The complex evolution of information quality improvement in competitive market

Information is important market resource. High-quality information is beneficial to increase enterprise's reputation and reduce consumer's verification cost. This paper constructs a two-layer dynamic model, in which enterprises simultaneously conduct price and information game. The goal of profit maximization integrates two types of games into one system. The complex evolution of the two-layer system are studied by equilibrium analysis, stability analysis, bifurcation diagram, entropy and Lyapunov exponent. It is found that improving the information quality through regulations will increase involution and reduce stability of the market. Then, the block chain technology is introduced into the model for improving information quality of the market. It is found that increasing enterprises' willingness to adopt block chain can improve the information quality quickly and effectively, and that is verified by entropy value. Therefore, the application and promotion of new technologies are more effective than exogenous regulations for improving information quality in market.

How the hospitality industry reacts to COVID-19: structural, managerial and tactical factors

This paper investigates hoteliers’ short-term recovery strategies during the pandemic. Stemming from management crisis theory and the resource-based view of the firm, this article focuses on two environments differently hit by COVID-19, i.e. London and Munich. The findings show that hotels with a more managerial approach have more proactively applied dynamic pricing strategies. When dealing with high severity levels of the pandemic, hoteliers make use of a more streamlined booking portfolio to cope with the crisis. We provide theoretical implications and actionable managerial levers for hoteliers and the wider pricing community on how to maximize revenues during the pandemic.

Manager and vendor perceptions of farmers’ markets’ impacts on communities: evidence from Michigan

Purpose>The purposes of this paper are to: (1) characterize farmers’ market manager and vendor perceptions of the economic, social and environmental impact markets have on their local communities;and (2) how those impacts are tracked and communicated to market actors and the local community.Design/methodology/approach>Twenty-nine semistructured interviews were conducted with market managers and vendors across four farmers’ markets within Michigan. The interviews were coded and analyzed using thematic analysis.Findings>Managers and vendors report economic and social and environmental benefits associated with the presence of a farmers' market, consistent with the existing literature. Metrics are tracked to estimate market impact, particularly economic and social benefits. Market managers reported uncertainty about how best to use data internally, and there are gaps in communicating market impacts with vendors. Most data are used for external reporting, to statewide organizations or for grant evaluation. Respondents reported data fatigue and unwillingness among vendors to share personal business information due to concerns about privacy relative to the perceived benefits of sharing data.Practical implications>Additional resources are needed for markets, specifically market managers, to better utilize the data they collect for internal versus external purposes.Originality/value>Metric collection and reporting are a nascent development among markets. Understanding how market actors are utilizing these tools will provide guidance to improve future efforts at impact measurement.

Listed public–private enterprises: stock market information, agency costs and productive efficiency outcomes

Purpose>This paper addresses the social value of commercial enterprises that are jointly owned by a government and private sector investors and where the shares are listed on a stock exchange: thus, “listed public–private enterprises” (LPPEs). The theoretical part of the paper addresses how differences in ownership patterns influence the behavior and performance of LPPEs.Design/methodology/approach>We develop a conceptual taxonomy, drawing on the empirical evidence on the behavior and performance of public–private hybrid enterprises and on the application of agency theory to that evidence. The taxonomy discussion predicts how different ownership patterns affect enterprise productive efficiency and the ability of governments to achieve social goals through LPPEs. We review the empirical literature on government enterprise ownership and on the concentration of private share ownership to deduce how these matter for owner and managerial behavior and productive efficiency. We review the literature that considers the informational content that listing of an enterprise's shares on a stock exchange can provide to enterprise owners, managers and other domestic audiences with a policy interest. We employ a social welfare perspective to derive policy implications as to when the LPPE governance structure is most appropriate.Findings>We show how the monitoring and performance weaknesses of state ownership are offset by some private ownership, particularly when combined with listing on a stock exchange. We demonstrate the effects of different governance structures on enterprise productive efficiency. We find that the LPPE structure is particularly appropriate as an alternative to nationalization or to full privatization and regulation of natural monopoly public utilities, and as an alternative to full private ownership and taxation of non-renewable natural resource extractive enterprises.Originality/value>This paper explicitly addresses the question of why and how the combination of government ownership, private investor ownership and listing on an exchange is socially valuable in providing information on productive efficiency to governments.

Optimal Breeding Strategy for Livestock with a Dynamic Price

China’s livestock output has been growing, but domestic livestock products such as beef, mutton and pork have been unable to meet domestic consumers’ demands. The imbalance between supply and demand causes unstable livestock prices and affects profits on livestock. Therefore, the purpose of this paper is to provide the optimal breeding strategy for livestock farmers to maximize profits and adjust the balance between supply and demand. Firstly, when the price changes, livestock farmers will respond in two ways: by not adjusting the scale of livestock with the price or adjusting the scale with the price. Therefore, combining the model of price and the behavior of livestock farmers, two livestock breeding models were established. Secondly, we proposed four optimal breeding strategies based on the previously studied models and the main research method is Pontryagin’s Maximum Principle. Optimal breeding strategies are achieved by controlling the growth and output of livestock. Further, their existence was verified. Finally, we simulated two situations and found the most suitable strategy for both situations by comparing profits of four strategies. From that, we obtained several conclusions: The optimal strategy under constant prices is not always reasonable. The effect of price on livestock can promote a faster balance. To get more profits, the livestock farmers should adjust the farm’s productivity reasonably. It is necessary to calculate the optimal strategy results under different behaviors.