Direct versus indirect channels: Differentiated loss aversion in a high‐involvement, non‐frequently purchased hedonic product

Purpose – This article aims to investigate whether intermediaries reduce loss aversion in the context of a high-involvement non-frequently purchased hedonic product (tourism packages). Design/methodology/approach – The study incorporates the reference-dependent model into a multinomial logit model with random parameters, which controls for heterogeneity and allows representation of different correlation patterns between non-independent alternatives. Findings – Differentiated loss aversion is found: consumers buying high-involvement non-frequently purchased hedonic products are less loss averse when using an intermediary than when dealing with each provider separately and booking their services independently. This result can be taken as identifying consumer-based added value provided by the intermediaries. Practical implications – Knowing the effect of an increase in their prices is crucial for tourism collective brands (e.g. “sun and sea”, “inland”, “green destinations”, “World Heritage destinations”). This is especially applicable nowadays on account of the fact that many destinations have lowered prices to attract tourists (although, in the future, they will have to put prices back up to their normal levels). The negative effect of raising prices can be absorbed more easily via indirect channels when compared to individual providers, as the influence of loss aversion is lower for the former than the latter. The key implication is that intermediaries can – and should – add value in competition with direct e-tailing. Originality/value – Research on loss aversion in retailing has been prolific, exclusively focused on low-involvement and frequently purchased products without distinguishing the direct or indirect character of the distribution channel. However, less is known about other types of products such as high-involvement non-frequently purchased hedonic products. This article focuses on the latter and analyzes different patterns of loss aversion in direct and indirect channels.

Partial Product Reduction based on Look-Up Tables

In this paper a new technique for partial product reduction based on the use of look-up tables for efficient processing is presented. We describe how to construct counter devices with pre-calculated data and their subsequent integration into the whole operation. The development of reduction trees organizations for this kind of devices uses the inherent integration benefits of computer memories and offers an alternative implementation to classic operation methods. Therefore, in our experiments we compare our implementation model with CMOS technology model in homogeneous terms.

A VLT/FLAMES survey for massive binaries in Westerlund 1. IV. Wd1-5 – binary product and a pre-supernova companion for the magnetar CXOU J1647-45?

Context. The first soft gamma-ray repeater was discovered over three decades ago, and was subsequently identified as a magnetar, a class of highly magnetised neutron star. It has been hypothesised that these stars power some of the brightest supernovae known, and that they may form the central engines of some long duration gamma-ray bursts. However there is currently no consenus on the formation channel(s) of these objects. Aims. The presence of a magnetar in the starburst cluster Westerlund 1 implies a progenitor with a mass ≥40 M⊙, which favours its formation in a binary that was disrupted at supernova. To test this hypothesis we conducted a search for the putative pre-SN companion. Methods. This was accomplished via a radial velocity survey to identify high-velocity runaways, with subsequent non-LTE model atmosphere analysis of the resultant candidate, Wd1-5. Results. Wd1-5 closely resembles the primaries in the short-period binaries, Wd1-13 and 44, suggesting a similar evolutionary history, although it currently appears single. It is overluminous for its spectroscopic mass and we find evidence of He- and N-enrichement, O-depletion, and critically C-enrichment, a combination of properties that is difficult to explain under single star evolutionary paradigms. We infer a pre-SN history for Wd1-5 which supposes an initial close binary comprising two stars of comparable (~ 41 M⊙ + 35 M⊙) masses. Efficient mass transfer from the initially more massive component leads to the mass-gainer evolving more rapidly, initiating luminous blue variable/common envelope evolution. Reverse, wind-driven mass transfer during its subsequent WC Wolf-Rayet phase leads to the carbon pollution of Wd1-5, before a type Ibc supernova disrupts the binary system. Under the assumption of a physical association between Wd1-5 and J1647-45, the secondary is identified as the magnetar progenitor; its common envelope evolutionary phase prevents spin-down of its core prior to SN and the seed magnetic field for the magnetar forms either in this phase or during the earlier episode of mass transfer in which it was spun-up. Conclusions. Our results suggest that binarity is a key ingredient in the formation of at least a subset of magnetars by preventing spin-down via core-coupling and potentially generating a seed magnetic field. The apparent formation of a magnetar in a Type Ibc supernova is consistent with recent suggestions that superluminous Type Ibc supernovae are powered by the rapid spin-down of these objects.

Recursos hídricos superficiais vs subterrâneos na Várzea da Nazaré : implicações na qualidade da água

Tese de doutoramento, Geologia (Hidrogeologia), Universidade de Lisboa, Faculdade de Ciências, 2016