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This article models debt market equilibrium given an expanded notion of rational behavior. The model extends Diamond's model of reputation acquisition, by assuming that some prospective borrower‐investors are opportunistic utility maximizers, while others are unwilling to mislead borrowers as to their intended use of borrowed funds. We find that the presence of honest borrowers is necessary to the function of debt markets, and that, as in real‐world markets, opportunistic and honest agents can coexist. We further find that total economic activity is positively correlated to the proportion of trustworthy agents. A major research concern in financial economics is the reconciliation of observed behavior with the predictions of the perfect‐markets, utility‐maximization models, which have traditionally supplied the dominant paradigm in finance. The main focus of recent research has been on the predictions of Agency Theory, or simply Agency (Jensen and Meckling, 1976). Agency has its origins in the property rights literature of economic theory (Alchian, 1969) and, in essence, addresses the following question: How do rational agents act in imperfect markets? A whole range of market imperfections have been analyzed ranging from the simplest type of moral hazard and adverse selection (Thakor, 1989) to the debt capacity of an industry (Maksimovic and Zechner, 1991). Indeed, few if any areas of business theory have escaped Agency's scrutiny; it has, in effect, recast the theory of the firm. In this light, the firm becomes a structure whose efficiency depends upon its ability to mitigate the costs associated with Agency. Firms are “legal fictions which serve as a nexus for a set of contracting relations among individuals” (Jensen and Meckling, 1976, p.310). One of the major gaps in the one‐period models of agency behavior has been the inability of these models to explain management's “honest” behavior (Thaler, 1992). That is, managers do not always engage in such “rational” acts as risk‐shifting, or paying excessive dividends, in order to enrich shareholders (and themselves) at the expense of bondholders. A significant move toward reconciling Agency's predictions with observed behavior has resulted from the reputation‐acquisition work of Diamond (1989), building on the work of Kreps and Wilson (1982) and Milgrom and Roberts (1982). In these models, agents acquire reputations by demonstrating some consistent mode of behavior through multiple iterations of a contractual situation. Through these iterations, principals modify their beliefs concerning the future behavior of the agent by observing certain outcomes. In Diamond's model, rational agents will not continually choose either a risky project or safe project. Their choice is a function of the interest rate and the stage of the game. Specifically, these agents choose the risky project initially; then, as attrition among risk‐takers causes interest rates to drop, they shift to the safe project for some iterations. As the end of the game approaches, however, these agents once again revert to investing in the risky project. In comparison with the attention that has been devoted to identifying and analyzing market imperfections, the former part of the Agency question — namely the “rational agents” part — has attracted much less attention in the finance literature. In Agency models, rationality has been defined strictly in terms of the individual pursuit of pecuniary wealth. This expected‐utility model has been tested experimentally and has been found to be systematically violated, in at least two fundamental ways: 1) Individuals do not behave as if they are attempting to maximize wealth (Plott, 1986), and 2) Individual behavior is affected by notions of fairness and cooperation (Kahneman, et al, 1986). Attempts to construct a theory of capital market behavior which can accommodate this observed behavior are virtually nonexistent. This lack is probably due to the presumption that opportunistic agents will drive ethical agents out of the market. However, as we demonstrate in the model developed in this paper, this is not necessarily the case. By focusing attention specifically on Agency's rationality premise, the model developed here differs from antecedent Agency models. This article investigates the implication, for financial‐market equilibra, of an alternative rationality premise. We assume that some agents will display the virtues of honesty and trustworthiness in their dealings with Other agents. Modifying Diamond's (1989) model of reputation acquisition in debt markets, the impact of these ‘virtuous’ agents on financial‐market equilibria is investigated. The model indicates that the existence of trustworthy agents in financial markets is not merely desirable from an economic perspective, but actually is essential if debt markets are not to fail. Specifically, if lenders do not belief that some non‐trivial cohort of trustworthy agents exists, then lenders cease to lend and debt markets cease to function. Also, the greater the proportion of honest agents, the greater is the overall level of economic activity; indeed, the existence of honest agents will tend to induce at least some of the opportunistic agents to act virtuously. We find that, as Bowie observes in a more general context, “[i]t only pays to lie or cheat when you can free ride off the honesty of others” (1991, pp.11–12). In addition, the belief in a non‐trivial cohort of trustworthy agents can lead to the elimination of some agency problems.

