Objetivo: O objetivo desse estudo é verificar se a exposição ao tabagismo materno na vida intrauterina está relacionada a um padrão específico de expressões faciais hedônicas para o gosto doce em recém-nascidos, no início da vida. Métodos: Trata-se de um estudo transversal, controlado e observacional. Foram avaliados recém-nascidos saudáveis, com até 24 horas de vida. Para compor a amostra foram incluídos recém-nascidos de nascimento único, idade gestacional acima de 37 semanas, nascidos de parto normal, em aleitamento materno exclusivo e cujos recém-nascidos já haviam sido colocados ao seio materno previamente ao teste de reação facial hedônica resultante do gosto doce. A amostra é de conveniência e foi selecionada de forma consecutiva, de acordo com a exposição ou não ao tabaco na vida intrauterina, até atingir o número de recém-nascidos necessários para o estudo. Neste estudo, dividimos os recém-nascidos estudados em dois grupos: a)Recém-nascidos expostos ao tabagismo materno na vida uterina (n=50); b)Recém-nascidos não expostos ao tabagismo materno na vida uterina (n=150). Para comparar as expressões faciais hedônicas à sacarose em relação à exposição ou não ao tabagismo materno durante a gestação foi utilizado o teste de Mann-Whitney. Para comparar os valores extremos das expressões faciais hedônicas a sacarose entre os grupos foi aplicado o teste de Moses. Para controle de fatores confundidores como, peso ao nascimento, comprimento ao nascimento, duração da gestação, escolaridade, razão de crescimento fetal e tempo da última mamada até a hora do teste foi utilizada a Análise de Covariância (ANCOVA). da última mamada até a hora do teste foi utilizada a Análise de Covariância (ANCOVA). Resultados: A frequência total de reações faciais hedônicas a estímulo oral doce em recém-nascidos expostos e não expostos ao tabagismo materno durante a gestação não foi diferente entre os grupos (p=0,051), no entanto, verificando os valores extremos, observou-se que o grupo exposto ao tabagismo na gestação apresenta menos valores extremos do que o grupo não exposto, provavelmente devido ao “congelamento” da reação hedônica no grupo exposto (p<0,001). Conclusão: O tabagismo materno durante a gestação pode estar relacionado a um padrão especifico de expressões faciais hedônicas para o sabor doce no inicio da vida. Não existe diferença estatística entre maior frequência de reações faciais hedônicas a substâncias doces em recém-nascidos expostos ao tabagismo na vida intrauterina, entretanto, observamos que recém-nascidos expostos ao tabagismo na vida intrauterina parecem ter as expressões faciais congeladas/sensibilizadas em relação ao consumo de uma substância doce, uma vez que recém-nascidos não expostos atingem níveis maiores de prazer em relação à ingestão de substância doce. Pode-se propor que o tabagismo materno leva a uma sensibilidade ao prazer provocada pelo sabor doce e, possivelmente, os indivíduos com esta sensibilidade poderiam aumentar o consumo alimentar por doce para tentar chegar a um maior grau de prazer. / Objective: The objective of this study is to verify that exposure to maternal smoking during intrauterine life is related to a specific pattern of hedonic facial expressions to the sweet taste in newborns, in early life. Methods: This is a cross-sectional study controlled and observational. Healthy newborns were evaluated up to 24 hours of life. For the sample were included newborns single birth, gestational age of 37 weeks, born vaginally, were exclusively breastfed and whose newborn had already been placed in the womb prior to the resulting hedonic facial reaction test sweet taste. The sample is for convenience and is selected consecutively, according to exposure or not tobacco during intrauterine life, until the number of infants needed for the study. In this study, we divided the newborns studied in two groups: a) Newborns exposed to maternal smoking on uterine life (n=50); b) Infants not exposed to maternal smoking on uterine life (n=150). To compare the facial expressions hedonic the sucrose with respect to exposure or not to maternal smoking during pregnancy was performed using the Mann-Whitney test. To compare the extreme values of facial expressions hedonic sucrose was applied between groups Moses test. To control confounding factors such as birth weight, length at birth, length of gestation, education, fetal growth rate and time of the last feeding until the time of testing we used the Analysis of Covariance (ANCOVA). Results: The overall frequency of hedonic facial reactions sweet oral stimulation in neonates exposed and not exposed to maternal smoking during pregnancy did not differ between the groups (p=0.051), however, checking the extreme values, it was observed the group exposed to smoking during pregnancy has fewer outliers than the unexposed group, probably due to "freeze" the hedonic reaction in the exposed group (p <0.001). Conclusion: Maternal smoking during pregnancy may be related to a specific pattern of hedonic facial expressions to the sweet taste at the beginning of life. There is no statistical difference between higher frequency of hedonic facial reactions to sweet substances in newborns exposed to smoking in intrauterine life, however, we found that newborns exposed to smoking in intrauterine life seem to have facial expressions frozen/sensitized in relation to consumption a sweet substance, since non-exposed neonates soon reach higher levels compared to the sweet substance intake. One can propose that maternal smoking leads to a sensitivity to pleasure caused by sweet taste and possibly individuals with this sensitivity could increase food consumption by sweet to try to reach a greater degree of pleasure.

