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on Cultural Economics |
|
Issue of 2006‒03‒05
three papers chosen by Roberto Zanola Universita degli Studi del Piemonte Orientale |
| By: | David Throsby (Department of Economics, Macquarie University) |
| Abstract: | The concept of sustainable development as defined in ecological terms can be extended to apply to culture by recognising parallels between the concepts of natural and cultural capital. This paper reviews the definitions of both these forms of capital and shows how they contribute to sustainability. Criteria for weak and strong sustainability are considered, on the basis of which a strong sustainability rule for cultural capital is derived. It is speculated that certain cultural indicators may be useful in providing first approximations to variables that would need to be quantified in any eventual empirical application of this model. |
| Keywords: | Natural capital, cultural capital, sustainability, sustainable development |
| JEL: | Q01 Q57 Z11 |
| Date: | 2005–07 |
| URL: | http://d.repec.org/n?u=RePEc:mac:wpaper:0510&r=cul |
| By: | Tyron Venn (Risk and Sustainable Management Group, University of Queensland); John Quiggin (Risk & Sustainable Management Group, School of Economics, University of Queensland) |
| Abstract: | In this paper we consider the problem of accommodating indigenous cultural heritage values in resource assessment and valuation. We suggest a need for price-based approaches to valuation to be replaced by or complemented with quantitative constraints, reflecting the requirement that rights should not be violated. |
| Keywords: | indigenous cultural heritage, resource assessment, valuation |
| Date: | 2005–06 |
| URL: | http://d.repec.org/n?u=RePEc:rsm:murray:m05_5&r=cul |
| By: | J. BUREZ; D. VAN DEN POEL |
| Abstract: | The early detection of potential churners enables companies to target these customers using specific retention actions, and subsequently increase profits. This analytical CRM (Customer Relationship Management) approach is illustrated using real-life data of a European pay-TV company. Their very high churn rate has had a devastating effect on their customer base. This paper first develops different churn-prediction models: the introduction of Markov Chains in churn prediction, and a random forest model are benchmarked to a basic logistic model.<br> The most appropriate model is subsequently used to target those customers with a high churn probability in a field experiment. Three alternative courses of marketing action are applied: giving free incentives, organizing special customer events, obtaining feedback on customer satisfaction through questionnaires. The results of this field experiment show that profits can be doubled using our churn prediction model. Moreover, profits vary enormously with respect to the selected retention action, indicating that a customer satisfaction questionnaire yields the best results, a phenomon known in the psychological literature as the ‘mere-measurement effect’. |
| Date: | 2005–11 |
| URL: | http://d.repec.org/n?u=RePEc:rug:rugwps:05/348&r=cul |