Properly planned road illumination systems are collectively a public wealth and the commissioning of such systems may require extensive planning, simulation and testing. The purpose of this simulative work is to offer a simple approach to facilitate luminance-based road lighting calculations that can be easier to comprehend and apply to practical designing problems when compared to complex multi-objective algorithms and other convoluted simulative techniques.

Road illumination systems were photometrically simulated with a created model in a validated software platform for specified system design configurations involving high-pressure sodium (HPS) and light-emitting diode (LED) luminaires. Multiple regression analyses were conducted with the simulatively obtained data set to propound a linear model of estimating average luminance, overall uniformity of luminance and energy efficiency of lighting installations, and the simulatively obtained data set was used to explore luminaire power–road surface average luminance characteristics for common geometric design configurations involving HPS and LED luminaires, and four categories of road surfaces.

The six linear equations of the propounded linear model were found to be well-fitted with their corresponding observation sets. Moreover, it was found that the luminaire power–road surface average luminance characteristics were well-fitted with linear trendlines and the increment in road surface average luminance level per watt increment of luminaire power was marginally higher for LEDs.

This neoteric approach of estimating road surface luminance parameters and energy efficiency of lighting installations, and the compendia of luminaire power–road surface average luminance characteristics offer new insights that can prove to be very useful for practical purposes.

Blockchain technology offers numerous venues for supply chain applications and research. However, the connections between specific blockchain features and future applications have been unclear to date in its evolution. The purpose of this study is to fill this void.

The authors advance the understanding of blockchain in supply chain management by providing a new research framework built on unique blockchain features as applied across core supply chain functions.

This study’s framework is a feature-function matrix that integrates four overarching supply chain functions (i.e. supplier management, logistics, production processes and customer management) with nine blockchain features (i.e. traceability/provenance, accessibility, visibility, immutability, distributed/shared ledger, validity, peer-to-peer transacting, pseudonymity and programmability). This study’s feature-function framework is supported by a structured, systematic review of reviews using PRISMA methods. The authors use the framework to present a future blockchain research agenda in supply chain management.

The authors provide a new blockchain feature/supply chain function framework and provide a structured path for future research.

This study aims to use place identity theory to examine the concept of physical environment design (PED) and its effects on consumers’ emotional well-being (EWB) dimensions such as sensorium, behaviour and happiness.

The authors used a qualitative approach. Thirty interviews were conducted among participants drawn from the city of London, which is one of the flourishing and world’s most famous international trade centre, providing paramount access to the global market. The data was analysed using thematic analysis.

The findings suggest that PED is defined precisely using the terms like atmosphere, appealing, attractive, impressing, inviting, ambient, compelling and design cues. The findings also suggest that PED has a positive effect on consumers’ sensorium, behaviour and happiness. However, these effects are lower when the retail stores have unwelcoming themes than when they have mesmerising PED. The different names can also be advantageous, specifically when online shopping dominates today’s retail industry. The findings also illustrate that the theoretical model used in this study is valid and suggest that PED has positive effects on consumers’ sensorium, behaviour and happiness.

To the best of the authors’ knowledge, while other authors tried to identify the effect of PED on consumers buying behaviour, this study is the first one to show how PED effects consumers’ sensorium, behaviour and happiness. The results of personal interviews highlight the importance of design elements and a gap in the application of novel elements to improve consumers’ sensorium, behaviour and happiness.

This paper examines in detail how the use of storytelling with parallax technology can influence the user experience (UX) in online shops as well as brand- and behavior-relevant variables. Furthermore, this study analyzes the causal relationships between UX, brand attitudes and brand-related behavioral intentions in terms of purchase intention and price premiums. Explicit and implicit paths of human information processing are considered.

A sample of 266 respondents completed a web-based experiment under two conditions (text-based vs parallax storytelling online shop). An existing and operational online shop was used. The causal relationships were assessed by using partial least squares structural equation modeling (PLS-SEM). To measure implicit information processing, a single category implicit association test was applied.

By applying the storytelling technique with parallax scrolling, the online shop increased visitors' UX on explicit and implicit information processing levels and increased the online shop's overall perceived attractiveness. Storytelling with parallax motion enables an efficient transmission of brand-related associations to consumers' minds, enhances their explicit and implicit brand attitudes and increases their willingness to pay a higher price. Moreover, this study provides empirical evidence on the effects of UX on brand-related measures by applying PLS-SEM and thus reveals a causal chain of effects from UX on online shop attractiveness, brand attitude and behavioral intentions. Again, explicit and implicit perceptions were considered.

