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Article
Publication date: 23 August 2018

Yugu Xiao and Jing Yao

Agricultural weather index insurance (WII) has been introduced in pilot or experimental form in many countries. However, the effective demand for WII is often limited by the…

Abstract

Purpose

Agricultural weather index insurance (WII) has been introduced in pilot or experimental form in many countries. However, the effective demand for WII is often limited by the impact of the basis risk. Thus, the purpose of this paper is to propose a new type of double trigger product, named “supplement” type, to reduce basis risk and improve the performance of the standalone WII.

Design/methodology/approach

Two measures of performance are introduced by the certainty equivalent income of expected utility theory. Through the Monte Carlo experiments and empirical study, this paper compares the performance of three types of double trigger products.

Findings

The findings indicate that the supplement type can significantly improve the performance of the single weather index product. First, it covers the downside basis risk and the catastrophic basis risk when the standalone WII fails to do so, especially in case of extreme losses. Second, it is superior when the correlation between the weather index and the yield index is not so strong, and can further enhance the performance of insurance even when the weather index and the yield index are highly correlated, for which the standalone WII could perform well.

Originality/value

The supplement type double trigger product proposed in this paper as an enhancement version finds a more preferable way to improve the standalone WII with relative lower complexity.

Details

China Agricultural Economic Review, vol. 11 no. 2
Type: Research Article
ISSN: 1756-137X

Keywords

Article
Publication date: 10 May 2023

Wumei Liu

In daily marketing practices, when launching and promoting new products, marketers often induce consumers’ awe of nature via exposing consumers to beautiful natural scenes. Does…

Abstract

Purpose

In daily marketing practices, when launching and promoting new products, marketers often induce consumers’ awe of nature via exposing consumers to beautiful natural scenes. Does this marketing practice really facilitate consumers’ subsequent new product choice? Existing awe research and new product research have not examined this issue yet. The purpose of this study is to study whether the marketing practice of awe induction faciliates consumers' new product choice.

Design/methodology/approach

This paper examines the double-edged sword effect of different types of awe on consumers’ adoption of new products. The authors conducted five experiments using various product categories (soft drinks, juices, cookies and watches), various many sources of sample types (college student samples and adult samples) and various manipulation of awe. The authors also focused on both new products with incongruent visual appearance (Experiment 1a, Experiment 1c, Experiment 2 and Experiment 3) and new products with incongruent conceptual attributes (Experiment 1b) to enhance the rigor of the experiments and the generalizability of the conclusions.

Findings

The authors find that when consumers perceive awe of threatening natural phenomena, they decrease their choice of moderately incongruent new products (positive effect), while when consumers perceive awe of beautiful natural phenomena, they increase their choice of moderately incongruent new products (negative effect). Also, this paper finds that the emergence of the positive of the double-edged sword effect is driven by the sequential mediation of the need for accommodation and openness to new experiences, while the emergence of the negative of the double-edged sword effect is driven by the uncertainty reduction motive.

Research limitations/implications

This research has important theoretical implications. First, this paper advances existing awe research by reconciling the inconsistent findings in existing awe research by categorizing awe of nature. Second, this paper advances existing research on new products and moderate incongruity effects by exploring when the moderate incongruity effect exists and when it reverses in the new products field through the classification of awe of nature.

Practical implications

This study has rich implications for marketing management. First, marketers can facilitate consumers’ adoption of moderate incongruent new product via priming consumers’ awe of beautiful nature. Second, this paper suggests that marketers and brand managers should carefully choose the timing of new product launches to avoid inducing consumer awe of threatening nature (e.g. immediately after a severe natural disaster). Finally, the results of Experiment 3 in this paper suggest that when marketers want to launch new products with moderate incongruity, they need to target consumers with high cognitive flexibility.

Social implications

This paper discusses how different types of awe affect consumers’ attitudes and choice of moderately new products. This research question has its social value in helping marketers, companies, consumers and society know the power of awe of nature on the behaviors and decision-making.

Originality/value

To the best of the author’s knowledge, this paper is among the first ones to examine the double-edged sword effect of different types of awe of nature on consumers’ new product adoption.

Details

Nankai Business Review International, vol. 15 no. 1
Type: Research Article
ISSN: 2040-8749

Keywords

Article
Publication date: 1 January 2012

Nadine Gatzert and Hato Schmeiser

The purpose of this paper is to provide a detailed analysis of industry loss warranties (ILWs), an alternative risk transfer instrument which has become increasingly popular…

Abstract

Purpose

The purpose of this paper is to provide a detailed analysis of industry loss warranties (ILWs), an alternative risk transfer instrument which has become increasingly popular throughout the last few years.

