A stranger's touch : effects of accidental interpersonal touch on consumer evaluations and shopping time

This article examines an unexplored area of consumer research—the effect of accidental interpersonal touch (AIT) from a stranger on consumer evaluations and shopping times. The research presents a field experiment in a retail setting. This study shows that men and women who have been touched by another consumer when examining products report more negative brand evaluations, negative product beliefs, less willingness to pay, and spend less time in-store than their control (no-touch) counterparts. Our findings indicate that the AIT effect is especially negative for touch from a male stranger for both men (same-sex touch) and women (opposite-sex touch). Directions are provided for future study that highlight potential moderators and process explanations underlying the AIT effect.

Inflation and income inequality: a shopping-time aproach: (Forthcoming, Journal of Development Economics)

Our work is based on a simpliÖed heterogenous-agent shoppingtime economy in which economic agents present distinct productivities in the production of the consumption good, and di§erentiated access to transacting assets. The purpose of the model is to investigate whether, by focusing the analysis solely on endogenously determined shopping times, one can generate a positive correlation between ináation and income inequality. Our main result is to show that, provided the productivity of the interest-bearing asset in the transacting technology is high enough, it is true true that a positive link between ináation and income inequality is generated. Our next step is to show, through analysis of the steady-state equations, that our approach can be interpreted as a mirror image of the usual ináation-tax argument for income concentration. An example is o§ered to illustrate the mechanism.

Solving the non-convexity problem in some shopping-time and human-capital models

Several works in the shopping-time and in the human-capital literature, due to the nonconcavity of the underlying Hamiltonian, use Örst-order conditions in dynamic optimization to characterize necessity, but not su¢ ciency, in intertemporal problems. In this work I choose one paper in each one of these two areas and show that optimality can be characterized by means of a simple aplication of Arrowís (1968) su¢ ciency theorem.

On the consistency of arbitrary money-demand functions with the Sidrauski and the shopping-time models

This paper investigates which properties money-demand functions have to satisfy to be consistent with multidimensional extensions of Lucasí(2000) versions of the Sidrauski (1967) and the shopping-time models. We also investigate how such classes of models relate to each other regarding the rationalization of money demands. We conclude that money demand functions rationalizable by the shoppingtime model are always rationalizable by the Sidrauski model, but that the converse is not true. The log-log money demand with an interest-rate elasticity greater than or equal to one and the semi-log money demand are counterexamples.

The relationship between food preparation time, time spent grocery shopping, and BMI

Recent data have shown that the percentage of time spent preparing food has decreased during the past few years, and little information is know about how much time people spend grocery shopping. Food that is pre-prepared is often higher in calories and fat compared to foods prepared at home from scratch. It has been suggested that, because of the higher energy and total fat levels, increased consumption of pre-prepared foods compared to home-cooked meals can lead to weight gain, which in turn can lead to obesity. Nevertheless, to date no study has examined this relationship. The purpose of this study is to determine (i) the association between adult body mass index (BMI) and the time spent preparing meals, and (ii) the association between adult BMI and time spent shopping for food. Data on food habits and body size were collected with a self-report survey of ethnically diverse adults between the ages of 17 and 70 at a large university. The survey was used to recruit people to participate in nutrition or appetite studies. Among other data, the survey collected demographic data (gender, race/ethnicity), minutes per week spent in preparing meals and minutes per week spent grocery shopping. Height and weight were self-reported and used to calculate BMI. The study population consisted of 689 subjects, of which 276 were male and 413 were female. The mean age was 23.5 years, with a median age of 21 years. The fraction of subjects with BMI less than 24.9 was 65%, between 25 and 29.9 was 26%, and 30 or greater was 9%. Analysis of variation was used to examine associations between food preparation time and BMI. ^ The results of the study showed that there were no significant statistical association between adult healthy weight, overweight and obesity with either food preparation time and grocery shopping time. Of those in the sample who reported preparing food, the mean food preparation time per week for the healthy weight, overweight, and obese groups were 12.8 minutes, 12.3 minutes, and 11.6 minutes respectively. Similarly, the mean weekly grocery shopping for healthy, overweight, and obese groups were 60.3 minutes per week (8.6min./day), 61.4 minutes (8.8min./day), and 57.3 minutes (8.2min./day), respectively. Since this study was conducted through a University campus, it is assumed that most of the sample was students, and a percentage might have been utilizing meal plans on campus, and thus, would have reported little meal preparation or grocery shopping time. Further research should examine the relationships between meal preparation time and time spent shopping for food in a sample that is more representative of the general public. In addition, most people spent very little time preparing food, and thus, health promotion programs for this population need to focus on strategies for preparing quick meals or eating in restaurants/cafeterias. ^

