Search Results (8)

Thermodynamics is based on its Four Laws structure. Based on Thermodynamics and its Four Laws structure, this work presents and explores its economic counterpart, proposing an economic Four Laws structure to look at Economics through the eyes of Thermodynamics. The Economic Zeroth Law is based on the merchandise economic thermal equilibrium, thus defining the economic temperature. The Economic First Law is based on balance equations for the units of merchandise and monetary species. The economic Second Law is based on the observation that the traded merchandise units are transferred in the increasing unit price direction (in the decreasing economic temperature direction). This allows economic entropy to be defined through a differential equation, as well as the definition of economic irreversibility and economic entropy generation. The economic Third Law states that the merchandise economic entropy of an economic system at the null economic temperature (at an infinite merchandise unit price) is null. Conjugation of the economic Second and Third Laws sets how to evaluate the absolute value of the economic entropy of an economic system. The presented developments setting the proposed economic Four Laws structure introduce and explore a large set of concepts, variables, and relations that are of major relevance for looking at Economics through the eyes of Thermodynamics. Full article

Vegetables have a short period of freshness, and therefore, the purchase of vegetables has to be carefully matched with sales, especially in the “small production and big market” setting prevalent in China. Therefore, it is worthwhile to develop a systematic and comprehensive mathematical model of replenishment plans and pricing strategies for each category of vegetables and individual products. In this paper, we analyze the following three questions: Question One: What is the distribution law and relationship between the sales volume of vegetable categories and single products? Question Two: What is the relationship between total sales volume and cost-plus pricing of vegetable categories? And is it possible to provide the daily total replenishment and pricing strategy of each vegetable category for the following week to maximize supermarket profit? Question Three: How can we incorporate the market demand for single vegetable products into a profit-maximizing program for supermarkets? Is it possible to further formulate the replenishment plan requirements for single products? To answer the first question, we created pivot tables to analyze occupancy. We found that mosaic leaves, peppers, and edible mushrooms accounted for a larger proportion of occupacy, while cauliflowers, aquatic rhizomes, and eggplants accounted for a smaller proportion. For the single items, lettuce, cabbage, green pepper, screw pepper, enoki mushroom, and shiitake mushroom accounted for a large proportion of their respective categories. We used the Pearson correlation coefficient and the Mfuzz package based on fuzzy c-means (FCM) algorithm to analyze the correlation between vegetable categories and single products. We found that there was a strong correlation between vegetable categories. Moreover, the sale of vegetable items belonging to the same category exhibited the same patterns of change over time. In order to address the second question, we established the LightGBM sales forecasting model. Combined with previous sales data, we forecasted and planned an efficient daily replenishment volume for each vegetable category in the coming week. In addition, we developed a pricing strategy for vegetable categories to maximize supermarket profits. For the third question, we built a dynamic programming model combining an optimal replenishment volume with a product pricing strategy for single items, which let the supermarket maximize its expected profits. Full article

This article examines a recent form of marketing superhero comics that has garnered extensive media attention and has been promoted as the next big step in comics production: the decision by companies like Marvel Comics and DC Comics to offer selections of their intellectual properties as non-fungible tokens (NFTs). Focusing specifically on Marvel Comics’ collaboration with the VeVe app, which serves as a digital auction house through which customers can buy comics and related merchandise, this article suggests that we are witnessing the popularization of an already popular product (superhero comics) in a process that is indicative of larger transformations of the popular. As an agent of such transformations, superhero comics were introduced in the 1930s and 40s as a “low medium” with mass appeal that was critically devalued by proponents of high culture, but they are now widely celebrated as a “popular medium.” We argue that this transformation from a popular but devalued (“low”) product to a popular and culturally valued (but not necessarily “high” cultural) artifact marks a shift from qualitative to quantitative valuation that was driven at least in part by popular practices of collecting, archiving, and auctioning that have enabled the ongoing adaptation of these comics to new social, technological, and media demands. The article uses the newsworthiness of big auction sales and the sky-rocketing prices that well-preserved comic books can garner as a framework for assessing the appearance of superhero NFTs and for gauging the implications of this new media form for the cultural validation of comics. Full article

