Using 641 principles of economics students across four universities, the authors examine whether providing monetary incentives in a prisoner's dilemma game enhances student learning as measured by a set of common exam questions. Subjects either play a two-player prisoner's dilemma game for real money, play the same game with no money at stake (i.e., play a hypothetical version), or are in a control group where no game is played. The authors find strong evidence that students who played the classroom game for real money earned higher test scores than students who played the hypothetical game or where no game was played. Their findings challenge the conventional wisdom that monetary incentives are unnecessary in classroom experiments.

Purpose – The purpose of this paper it to examine Electronic commerce (e-commerce) practices of Iranian business organizations, as a “traditional” business culture, as it compares to a “developed” business culture such as the one existing in business organizations in the USA. Design/methodology/approach – Executives from a sample of 50 business organizations in Iran were interviewed and asked to complete the research questions pertaining to e-commerce practices in their organizations. A factor analysis procedures with varimax rotations is used to analyze the data collected from these organizations. Findings – Comparing the result of this study with an earlier study on a sample of business organization in the USA shows more similarities than differences. Based on the results of the study, it appears that e-commerce practices and related technology present similar opportunities and challenges to organizations regardless of their business culture. Lack of appropriate technological hardware and software, however, is identified as a hindering factor preventing Iranian business organizations from reaching their e-commerce potentials. Originality/value – This research provides a rare insight into the Iranian business culture. The collection of data through personal interviews and the empirical nature of the study represent a unique opportunity to validate findings from other business cultures. This allows for a better practical understanding of the opportunities and constraints associated with e-commerce adoption.

The purpose of this study was to develop an Attribution of Racial/Ethnic Health Disparities (AREHD) scale. A convenience sample of undergraduate college students (n = 423) at four Midwestern universities was recruited to respond to the survey. A pilot test with undergraduate students (n = 23) found the survey had good acceptability and readability level (SMOG = 11th grade). Using exploratory factor analysis we found the two a priori subscales were confirmed: individual responsibility and social determinants. Internal reliabilities of the subscales were: individual responsibility (alpha = 0.87) and social determinants (alpha = 0.90). Test-retest stability reliabilities were: individual responsibility (r = 0.72) and social determinants (r = 0.69). The AREHD subscales are satisfactory for assessing college student's AREHD.

This paper examines whether the CPI and real GDP for the US exhibit nonlinear reversion to trend as recently concluded by Beechey and Österholm [Beechey, M. and Österholm, P., 2008. Revisiting the uncertain unit root in GDP and CPI: testing for nonlinear trend reversion. Economics Letters 100, 221-223]. The wild bootstrap is used to correct for non-normality and heteroscedasticity in a nonlinear unit root test. The use of 'wild bootstrapped' critical values affects test conclusions in some cases. Results also are sensitive to the sample period examined.

Purpose – The purpose of this paper is to examine practices, realities and opportunities relevant to Moroccan tourism. In the process, the competitiveness of this vital economic sector is assessed. Based on this examination, relevant, benchmarking implications are identified and advanced to policy makers. Design/methodology/approach – The shiftshare technique is utilized to analyze tourist arrivals, from different regions of the world, to Morocco, Turkey, Tunisia and Egypt. The shiftshare analysis is utilized to understand the existing competitive position of Morocco in relation to her main competitors. Findings – The results of the shiftshare analysis revealed that Morocco has not performed as well as the rest of the competitors in the benchmark group. This was attributed, in part, to focusing on markets with less potential for growth. Research limitations/implications – The shiftshare technique utilized in this study is a diagnostic tool. Thus, more research is needed to uncover the dynamic relationships relevant to the competitive position of Moroccan tourism. Practical implications – The findings of this study have clear benchmarking implications to Moroccan policy makers, as they pursue a more comprehensive and systematic tourism strategy. Originality/value – The applied research presented in this article is consistent with the increasing significance of global tourism.

Purpose The high yield debt market has evolved into a $1 trillion market over the last 25 years. The purpose of this paper is to analyze the riskadjusted performance of individual mutual funds that investors use to invest in this asset class. Design/methodology/approach Conditional excess returns are calculated for individual high yield bond mutual funds. Performance persistence over time is measured and size, asset growth, asset duration, the expense ratio, turnover, and manager tenure are used to determine if differences across funds can be explained. Findings Overall, high yield bond funds significantly underperform the CSFB high yield index by 1.6 percent on an annualized basis which is 0.5 percent more than the average expense ratio. Individually, funds do exhibit performance persistence and top ranked funds in one period outperform bottom ranked funds over the proceeding period by an average of 2.7 percent annually. However, except for the expense ratio, commonly used explanatory variables do not appear useful for explaining riskadjusted excess return differences across funds leaving 86 percent of the variation unexplained. Research limitations/implications This paper examines only noload mutual funds that have at least ten years of return data. Historical data for the explanatory variables used to explain alpha differences are limited which constrains any longterm definitive conclusions. Practical implications For investors wishing to invest in this asset class, it appears that past performance does indicate future success, and investors should concentrate on the top performing funds with the lowest expense ratios. Originality/value This paper usefully reaffirms previous evidence on the persistence of high yield bond mutual funds, but casts doubt on the viability of using standard variables other than the expense ratio to explain riskadjusted returns across funds.

Panel regressions are used to analyze various measures of state higher education expenditures for 45 states over a time period from 1986 through 2005. Results of panel stationarity tests indicate that each expenditures series contains a unit root. This finding is consistent with the incremental theory of public expenditures and implies that time series of these variables should be differenced if used as dependent variables in regression models. Regression results indicate that changes in state higher education expenditures are significantly procyclical. State higher education spending appears to fully adjust to population growth and over-adjust to CPI inflation. Larger state governments are associated with significantly larger annual adjustments to per capita real state higher education expenditures. No significant evidence is found that state Medicaid or elementary education expenditures crowd out higher education spending.

The average funding status for eleven southern state pension plans used by teachers as of 2005 is 86%, which translates into over a $40 billion shortfall. Employing Monte Carlo simulation, this study projects the expected future funding status along with confidence intervals for each of these states over the next 10 years. Projections suggest the average underfunding will remain virtually the same based on current state pension contributions and asset allocations. However, if underlying pension asset returns fail to meet expectations due to high funding risk, the average underfunding could fall to 73%, a shortfall of over $150 billion.

The Fisher and Seater [Fisher, M.E. and Seater, J.J., 1993. Long run neutrality and superneutrality in an ARIMA framework. American Economic Review 83, 402-415.] methodology is applied to Taylor's [Taylor, A.T., 2002. A century of purchasing power parity. Review of Economics and Statistics 84, 139-150.] data to test for purchasing power parity. Generally, the evidence is supportive of PPP. Further, FS test statistics have no size distortion problem and test power is improved with longer samples.

This paper provides evidence on the factors that influence the non-resident enrollment percentage for public and private institutes of higher education (IHEs). We find a significant positive correlation between the enrollment percentage and tuition for private IHEs and no significance for public IHEs. Further investigation reveals that the highest-priced public and private IHEs generally attract the highest percentage of non-resident students. This suggests that the more costly IHEs, especially private, may enjoy a special cache that allows them more latitude in setting non-resident tuition. The non-resident enrollment percentage is not appreciably different across a wide range of tuition levels for both IHE types, indicating that these IHEs might be able to maintain their non-resident enrollment percentage levels with marginal tuition increases.