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Ivan D. Trofimov, Nazaria Md. Aris and Dickson C. D. Xuan

Abstract

This paper studies the relationship between residential property prices and macroeconomic and demographic determinants in Malaysia. In the years following the Asian financial crisis, property prices in Malaysia rose substantially, resulting in an affordability crisis and ultimately policy responses to the problem. Using unit root, Johansen-Juselius cointegration, VECM-based Granger causality tests and variance decomposition, and considering quarterly data that covers 2000-2015 period, we established that residential property price growth is principally driven by strong demographic performance and population growth and is backed by the low interest rate environment and rising consumer prices. Household income and level of GDP do not appear to contribute to property price growth. Certain distortions and asymmetries in the Malaysian real estate markets are documented: oversupply in the higher price segment of the market coupled with the lack of affordable housing in the lower price segment; household income growth lagging behind GDP and property price growth, thereby dampening housing demand; growing rental markets in major urban areas as a result of the affordability crisis; and a quality mismatch between buyers’ preferences and housing supply.

Open access

Brian P. Simpson

Abstract

Shawn Ritenour provides a review of my two-volume book titled Money, Banking, and the Business Cycle in the winter 2016 issue of The Quarterly Journal of Austrian Economics. This paper constitutes a response to some of the criticisms of the book in his review. In this response, I discuss topics such as the nature of profits, the sustainability of changes in time preference, the role of changes in prices versus changes in spending in the business cycle, the relationship between interest rates and the rate of profit, the nature of fraud, and the nature of value. I also discuss whether the structure of production can be measured using the average period of production. I address other issues raised by Ritenour as well. This discussion sheds light on Austrian business cycle theory and the nature of the business cycle.

Open access

Pinkovetskaia Iuliia and Ginzburg Maria

Abstract

The purpose of this study was to examine if it makes sense to further stimulate the development of small and medium-sized businesses in Russia by the State. For this purpose, the authors formulated the following hypotheses: production functions can be used to explore opportunities to promote SMEs in Russia (hypothesis 1). However, if the values of degrees of factors are positive, it can be argued that SMEs development can be achieved by State measures to facilitate an increase in labour costs and investment in fixed assets of SMEs (hypothesis 2). To check formulated hypotheses we have developed production functions, which reflect dependences between SMEs turnover from investments in fixed assets and employees wage. Regression analysis was used to determine the parameters of production functions. While conducting calculations, we used the data of total observation of SMEs activities, provided by the Federal Statistical Service in 83 regions of the Russian Federation for the year 2015. Taking into consideration an important role of SMEs in Russian economy, the results of this research might help government bodies in resource distribution for particular regions and sectors of economy in these regions. From methodological point of view this research shows, that production functions might be used in Development Strategy of SMEs for the period of up to 2030, which establishes double production growth in SMEs.

Open access

Olga Almabekova, Roman Kuzmich and Elena Antosik

Abstract

In crisis times, making the choice of a company to invest becomes challenging for a potential investor due to the uncertainty of business environment and dim future prospects. As for industries, the decision is often made in favor of the companies satisfying consumers’ basic needs. The value of a business is known to be the main indicator of the company’s reliability and investment attractiveness. The article provides substantiation of the reliability of income approach for business valuation in the time of economic crisis in Russia and presents an algorithm for implementing the cash flow discounting method within the framework of income approach using the case for a middle-sized construction company. The choice of the object for the research is due to the investment attractiveness of the construction industry in a big industrial city of Krasnoyarsk in the North East of Russia.

Open access

Imtiaz Arif, Lubna Khan and Syed Ali Raza

Abstract

This study aims to investigate the role of three important external resources on the economic growth of leading South Asian countries. A sample of four countries is studied from 1983 to 2014. Empirical analyses are carried out in two phases. First, we have checked the combined effect using CD test, CIPS, Pedroni, and Westerlund panel cointegration, pooled mean group (PMG) framework and Heterogeneous non-causality test. In the second phase, we compared the regional and country-wise estimations using ARDL bound testing, stability test, and Granger causality. Results suggest that remittances play a vital role in the economic growth of selected South Asian countries, whereas, imports and foreign direct investment found to be insignificant. Also, while evaluating the same model for the individual countries using the ARDL estimations also reveal that remittances significantly contribute to the economies of Pakistan and Sri Lanka and imports found to be negatively related with economic growth in the same economies. However, imports showed a strong relationship with the economic growth of Bangladesh. Thus, this paper has drawn some insights for the policymakers.

Open access

Donna L. Hoffman and Thomas P. Novak

Abstract

Up to now, IoT device adoption is happening mainly in the niche segments of technologically sophisticated upscale consumers and technology-focused DIYers. To reach a broader range of users, marketers must do a better job of understanding and offering the inherent value of smart products. Current marketing approaches are fragmented and tend to focus on individual products and single use cases. They may actually be underselling the consumer IoT. The mass-market consumer is not buying a platform or devices controlled by an algorithm, they are buying an experience. We need to ask, in what ways consumers and devices will interact with each other to create the experience they actually seek. Therefore, the main challenge is to implement a bottom-up approach that encourages users to experiment with their devices and their interactions and to integrate their individual experiences into everyday routines.

Open access

Markus Giesler and Eileen Fischer

Abstract

Consumers’ perceptions of technology are less matters of product attributes and concrete statistical evidence and more of captivating stories and myths. Managers of IoT can instill consumer trust when they tell highly emotional stories about the technologically empowered self, home, family or society. The key benefit of this approach is that storytelling-based IoT marketing allows consumers to forge strong and enduring emotional bonds with IoT and, in many cases, to develop loyalty beyond belief. However, stories aren’t always positive. Negative stories and meanings about a technology that are circulated in popular culture can be dangerous and harmful to a brand or a new technology. Regardless of its source, marketers need to understand the nature of the doppelgänger images that may be circulating for their technologies. They can be regarded as diagnostic tools to better understand how consumers think about and experience their IoT solutions. Also, doppelgänger narratives are valuable raw ingredients from which marketers can cull new, more captivating IoT stories that nurture consumer adoption.

Open access

Paul A. Pavlou

Abstract

Augmented Intelligence - effective human-computer symbiosis - has the potential to address emerging challenges successfully, possibly more so than pure AI. It integrates the unique abilities of human beings that cannot be replicated by AI. Large-scale IoT problems often cannot be solved by either computers or human beings alone. Therefore, there are significant opportunities in IoT applications that are coupled with the notion of Augmented Intelligence. Managers need to consider carefully for which task, in which way and to what extent IoT applications will be applied. They must make their choices based on the expected performance, cost and risk of autonomous IoT solutions that would operate without human oversight. For example, automated manufacturing, predictive maintenance and security IoT solutions may be cautiously fully automated. However, human-oriented applications, such as smart retail, could still maintain a certain level of human oversight.

Open access

Larry Downes

Abstract

The pressure of delivering products in hyper-competitive markets often leads developers to ignore basic data management precautions, along with a failure to devote adequate resources to marketing. To assure that short-term errors don’t cause long-term damage for the IoT, developers must adopt new strategies. Converging on a single IoT standard could foster adoption as well as better security protocols. To handle the sheer number of connected items and their need for constant interaction demands investments in high-performance networks. For IoT products to integrate deeply into consumers’ daily lives, applications must be integrated into existing solutions from trusted brands. Finally, they must do more than simply replace existing and still-working items, but add new functions and new applications that existing technology can’t possibly duplicate.

Open access

Donna L. Hoffman and Thomas P. Novak