The intention of this paper is to provide new academic insights regarding an economically explainable valuation of transfer prices for European football players based on mathematical modeling. Football is the most popular sport in the world followed by approximately 3.5 billion people. The increasing commercialization and professionalization of the industry implies that every area of a football club is constantly put to the test for improvements. Especially after suffering financially under the consequences of the worldwide pandemic, clubs focus not only on sporting success but also on financial survival. Only financially stable clubs have the resources to be more successful. An expensive team does not have to be successful in terms of sports performance. However, a successful team in sports is expensive in the long run. Increasing digitalization offers new revenue potentials for football clubs that focus on selling merchandise in addition to gameday revenues and its media exploitation rights. However, player transfers have become increasingly important because these costs and revenues increased substantially in the relevance of a club’s financial situation. Regarding transfer costs, the question arises as to how transfer fees are determined and which factors have a major influence here. Clubs try to find new ways of evaluating the potential profit of player transfers to lower the risk of failed player investments. The aim of this article is to quantify the popularity of a football player in terms of his merchandising potential to amortize his transfer price. The mathematically formulated relationship calculates a reference value for a player, taking performance, age, number of customers purchasing merchandise, and player position into account. The information gained can be used by managers of European football clubs as a guide in transfer negotiations. For 6907 players of the European top leagues, we analyzed data in the period from 2003 to 2019. For 409 players in the season of 2018/2019 complete data sets were available, so that a model for calculating a theoretical transfer fee for a player during that season could be determined. The results of the study and the developed model suggest that, based on the available data, a football club should offer either one-year or three-year contracts to a transferred player, depending on the anticipated profit margin of merchandise sales and the quota of potential buyers of the products representing a percentage of the number of customers purchasing merchandise. This information gives football club’s management the chance to make better transfer decisions for the individual situation of the player and the club itself. Due to the increased importance of transfers on a football club’s financial performance, better transfer decision making leads to an improved financial stability of the respective clubs and eventually to sporting success. Full article

A museum’s core activities traditionally focus on such areas as collections’ care, exhibitions and scholarship. Income generation, including retail activities, is considered secondary. Academic research into museums’ merchandise, especially into the perceived value and purchase intentions, is limited. Drawing on literature embracing both core museum functions and marketing, this research, based on the Palace Museum in Beijing, China, explores the impact of the perceived value of a museum’s cultural and creative products on purchase intentions. Combining the results of in-depth interviews with museum visitors and experts, this study defines a construct composed of six perceived value dimensions, namely quality, social, price, innovation, educational, and experience values. A relationship model of perceived value and purchase intentions is proposed. Some 346 valid survey responses were obtained by distributing a questionnaire online and on-site at the Palace Museum, and hypotheses were tested by structural equation modelling. Results showed that innovation and experience values have a significant positive effect on purchase intentions, while quality, social, price, and educational values had no significant influence on purchase intentions. This research outlines feasible strategies and actions for the development of cultural and creative products at museums that have a strong tourism role. Full article

In this digital era, the internet, and Social Media (SM) has had a radical impact on the shopping behavior of “costumers” The SM provides a platform where “costumers” are exposed to the best product with the best price along with reviews and opinions about the merchandise. So, we can turn our heads and look at a brand in a way as if the brand is speaking to us. This study was an attempt to explore the Social Media Marketing Activities (SMMA) that are being used for the marketing of fashionable products like apparel and to what level the SMMA activities of brands truly strengthen the relationship with customers and motivate purchase intention. Moreover, SMMA has a robust application in developing a marketing strategy for business. It has become a significant tool that collaborates with businesses and people. It is concluded that the “costumer”-brand relationship does have a positive and statistically significant impact on consumers’ purchase intention through SM. Full article

As more of the U.S. population urbanizes, freshwater resources will become more partitioned and scarcer. Live plants need water to become established and survive, but water demands vary by taxa. Additionally, outdoor household water use is becoming a greater target for watering restrictions, particularly landscape irrigation. Yet, how important is water conservation messaging in the context of a plant purchasing decision for outdoor plants? A ratings-based conjoint analysis of the water message, plant type, price, and plant guarantee was conducted using data from 288 subjects from three locales who rated their purchase intention to buy a plant from a retail merchandising display while using an eye-tracking device. Subjects were clustered by state of residency and, separately, their conjoint utility scores. Results indicate that water-related messaging does play a positive role in purchase intention. Residents of states who frequently experienced drought rated a water-saving message higher compared to residents of states who experienced relatively little drought. For some consumer groups, such as plant buyers, water savings are important and sought after. Green industry stakeholders should be aware of their region’s drought history and help develop point of purchase information to include water conservation messaging in retail displays. Full article

This research tests the consequences of Nigeria’s indirect taxes on consumption. There are two reasons why the government imposes taxes on goods and services in Nigeria. The primary purpose is to produce income for the smooth running of the administration. Another silent reason is to discourage the ingestion of prohibited products and services, and that is through customs and excise duties (CED). This study assesses both Value Added Tax (VAT) and CED to determine their effects on consumption using various econometric tools, such as trend analysis, pairwise Granger causality tests, unrestricted co-integration rank test, least squares technique, and data that cover the period from 2005 to 2019. The results indicate that VAT insignificantly but positively influences consumption, while CED has a considerable auspicious influence on use. This result shows that VAT imposition on merchandises and services is discouraging the absorption of specific foodstuffs and services and allowing the operation of informal economic activities to thrive in Nigeria. However, CED charges do not reduce the use of certain illegal products purposely taxed to discourage their consumption. This study recommends a reduction in the prices of food items and services to enable consumers to increase their patronage, while the products that attract CED but are harmful should be banned entirely. Thus, offenders should be allowed to face the wrath of the law. Full article