Design/methodology/approach

The authors first point out key characteristics of ILWs important to investor and cedent, including transaction costs, moral hazard, basis risk, counterparty risk, industry loss index, and regulation. Next, the authors present and discuss the adequacy of actuarial and financial approaches for pricing ILWs, as well as the aspects of basis risk. Finally, drivers of demand and associated models frameworks from the purchaser's viewpoint are studied.

Findings

Financial pricing approaches for ILWs are highly sensitive to input parameters, which is important given the high volatility of the underlying loss index. In addition, the underlying assumption of replicability of the claims is not without problems. Due to their simple and standardized structure and the dependence on a transparent industry loss index, ILWs are low‐barrier products, which can also be offered by hedge funds. In principle, traditional reinsurance contracts are still preferred as a measure of risk transfer, especially since these are widely accepted for solvency capital reduction. However, the main important impact factor for the demand of ILWs from the perspective of market participants, i.e. large diversified reinsurers and hedge funds, is the lower price due to rather low transaction costs and less documentation effort. Hence, ILWs are attractive despite the introduction of basis risk and the still somewhat opaque regulatory environment.

Research limitations/implications

An important issue for future research is how reinsureds deal with the basis risk inherent in ILWs. Another central point is the development of a European industry loss index and the creation of an exchange platform to enable an even higher degree of standardization and a faster processing of transactions.

Originality/value

ILWs feature an industry loss index to be triggered, and, in some cases, a doubletrigger design that includes a company indemnity trigger. ILW contracts belong to the class of alternative risk transfer instruments that have become increasingly popular, especially in the retrocession reinsurance market. There has been no comprehensive analysis of these instruments in academic literature to date. Consequently, the authors believe that this paper provides a high degree of originality.

Details

The Journal of Risk Finance, vol. 13 no. 1
Type: Research Article
ISSN: 1526-5943

Keywords

Article
Publication date: 24 July 2007

Ana B. Casado‐Díaz, Francisco J. Más‐Ruiz and Hans Kasper

Research has shown that more than half of attempted recovery efforts only reinforce dissatisfaction, producing a “double deviation” effect. Surprisingly, these double deviation…

3238

Abstract

Purpose

Research has shown that more than half of attempted recovery efforts only reinforce dissatisfaction, producing a “double deviation” effect. Surprisingly, these double deviation effects have received little attention in service marketing literature. To fill this gap, this paper aims to develop and empirically test a model of how customers form satisfaction judgments in double deviation scenarios. The paper seeks to propose that emotions have a distinct and separate influence from perceived justice in explaining satisfaction with failed recovery.

Design/methodology/approach

The paper employs the critical incident technique to obtain data from banking customers and apply latent variable path analysis to test the proposed model.

Findings

The results of the study support the model and highlight the important role of specific recovery‐related emotions in double deviation contexts.

Research limitations/implications

Future research should try to determine whether different specific negative emotions and/or the interactional and procedural components of justice affect post‐recovery judgments in double deviation scenarios.

Practical implications

The results show that specific emotions such as anger play an important role in explaining satisfaction with service recovery. The paper proposes that in future, customer satisfaction surveys could include items measuring specific emotions. This could increase their efficiency as managerial tools.

Originality/value

To the authors' knowledge, this has been the first attempt to model the effect of specific emotions triggered by the service recovery on satisfaction with service recovery and to empirically test a model of satisfaction with service recovery in double deviation scenarios. Furthermore, this study is based on the analysis of real service failures and recovery strategies.

Details

International Journal of Bank Marketing, vol. 25 no. 5
Type: Research Article
ISSN: 0265-2323

Keywords

Article
Publication date: 26 March 2021

Abhay Sanjay Vidhyadharan and Sanjay Vidhyadharan

Tunnel field effect transistors (TFETs) have significantly steeper sub-threshold slope (24–30 mv/decade), as compared with the conventional metal–oxide–semiconductor field-effect…

Abstract

Purpose

Tunnel field effect transistors (TFETs) have significantly steeper sub-threshold slope (24–30 mv/decade), as compared with the conventional metal–oxide–semiconductor field-effect transistors (MOSFETs), which have a sub-threshold slope of 60 mv/decade at room temperature. The steep sub-threshold slope of TFETs enables a much faster switching, making TFETs a better option than MOSFETs for low-voltage VLSI applications. The purpose of this paper is to present a novel hetero-junction TFET-based Schmitt triggers, which outperform the conventional complementary metal oxide semiconductor (CMOS) Schmitt triggers at low power supply voltage levels.

