Search results

This survey explores the application of real options theory to the field of health economics. The integration of options theory offers a valuable framework to address these challenges, providing insights into healthcare investments, policy analysis and patient care pathways.

This research employs the real options theory, a financial concept, to delve into health economics challenges. Through a systematic approach, three distinct models rooted in this theory are crafted and analyzed. Firstly, the study examines the value of investing in emerging health technology, factoring in future advantages, associated costs and unpredictability. The second model is patient-centric, evaluating the choice between immediate treatment switch and waiting for more clarity, while also weighing the associated risks. Lastly, the research assesses pandemic-related government policies, emphasizing the importance of delaying decisions in the face of uncertainties, thereby promoting data-driven policymaking.

Three different real options models are presented in this study to illustrate their applicability and value in aiding decision-makers. (1) The first evaluates investments in new technology, analyzing future benefits, discount rates and benefit volatility to determine investment value. (2) In the second model, a patient has the option of switching treatments now or waiting for more information before optimally switching treatments. However, waiting has its risks, such as disease progression. By modeling the potential benefits and risks of both options, and factoring in the time value, this model aids doctors and patients in making informed decisions based on a quantified assessment of potential outcomes. (3) The third model concerns pandemic policy: governments can end or prolong lockdowns. While awaiting more data on the virus might lead to economic and societal strain, the model emphasizes the economic value of deferring decisions under uncertainty.

This research provides a quantified perspective on various decisions in healthcare, from investments in new technology to treatment choices for patients to government decisions regarding pandemics. By applying real options theory, stakeholders can make more evidence-driven decisions.

Decisions about patient care pathways and pandemic policies have direct societal implications. For instance, choices regarding the prolongation or ending of lockdowns can lead to economic and societal strain.

The originality of this study lies in its application of real options theory, a concept from finance, to the realm of health economics, offering novel insights and analytical tools for decision-makers in the healthcare sector.

Using COVID-19 pandemic as a more immediate empirical reference, this paper aims to understand the biosecurity risks arising from tourist activities and, through a more prospective analysis, to consider the relevance of public health issues in the context of tourism-sustainability nexuses.

The text assumes a hybrid format, incorporating elements resulting from empirical research and essayistic viewpoints. The collection of empirical elements was based on documental research in several sources, such as newspapers, international institutions of an intergovernmental nature and the discussion forum of the travel platform TripAdvisor.

By assuming mobility and large agglomerations of people from different origins, mass tourism has fostered multiple outbreaks of COVID-19 and the rapid global spread of contagion chains. The pandemic clearly exemplified the responsibility of tourism in the dispersion of biotic agents with severe ecological, economic, social and public health repercussions. It is, therefore, urgent to rethink the tourism growth trajectory and more effectively consider the biosecurity risks associated with mobility in discussions on tourism and sustainability. At the same time, tourism must be delineated in terms of the great aims of sustainability, and this transversal purpose to which it contributes should be considered an intrinsic condition of its own sectorial sustainability as an economic activity.

The biosecurity challenges posed by mass tourism are a very topical issue, still little considered in sustainability policies and on which there is a marked deficit in scientific research.

During the 1990s, Italian healthcare organisations (HOs) underwent a process of corporatisation, and the most innovative HOs introduced the balanced scorecard (BSC) to address the need for broader accountability. Currently, there is a limited understanding of the dynamics and outcomes of such a process. Therefore, this study aims to explore whether the BSC is still considered an effective performance management tool and analyse the factors driving and hindering its evolution and endurance in public and non-profit HOs.

We conducted a retrospective longitudinal analysis of two pioneering cases in the adoption of the BSC: one in a public hospital and the other in a non-profit hospital. Data collection relied on accessing institutional documents and reports from the early 2000s to the present, as well as conducting semi-structured interviews with the internal sponsors of the BSC.

We found evidence of three main categories of factors that trigger or hinder the adoption and development of the BSC: (1) the role of the internal sponsor and professionals’ commitment; (2) information technology and the controller’s technological skills; and (3) the relationship between the management and professionalism logics during the implementation process. At the same time, there is no evidence to suggest that specific technical features of the BSC influence its endurance.

The paper contributes to the debate on the key factors for implementing and sustaining multidimensional control systems in professional organisations. It emphasises the importance of knowledge-based assets and distinctive internal capabilities for the success of the business. The implications of the BSC legacy are discussed, along with future developments of multidimensional control tools aimed at supporting strategy execution.