大城市内部商业环境满意度评价与消费区位决策研究-以北京市西城区和海淀区为例

Since 1990s, commercial conditions in China including commercial environment, retail types, scale of retail enterprises, spatial structure of retail and shopping decision making factors have changed. In order to keep up with these changes, commercial geography should set up new perspectives, theories and methods to analyze its internal mechanism and changing rules, and thus provide reasonable and practical scientific basis to commercial planning, location decision of retail enterprises and commercial environment construction. Taking Xicheng and Haidian District of Beijing as research case, which is a sector region from city center to rural region, this paper selects 12 commercial centers as most important study objects of this sector. This paper mainly makes use of the methods of Modeling, Pearson Bivaiiate Correlations Analysis, Factor Analysis and Logit model. Based on 1300 questionnaires and fieldwork, this paper focuses on modeling of Consumer Satisfaction of Commercial Environment (CSCE), evaluation of commercial environment and driving factors of consumers' shopping location decision. Firstly, this paper discusses the development of commercial geography and commercial environment evaluation, the new characteristics and trends of commercial development in Beijing and physical commercial environment of Xicheng and Haidian District of Beijing from chapter 1 to chapter 4. Secondly, this paper summarizes characteristics of residents' shopping behavior in chapter 5. Thirdly, this paper sets up an evaluative model of CSCE, and analyzes consumer satisfaction indexes of commercial environment and their spatial features in chapter 6. Fourthly, this paper infers how residents' attributes and shopping behaviors affect their preferences of shopping location and what are residents' shopping location decisions and their influencing factors in chapter 7. Fifthly, this paper constructs a significant index model and a pyramidal framework of CSCE, and further analyzes the diversity and competitive advantage of commercial environment in chapter 8. Finally, some conclusions are drawn as follows: 1. Characteristics of residents' shopping behavior mostly embody residents' time distance preference, commodity consumption preference, shopping time distribution and shopping activity characteristics. The important factors that influence shopping location choice of residents are distance, transportation, commodity price, commodity types and commodity quality. However, the important factors, which influence shopping location re-choice of residents, are commodity price, commodity quality, commodity types and transportation. 2. CSCE indexes of 12 commercial centers show us significant spatial characteristics, such as spatial differences of "Center-fringe region", spatial characteristics of axes, spatial diversity of ring roads and so on. 3. Influencing factors including factor endowments, relative establishment factor and location and transportation factor of commercial environment are of importance for CSCE. 4. Logit model 1 indicates that shopping behavior of residents is significantly and positively related to working in high-tech companies, high income and by car and positively related to high school diploma, by bus and subway. 5. Logit model 2 indicates that residents' shopping location decision is significantly and positively related to leisure establishment and relative restaurant and entertainment establishment and negatively related to commercial location, commodity price, service quality, parking site. 6. The significant index model and the pyramidal framework of CSCE indicate competitive advantages are crucial to attractive capability of commercial center, and competitive weakness limits development of commercial centers, in particular the weakness of service quality and parking site now is the chief factors restricting development of commercial centers

A note on an application of Arrow's theorem: sufficient conditions for Lucas' inflation and welfare

Bellman's methods for dynamic optimization constitute the present mainstream in economics. However, some results associated with optimal controI can be particularly usefuI in certain problems. The purpose of this note is presenting such an example. The value function derived in Lucas' (2000) shopping-time economy in Infiation and Welfare need not be concave, leading this author to develop numerical analyses to determine if consumer utility is in fact maximized along the balanced path constructed from the first order conditions. We use Arrow's generalization of Mangasarian's results in optimal control theory and develop sufficient conditions for the problem. The analytical conclusions and the previous numerical results are compatible .

