Private Valuation of a Public Good in Three Auction Mechanisms.

We evaluate the impact of three auction mechanisms – the Becker–DeGroot–Marschak (BDM) mechanism, the second-price auction (SPA), and the random nth-price auction (NPA) – in the measurement of private willingness-to-pay and willingness-to-accept for a pure public good. Our results show that the endowment effect is lower with the BDM mechanism. In this market mechanism, the effect disappears after a few repetitions. Yet, on a logarithmic scale, the random nth-price auction yields the highest speed of convergence towards equality of welfare indices. We also observe that subjects value public goods in reference to their private subjective benefit derived from their public good funding.auction mechanisms; WTP-WTA disparity; private provisions; public goods;

Almost sure invariance principle for random piecewise expanding maps

We prove a fiberwise almost sure invariance principle for random piecewise expanding transformations in one and higher dimensions using recent developments on martingale techniques

Improving the Service Quality as a Socially Responsible Activity of Hotel Companies

In this article, the results of the survey examining quality of service in spa hotels are interpreted. Research was conducted in five spas in West Morava region during August and September 2008. Service quality was measured with a model based on SERVQUAL model. Collected data were analyzed using statistical methods of descriptive statistical analysis and analysis of variables ANOVA, which were useful in defining whether there is statistically significant connection between dependant variables (questions on expectations and perception) and independent variables (structure of respondents regarding their occupation). The results indicate negative SERVQUAL gap in total (-0.21). The largest negative SERVQUAL gap was noted at the first determinant related to the tangible elements of service, which further points to conclusion that main problems in providing high-quality services in the spa hotels are inappropriate arrangement of facilities and equipment, time worn of facilities in general, lack of understanding of contemporary demand trends, unaccomplished process of hotel privatization, uniformity of tourism offer and lack of market research related to hotel services consumers. In the authors’ opinion, the aforementioned problems could be overcome with creation and implementation of development strategies with short and long term development plans, as well as with investment incentives in spa tourism development. The organization with strategy based on the principles of social responsibility has the potential to built and sustain successful relationships with present and potential customers, as well as with all interested stakeholders.service quality, SERVQUAL, spa hotels, corporate social responsibility