When it comes to behavioral change, economic design and behavioral science are complements, not substitutes. Chater & Loewenstein give examples from policy design. In this commentary, I use examples, often from my own research, to show how behavioral insights inform the design of the rules that govern market transactions.

Economic methodologists join economists in crediting market designers for taking a pragmatic approach toward improving markets for the common good. Accordingly, the new wave of market design, designated ‘tech economics,’ now accepts responsibility for pursuing efficiency, as well as a myriad of other policy goals. Yet, ambiguity surrounds the targets they hold out for intervention and therefore the justifications they have offered for the continued deployment of their designs. By scrutinizing the theoretical and practical features of these (...) designers’ ‘markets,’ this paper finds that market designers have offered to assist platforms in extending their domains of governance. While this stance has opened up multitudes of design opportunities, the attendant conceptual shift raises questions not only about the activities undertaken by specific tech economists, but more generally about the plausibility of the economist’s professed stance to improve markets for the benefit of all. (shrink)

The rapid popularity of mobile shopping makes people’s lives more convenient, but it also makes it easier for customers to change providers. How to use marketing stimulus to retain customers has become an urgent concern for mobile sales companies. However, the theoretical researches in this field are not enough. For this reason, this study used the methods of literature review and structural equation to explore the effects of mobile marketing design factors on the continual intention of consumers in mobile (...) shopping by using the S-O-R model and its extended theories. The conclusions of the research showed that interface quality of mobile sales terminal and integrity of mobile sales terminal had significant positive impacts on consumption emotion; sales promotion in mobile sales terminal had a significant positive impacts on continual intention of mobile shopping; consumption emotion had a significant positive effect on continual intention of consumers in mobile shopping; consumption emotion played a significant mediating role in the relationship between interface quality of mobile sales terminal and continual intention of mobile shopping and between integrity of mobile sales terminal and continual intention of mobile shopping. The conclusions could not only enrich the theories of mobile shopping behavior but also provide guidance for companies to carry out mobile marketing activities and allocate marketing resources rationally. (shrink)

Department of Economics, George Mason University, MSN 1D3, Carow Hall, Fairfax VA 22030, USA E-mail: rhanson@gmu.edu (http://hanson.gmu.edu).

Dans cet article, l’objectif est de montrer que l’acceptation politique et sociale des mécanismes d’appariement pour les reins mis au point par Roth, Ünver et Sönmez nous fournit de quoi comprendre le rejet de la logique marchande dans le cadre de certains biens. Nous nous pencherons particulièrement sur trois explications généralement convoquer pour expliquer ce rejet : (I) le caractère corrupteur de la monnaie, (II) l’idée selon laquelle le marché en tant que tel devrait être rejeté, et (III) l’hypothèse selon (...) laquelle le rejet du marché reposerait avant tout sur le fait que ce dernier engendrerait un rapport de domination entre l’offreur et le demandeur. Par le biais d’une analyse comparative entre les propositions de marchés aux organes (rejetées dans la plupart des pays) et les systèmes d’appariement proposés par Roth, Ünver et Sönmez (2004, 2005, 2007) - mis en place dans un grand nombre de pays - nous nuancerons ces explications au profit d’une quatrième : le marché aux organes est rejeté non pas parce qu’il génère de la domination, mais parce qu’il présuppose la vulnérabilité des offreurs potentiels : sans vulnérabilité, pas de marchés d’organes. (shrink)

Where economists previously viewed the market as arising from a ‘spontaneous order’, antithetical to design, they now design markets to achieve specific purposes. This paper reconstructs how this change in what markets are and can do came about and considers some consequences. Two decisive developments in economic theory are identified: first, Hurwicz’s view of institutions as mechanisms, which should be designed to align incentives with social goals; and second, the notion of marketplaces – consisting of infrastructure and (...) algorithms – which should be designed to exhibit stable properties. These developments have empowered economists to create marketplaces for specific purposes, by designing appropriate algorithms. I argue that this power to create marketplaces requires a shift in ethical reasoning, from whether markets should reach into certain spheres of life, to how market algorithms should be designed. I exemplify this shift, focusing on bias, and arguing that transparency should become a goal of market design. (shrink)

Value-sensitive design conceived as an a priori process is necessarily uncompleted, because the foresight needed to accommodate competing values in trueaccord with consumers’ wishes is simply unavailable ab initio. True value-sensitive design is, instead, an ongoing process of market discovery which is evolutionary in nature rather than a priori. We illustrate this generality with the landline telephone.

