EXPERT OPINION AND CUISINE REPUTATION IN THE MARKET FOR RESTAURANT MEALS

As food is an experience good, the market for restaurant meals is a market where the cost of acquiring information regarding quality is relatively high. In such markets consumers often turn to reputation measures to guide purchase decisions. As Australia does not have a longstanding cuisine style of its own, and given Australia has been open to substantial immigration inflows since federation, it represents an especially appropriate market to study regarding the impact of individual restaurant reputation and collective cuisine reputation on meal prices. The following study uses the hedonic price approach to investigate the implicit price of individual reputation indicators, cuisine type reputation indicators, and other objective indicators in the market for restaurant meals. The empirical findings presented suggest that both individual restaurant reputation and cuisine type reputation are important. Other important factors are shown to include the quality of the restaurant wine list, the availability of private dining rooms, and whether or not there is an outdoor dining option.Expert Opinion, Food, Hedonic Pricing, Demand and Price Analysis, Food Consumption/Nutrition/Food Safety,

Expert opinion and cuisine reputation in the market for restaurant meals

As food is an experience good, the market for restaurant meals is a market where the cost of acquiring information regarding quality is relatively high. In such markets consumers often turn to reputation measures to guide purchase decisions. As Australia does not have a longstanding cuisine style of its own, and given Australia has been open to substantial immigration inflows since federation, it represents an especially appropriate market to study regarding the impact of individual restaurant reputation and collective cuisine reputation on meal prices. The following study uses the hedonic price approach to investigate the implicit price of individual reputation indicators, cuisine type reputation indicators, and other objective indicators in the market for restaurant meals. The empirical findings presented suggest that both individual restaurant reputation and cuisine type reputation are important. Other important factors are shown to include the quality of the restaurant wine list, the availability of private dining rooms, and whether or not there is an outdoor dining option.Expert Opinion, Food, Hedonic Pricing, Demand and Price Analysis, Food Consumption/Nutrition/Food Safety, D12, R22,

Expert opinion and cuisine reputation in the market for restaurant meals

As food is an experience good, the market for restaurant meals is a market where the cost of acquiring information regarding quality is relatively high. In such markets consumers often turn to reputation measures to guide purchase decisions. As Australia does not have a longstanding cuisine style of its own, and given Australia has been open to substantial immigration inflows since federation, it represents an especially appropriate market to study regarding the impact of individual restaurant reputation and collective cuisine reputation on meal prices. The following study uses the hedonic price approach to investigate the implicit price of individual reputation indicators, cuisine type reputation indicators, and other objective indicators in the market for restaurant meals. The empirical findings presented suggest that both individual restaurant reputation and cuisine type reputation are important. Other important factors are shown to include the quality of the restaurant wine list, the availability of private dining rooms, and whether or not there is an outdoor dining option.Expert Opinion, Food, Hedonic Pricing, Research Methods/ Statistical Methods, D12, Q18, Z10,

Optimal alcohol taxes for Australia

Objective: To estimate welfare maximising tax rates for beer, wine, and spirits using a mathematical model that considers both the welfare loss alcohol taxes impose on non-abusive consumers and the welfare gains due to alcohol taxes reducing externality costs. Results: Optimal per litre of pure alcohol (LAL) tax rates are substantially different to both current alcohol tax rates and the uniform tax rate recommended as part of the 2010 Australian Government Tax Review. Given an individual consumer utility decision model, the best estimate values of the welfare maximising LAL tax rates are: $37 for beer,$11 for wine, $50 for spirits, and$77 for ready-to-drink spirits. Conclusion: As externality costs and the responsiveness of consumers to price changes are different for each alcohol type, community welfare is maximised by setting beverage specific LAL tax rates.Tax, Alcohol, Externalities, Demand and Price Analysis, Health Economics and Policy, I18, H23, H21,

Foxes in the Henhouse: An Exploratory Inquiry into Financial Markets Fraud

Conventional understandings of fraud are organized around the fraud triangle first developed in the 1950s by Cressey. This conceptual device remains central in our pedagogy and research on this especially timely topic. As long as fraud is imagined to be not much different than a stereotypical act by a single individual out of financial desperation and impulsiveness, the fraud triangle provides a reasonably powerful conceptual organization. However, when applied to abuses that occur in highly organized financial markets, its application takes on new meanings that push the boundaries of its usefulness. Using interviews with traders and other securities market participants, this paper concludes that the prospects for ill-gotten gain are much more systematic and the product of incomplete regulation

