5.9 for both samples), although this prebiotic was able to increase the overrun to values above 40 per cent.

The functional jussara sorbets are a promising possibility for diversification of the probiotic foods already offered. The combination of its probiotic, prebiotic and bioactive properties can provide technological improvement and superior nutritional quality, with good sensorial acceptance. Likewise, jussara pulp showed nutritional properties favorable to its application in the food industry, which can help preserve its endangered palm tree.

The probiotics and synbiotics jussara sorbets showed to be adequate as a lactose-free and low-calorie functional product, with high nutritional, commercial and ecological value. Also, it was possible to notice that while the addition of probiotics improved the sensorial acceptance of jussara sorbets, polydextrose raised the technological quality by increasing its overrun.

The characteristics of a particular organizational culture may affect performance in achieving the objectives of international joint ventures (IJVs), a type of partnership that is often used in international business relations between developed and emerging countries. The purpose of this paper is to analyse whether the underlying dimensions that characterize organizational culture in these countries may affect firms’ performance, specifically their competitiveness, effectiveness and efficiency.

The survey conducted for this study was addressed to Spanish-Moroccan IJVs trading in Morocco. The research hypotheses were tested using multivariate analysis techniques (exploratory factor analysis and linear regression model).

Based on information provided by the CEOs of Spanish-Moroccan IJVs between small- to medium-sized firms, the present study shows that levels of competitiveness, effectiveness and/or efficiency in these organizations are influenced by the involvement of staff in management, the degree of centralization of decision taking and the firms’ emphasis on results or on procedures.

This research contributes to the knowledge of the main factors related to the organizational culture of joint ventures that influence competitiveness, effectiveness and efficiency achieved.

The value provided by this research lies in the sample examined, in its focus on a very common type of partnership between SMEs, which has been little studied previously, and in the fact that the results obtained are extensible to other realities, such as partnerships between European companies and those from countries with similar characteristics (located in Africa or in countries where an Arab culture prevails).