This work aims to study strategies used in Argentine local development experiences, focussing on industrial design, marketing and entrepreneurship. In order to this purpose, backgrounds are analysed with this approach adding the study of three strategic plans for national and provincial-level that are currently in force. With the analysis of the transport system in the last decade, an accelerated cost increase is evident, resulting in a relatively higher price of distributed products. This situation that was initially perceived as a (...) disadvantage finally set up an opportunity to produce locally. The goal of this paper is to provide tools that contribute to the work shipped by key institutions for local development (public, private and intermediary organisations), and the way these interact with the actors and the territory. In particular, the identification of productive sectors and the selection of goods that can be produced and consumed locally, as a key input for the formulation of projects. (shrink)

The product market competition has become a global challenge for business organizations in the challenging and competitive market environment in the influx of the COVID-19 outbreak. The influence of products competition on organizational performance in developed economies has gained scholars’ attention, and numerous studies explored its impacts on business profitability. The existing studies designate mixed findings between the linkage of CSR practices and Chinese business firms’ healthier performance in emerging economies; however, the current global crisis due to the (...) coronavirus has made product market completion fierce, which ultimately affects business firms’ performance. This study focuses on this logical global challenge, investigates the rationale, and examines product-market completion impact on firms’ performance operating in the Chinese markets. The study collected data from the annual reports of Chinese business organizations with A-share listing and registered with the database of China Stock Markets and Accounting Research. The study employed a Generalized Method of Moment technique and investigated the connection between product market competition and Chinese firm performance. The empirical analysis of this study highlights the conclusion that market competition positively and significantly affected business firms’ performance. This study specified that product market competition play a dynamic and indispensable role in achieving healthier firm performance in the Chinese markets. This study provides valuable insights on practical implications and future research directions for the scholars to draw interesting results with new study models. (shrink)

Both fairness and efficiency are important considerations in market design and regulation, yet many regulators have neither defined nor measured these concepts. We develop an evidencebased policy framework in which these are both defined and measured using a series of empirical proxies. We then build a systems estimation model to examine the 2003–2011 explosive growth in algorithmic trading on the London Stock Exchange and NYSE Euronext Paris. Our results show that greater AT is associated with increased transactional efficiency (...) and reduced information leakage in top quintile stocks. For less liquid stocks, manipulation at the close declines. We also document the tradeoff between reduced spreads and increased manipulation or information leakage following the introduction of MiFID1. (shrink)

This article offers an analysis of marketing as an ideological set of practices that makes cultural interventions designed to infuse social relations with biopolitical injunctions. We examine a contemporary site of heightened attention within marketing: the rise of online communities and the attendant profession of social media marketing managers. We argue that social media marketers disavow a core problem; namely, that the object at stake, the customer community, barely exists. The community therefore functions ideologically. We describe the ideological gymnastics necessary (...) for maintaining momentum behind a practice that barely exists and we ponder why such ideologies are necessary, and what they allow the marketer to do. Working with such concepts as ‘the wild’, ‘communicative capitalism’, and ‘biopolitical marketing’, we explore a genre of popular business literature that proselytizes for online customer communities and we reflect on the broader implications. (shrink)

This article analyses the representational politics of global commodity networks, where certified forest products are produced and consumed, approaching them as complex forms of governance in which diverse actors, images, conventions and values interact. The study draws upon a case study of certified Honduran community forestry groups producing furniture and kitchenware for Danish design markets. Special focus is on the forms of negotiation and contestation through which the different actors mediate the representations and imagery circulating in the marketing of (...) certified products and on their differential access to control and power. The research illustrates how leading retailers, in negotiation with environmental organisations, modify definitions of quality and guide consumers’ expectations of certified southern forest products, by building images of southern community forest producers as authentic and exotic ‘others'. The article concludes that certification as a market-based form of governance has had only limited impact on altering the unequal relationships characteristic of global networks of production and consumption. (shrink)

In the wake of recent corporate scandals, this paper examines the claim made by John Boatright that business ethics, as it is currently conceived, “rests on a mistake.” Ethics in business should not be achieved through managerial vision, discretion or responsibility; rather, ethics should shape the design of institutions that regulate business from the outside. What ethicists should advocate for, according to Boatright, are moral markets not moral managers. I explore the empirical and normative dimensions of his claim with (...) special attention paid to the extent to which Boatright’s development of the economic theory of the firm supports his position. I conclude by suggesting some reasons why moral markets and moral management are compatible frameworks for corporate reform. (shrink)

