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Analyses changes taking place within purchasing and its environment. Interpreting such trends wisely will be necessary to achieve an optimal relationship between purchasing and other organizational units. Addresses how changes in purchasing affect profit generation, securing of new and better suppliers, achieving higher “real value” in products bought, dealing with new and emerging forms of sales pressure (including related supplier strategies and tactics), improving price hike rationale assessment, and determining effective purchasing strategy relative to prevailing economic conditions‐all of which are leading to a broadened role and relevance of purchasing today. Discusses current, significant purchasing trends, how they will influence future decision making, and the need for purchasing to help establish and maintain strong cross‐functional ties with all relevant parties. Directs analysis and discussion towards all individuals and groups affecting or being affected by the purchasing function domestically and abroad.

This chapter develops a no-arbitrage, futures equilibrium cost-of-carry model to demonstrate that the existence of cointegration between spot and futures prices in the New York Mercantile Exchange (NYMEX) crude oil market depends crucially on the time-series properties of the underlying model. In marked contrast to previous studies, the futures equilibrium model utilizes information contained in both the quality delivery option and convenience yield as a timing delivery option in the NYMEX contract. Econometric tests of the speculative efficiency hypothesis (also termed the “unbiasedness hypothesis”) are developed and common tests of this hypothesis examined. The empirical results overwhelming support the hypotheses that the NYMEX future price is an unbiased predictor of future spot prices and that no-arbitrage opportunities are available. The results also demonstrate why common tests of the speculative efficiency hypothesis and simple arbitrage models often reject one or both of these hypotheses.

Because its actual impact is still rather blurred, the euro brings up many questions among managers as well as gives rise to much marketing research. This paper aims specifically to assess and measure the impact of the euro on the consumer decision process.

This paper first expounds the theory that the currency changeover creates a cognitive and visual bias. Then it moves on to give experimental evidence with a sample of 800 real buyers that, in the French context, the euro currency creates a bias on the different stages of the decision process.

Analysis of covariance (ANCOVA) reveals that euro prices influence the treatment of price information, price perception and, to a more marginal extent, the perception of product value. Individual factors, such as increased experience with the euro, moderate judgmental bias strength.

The results bring out the face value effect of prices, which shows that when unsure of actual price value the consumers turn to nominal value as an anchor for evaluating prices. This paper identifies implications for retailers who have to watch both the overall price range of the items they offer and the price positioning of their own brands in euros and implications for public authorities who have to force consumers to replace price references in the old currency with references in euros.

This research brings out the “magical” or “illusory” effects of prices, while there is only very scant academic evidence available.

In published work on hedonic house price estimation it is not uncommon to examine some of the conditions required for the estimators to have desirable properties such as minimum variance and unbiasedness, in particular spatial autocorrelation. However, other conditions that can give rise to similar difficulties with the estimates are often ignored. If these technical conditions are not met, it is sometimes because the model is misspecified in some way. This paper argues that a wider range of diagnostic statistics should be used in the specification search for a good model, in particular, but not exclusively, those concerned with predictive stability. The paper illustrates this approach by examining both in‐sample and out‐of‐sample diagnostic tests of various specifications of a hedonic house price model using data taken from the sale of over 1,600 properties in the Midlands of the UK in 1999/2000. The models investigated include various specifications of the dependent and independent variables, including models that are non‐linear in the parameters. The paper concludes that such statistics can often help in model selection and should be more widely employed.

Effective pricing research techniques need to reflect fully consumer behaviour. A historical review indicates the limited capabilities of consumers to recall grocery prices correctly. Adoption‐level theory implies that consumers evaluate brand prices relative to a reference price rather than in isolation. A consumer survey, updating our knowledge of consumers′ ability to recall prices correctly, provides evidence that price accuracy increases when a reference price is given. Considers implications for pricing research.

The purpose of this paper is to take second-hand vehicles at judicial auctions in China as the primary research direction and to explore the impact of purchasing restriction policy and city size on the relationship between the appraisal price and transaction price of second-hand motor vehicles in the context of auto purchase restriction in China from a microscopic angle. It attempts to broaden the pricing ideas of judicial appraisal enterprises in providing appraisal prices of second-hand motor vehicles and to put forward suggestions for the optimization of appraisal prices and appraisal standards of judicial appraisal enterprises.

With the help of Python, this paper crawls 59,038 lines of valid data from three leading internet judicial auction platforms, namely “Ali Auction,” “China Beijing Equity Exchange” and “Gong Pai Wang,” as research samples. Besides, this paper forms a database containing judicial auction used car appraisal prices, transaction prices, motor vehicle purchase restrictions and whether the motor vehicle carries a license plate. By constructing a multiple regression model, the impact of automobile purchase restriction policy on the price of motor vehicles appraised by judicial appraisal enterprises is investigated.

With the help of the multivariate regression model, it found that under the same condition, the city where the auction took place implemented the automobile purchase restriction before the end of the auction. The court has specified that the buyer could directly obtain the license plate after the auction. The transaction price and the evaluation price ratio will be statistically larger, which proves that the license plate has an evident value in the transaction and is traded as subject matter by the residents, and consequently brings a higher premium to the price of automobile transaction in internet judicial auction. Meanwhile, the purchase restriction policy in the first-tier cities has resulted in a significant premium on automobile license plates, which is much higher than the automobile license plate premium level in non-first-tier cities under the same conditions.