Microtransactions are part of a business model used almost extensively in the video-gaming industry where developers offer virtual goods or features via micropayments. The concept is relatively new and still unknown to many but deeply rooted in modern video-game developers’ business strategies. Microtransactions are found in smartphone applications, online games played on computer or gaming consoles, and while the concept might be unfamiliar to many, the odds are most have encountered it.   Most published games will feature in-game purchases where users have to option to purchase features, items or content for a small amount of money. A microtransaction in its most simplistic form is ad-removal, here developers offer the user a way to get rid of ads by charging a small amount, like $.99. While one microtransaction may seem insignificant, multiple impulsive purchases can quickly add up to considerable sums. This has resulted in the use of microtransactions becoming the most profitable business strategy for game developers.   This study seeks to describe what stimulates a person to complete a purchase by using the components of hedonic motivation from the HMSAM theory leading to the research question: Which hedonic motivations induce use of microtransaction systems and does it vary by age? To research the phenomena a quantitative questionnaire was formed based on hedonic motivations, including three motivations added by the author, gathering responses from 398 video-game players having completed a microtransaction purchase.   After analyzing the results, some components protruded more than others while the consensus suggested that the influence of hedonic motivation was comparatively low. The argument for this outcome may be that players see in-game items as objects of real-world value, making the microtransaction system within a game a utilitarian-motivation system. The general attitude towards microtransactions appeared to be poor which contradicts some elements of previous research while supporting others.   This thesis will contribute to the field of informatics by complementing the traditional technology acceptance model (TAM) with hedonic motivations, as proposed by Lowry et al. in 2013. The author of this study argue it is a modernized way of researching intentions to use asort of system.

No description available.

Background: This study discusses the phenomenon of luxury goods as investment assets,focusing on luxury watches in particular. The rise of globalization and increased wealth,particularly among the middle and high-income groups in developing countries, hascreated a larger potential customer base for luxury items. This has led to an increasing interest in luxury goods as investment assets, including collectibles such as cars, art, andwine. The recent development of online niche marketplaces for luxury goods has enabledthe systematic collection of data, facilitating research on Veblen goods as alternativeinvestment assets. Therefore, it is interesting to analyze the financial performance ofinvestments in luxury watches as compared to traditional assets. Purpose: The purpose of this study is to analyze the comparative performance ofinvesting in luxury watches versus traditional assets such as equities and bonds. Methodology: This study collects data on luxury watch prices and characteristics. Thehedonic pricing method is used to regress the price of the watches on their characteristics.The regression results are used to analyze the price impact of the characteristics, as well asto create a watch price index. In order to evaluate the index performance, data is collectedfor the MSCI World Index and the Bloomberg U.S. Aggregate Bond Index. For all the indices, the financial metrics of the Sharpe ratio, Treynor ratio, CAPM, and Jensen’s alphaare calculated. Conclusion: This study suggests that luxury watches, with their wide price ranges and high resale value, have been a viable option for portfolio diversification during thestudied five-year period between 2018 and 2023. The watch index yields an averagereturn of 2.01 % and a cumulative return of 49.35 %, outperforming the MSCI World Indexwith average returns of 1.38 % and the Bloomberg U.S. Aggregate Bond Index with -0.01%, and cumulative returns of 31.90 % and -0.15 %, respectively. The watch index alsooutperforms the compared indices in terms of the financial metrics Sharpe ratio, Treynorratio, CAPM, and Jensen’s alpha. The results suggest that the most important valuedrivers for luxury watches are: Brand (Audemars Piguet, Patek Philippe, and VacheronConstantin), Features (Chronograph, tourbillon, and rotating bezel) and Case Material(bronze, rose gold, and yellow gold).

