The Indifferent, the Good Samaritan, the Brave and the Agent in Allais Paradox situation – or How Endowment Effect Influences Our Decision in Case of Allais Paradox?
Anita Kolnhofer-Derecskei
Hotels and Halal-oriented Products: What Do Hotel Managers in Slovenia Think?
Metod Šuligoj, Helena Maruško
Innovation Leaders, Modest Innovators and Non-innovative SMEs in Slovakia: Key Factors and Barriers of Innovation Activity
Ľubica Lesakova, Petra Gundova, Pavol Kral, Andrea Ondrušova
The Use of the Kano Model to Enhance Customer Satisfaction
Laura Južnik Rotar, Mitja Kozar
Analysis of Individual Aspects Influencing Non-purchasing in an Online Environment and Consumer Willingness to Purchase Custom-Made Apparel
Milica Žuraj, Petra Šparl, Anja Žnidaršič
Multi-objective Optimization Algorithms with the Island Metaheuristic for Effective Project Management Problem Solving
Christina Brester, Ivan Ryzhikov, Eugen Semenkin
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Reviewers in 2017
Jože Zupančič
The Indifferent, the Good Samaritan, the Brave and the Agent in Allais Paradox situation – or How Endowment Effect Influences Our Decision in Case of Allais Paradox?
Anita Kolnhofer-Derecskei
Obuda University, Faculty of Business and Management, Budapest, Hungary
Abstract
Background/Purpose: Mainstream economic models do not take ownership into consideration. Only after the findings of behavioural economists was endowment effect widely observed. Endowment effect means that goods that one owns are valued higher than other goods not held in endowment. At the same time the principal-agent literature is concerned with how the principal (such as employer) can motivate his agent (say the employee), to act in the principal’s interests and also for their holdings. The main problem is that acting in somebody’s else’s interests can influence our values as well. Moreover, the principal as owner suffers from endowment effect. Both situations can be treated as a risky decision. Risk confuses our rationality in a predictable way. Design/Methodology/Approach: D ue t o t his i t w as o bserved h ow f oreign s tudents f rom v arious c ultural b ackgrounds decided (n=186 answers) in a risky financial situation by focusing on Allais’ classic gambles. I also presented their preferences over certain and uncertain outcomes regarding the owner of the final win; i.e. how they choose for themselves or on behalf of one of their best friends. One famous experiment – which tested the descriptive validity of the axioms’ expected utility theory – was Allais. Allais handled probabilities and outcomes in high hypothetical payoff financial gamble situations; he found that when offering two similar options, the common consequences will not be removed by the actors. I was interested in what happens when the actors take risks on behalf of others. It was used between-subjects technique on an extended multicultural sample. Regarding the two different topics, three hypotheses were tested (1); based on Allais paradox (2); observed ownerships (3); the comparison of two phenomena. Results: The results show that the subjects responded differently when they needed to decide about their own properties rather when their friends’ properties were concerned. When a sure safe outcome was offered to the subjects, they took more risk on behalf of their friends rather than own. Moreover, the subjects do not take into consideration that the same attributes must be ignored, so Allais paradox was verified. Conclusion: The goal of this paper is then twofold. First, it was established a conceptual link between Allais-type behaviour and ownership problem. Second, Allais axiom was used to characterize different roles. Knowing predictable patterns of seemingly irrational heuristics in human behaviour can improve economic theory. At the same time, this knowledge helps us to avoid irrational decisions.
Hotels and Halal-oriented Products: What Do Hotel Managers in Slovenia Think?
Metod Šuligoj
University of Primorska, Faculty of Tourism Studies – Turistica, Obala 11a, 6320 Portorož/Portorose, Slovenia
Helena Maruško
Independent consultant, Vurnikov trg 4, 4320 Radovljica, Slovenia
Abstract
Background/Purpose: Tourists from the Islamic world are significant stakeholders in the tourism market. The purpose of this paper is to identify the key aspects of halal tourism in connection with the hotel industry. Furthermore, we want to determine whether hotel managers are familiar with halal certification and on what basis they would opt for it. Design/Methodology/Approach: The research focuses on halal goods, services, and facilities, in general, and specifically in Slovenian hotels; concepts, contemporary trends, and the situation in Slovenia are presented. In response to the literature review, we applied the analysis of the factor loadings to define the important factors that influence the decision-making process; by applying PCA, we reduced the dependent variable to a single factor (although predictions were slightly different). Findings: The most important elements in the adoption of the certificate are the simplicity and efficiency of the procedure itself and the fact that the process does not require major financial investments. The element that significantly influences the managers’ decision-making process is the possibility of adjusting to the standard of the certificate. Conclusion: The paper’s main contribution is to deepen the perspective of the development of tourism in an area that remains a relatively undeveloped and unknown niche within the Slovenian tourism/hospitality industry but very promising in the global context.