Design/methodology/approach

The conventional Schmitt trigger has been implemented with both MOSFETs and HTFETs for operation at a low-voltage level of 0.4 V and a target hysteresis width of 100 mV. Simulation results have indicated that the HTFET-based Schmitt trigger not only has significantly lower delays but also consumes lesser power as compared to the CMOS-based Schmitt trigger. The limitations of the conventional Schmitt trigger design have been analysed, and improved CMOS and CMOS–HTFET hybrid Schmitt trigger designs have been presented.

Findings

The conventional Schmitt trigger implemented with HTFETs has 99.9% lower propagation delay (29ps) and 41.2% lesser power requirement (4.7 nW) than the analogous CMOS Schmitt trigger, which has a delay of 36 ns and consumes 8 nW of power. An improved Schmitt trigger design has been proposed which has a transistor count of only six as compared to the eight transistors required in the conventional design. The proposed improved Schmitt trigger design, when implemented with only CMOS devices enable a reduction of power delay product (PDP) by 98.4% with respect to the CMOS conventional Schmitt trigger design. The proposed CMOS–HTFET hybrid Schmitt trigger further helps in decreasing the delay of the improved CMOS-only Schmitt trigger by 70% and PDP by 21%.

Originality/value

The unique advantage of very steep sub-threshold slope of HTFETs has been used to improve the performance of the conventional Schmitt trigger circuit. Novel CMOS-only and CMOS–HTFET hybrid improved Schmitt trigger designs have been proposed which requires lesser number of transistors (saving 70% chip area) for implementation and has significantly lower delays and power requirement than the conventional designs.

Details

World Journal of Engineering, vol. 18 no. 5
Type: Research Article
ISSN: 1708-5284

Keywords

Article
Publication date: 10 April 2017

Chungwha Ki, Kangbok Lee and Youn-Kyung Kim

This paper aims to examine, building upon affect balance theory, whether the two modes of luxury consumption, conspicuous consumption (CC) and style consumption (SC), trigger

5295

Abstract

Purpose

This paper aims to examine, building upon affect balance theory, whether the two modes of luxury consumption, conspicuous consumption (CC) and style consumption (SC), trigger consumers’ mixed emotions of pleasure and guilt and whether the mixed emotions interactively as well as independently influence consumer loyalty to repurchase luxury.

Design/methodology/approach

Using an online survey and seemingly unrelated regressions (SUR) analysis, the authors test the hypotheses and assess the parallel (double) mediation effects of pleasure and guilt on the relationships between luxury consumption and repurchase intention.

Findings

The authors confirm the relationships between CC and pleasure (+), between SC and pleasure (+), between CC and guilt (+) and between SC and guilt (−); the independent effects of pleasure (+) and guilt (−) on repurchase intention (RI); and the interaction effect of pleasure and guilt on RI (+). The authors further demonstrate that both pleasure and guilt mediate the relationship between CC and RI, whereas only pleasure mediates the relationship between SC and RI.

Research limitations/implications

Future researchers may consider possible mixed emotions other than pleasure and guilt and further explore the dynamics between mixed consumer emotions and consumer loyalty in diverse consumption contexts.

Practical implications

The authors suggest luxury marketers to reduce consumer guilt by promoting SC and by maximizing consumer pleasure, which will lead to greater repurchase intention.

Originality/value

Prior research focused on either the positive or negative side of consumer emotion. The authors fill in the research void by examining whether mixed emotions coexist in luxury consumption and how they interplay and influence consumer loyalty.

Details

European Journal of Marketing, vol. 51 no. 4
Type: Research Article
ISSN: 0309-0566

Keywords

Content available
Book part
Publication date: 30 July 2018

Abstract

Details

Marketing Management in Turkey
Type: Book
ISBN: 978-1-78714-558-0

Article
Publication date: 24 October 2021

Chunfeng Chen, Depeng Zhang, Kevin Lu and Catherine L. Wang

This paper aims to examine the effects of design sources (user design vs. company design) on customers’ perceived value (perceived self-improvement and perceived uncertainty) and…

Abstract

Purpose

This paper aims to examine the effects of design sources (user design vs. company design) on customers’ perceived value (perceived self-improvement and perceived uncertainty) and consequently purchase intention, as well as the moderating effect of brand strength in the context of purchasing utilitarian products.

Design/methodology/approach

Two studies were conducted. Study 1 used a laboratory experiment (n = 160) to test the effects of design sources on perceived self-improvement, perceived uncertainty and purchase intention. Study 2 used an online experiment (n = 312) to examine the moderating effect of brand strength.

Findings

The results showed that user design is a double-edged sword for companies. Compared with company design, user design is associated with stronger self-improvement and uncertainty as perceived by customers. Perceived self-improvement is positively related to purchase intention, while perceived uncertainty undermines purchase intention. Moreover, for weak brands, perceived self-improvement is significantly stronger in user design than company design, while for strong brands, this relationship is not significant.