Two additions to Lucas's "inflation and welfare"

This work adds to Lucas (2000) by providing analytical solutions to two problems that are solved only numerically by the author. The first part uses a theorem in control theory (Arrow' s sufficiency theorem) to provide sufficiency conditions to characterize the optimum in a shopping-time problem where the value function need not be concave. In the original paper the optimality of the first-order condition is characterized only by means of a numerical analysis. The second part of the paper provides a closed-form solution to the general-equilibrium expression of the welfare costs of inflation when the money demand is double logarithmic. This closed-form solution allows for the precise calculation of the difference between the general-equilibrium and Bailey's partial-equilibrium estimates of the welfare losses due to inflation. Again, in Lucas's original paper, the solution to the general-equilibrium-case underlying nonlinear differential equation is done only numerically, and the posterior assertion that the general-equilibrium welfare figures cannot be distinguished from those derived using Bailey's formula rely only on numerical simulations as well.

Integrability and the demand for monetary assets: an alternative approach to an old problem

This note provides necessary and su¢cient conditions for some speci…c multidimensional consumer’s surplus welfare measures to be well posed (path independent). We motivate the problem by investigating partial-equilibrium measures of the welfare costs of in‡ation. The results can also be used for checking path independence of alternative de…nitions of Divisia indexes of monetary services. Consumer theory classically approaches the integrability problem by considering compensated demands, homothetic preferences or quasi-linear utility functions. Here, instead, we consider demands of monetary assets generated from a shopping-time perspective. Paralleling the above mentioned procedure, of …nding special classes of utility functions that satisfy the integrability conditions, we try to infer what particular properties of the transacting technology could assure path independence of multidimensional welfare measures. We show that the integrability conditions are satis…ed if and only if the transacting technology is blockwise weakly separable. We use two examples to clarify the point.

Measures of the welfare cost of inflation: a complete ordering

This paper presents three contributions to the literature on the welfare cost of ináation. First, it introduces a new sensible way of measuring this cost - that of a compensating variation in consumption or income, instead of the equivalent variation notion that has been extensively used in empirical and theoretical research during the past fiftt years. We Önd this new measure to be interestingly related to the proxy measure of the shopping-time welfare cost of ináation introduced by Simonsen and Cysne (2001). Secondly, it discusses for which money-demand functions this and the shopping-time measure can be evaluated in an economically meaningful way. And, last but not least, it completely orders a comprehensive set of measures of the welfare cost of ináation for these money-demand specification. All of our results are extended to an economy in which there are many types of monies present, and are illustrated with the log-log money-demand specification.