While various strategic business issues related to product design have been explored by academicians and practitioners, one issue has largely been ignored: how do financial markets assess and evaluate companies’ product design? The purpose of this article is to examine this issue, especially when it comes to the assessments and evaluations made by the most essential actors of contemporary financial markets: investment analysts and institutional investors. I develop propositions concerning the product design-related evaluative schemes and heuristics used (...) by the financial market actors in evaluating companies as investment opportunities. I illustrate my propositions with examples from, e.g., the mobile phone industry as well as with interview excerpts from interviews with investment analysts and institutional investors. Propositions are provided both for assessments of companies’ individual end products (‘design as the end product’ perspective) and for assessments of companies’ design capabilities (‘design as a capability’ perspective). In essence, the propositions highlight that the evaluative schemes used by financial market actors are partly rational, yet involve biases and are likely to lead to overvaluation and undervaluation of certain kinds of product designs by certain kinds of companies. Thus, even from the perspective of profit-maximization, many of the evaluative schemes of the financial market actors are, at most, quasi-rational. Moreover, the evaluative schemes of the financial market actors may motivate company managers to pursue certain kinds of product design rather than others—and may even lead to self-reinforcing (vicious or virtuous) circles of certain kinds of product designs being advocated. (shrink)

We design an agent based Monte Carlo model of antibiotics research and development to explore the effects of the policy intervention known as Market Entry Reward on the likelihood that an antibiotic entering pre-clinical development reaches the market. By means of sensitivity analysis we explore the interaction between the MER and four key parameters: projected net revenues, R&D costs, venture capitalists discount rates, and large pharmaceutical organizations' financial thresholds. We show that improving revenues may be more efficient (...) than reducing costs, and thus confirm that this pull-based policy intervention effectively stimulates antibiotics R&D. (shrink)

Contemporary marketing is commonly characterized by the marketing concept which enjoins marketers to determine the wants and needs of customers and then to try to satisfy them. This view is standardly developed, not surprisingly, in terms of normal or ordinary consumers. Much less frequently is attention given to the vulnerable customers whom marketers also target. Though marketing to normal consumers raises many moral questions, marketing to the vulnerable also raises many moral questions which are deserving of greater attention.This paper has (...) three objectives. First, it explores the notion of vulnerability which a target audience might have. I argue that we must distinguish those who are specially vulnerable from normal individuals, as well as the susceptible and the disadvantaged - two other groups often distinguished in marketing literature. Second, I contend that marketing to the specially vulnerable requires that marketing campaigns be designed to ensure that these individuals are not treated unfairly, and thus possibly harmed. Third, I maintain that marketing programs which violate this preceding injunction are unethical or unscrupulous whether or not those targeted are harmed in some further manner. Accordingly, social control over marketing to the vulnerable cannot simply look to consumer injury as the measure of unfair treatment of the vulnerable. (shrink)

This paper is designed to respond to the conference theme of making business ethical specifically within a marketing context. Ethical marketing challenges marketers to move away from illusory and deceptive brand promises to make way for a form of marketing which serves the consumer with creative and truthful messages. The paper markets virtue to marketers whilst exploring existing marketing deontologies and the problem of the depersonalised relationship between marketer and consumer. ‘Marketing virtue’ is approached within an ontology that begins with (...) the marketer as a moral agent. Six virtues–based principles are proposed as a creative resource to improve the ethical performance of contemporary marketing. True prosperity for both marketer and consumer is seen within the Aristotelian concept of ευδαιμονια. (shrink)

Commercial genetic testing offered over the internet, known as direct-to-consumer genetic testing (DTC GT), currently is under ethical attack. A common critique aims at the limited validation of the tests as well as the risk of psycho-social stress or adaption of incorrect behavior by users triggered by misleading health information. Here, we examine in detail the specific role of advertising communication of DTC GT companies from a medical ethical perspective. Our argumentative analysis departs from the starting point that DTC GT (...) operates at the intersection of two different contexts: medicine on the one hand and the market on the other. Both fields differ strongly with regard to their standards of communication practices and the underlying normative assumptions regarding autonomy and responsibility. Following a short review of the ethical contexts of medical and commercial communication, we provide case examples for persuasive messages of DTC GT websites and briefly analyze their design with a multi-modal approach to illustrate some of their problematic implications. We observe three main aspects in DTC GT advertising communication: (1) the use of material suggesting medical professional legitimacy as a trust-establishing tool, (2) the suggestion of empowerment as a benefit of using DTC GT services and (3) the narrative of responsibility as a persuasive appeal to a moral self-conception. While strengthening and respecting the autonomy of a patient is the focus in medical communication, specifically genetic counselling, persuasive communication is the normal mode in marketing of consumer goods, presuming an autonomous, rational, independent consumer. This creates tension in the context of DTC GT regarding the expectation and normative assessment of communication strategies. Our analysis can even the ground for a better understanding of ethical problems associated with intersections of medical and commercial communication and point to perspectives of analysis of DTC GT advertising. (shrink)