Statistics paint a picture of a wheat industry under severe pressure, with the number of hectares dedicated to wheat production that have decreased while imports notably increased since 1997. This has had a negative impact on the industry‘s global competitiveness. The direct and indirect linkages between wheat and wheat products, together with the benefits that the industry can bring to the economy in the form of heightened food security and employment opportunities, highlight the need for a competitive wheat industry in South Africa. Clearly, the underlying causes of the declining wheat production in South Africa need to be investigated and understood. The presence of strict wheat quality standards and the fact that one of the general characteristics of wheat is the defect of conversion (that is, yield declines as quality improves) help to explain why wheat production in South Africa has declined in recent years. This can also negatively affect prices received for produce because South African wheat prices are determined by the lowest import parity price and not by the specific quality of the wheat. The fact that market concentration has been observed in certain parts of the wheat industry in South Africa has raised concerns that this phenomenon could potentially have had a negative impact on the performance of the country‘s wheat production sector. Consequently, this study revolves around the following main questions: ―could the evident market concentration in the South African wheat industry influence the performance of the wheat production sector by prescribing certain quality standards which attract relatively low prices?‖, and if so, ―can the wheat quality standards and prices be held responsible for the decline in the industry‘s performance, and to what extent?‖ Both qualitative and quantitative approaches were used in pursuit to answer these questions. The qualitative approach was used to describe the theoretical basis of performance, competitiveness and concentration. Three different quantitative approaches were employed to determine the current state of competitiveness (Relative Trade Advantage (RTA) method), the factors influencing it (hedonic price model) and the extent of such influence (dynamic linear model). From the RTA, it was clear that South Africa is the only country, compared to its trading partners, that has an uncompetitive unprocessed (production) wheat sector alongside a competitive semi-processed (flour) wheat sector. The hedonic price model supported the finding that the institutional environment of the wheat industry uses quality-related mechanisms such as the cultivar release criteria to influence the competitiveness of the wheat production sector. Four comparisons were developed to determine whether the strict qualities required for the release of new cultivars are justified. It was found that with all four of these comparisons, the strict prescribed wheat quality was not justified in terms of the quality and demand considerations. It was found that when prescribed wheat quality could be relaxed to accommodate market supply and demand, an estimated 12.8 percent increase in yields could have been realised equating to a loss of approximately R606 million in Net Farm Income (NFI) per annum. When increasing this percentage to 20 percent, it was seen that the effect on NFI per annum would be R920 million. This study therefore provides evidence as to why the performance of the wheat industry has been declining over the last two decades and also contributes to the development of a framework for policy and decision makers which will encourage more competition and a freer market in terms of quality standards. Further contributions of this study lies in the body of literature on competitive behaviour by showing how concentrated industries can use statutory bodies to manipulate markets for rent-seeking purposes. It further shows how these decisions impact on important aspects like the profits of role players in an industry. / PhD (Agriculture, Economics), North-West University, Potchefstroom Campus, 2015

Statistics paint a picture of a wheat industry under severe pressure, with the number of hectares dedicated to wheat production that have decreased while imports notably increased since 1997. This has had a negative impact on the industry‘s global competitiveness. The direct and indirect linkages between wheat and wheat products, together with the benefits that the industry can bring to the economy in the form of heightened food security and employment opportunities, highlight the need for a competitive wheat industry in South Africa. Clearly, the underlying causes of the declining wheat production in South Africa need to be investigated and understood. The presence of strict wheat quality standards and the fact that one of the general characteristics of wheat is the defect of conversion (that is, yield declines as quality improves) help to explain why wheat production in South Africa has declined in recent years. This can also negatively affect prices received for produce because South African wheat prices are determined by the lowest import parity price and not by the specific quality of the wheat. The fact that market concentration has been observed in certain parts of the wheat industry in South Africa has raised concerns that this phenomenon could potentially have had a negative impact on the performance of the country‘s wheat production sector. Consequently, this study revolves around the following main questions: ―could the evident market concentration in the South African wheat industry influence the performance of the wheat production sector by prescribing certain quality standards which attract relatively low prices?‖, and if so, ―can the wheat quality standards and prices be held responsible for the decline in the industry‘s performance, and to what extent?‖ Both qualitative and quantitative approaches were used in pursuit to answer these questions. The qualitative approach was used to describe the theoretical basis of performance, competitiveness and concentration. Three different quantitative approaches were employed to determine the current state of competitiveness (Relative Trade Advantage (RTA) method), the factors influencing it (hedonic price model) and the extent of such influence (dynamic linear model). From the RTA, it was clear that South Africa is the only country, compared to its trading partners, that has an uncompetitive unprocessed (production) wheat sector alongside a competitive semi-processed (flour) wheat sector. The hedonic price model supported the finding that the institutional environment of the wheat industry uses quality-related mechanisms such as the cultivar release criteria to influence the competitiveness of the wheat production sector. Four comparisons were developed to determine whether the strict qualities required for the release of new cultivars are justified. It was found that with all four of these comparisons, the strict prescribed wheat quality was not justified in terms of the quality and demand considerations. It was found that when prescribed wheat quality could be relaxed to accommodate market supply and demand, an estimated 12.8 percent increase in yields could have been realised equating to a loss of approximately R606 million in Net Farm Income (NFI) per annum. When increasing this percentage to 20 percent, it was seen that the effect on NFI per annum would be R920 million. This study therefore provides evidence as to why the performance of the wheat industry has been declining over the last two decades and also contributes to the development of a framework for policy and decision makers which will encourage more competition and a freer market in terms of quality standards. Further contributions of this study lies in the body of literature on competitive behaviour by showing how concentrated industries can use statutory bodies to manipulate markets for rent-seeking purposes. It further shows how these decisions impact on important aspects like the profits of role players in an industry. / PhD (Agriculture, Economics), North-West University, Potchefstroom Campus, 2015