In this article, we offer a contribution to the ongoing study of food by advancing a conceptual framework and interdisciplinary research agenda – what we term “food system resilience”. In recent years, the concept of resilience has been extensively used in a variety of fields, but not always consistently or holistically. Here we aim to theorise systematically resilience as an analytical concept as it applies to food systems research. To do this, we engage with and seek to extend current understandings of resilience across different disciplines. Accordingly, we begin by exploring the different ways in which the concept of resilience is understood and used in current academic and practitioner literatures – both as a general concept and as applied specifically to food systems research. We show that the social-ecological perspective, rooted in an appreciation of the complexity of systems, carries significant analytical potential. We first underline what we mean by the food system and relate our understanding of this term to those commonly found in the extant food studies literature. We then apply our conception to the specific case of the UK. Here we distinguish between four subsystems at which our “resilient food systems” can be applied. These are, namely, the agro-food system; the value chain; the retail-consumption nexus; and the governance and regulatory framework. On the basis of this conceptualisation we provide an interdisciplinary research agenda, using the case of the UK to illustrate the sorts of research questions and innovative methodologies that our food systems resilience approach is designed to promote.

The coronavirus disease (COVID-19) pandemic has emerged as an unprecedented health crisis worldwide and heavily disrupted the healthcare supply chain. This study focuses on analysing the different types of disruptions occurring in personal protective equipment (PPE) supply chains during the COVID-19 pandemic and on proposing mitigation strategies that are fit to the global scale and many interdependencies that are characteristic for this pandemic. The authors construct a conceptual system dynamics model (SD) based on the literature and adjusted with the use of empirical data (interviews) to capture the complexity of a global supply chain and identify leverage points (mitigation strategies).

This research follows a mix-methods approach. First, the authors developed a conceptual framework based on four types of disruptions that usually occur during health emergencies (direct effect, policy, supply chain strategy, and behaviourally induced disruptions). Second, the authors collected and analysed data from interviews with experts in the PPE supply chain. Based on the interviews data, the authors developed a conceptual system dynamics (SD) model that allows to capture the complex and dynamic interplay between the elements of the global supply chain system, by highlighting key feedback loops, delays, and the way the mitigation strategies can impact on them. From this analysis, the authors developed four propositions for supply chain risk management (SCRM) in global health emergencies and four recommendations for the policy and decision makers.

The SD model highlights that without a combination of mitigation measures, it is impossible to overcome all disruptions. As such, a co-ordinated effort across the different countries and sectors that experience the disruptions is needed. The SD model also shows that there are important feedback loops, by which initial disruptions create delays and shortages that propagate through the supply chain network. If the co-ordinated mitigation measures are not implemented early at the onset of the pandemic, these disruptions will be persistent, creating potential shortages of PPE and other critical equipment at the onset of a pandemic – when they are most urgently needed.

This research enriches the understanding of the disruptions of PPE supply chains on the systems level and proposes mitigation strategies based on empirical data and the existing literature.

This paper aims to provide rigor and clarity to the current coronavirus disease 2019 (COVID-19) policy debate in Vietnam. It is intended to serve a three-fold purpose. First, it critically examines the framing of policy objectives and the utilization of policy instruments for controlling COVID-19 in Vietnam. Second, it goes beyond policy design to consider the coordination and implementation of COVID-19 policies in Vietnam. Third, it discusses policy measures needed for post-COVID sustainable and inclusive growth, especially the sharing of the public costs of COVID-19 policies.

The paper employs a positivist research framework that emphasizes the causal relationships between the variables under study. The method of analysis is mixed, combining both qualitative and quantitative techniques. In particular, a simple, theoretical model is constructed to evaluate the welfare effects of alternative vaccine strategies. No primary data were collected.

The Vietnamese government’s dual goals of containing the pandemic and maintaining economic growth, while being reasonable, need clarification and updating. It is argued that in the longer term, there is no trade-off between saving lives and protecting the economy. The downward revision of the projected growth rate and commitment to a coherent and transparent vaccination strategy is the best way to move forward in Vietnam. The choice of vaccine rollout order involves a consideration of ethics. It is suggested that it is appropriate to vaccinate elderly people and people with underlying medical conditions first. Complementary policy measures to stimulate aggregate demand and supply need to be expanded but also more targeted. Effective coordination and implementation of COVID-19 policies remain a serious challenge for Vietnam. Finally, inclusive growth and sustainable development should take account of human capital development and distributive justice.

The paper proposes a number of policy measures which have social impact. These include the government's formal commitment to a vaccine first strategy and a relief package of essential goods to poor and disadvantaged households.

The paper contributes positively to the current COVID-19 policy formulation by providing rigor and clarity to the framing of policy objectives and the utilization of policy instruments. While vaccination has been adopted as a national policy instrument, its design and implementation can be much improved. The paper recommends an appropriate vaccine strategy for Vietnam. It also draws attention to other dimensions of successful policies, namely, communication, coordination, implementation and distributive justice.

