On the fundamentals of research and development (R&D) spillovers in competitive markets

Rivals may voluntarily share Research and Development (R&D) results even in the absence of any binding agreements or collusion. In a model where rival firms engage in non-cooperative independent R&D process, we used optimization and game theory analysis to study the equilibrium strategy of the firms. Our work showed that, while minimal spillover is always equilibrium, there may be another equilibrium where firms may reciprocally choose high, sometimes perfect, spillover rates. The incentive for sharing R&D output is based on firms' expectations of learning from their rivals' R&D progress in the future. This leads to strategic complementarities between the firms' choices of spillover rates and thus policy implication follows. ^ Public research agencies can contribute more to social welfare by providing research as public goods. In a non-cooperative public-private research relationship where parallel R&D is conducted, by making its R&D results accessible, the public research agency can stimulate private spillovers, even if there exists rivalry among the private firms who can benefit from such spillovers. ^

Issues for Managing Tourism Information

The need for a high quality tourism database is well known. For example, planners and managers need high quality data for budgeting, forecasting, planning marketing and advertising strategies, and staffing. Thus the concepts of quality and need are intertwined to pose a problem to the tourism professional, be they private sector or public sector employees. One could argue that collaboration by public and private sector tourism professionals could provide the best sources and uses of high quality tourism data. This discussion proposes just such a collaboration and a detailed methodology for operationalizing this arrangement.

Leveraged Buyouts: Opportunities and Risks

This article presents a general overview of leveraged buyouts, relating their feasibility as an option for hospitality management. Specifically, the author explores the background and main features of leveraged buyouts, focusing attention on their risks and rewards, management's opportunities, tax ramifications, planning, and future outlook. Denny's leveraged buyout is examined in order to provide an insight into the structuring of a buyout for a major food service firm.

University City or Little Managua? Studentification and Housing Renewal in Sweetwater, Florida

The “University City project” is a public-private partnership between Florida International University (FIU), the City of Sweetwater, and private investors. The project focuses on redeveloping certain areas of Sweetwater near FIU with the goal of enticing members of the university community to become residents. Building on previous research findings regarding how redevelopment prospects in the City of Sweetwater are affecting residents of the Li’l Abner Mobile Home Park, I examine how these changes are affecting residents in the immediate vicinity of the University. Using a combination of semi-structured interviews and participant observation, I seek to answer the following questions: How do Sweetwater residents feel about development projects in the community of Sweetwater? In what ways do these changes affect their lives? How powerful or powerless do they feel in the face of these changes, or how much say do they believe they have in their implementation? This research will add depth and context to the emerging interdisciplinary study of the “studentification” phenomenon, a form of gentrification that is centered on students, which has received little attention in the United States.