Innovation Leaders, Modest Innovators and Non-innovative SMEs in Slovakia: Key Factors and Barriers of Innovation Activity
Ľubica Lesakova
Matej Bel University in Banská Bystrica, Faculty of Economics, Tajovského 10, Banská Bystrica, Slovakia
Petra Gundova
Matej Bel University in Banská Bystrica, Faculty of Economics, Tajovského 10, Banská Bystrica, Slovakia
Pavol Kral
Matej Bel University in Banská Bystrica, Faculty of Economics, Tajovského 10, Banská Bystrica, Slovakia
Andrea Ondrušova
Matej Bel University in Banská Bystrica, Faculty of Economics, Tajovského 10, Banská Bystrica, Slovakia
Abstract
Background/Purpose: The field of innovation represents for small and medium enterprises (SMEs) a fundamental challenge. If the number of innovative SMEs is to rise, it is necessary to identify key factors determining their innovation activity and eliminate the innovation barriers. The main purpose of the paper is to present the results of primary research focused on identification (evaluation) of key factors and barriers determining innovation activities in Slovak SMEs. The division of SMEs into three groups of enterprises: innovation leaders, modest innovators and non-innovators enables to identify the differences in managers´ perception of the main factors and barriers determining innovation activities in various types of SMEs and to formulate policy implications for Slovak SMEs. Design/Methodology/Approach: Results of the empirical research were processed using MS Excel and the statistical analysis of the data in R3.2.4. statistical system was done. For statistical tests we assumed significance level (α = 0.1). Results: Evaluating the importance of the key factors a majority of enterprises (64.71%) indicated financial resources as the most important factor for the innovations. There is no statistically significant difference in individual (analysed) factors between innovation leaders, non-innovators and innovation followers (modest innovators). The results gained from Fisher exact test (p-value = 0.11) indicated a small difference in evaluating the significance of individual barriers between innovation leaders, non-innovators and modest innovators. Majority of enterprises also see as the main barriers to develop innovation activities bureaucracy and corruption and inappropriate state support of innovation activities. Conclusion: The main implications (conclusion) coming from the research are basic recommendations for state policy makers as well as SME´s managers to foster innovation activities in enterprises. They refer to the areas of financial resources, high-quality human resources, cooperation and participation of SMEs in different networks and clusters, systematic institutional support to SMEs, well-created vision and clearly formulated aims, and willingness of enterprises to innovate. Recommendations are summarised following the results of factor´s and barrier´s evaluation.
The Use of the Kano Model to Enhance Customer Satisfaction
Laura Južnik Rotar
Faculty of Business, Management and Informatics, Na Loko 2, 8000 Novo mesto, Slovenia
Mitja Kozar
Gorenje, d.d., Partizanska cesta 12, 3320 Velenje. Slovenia
Abstract
Background/Purpose: The interest of measuring customer satisfaction is reflected in its ability to gain customer loyalty, enhance favourable word of mouth, lead to repeat purchases and improve a company’s market share and profitability. The issue of integrating the Kano model of customer satisfaction with other models and tools to support development or improvement of a product, or to determine market strategies, is relatively unexplored in the Slovenian sector. This research aims to construct the Kano model in order to enhance customer satisfaction in the case of home appliances. Design/Methodology/Approach: Data was collected using an online survey amongst randomly selected individuals from the service interventions for an end users database. Principal component factor analysis was first used to identify the underlying factors of home appliance characteristics. In the next phase we calculated the derived and stated importance of customer satisfaction, which was then used to construct the Kano model of customer satisfaction. We further analysed which factors are the strongest drivers, or predictors, of repeat purchase using multiple regression analysis. Results: In the study we identified the underlying home appliance factors. The results show that these factors are: sales environment, price, user features, design features and technical features. The results were then used to construct the Kano model where the analysis goes beyond the qualitative analysis by implementing two approaches, stated and derived importance approach. According to the Kano model, marketers should concentrate on delight characteristics such as: wider knowledge of the salesperson, professional skills of the salesperson, design of home appliance, brand of home appliance. What is more, factors called ‘user features’ are the strongest predictors of repeat purchase. Conclusion: This paper links the Kano model with measuring customer satisfaction and presents a contribution for marketing research theory. Therefore, the results could be used to support optimization of business decision-making, as well as for further scientific research.