Though more connected today than ever before, the Far East and the West are still divided by an issue which first arose more than 400 years ago: the complaint of the West that its ideology has never been fully adopted by China. To provide a useful conceptual framework for a discussion of this intriguing situation, this essay invokes the instructive give-and-take of market exchange on the famed Silk Road in the long ancient past and takes a careful and close (...) look at the analogous enactment of the same principle in the quiet but consequential transplantation of Chinese horticultural and related philosophical ideas to England and continental Europe in the seventeenth and eighteenth centuries and in the initially skeptical but eventually appreciative reception of many Western political and technological ideas in China in the last two centuries. (shrink)

Design research programs attempt to bring together the properties of available materials and the demands derived from intended applications. The logic of problem states and state transitions in such programs, including assessment criteria and heuristic principles, is described in settheoretic terms, starting with a naive model comprising an intended profile and the operational profile of a prototype. In a first concretization the useful distinction between structural and functional properties is built into the model. In two further concretizations the inclusion (...) of potential applications is motivated and described for the case of drug research as well as the inclusion of potential realizations for the case of complex products. Next, another line of concretization of the naive model, the incorporation of potentially relevant properties, is sketched. Then the partial analogy between product- and truth-approximation is indicated. We conclude with some remarks about the usefulness of our models for products reaching the market in comparison to the the so-called social construction of technology approach. (shrink)

Around the globe, economists affect markets by saying what markets are doing, what they should do, and what they will do. Increasingly, experimental economists are even designing real-world markets. But, despite these facts, economists are still largely thought of as scientists who merely observe markets from the outside, like astronomers look at the stars. Do Economists Make Markets? boldly challenges this view. It is the first book dedicated to the controversial question of whether economics is performative--of whether, in some cases, (...) economics actually produces the phenomena it analyzes.The book's case studies--including financial derivatives markets, telecommunications-frequency auctions, and individual transferable quotas in fisheries--give substance to the notion of the performativity of economics in an accessible, nontechnical way. Some chapters defend the notion; others attack it vigorously. The book ends with an extended chapter in which Michel Callon, the idea's main formulator, reflects upon the debate and asks what it means to say economics is performative.The book's insights and strong claims about the ways economics is entangled with the markets it studies should interest--and provoke--economic sociologists, economists, and other social scientists.In addition to the editors and Callon, the contributors include Marie-France Garcia-Parpet, Francesco Guala, Emmanuel Didier, Philip Mirowski, Edward Nik-Khah, Petter Holm, Vincent-Antonin Lépinay, and Timothy Mitchell. (shrink)

If free markets consist in nothing more than “capitalist acts between consenting adults,” and if in the old legal maxim “volenti non fit injuria,” then it seems to follow that free markets do no wrongs. But that defense of free markets wrenches the “volenti” maxim out of context. In common law adjudication of disputes between two parties, it is perfectly appropriate to cast standards of “volenti” narrowly, and largely ignore “duress via third parties” (wrongs done to or by others who (...) are not themselves party to the action). In economic markets, of course, those third-party effects are rife. But we want them to be rectified systematically, not piecemeal through particular cases between particular parties that happen to come to court. That is the proper province of political philosophers and system-designers, in critiquing and constraining the operation of the market. (shrink)

In a recent contribution to this Journal, Matthew Caulfield urges business owners to curtail the influence of their moral conscience on market decisions: in deciding with whom to transact, vendors should adopt an attitude of impersonalism; they should not deny service on account of moral objections to customers' personal characteristics. The history of service denial in the United States is dominated by business owners denying service to Black customers. Civil rights legislation since the Reconstruction era has been designed to (...) eradicate discrimination in contractual relationships, though its successes have been partial. In the foregoing decade, cases of denying service to LGBTQ + people have rekindled debate about discrimination by businesses. This essay places Caulfield's moral argument for impersonalism into its contemporary legal and legislative context, for it is legislatures and courts which ultimately regulate business conduct. Many matters raised by Caulfield surface in legal debates, though in some decisive recent decisions, courts have not sided with impersonalism. In explaining why, I offer a critique of contemporary legal reasoning in cases of service denial and argue that proponents of impersonalism have reason to be concerned at the granting to businesses the privilege of denying service. (shrink)