This paper aims to develop and present a new planning framework of social marketing, known as consumer research, segmentation, design of the social programme, implementation, evaluation and sustainability (CSD-IES).

The proposed framework is based on recent theoretical developments in social marketing and is informed by the key strengths of existing social marketing planning approaches.

The CSD-IES planning framework incorporates emerging principles of social marketing. For example, sustainability in changed behaviour, ethical considerations in designing social marketing programmes, the need for continuous research to understand the changing needs of the priority audience during the programme and the need for explicit feedback mechanisms.

The CSD-IES framework is a dynamic and flexible framework that guides social marketers, other practitioners and researchers to develop, implement and evaluate effective and sustainable social marketing programmes to influence or change specific behaviours based on available resources.

This paper makes an important contribution to social marketing theory and practice by integrating elements of behaviour maintenance, consideration of ethical perspectives and continuous feedback mechanisms in developing the CSD-IES framework, bringing it in line with the global consensus definition of social marketing.

The COVID-19 pandemic is considered a “once in a century” public health shock that, at the time of writing, continues to have a profound impact on global tourism and New Zealand. The paper aims to assess how consumer behaviour trends changed using a trends analysis framework.

Positioning the paper in the prognosis–prediction paradigm from futures studies and using a trend analysis approach, the authors forecasted a series of tourist trends at the beginning of COVID-19 based upon a multitude of sources trends. Then, 12 months later, they reported on the accuracy of these forecasts.

The matrix identifies 15 trends based upon consumer behaviour changes, which are either dominant, slowed, advanced or arrested. The prognosis was largely correct, which was supported by evidence gathered 12 months later.

The paper uses a series of different data sources to reflect on the initial forecasts. To some, this may be an issue of rigor, but the authors argue that through triangulation, credibility and validity are increased.

First, the evaluation matrix allows users to make sense of COVID-19 based upon the concepts of dominant, slowed, advanced or arrested trends. Second, the matrix allows users to evaluate changes and movement of trends. Third, the trends featured in this paper could be generalisable to several different circumstances associated with simple identity. Fourth, this paper has tested the ability to predict trends in an uncertain environment within the context of the ontological paradigm of prognosis and prediction of futures states.

The study introduces a new approach to leverage-value relationship. Besides applying the classical regression models, the study deals with leverage as a continuous treatment variable implemented on the firm’s value using the dose-response function (DFR).

After proper model calibration and splitting the treatment (leverage) into ten doses, a response function is generated, which enables the realization of the dose level at which the firm’s value is maximized. Furthermore, the study tests the pecking order theory (POT) and the trade-off theory (TOT) using the threshold model to see whether firms are under or over-indebted. The analysis is carried out on panel data from small-medium enterprises (SMEs), providing more valuable insights than large and mature companies.

The study used two leverage measures: total liabilities ratio and bank debt ratio. Value is measured by the market capitalization and Tobin’s Q. In general, the study finds a positive relationship between leverage and value; POT is not strongly supported, firms are below their optimal leverage and there is a certain leverage dose that would maximize firms’ value.

Since the threshold model and DRF show that SMEs are under-indebted, firms could benefit from extra leverage doses without affecting the firm’s risk profile, especially in a low-interest rate regime, and the potential increase in public-private expenditure after Italy obtained the European Recovery Funds.

The study contributes to new knowledge and understanding of financial leverage from new methodological perspectives, offering valuable insights from SMEs using novel approaches.

Survivability capital is a unique resource resulting from the “familiness” constituting an inherent feature of family firms. Familiness represents the ability of family members to reinforce the financial and non-financial resources of businesses facing threats to their economic existence. This work proposes and examines various dimensions of the survivability capital construct, verifying whether family firms expecting deterioration of their economic situation or problems with survival due to the COVID-19 crisis can mobilise sufficient capital to survive.

This article provides empirical evidence based on a cross-sectional online survey of 167 Polish family firms, conducted at the beginning of the COVID-19 pandemic. The method (scale) of survivability capital measurement was elaborated and validated using principal component analysis (PCA) and confirmatory factor analyses (CFA). Next, the mobilisation of the different dimensions of survivability capital was examined using PLS-SEM modelling.

The survivability capital of family firms is composed of two dimensions: internal (based on directly involved family members) and external (based on not directly involved family members). Family firms facing crisis-induced deterioration of the economic situation engage its internal component. Subsequently, family firms forecasting decreasing probability of survival during a crisis try to engage both the internal and the external components of survivability capital. Such behaviour is in line with the resource-based view as well as with the sustainable family business theory.

To the best of the authors' knowledge, this is one of the first studies to examine analytically the survivability capital construct. While previous studies mentioned the existence of survivability capital, this study attempts to introduce its various dimensions and test the mobilisation of survivability capital during the COVID-19 crisis.