Analysis of Individual Aspects Influencing Non-purchasing in an Online Environment and Consumer Willingness to Purchase Custom-Made Apparel
Milica Žuraj
Independent researcher, Ljubljana, Slovenia
Petra Šparl
University of Maribor, Faculty of Organizational Sciences, Kranj, Slovenia
Anja Žnidaršič
University of Maribor, Faculty of Organizational Sciences, Kranj, Slovenia
Abstract
Background/Purpose: The main purpose of the study was to assess the opinion of online consumers about the possibility of making custom apparel using 3D body scanning technology in an online environment and to investigate the shopping experience of consumers who purchase in the online apparel market. In order to be able to propose solutions to improve the online shopping experience, we also investigated aspects influencing non-purchasing in an online environment. Methods: An online questionnaire on shopping experience, influences on the purchase, and the process of online apparel shopping using advanced technology was prepared and distributed via several online channels to the consumers who purchase apparel online. The questionnaire was completed by 76 respondents from different European countries, the United States and Australia. In order to analyze individual aspects influencing non-purchasing in an online environment, an exploratory factor analysis was performed. Results: The factor analysis revealed that the two broad dimensions of reasons why consumers have never bought any ready-to-wear apparel online despite browsing are a misperception of product integrity and time-consuming searching. The results show that the proposed solutions to improve the online apparel experience, such as making custom apparel using advanced technologies, have a positive impact on the decision of the consumers to purchase on the online apparel market. It turned out that a high proportion of potential consumers are willing to share their body dimensions through 3D body scanning technology in order to improve the fit of the apparel. Conclusion: According to the results, we expect that the advanced 3D body scanning technology would provide substantial progress regarding fit, visualization, and manufacturing of custom-made apparel when purchasing in online stores.
Multi-objective Optimization Algorithms with the Island Metaheuristic for Effective Project Management Problem Solving
Christina Brester
Reshetnev Siberian State University of Science and Technology, Institute of Computer Science and Telecommunications, 31 »Krasnoyarskiy Rabochiy« ave., Krasnoyarsk, 660037, Russian Federation,
Ivan Ryzhikov
Reshetnev Siberian State University of Science and Technology, Institute of Computer Science and Telecommunications, 31 »Krasnoyarskiy Rabochiy« ave., Krasnoyarsk, 660037, Russian Federation,
Eugen Semenkin
Reshetnev Siberian State University of Science and Technology, Institute of Computer Science and Telecommunications, 31 »Krasnoyarskiy Rabochiy« ave., Krasnoyarsk, 660037, Russian Federation,
Abstract
Background/Purpose: In every organization, project management raises many different decision-making problems, a large proportion of which can be efficiently solved using specific decision-making support systems. Yet such kinds of problems are always a challenge since there is no time-efficient or computationally efficient algorithm to solve them as a result of their complexity. In this study, we consider the problem of optimal financial investment. In our solution, we take into account the following organizational resource and project characteristics: profits, costs and risks. Design/Methodology/Approach: The decision-making problem is reduced to a multi-criteria 0-1 knapsack problem. This implies that we need to find a non-dominated set of alternative solutions, which are a trade-off between maximizing incomes and minimizing risks. At the same time, alternatives must satisfy constraints. This leads to a constrained two-criterion optimization problem in the Boolean space. To cope with the peculiarities and high complexity of the problem, evolution-based algorithms with an island meta-heuristic are applied as an alternative to conventional techniques. Results: The problem in hand was reduced to a two-criterion unconstrained extreme problem and solved with different evolution-based multi-objective optimization heuristics. Next, we applied a proposed meta-heuristic combining the particular algorithms and causing their interaction in a cooperative and collaborative way. The obtained results showed that the island heuristic outperformed the original ones based on the values of a specific metric, thus showing the representativeness of Pareto front approximations. Having more representative approximations, decision-makers have more alternative project portfolios corresponding to different risk and profit estimations. Since these criteria are conflicting, when choosing an alternative with an estimated high profit, decision-makers follow a strategy with an estimated high risk and vice versa. Conclusion: In the present paper, the project portfolio decision-making problem was reduced to a 0-1 knapsack constrained multi-objective optimization problem. The algorithm investigation confirms that the use of the island meta-heuristic significantly improves the performance of genetic algorithms, thereby providing an efficient tool for Financial Responsibility Centres Management.