The World Health Organisation (WHO) is leading a global effort to deliver improved diagnostic testing to people living in low‐resource settings. A reliance on the healthcare technologies marketplace and industry, shapes many aspects of the WHO project, and in this situation normative guidance comes by way of the ASSURED criteria — Affordable, Sensitive, Specific, User‐friendly, Rapid and robust, Equipment‐free, and Delivered. While generally improving access to diagnostics, I argue that the ASSURED approach to distributive justice — efficiency — and assessment (...) of worth — productivity — may constrain efforts to deliver timely and accurate diagnosis in the developing world equitably by holding back new and innovative diagnostics and indirectly encouraging program and device design that may unfairly discriminate against certain groups. Even as we try to overcome the problem of global healthcare injustice, we may be entrenching disadvantage. I present my critique of ASSURED by 1) referencing Boltanski and Thévenot's theory of orders of worth to highlight the industrial and market foundations of the ASSURED guidelines; 2) comparing ASSURED with other normative guides that elevate the importance of civic responsibility in evaluations of distributive justice; 3) presenting a case study of the failed promise of microfluidic diagnostic devices. I conclude that a new approach to normative guidance is required to assess the value of developing world diagnostics, preferably, one that does not force global public goods into the marketplace. (shrink)

Why do people buy particular products? Which are the antecedents that lead to the decision in favour of or against the purchase? Knowledge of the underlying semiotic and perceptual mechanisms is of key importance for understanding marketing processes. There are different psychological approaches that help to explain the effects of advertisements and product design. Analysing the sign processes of marketing clarifies the strategies applied. By identifying the manipulative functions of advertising, this book supports the consumers' critical discourse.

The goal has been to devise a strategy that protects as much as possible the rights and liberties of all agents, both users of fossil fuels and people whose livelihoods and territories are at risk if the anthropogenic global warming hypothesis is true. To achieve this goal the standard climate policy instruments, taxes and emissions trading, should be discontinued. There are weaknesses in the theoretical perspectives used to justify these policy instruments and climate science cannot provide the knowledge that would (...) be needed to justify their implementation. In their place I propose a privatised policy, based on Austrian and libertarian frameworks of thought, which share an interpretation of climate change as a putative interpersonal conflict rather than market failure. The use of fossil fuels, like any other economic activity, should be subject to side-constraints designed to avoid the infringement of other people’s property rights. Tort litigation on the basis of strict liability would protect these rights, insofar as they need protecting. By providing a public arena for the competitive testing of scientific hypotheses concerning climate change, such litigation would also promote the public understanding and even the advancement of climate science. (shrink)

This 2000 text applies modern advances in game theory to the analysis of competition policy and develops some of the theoretical and policy concerns associated with the pioneering work of Louis Phlips. Containing contributions by leading scholars from Europe and North America, this book observes a common theme in the relationship between the regulatory regime and market structure. Since the inception of the new industrial organization, economists have developed a better understanding of how real-world markets operate. These results have (...) particular relevance to the design and application of anti-trust policy. Analyses indicate that picking the most competitive framework in the short run may be detrimental to competition and welfare in the long run, concentrating the attention of policy makers on the impact on the long-run market structure. This book provides essential reading for graduate students of industrial and managerial economics as well as researchers and policy makers. (shrink)

Medical practitioners owe much of the significant progress made in the diagnosis and treatment of disease to industrial research. Hence, co-operation between providers of medical services, most notably medical practitioners, and the pharmaceutical industry is in the best interest of patients. Yet, empirical evidence shows how well-directed influence exerted by the pharmaceutical industry impacts physicians’ decision-making. Profit-motivated inducement by the pharmaceutical industry may expose patients to considerable risks. Against what many think to be based on overwhelming evidence, Joao Calinas-Correia takes (...) the view that the criticism levelled at the pharmaceutical industry as well as the call for transparency in the relationships between physicians and the industry are exaggerated. In his polemic he praises “Big Pharma” as a success and espouses the view that the undesired consequences of its activities are allegedly inherent in the underlying market environment shaped by politics. Moreover, he believes that the proposals made to control and eliminate such undesired effects will lead to mediocrity. Astonishingly, his polemic reaches out to contest the appropriateness of setting rules at all—even if being set by a democratic process. Calinas-Correia’s assertions are based on the wrong premises. They fail to recognize that today individual civil rights and liberties often enough do not have to be defended against encroachments by governmental authorities. Rather, it is incumbent on the state to create rules designed to defend the individual against infringements by overly powerful non-governmental institutions, in our case the medical-industrial complex. Given the power exercised by physicians and the special nature of their role in public health, clear-cut rules have to be enacted and implemented with respect to their relationship to Big Pharma. (shrink)