Wine tax reform: The impact of introducing a volumetric excise tax for wine

In addition to the GST, alcohol sold in Australia is subject to excise tax. Although both beer and spirits are subject to a volumetric excise tax, wine is subject to an additional value added tax known as the Wine Equalisation Tax (WET). The recent Henry tax review recommended substantial changes to Australian alcohol taxation policy. Here, the implications for the wine industry of the Henry tax review recommendations are explored using a computable general equilibrium model. The results show that: (i) replacement of the WET with a revenue neutral volumetric excise tax would have a small negative impact on the wine industry; (ii) removal of the WET rebate would have a substantial negative impact on small wineries; and (iii) applying a uniform alcohol tax equal to the packaged beer excise rate across all alcoholic beverages would have a notable negative impact on the wine industry.wine, alcohol taxation, general equilibrium modelling, Demand and Price Analysis, Health Economics and Policy, R13, H23,

Return to wine: A comparison of the hedonic, repeat sales, and hybrid approaches

Comparisons between the return to wine and standard financial assets are complicated in that the return to wine must be estimated from infrequent sales of heterogeneous wine brands. Wine returns can be estimated using several different approaches, and here the performance of the hedonic approach, repeat sales approach, and hybrid approach are compared using 14,102 auction sale observations for Australian wine over the period 1988 to 2000. For the data set considered the results show that the hybrid approach provides the most efficient estimates, and that the repeat sales approach provides significantly higher total return estimates than the other two approaches. The portfolio diversification benefit attributed to holding wine is then shown to vary with estimation method.Return to wine, Price index, Research Methods/ Statistical Methods, C33, G12,

Programming for educational television

Thesis (M.S.)--Boston UniversityGiven the opportunity by the Federal Communications Commission to establish Educational Television broadcasting stations, there has arisen in the minds of some educators and other community leaders a question as to their ability to cope with the problems inherent in this medium. Many question the integrity of teaching by television and wonder, again, if it is possible, even, to maintain a broadcast schedule to a worthwhile extent. Worthily, it has been recognized that program content and program availability is the sine qua non of any broadcasting operation, and that public-service type programming must, to an extent, compete with commercial offerings. The financing of a community educational station is the number one deterrent, of course, to the existence of more stations but, inextricably joined is this problem of programming. Hardly does there exist a financial opponent who doesn't ask for justification of the finances with evidence of adequate progress in program planning and execution; and, in fact, the Federal Communications Commission requires of education channel applicants sample program schedules. To the investigator it becomes apparent there are three main categories of program sources, classified: Network, Film, and Local-live. In this paper it is predicated that the burden of programming for a community educational television operation will be within the local-live category and, proceeding from this premise, it is sought: (1) to establish if community resources, people and organizations are a sufficient major source of programs; (2) to compile a comprehensive listing of consumated program efforts of educational organizations representative of this country's major geographical areas; (3) to discover if all the usual formats have been attempted and if among them there are those not best suited to educational television programming; (4) to indicate whether or not it is possible, in a measure, to achieve affinity between television student and teacher; (5) to chronicle the empirical and scientific research findings relative to successful educational television programming; (6) and to suggest some additional sources of program ideas and materials

Local Government Efficiency in Western Australia

The State government of Western Australia is currently working through a significant program of local government reform that has as a core objective a reduction in the number of local councils. The perception that there are economies of scale in service delivery is a key reason behind the State government’s desire to see a reduction in the number of councils in Western Australia. The following article uses the technique of Data Envelopment Analysis to measure the technical and scale efficiency of councils in Western Australia. The average pure technical efficiency score for Western Australian councils was found to be 83 per cent, and the average scale efficiency score was found to be 94 per cent. This suggests that pure scale effects are not a major source of inefficiency. Detailed returns to scale analysis for the 73 councils where complete data was available revealed that 17 councils were operating at the optimal scale, 26 were operating below the optimal scale, and 30 were operating above the optimal scale.Data Envelope Analysis, Local Government, Efficiency, Productivity Analysis,

Love Me Little, Love Me Long

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