Car ownership continues to rise with rapid economic development worldwide. Control the growth of car ownership, some countries and regions mainly restrict the issuance of motor vehicle license plates, which indirectly leads to vehicle license plate indicators becoming a scarce resource. National laws permit judicial auction as a means for the people's courts to settle creditors' claims in enforcement procedures of civil cases. In the judicial auction process, the People's Court introduces third-party evaluation enterprises to appraise, assess and audit the subject and obtain the appraisal price, which guides the bidding behavior of used car buyers and indirectly affects the transaction price of used cars.

As the only subject capable of assessing the value of used cars at judicial auctions, judicial appraisal enterprises have received widespread attention for their appraisal results. This paper researches this field by screening the factors affecting the ratio of motor vehicle transaction price to the appraised price. It also analyzes how the ratio of motor vehicle transaction price to appraised price is affected by motor vehicle purchase restrictions and the situation with license plates. This paper examines the existence of premiums for motor vehicle transactions with license plates, evaluates the purchase restrictions in cities with motor vehicle purchase restrictions and verifies that the premiums for motor vehicles at judicial auctions are affected by purchase restriction policies as well as the influence of city class. These studies have important implications for judicial appraisal enterprises to establish reasonable appraisal mechanisms and optimize appraisal prices. They also provide new ideas and methods for appraisal enterprises to assess the value of used vehicles at judicial auctions.

In enhancing the market operation of the building sector, transparency is of great importance. The purpose of this paper is to propose an inventory of aspects of the relationships between public clients and executing parties that have the most urgent need for greater transparency.

The main methods used include a literature study and 20 interviews with managers of various organisations in the Dutch construction industry.

Based on this study, four essential points for transparency are determined: openness about risks and costs, measuring of quality‐price ratios, reasons for award or rejection and enhancement of the reputation mechanism.

This paper takes the Dutch context as a reference point for the analysis. When the findings are used also in other settings, it is necessary to address the differences in characteristics of the building sector.

The essential points for transparency addressed in this paper have consequences for especially the interaction between public clients and executing parties. Furthermore, conditions for transparency – like possibilities to judge quality in a more robust and transparent manner and methods for enhancing the reputation mechanism – point at necessary future research for improving transparency in the construction industry.

The Dutch construction industry is working through a transition process focused on improving its market operation, integral processes and societal added value. In this transition, transparency between clients and executing parties is of great importance.

This study aims to examine the impact of customer brand value dimensions on relationship marketing dimensions through consumer hope in the context of digital payment applications (apps) services. The study considers the role of consumer engagement using a moderated mediation, and applies customer perceived value, affect theory of social exchange and relationship marketing theories.

The study is based on data collected from 301 digital payment app users. Structural equation modeling results were analyzed using Smart PLS. The authors performed moderated mediation, with different levels of customer engagement as a moderating variable, using Model 8 of PROCESS. The authors considered customer perceived value dimensions, digital quality value, perceived value, hedonic value and social value as antecedents to consumer hope and explored the role of trust, commitment and continued usage as a consequence of consumer hope.

Three levels of perceived consumer value, digital quality, price value and social value, positively influenced consumer hope, which has positively influenced trust, commitment and continuance usage. Using moderated mediation analysis, consumer hope influenced continuance usage through trust at different levels of engagement, but consumer hope did not influence continuance usage through commitment at different levels of engagement.

The study highlights the role of consumer hope in linking customer value dimensions with relationship marketing dimensions. The study can guide managers to ensure continued usage of digital payment apps, which is a strategic objective. The results are relevant for the digital setting.

The purpose of this paper is to analyse the determinants of tourist intentions to revisit a destination, paying special attention to the effects of satisfaction and the number of previous visits. In order to guarantee an incentive to improve the product, satisfaction must be the main determinant. A second objective is to analyse the contribution that satisfaction with different aspects of a destination makes on overall satisfaction.

A structural equation model (SEM) has been estimated. Some of the variables involved in the model are ordinal. Thus, tetrachoric, polychoric and polyserial correlations were calculated and then used as the input for structural equation modelling.

Both satisfaction and the number of previous visits have a positive effect on intention to return. However, the main determinant is satisfaction. Satisfaction with different aspects of the destination has a differing effect on overall satisfaction. Attributes associated with the basic sun and sand tourist product are the main determinants of overall satisfaction.

To promote repeat visits, it is crucial to identify the determinants of the intention to return. The factors that influence this variable can be improved in order to increase the likelihood of repeat visits.

Methods to estimate SEM with categorical variables have not been applied before to the field of tourism. In comparison with previous studies of repeat visitation, the main contribution of the model is that it simultaneously takes into consideration two causal links with the number of previous visits, the first affecting overall satisfaction and the second having a direct effect on a tourist's intention to return.

Examines the phenomenon of price signalling whereby consumer goods manufacturers attempt to signal higher quality via a higher price when objective product quality is, in fact, not demonstrably higher. Shows that higher price alone does not succeed in signalling higher quality, but that higher price accompanied by premium‐quality signals in the other elements of the marketing mix does succeed. Concludes that a premium pricing strategy cannot be successful if price is the only marketing variable emphasised and brand managers should think in terms of premium quality positioning that requires the right marketing mix.