Assorted topics in monetary economics

Esta tese é uma coleção de quatro artigos em economia monetária escritos sob a supervisão do Professor Rubens Penha Cysne. O primeiro desses artigos calcula o viés presente em medidas do custo de bem-estar da inflação devido a não se levar em conta o potencial substitutivo de moedas que rendem juros, como depósitos bancários.[1] O segundo se concentra na questão teórica de se comparar os escopos dos tradicionais modelos money-in-the-utility-function e shopping-time através do estudo das propriedades das curvas de demanda que eles geram.[2] O terceiro desses trabalhos revisita um artigo clássico de Stanley Fischer sobre a correlação entre a taxa de crescimento da oferta monetária e a taxa de acumulação de capital no caminho de transição.[3] Finalmente, o quarto diz respeito à posição relativa de cada uma de seis medidas do custo de bem-estar da inflação (uma das quais é nova) em relação às outras cinco, e uma estimativa do erro relativo máximo em que o pesquisador pode incorrer devido a sua escolha de empregar uma dessas medidas qualquer vis-à-vis as outras.[4] This thesis collects four papers on monetary economics written under the supervision of Professor Rubens Penha Cysne. The first of these papers assesses the bias occuring in welfare-cost-of-inflation measures due to failing to take into consideration the substitution potential of interest-bearing monies such as bank deposits.[1] The second one tackles the theoretical issue of comparing the generality of the money-in-the-utility-function- and the shopping-time models by studying the properties of the demand curves they generate.[2] The third of these works revisits a classic paper by Stanley Fischer on the correlation between the growth rate of money supply and the rate of capital accumulation on the transition path.[3] Finally, the fourth one concerns the relative standing of each one of six measures of the welfare cost of inflation (one of which is new) with respect to the other five, and an estimate of the maximum relative error one can incur by choosing to employ a particular welfare measure in place of the others.[4] [1] Cysne, R.P., Turchick, D., 2010. Welfare costs of inflation when interest-bearing deposits are disregarded: A calculation of the bias. Journal of Economic Dynamics and Control 34, 1015-1030. [2] Cysne, R.P., Turchick, D., 2009. On the integrability of money-demand functions by the Sidrauski and the shopping-time models. Journal of Banking & Finance 33, 1555-1562. [3] Cysne, R.P., Turchick, D., 2010. Money supply and capital accumulation on the transition path revisited. Journal of Money, Credit and Banking 42, 1173-1184. [4] Cysne, R.P., Turchick, D., 2011. An ordering of measures of the welfare cost of inflation in economies with interest-bearing deposits. Macroeconomic Dynamics, forthcoming.

A theoretical connection between inflation and income inequality

This work investigates the effects of inflation on income distribution. We use a dynamic shopping-time model to show that a differentiated access to transacting technologies by poor and rich consumers is enough to generate a positive link between inflation and the Gini coefficient of income distribution.

Bailey's measure of the welfare costs of infiation as a general-equilibrium measure

Lucas (2000) has ShO\nl t hat Baile,\"'s formula for t hc \\'elfare costs of inflatioIl caIl bc rcgardpd as an approximation to t hc gcneral-equilibriuIll IllCaSllH'S \\"hich emerge from thc Sidrauski anrl the shopping-time models, In this paper \\'c shm\' that Baile~"s mcaSllrc can bc cxactly obtairlf'd in tllf' Siclrauski geIleral-equilibri1lIn framp\\'ork under the assUIllption of quasilinpar prefpreIlC'cs, The rpslllt. based on ",heter or not \\'Palt h pffpcts are incorporatccl into t hp analysis, is also helpful in darif\'ing \\'hy Lucas' Illeasurp clerin'd from the Siclrauski model turns 01lt to be aIl upper bOllIlcl to Bailp~"s, T,,'o eXaInplcs arp used to illustratc t he main C'ondusions,

On the optimality of the Friedman Rule with heterogeneous agents and non-linear income taxation

We study the optimal “inflation tax” in an environment with heterogeneous agents and non-linear income taxes. We first derive the general conditions needed for the optimality of the Friedman rule in this setup. These general conditions are distinct in nature and more easily interpretable than those obtained in the literature with a representative agent and linear taxation. We then study two standard monetary specifications and derive their implications for the optimality of the Friedman rule. For the shopping-time model the Friedman rule is optimal with essentially no restrictions on preferences or transaction technologies. For the cash-credit model the Friedman rule is optimal if preferences are separable between the consumption goods and leisure, or if leisure shifts consumption towards the credit good. We also study a generalized model which nests both models as special cases.

The influence of travel time and size of shopping center towards the frequencies of visiting customers in shopping centers in surabaya

Visiting a modern shopping center is becoming vital in our society nowadays. The fast growth of shopping center, transportation system, and modern vehicles has given more choices for consumers in shopping. Although there are many reasons for the consumers in visiting the shopping center, the influence of travel time and size of shopping center are important things to be considered towards the frequencies of visiting customers in shopping centers. A survey to the customers of three major shopping centers in Surabaya has been conducted to evaluate the Ellwood’s model and Huff’s model. A new exponent value N of 0.48 and n of 0.50 has been found from the Ellwood’s model, while a coefficient of 0.267 and an add value of 0.245 have been found from the Huff’s model.