This book introduces a study of ethics and values to develop a deeper understanding of markets, business, and economic life. Its distinctive feature is its thorough integration across personal and institutional perspectives; across applied ethics and political philosophy; and across philosophy, business, and economics. Part I studies markets, property rights, and law, and introduces normative theories with many applications. ¿Part II examines the purpose of corporations and their responsibilities. Parts III and IV analyze business and economic life through the ethics (...) and values of welfare and efficiency, liberty, rights, equality, desert, personal character, community, and the common good. This Second Edition maintains the strengths of the First Edition ¿ short, digestible chapters, and engaging writing that explain challenging ideas clearly. The material is user-friendly, with an emphasis on a strong theoretical core. Easily adaptable to the instructor¿s teaching, the chapters are separable and can be shaped to the interests of the instructor with suggested course outlines and flexible application to case studies. This text is designed both for coursework in Business Ethics as well as interdisciplinary programs in Philosophy, Politics, Economics, and Law. This Second Edition: Expands presentation of eight normative theories, with increased emphasis on links between these theories and business and economic life Incorporates recent scholarship on shareholder / stakeholder debates about the purpose of corporations, bringing this important topic up to date Includes a new streamlined Preface/Introduction that provides a quick overview of the book before smoothly guiding the reader to the first chapter Uses updated examples and applications for today¿s readers Revamps a useful Appendix, including enhancing the popular primer on ethics Introduces a List of Further Readings at the end of each chapter and notable biographies throughout, directing students to the most promising literature for further research Includes a new ending chapter on the value of an ethical life. (shrink)

Mechanism design is a form of optimization developed in economic theory. It casts economists as institutional engineers, choosing an outcome and then arranging a set of market rules and conditions to achieve it. The toolkit from mechanism design is widely used in economics, policymaking, and now in building and managing online environments. Mechanism design has become one of the most pervasive yet inconspicuous influences on the digital mediation of social life. Its optimizing schemes structure online advertising (...) markets and other multi-sided platform businesses. Whatever normative rationales mechanism design might draw on in its economic origins, as its influence has grown and its applications have become more computational, we suggest those justifications for using mechanism design to orchestrate and optimize human interaction are losing traction. In this article, we ask what ideological work mechanism design is doing in economics, computer science, and its applications to the governance of digital platforms. Observing mechanism design in action in algorithmic environments, we argue it has become a tool for producing information domination, distributing social costs in ways that benefit designers, and controlling and coordinating participants in multi-sided platforms. (shrink)

Experts identified water quality, manure, good handling practices (including personal hygiene and equipment sanitation), and traceability as critical farm problem areas that, if addressed, are likely to decrease risk associated with microbial contamination of fresh produce from all scales of agriculture. However, the diverse nature of production strategies used by produce farmers presents multiple options for addressing foodborne illness issues while simultaneously creating potential complications. We use a mental models methodology to enhance our understanding of the underlying factors and assumptions (...) of small, medium, and large produce growers that influence their decision-making processes for contamination prevention and control. This empirical evidence demonstrates how challenges and opportunities to food safety are related to the scale of production and marketing strategies. We believe that refining the development of standards and existing extension and outreach food safety programs are important to both consumer protection and supporting agricultural communities. Additionally, this approach will help develop and refine food safety programs that will result in empirically grounded recommendations based on identified grower information needs. (shrink)

The aim of this study is to explore social media marketing activities and their impact on consumer intentions. This study also analyzes the mediating roles of social identification and satisfaction. The participants in this study were experienced users of two social media platforms Facebook and Instagram in Pakistan. A self-administered questionnaire was used to collect data from respondents. We used an online community to invite Facebook and Instagram users to complete the questionnaire in the designated online questionnaire system. Data were (...) collected from 353 respondents, and structural equation modeling was used to analyze the data. Results show that SMMAs have a significant impact on the intentions of users. Furthermore, social identification mediates the relationship between social media activities and satisfaction, and satisfaction mediates the relationship between social media activities and the intentions of users. This will help marketers how to attract customers to develop their intentions. This is the first novel study that used SMMAs to address the user intentions with the role of social identification and satisfaction in the context of Pakistan. (shrink)