Science and practice are increasingly emphasizing that storytelling emotionalizes content, which facilitates effective communication and builds strong relationships with customers. Little evidence exists about its efficient implementation in an online shopping context and in fulfilling hedonic and pragmatic needs throughout the online journey. This study provides novel insights into managing online shoppers' UX, brand-related perceptions and behavioral intentions with the optimal use of techniques to implement storytelling. Furthermore, this is one of the first studies to holistically consider the human perception of online shops by drawing on theories and methods of psychology, marketing, consumer behavior, brand research and consumer neuroscience and considering explicit and implicit information processing in terms of hedonic and pragmatic UX and brand-related measures.

Knowledge acquisition is a pivotal concern for the students and many sources help them to obtain knowledge. In this paper, the authors theoretically examine three engagements such as social media, peer and academic engagement by the theoretical foundation of engagement theory which tells that students interact and collaborate, sharing information for the acquisition of knowledge that enhances their academic performance. But due to the abundance of information, knowledge and resources available to students for the acquisition of knowledge, it becomes difficult for them to comprehend the most relevant information. In this vein, this study examined the impact of information overload on the relationship between social media, peer and academic engagement and knowledge acquisition of students.

The proposed model and structural relationships were validated using the structural equation modeling (SEM) technique through AMOS, version 24.0. To empirically test the hypothesized model, data are collected from the universities of the Sahiwal region (Sahiwal, Okara, Pakpattan) using structured questionnaires.

The findings revealed that social media engagement and academic engagement are positively associated with knowledge acquisition, whereas peer engagement is negatively associated with knowledge acquisition. Moreover, the results of the study further suggested that information overload dampens the positive relationship between social media, peer and academic engagement and knowledge acquisition, which causes negative consequences on students' knowledge acquisition and learning outcomes.

Researchers can use this study as the literature as many of the previous studies focused on the positive side of social networking sites and technologies for knowledge purposes, but this study extends the research and focused on the other side of the picture which has been ignored earlier by researchers. The authors theoretically explained the adverse effects of information overload on students' academic progress caused by social media and the abundance of irrelevant information these advanced technologies offer daily. The current research focused on identifying the critical role of social media, peer and academic institutions providing a lot of information to students which caused stress, anxiety and other psychological issues in them. So, this study adds to the literature by highlighting the adverse effects of unnecessary information provided by multiple resources to students.

Educationalists can adopt this study as a tool in academic institutions for promoting learning and to actively engage students in collaborative learning activities. As the findings of the study confirm that information overload is caused by the imbalanced use of information technology (IT) and social media sites, so teachers can help students in developing creativity and maintaining the balance between using technology and innovation in their studies pattern. Universities and institutions can play a vital role by exploring further opportunities for students and by making such policies that can help students in their learning progress. For this purpose, the authors developed a model based on the literature and theories that could change the academic system of Pakistan and enhance students’ practical knowledge by motivating students in taking part in learning activities by making the higher education system of Pakistan more engaging.

The authors are presenting simulation games-based learning as an alternate approach to learning and teaching that can positively influence students' engagement with learning activities in Pakistan. By adopting this model, the education system of Pakistan could improve as it can lead to better academic performance of students, which ultimately leads to a better education system. Thus, games if correctly designed and implemented in the education system of Pakistan, it can make a great difference in students' value of learning experience. The enjoyment, interactive and realistic nature of the simulation games appears to produce this value, and students tend to engage more toward these types of games rather than traditional learning methods. Simulation games provide students with an opportunity to engage in both hard (financial management, strategy making, decision-making) and soft skills (negotiation, collaboration) in business by challenging their thinking and decision-making power in a safe learning environment.

The phenomena of overload have become increasingly viable due to abundance of resources providing unnecessary information to students as they can get information from peers, teachers, social media platforms, blogs, wikis and many other platforms, which ultimately exhaust their capacity and leading them toward poor academic performance and other negative consequences (Yu, 2019; Bosch, 2016). This study focuses on students of higher education in Pakistan (Sahiwal region) and discusses the major challenges and opportunities that they had to face with the advancement of technology and the current social state of the knowledge in society.