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Academic Journal
Marketing

“Objects of Desire: The Role of Product Design in Revising Contested Cultural Meanings”

We explore the link between product design and market legitimation by examining the evolution of a product market that has been shrouded by cultural taboo. Conducting media analysis and selected visual audits of sex toys over a recent 25-year period, we find that innovations in the design of these products – materials, form and function – can facilitate evolution of a mainstream market. Producers can facilitate legitimation by introducing innovative designs that significantly contradict existing cultural meanings associated with the category. Furthermore, when the aesthetic and functional aspects of a new product design are aligned with cultural norms, we find that mainstream media reframe the products in ways that signal social acceptance.
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Book
Business Law

“Off Grid Solar and the Global Compact”

In remote rural areas, off-grid solar lighting may be the first step on a path to education and sustainable growth. However, serving this market can be difficult for established businesses accustomed to working in developed markets. This chapter offers research-based insight into the best practices for operating in subsistence markets, with a particular emphasis on how these practices are implemented by enterprises providing off-grid solar lighting.
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Academic Journal
Supply Chain

“On Bayesian Predictive Moments of Next Record Value Using Three-parameter Gamma Priors”

A forecasting model of next record value proposed by Hill [1] assumes the underlying distribution F(x) is of an algebraic functional form with a shape parameter a for large x. That is, 1 - F(x) ?Cx-a, for large x. In this article, we extend his model by incorporating a three-parameter Gamma prior of a to derive analytical solutions of the predictive distribution and moments of X given that X is a new record value. These closed-form formulas can be represented as ratios of moments of Gamma distributions. We apply the proposed model to a real-life data set that consists of the insured property losses of 33 catastrophes caused by tropical storms in the United States in 1995. The example illustrates the importance of incorporating prior experience and accounting for uncertainty in parameter estimation when forecasting record values. Both considerations are the main ingredients in the development of the proposed model.
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