Individuals often deem market transactions in sex, human organs and surrogacy, among others, repugnant. Repugnance norms can be explained by appealing to social-status concerns. We study an exchange economy in which agents abhor consumption dominance: one’s social status is compromised if one consumes less of every good than someone else does. Dominance may be forestalled by partitioning goods into submarkets and then invoking the repugnance norms that proscribe trade across these submarkets. Dominance may also be forestalled if individuals strategically (...) ‘overconsume’ some goods, interpreted as emergent status goods. When equilibria are multiple, there is scope for welfare-enhancing policies that coordinate on status goods. (shrink)

Based on an abductive analytic study, we examine financial and social value incorporation in the multi-valued market of impact investing. This paper draws on interviews with investment professionals in 54 charitable foundations, intermediary and field building organizations in the impact investing market, to compare market objectives with practice, and to determine whether social and financial values are incorporated, thus producing ‘returns’ of both types through market exchange. We find unincorporated valuation is apparent at both the (...) class='Hi'>market level and for several types of investors in contrast with the incorporated or even integrated valuations of other investors. This demonstrates that rather than incorporating logics in a binary or hybrid way, valuation in the moral market of impact investing occurs in a multiplicity of ways and on different levels of the market, depending on a variety of factors including adherence to traditional financial market standards and market design and maintenance. (shrink)

We develop a framework for assessing security market quality, relating five elements of market design to three metrics of market integrity and two metrics of market efficiency. We empirically implement this integrity–efficiency MQ framework by testing a hypothesis that trade-based ramping manipulation at the close raises execution costs on 24 security markets worldwide. Estimating a simultaneous equations model of ramping incidence, spreads, and the probability of deploying real-time surveillance, we show that quoted bid-ask spreads are (...) positively related to the incidence of MTC across seven liquidity deciles. The magnitude is economically significant; improving market integrity by cutting MTC in half reduces spreads 6–11 %. Allowing direct market access in conjunction with RTS, conducting auctions at the close, and developing regulations that require surveillance, all reduce MTC and thereby lower spreads, assuring better market integrity and enhancing market efficiency. Introducing circuit breakers or prohibiting shorts poses integrity–efficiency tradeoffs. (shrink)

This paper describes a flaw in the teaching of issues related to market economics and social justice at American institutions of higher learning. The flaw we speak of is really a gap, or an educational disconnect, which exists between those faculty who support market-based economies and those who believe capitalism promotes economic injustice. The thesis of this paper is that the gap is so wide and the ideas that are promoted are so disconnected that students are trapped into (...) choosing one or the other position (or neither) and are left unable to link the two sides of the discussion. Such an educational process is not one that produces free and reasoned discernment. In this paper, we briefly relate how we came to be aware of the disconnect and its harms. We present evidence that a pedagogical gulf exists within the teaching of markets and capitalism at American universities - faculty interviews, course syllabi, portions of the corpus of material generally referred to as Catholic Social Thought, as well as references to traditional, mainstream economic theory. Further, we give evidence of the confusion and frustration among students this gulf causes. We suggest possible reasons for the gulf-primarily through an investigation of the differences in underlying assumptions and misperceptions that exist between two divisions within universities. We conclude by suggesting a set of curricular changes designed to improve teaching. The authors' aim is not to change people's minds. It is to change their teaching. The authors believe that these curricular changes will leave students less frustrated and better prepared for a life of significant service - with improved critical thinking skills. (shrink)

In his latest book, _Ethics for Capitalists_, Joseph Heath draws on his many years of thinking about business ethics to propose, as the book’s subtitle indicates, “a systematic approach to business ethics, competition, and market failure.” He develops his argument carefully, draws on a wealth of interdisciplinary work, uses valuable and insightful examples, contrasts his views with important alternatives, and provides responses to compelling objections. In this review article, we argue that his book revises and sharpens many of Heath’s (...) earlier ideas, addressing important criticisms raised against them. We highlight that the book also offers a broad macro-level framework for market design, an explanation of how current corporate governance structures fit such a framework, and concrete responses to micro-level questions about what businesses and individuals ought to do. By doing all of this, his book shifts the scope of the “market failures approach” (MFA) from what used to be a narrow focus on the obligations of professional managers to an encompassing “ethics for capitalists” that ought to guide any economic actor within a capitalistic system. Despite the many merits of his book, we conclude by discussing some concerns we have about its scope and methodology. (shrink)