Originality/value

This paper draws on mental accounting theory to study the perceived benefits and risks of user design of utilitarian products, and highlights the double-edged effects of user design on customers’ perceived value and purchase decision. The findings provide more rounded insights on user design of utilitarian products, complementing the one-sided view of customers’ positive perceives of user design in unclassified product categories.

Details

Journal of Product & Brand Management, vol. 31 no. 5
Type: Research Article
ISSN: 1061-0421

Keywords

Article
Publication date: 2 January 2019

Vasileios Davvetas and Georgios Halkias

The dominant paradigm in international branding research treats perceived brand globalness (PBG) and localness (PBL) as attributes algebraically participating in brand assessment…

3604

Abstract

Purpose

The dominant paradigm in international branding research treats perceived brand globalness (PBG) and localness (PBL) as attributes algebraically participating in brand assessment and disregards the perception of brands as humanlike entities actively embedded in consumers’ social environments. Challenging this view and drawing from stereotype theory, the purpose of this paper is to suggest that PBG/PBL trigger the categorization of products under the superordinate mental categories of global/local brands which carry distinct stereotypical content. Such content transfers to every individual product for which category membership is established and shapes brand responses.

Design/methodology/approach

One experimental study (Study1, n=134) tests the process of global/local brand stereotype formation, identification and content transfer. Subsequently, two consumer surveys test the impact of brand stereotypes on brand approach/avoidance tendencies (Study2, n=328) and consumer–brand relationships (Study3, n=273). Data were analyzed with experimental techniques and structural equation modeling.

Findings

The findings suggest that upon categorization under the global or local brand class, individual brands are charged with the stereotypical content of the class. Global brands are predominantly stereotyped as competent while local brands are predominantly stereotyped as warm. Localness-induced warmth has uniformly positive effects, whereas globalness-induced competence acts as a double-edged sword which can both help and harm the brand.

Originality/value

This research contributes by proposing a novel conceptualization of global and local brands as groups of intentional marketplace agents stereotyped along their intentions and abilities, empirically establishing the process through which individual brands are assigned stereotypical judgments and demonstrating how these judgments impact critical brand outcomes and consumer–brand relationships.

Details

International Marketing Review, vol. 36 no. 5
Type: Research Article
ISSN: 0265-1335

Keywords

Article
Publication date: 8 July 2014

Christian Stary

This paper aims to achieve fully intertwined knowledge and business processing in change processes. It proposes streamlining situated articulation work, value network analyses…

4924

Abstract

Purpose

This paper aims to achieve fully intertwined knowledge and business processing in change processes. It proposes streamlining situated articulation work, value network analyses (VNA) and subject-oriented business process modelling (S-BPM) and execution to provide non-disruptive single and double learning processes driven by concerned stakeholders. When implementing knowledge life cycles, such as Firestone and McElroy’s knowledge life cycle, the agility of organizations is significantly constrained, in particular, when surviving knowledge claims should be implemented in the business processing environment in a seamless way.

Design/methodology/approach

The contribution is based on a conceptual analysis of knowledge life cycle implementations, learning loop developments and an exploratory case study in health care to demonstrate the effectiveness of the proposed approach. The solution towards non-disruptive knowledge and business processing allows stakeholders to actively participate in single- and double-loop learning processes.

Findings

The introduced approach supports problem and knowledge claim formulation, knowledge claim evaluation and non-disruptive knowledge integration into a business process environment. Based on stakeholder articulation, the steps to follow are: holomapping, exchange analysis, impact analysis, value creation analysis, subject-oriented modelling, business process validation and execution. Seamless support of stakeholders is enabled through the direct mapping of stakeholder and activity descriptions from value network representations to behaviour specifications (process models) on the individual and organizational layer.

Research limitations/implications

Current knowledge life cycle developments and implementations can now be analyzed in a structured way. Elements of the proposed approach could be integrated in disruptive implementations to overcome current limitations of knowledge life cycles. However, further case studies need to be performed to identify hindrances or barriers of combining VNA and S-BPM, both on the technological and methodological layer. What works for expert service industries might need to be adapted for production industries, and tools or tool chains might need to be configured accordingly. Finally, the socio-economic impact of the approach needs to be explored.

Practical implications

The presented case study from health care reveals the potential of such a methodological combination, as cycle times can be reduced, in particular, due to the execution of role-specific process models in the respective business processing environment. It can be considered as a fundamental shift for existing change management procedures, as they require rework of the entire functional process models when addressing business processing. Now, stakeholder- or role-specific behaviour can be handled isolated and in parallel, without affecting the entire organization in case of modifications.

Originality/value

The proposed methodological integration has not been done before. It enables stakeholders to perform single- and double-loop change processes in a seamless way.

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