Reserve systems are a tool to allocate scarce resources when stakeholders do not have a single objective. This paper introduces some basic concepts about reserve systems for pandemic medical resource allocation. At the onset of the Covid-19 pandemic, we proposed that reserve systems can help practitioners arrive at compromises between competing stakeholders. More than a dozen states and local jurisdictions adopted reserve systems in initial phases of vaccine distribution. We highlight several design issues arising in some of these implementations. (...) We also offer suggestions about ways practitioners can take advantage of the flexibility offered by reserve systems. (shrink)

This essay provides a rationale for a regulated market for human oocytes. Although the commodification of human oocytes raises important moral concerns, these concerns do not justify laws banning commerce in human eggs. Given the burgeoning ART industry and the growing oocyte market, the most prudent course of action is to develop regulations for the human oocyte market that are designed to protect and promote important social values, such as health, safety, liberty, and respect for human life. (...) Other responses, such as banning the sale of eggs altogether or allowing donors to be compensated only for their services, would either create a black market or would lead to corruption and abuse. Society still needs to debate specific rules and policies that should govern the human egg market, but further discussion of that important task is best left to legislative bodies and other commentators. (shrink)

Should perfectionist ideals of meaningful work play a significant part in the design of economic systems? In an influential article (Meaningful Work and Market Socialism), Richard Arneson rejected this traditional socialist view. Instead, he maintained, it should be left to the market, as a system that is consistent with the principle of neutrality, to determine the extent to which such work is available, and socialists should restrict their normative concerns primarily to issues of distributive justice. Against this (...) it is argued here that market economies appear to be neutral only if understood in neo-classical, rather than institutionalist terms. From the latter perspective, market economies can be shown to take a number of institutionally distinct forms, which differ significantly in how far they favour the satisfaction of preferences for meaningful work. Collective choices between these alternative systems should take account of these differences, and the adoption of market economies does not avoid the need for perfectionist judgments in politics. (shrink)

Under what conditions do motherhood penalties emerge in countries undergoing transition from state socialism to capitalism? This analysis identifies the ways managers in global financial firms employ gendered assumptions in constructing and implementing labor practices among highly skilled professional workers in Hungary. Relying on 33 in-depth interviews with employers as well as interviews with headhunting firms, labor and employment lawyers, and analysis of antidiscrimination cases brought before Hungary’s Equal Treatment Authority between 2004 and 2008, we identify several strategies global employers (...) use to shed, demote, and marginalize professional mothers. By demonstrating the salience of motherhood as a status characteristic in the postsocialist labor market, our work contributes to existing scholarship on motherhood penalties. Our work also extends this scholarship by showing how the salience of motherhood is strongly conditioned by state-level arrangements that shape the opportunity context in which employers design and carry out employment practices. (shrink)

This paper discusses Adam Smith's views of social justice. It first describes Smith's optimistic view of markets, for example with regard to the absence of negative externalities, which implies that he considered certain normative problems to be the exception rather than the rule. Then, Smith's views on redistribution are discussed: although he is sympathetic to progressive taxation, his main focus remains on free markets, which can partly be explained by his distrust of politicians. If one takes a closer look as (...) Smith's views of markets, however, it turns out that one of the reasons why he endorses them is their distributive features. He saw them as an antidote to the inequalities of the feudal age, offering all individuals an opportunity to work their way up to a decent standard of living and leading to more equality in the long run. Thus, Smith's account, while out-dated in certain ways, can serve as an inspiration for thinking about distributive justice not only as a question of redistributive taxation but also as a question of the institutional design of markets. (shrink)

We systematically examined the content of the websites of 46 agencies that buy and sell human eggs to understand how they market themselves to both donors and recipients. We found that these websites use marketing techniques that obscure the realities of egg donation, presenting egg donation as a mutually beneficial and fulfilling experience. Sites emphasize egg donors' emotional fulfillment and address recipients' anxieties by stressing the ability to find the perfect “fit” or “match”, suiting recipients’“preferences”/“desires”, and even designing/customizing a (...) child. Agencies attempt to create a sense of connection between the recipients and donors by reporting donors' personal characteristics — e.g., interests/hobbies, traits, mood/temperament, and self-reported childhood behavior/memories. Sites present donors as caring/generous and smart/successful/beautiful. These data, the first to examine several key aspects of egg donation agency websites, reveal critical aspects of how these companies communicate to prospective donors and recipients, raising several ethical concerns. Websites frame information in ways that may bias consumers, making emotional appeals that may distract from appropriate risk/benefit assessments and obscure the ethical challenges of egg donation. These data highlight needs for improved practices, adherence to guidelines, and consideration of enhanced guidelines or policy. (shrink)