Master of Science / Department of Agricultural Economics / Ted C. Schroeder / Hedonic pricing models have long been used to evaluate prices in high-end segments of the equine industry. However, the lower end markets, including most of the recreational and pleasure horses, have yet to be studied in the economic literature. This study evaluates characteristics affecting the price of recreational horses advertised online, and provides a framework for future market studies on various segments of the equine industry. Data were collected in both the spring and fall of 2008, in addition to a survey being conducted in the fall to collect more accurate pricing information. Three different functional forms were used and their outcomes discussed to determine which one best fit the data. Results show that the semi-log functional form appeared to best fit the data. Characteristics that consistently showed statistical significance included the horse being advertised using a photo ad, the age of the horse, and whether or not the horse was registered. Gender variables and the state which the horse was sold from showed statistical significance in most of the models; although the variables denoting breed were statistically significant as a group, no model consistently found statistical significance in any of the variables individually. Color characteristics did not demonstrate statistical significance consistently in any model. Finally, suggestions for future research are discussed. Data issues could be avoided with larger or more specific data sets; various data sources could be examined or created such as live equine auctions; regions could be examined by show or rodeo circuit instead of by state. There are political issues in the industry that need to be addressed, but a lack of available data needs to be examined and corrected before many issues can be thoroughly examined. The equine industry is often overlooked in economic literature and is a multi-billion dollar agricultural industry which deals with legislative and taxation issues just like the rest of the agricultural world and is deserving of attention.

Master of Science / Department of Agricultural Economics / Ted C. Schroeder / It is clear that consumers rely on certain experience and credence attributes when purchasing beef products from the retail meat case. It is essential for all beef industry sectors to recognize the complexity of consumers buying behavior. The objective of this research is to determine if there are incentives to brand beef products and to determine what types of brands entertain price premiums as well as what levels these premiums exists. Retail scanner data, collected from 2004 through March 2009, was used for the evaluation of branded beef and also to determine what other product attributes benefit with a premium to six specific cuts of beef. Hedonic models were estimated using Ordinary Least Squares regressions to determine which variables affected the overall price per pound of each of the six cuts of beef chosen to analyze. Results indicate that there is an incentive to brand beef products at the retail level. Local, regional, national, and store brands all garnered premiums across the six models for the beef cuts, steak, roast, ground, strip, cube, and ribs in relation to products with no brand. Other variables that garnered premiums across all models include organic, Prime quality grade, and Kosher and Kosher-Glatt religious labels. Steak exhibited the highest mean price per pound followed by cube, roast, strip, ribs and ground. In all of the models estimated explaining price variation, there were few coefficients that were statistically insignificant. Additional modeling was done to determine if outlier observations were influencing the regression results. The sensitivity analyses resulted in small changes in parameter estimates indicating the identified influential observations did not have undue impact on the parameter estimates.

Background Social media platforms equip brands with an opportunity to increase awareness and extend the relationship with their current and possible future consumers by providing the possibility for social interaction, monetary rewards, entertaining content, practical information and cultivating trust. Brands transition to the social medias has thus made consumers co-creators of brands offerings, as they are allowed to interact and engage with brands and its content at any time. This has put high demand on brands to create content that actually encourage participation and engagement from their consumers   Purpose The purpose of this thesis is to explain the factors that positively influence consumer engagement towards brands on social media.   Methodology This research took a quantitative approach with an explanatory purpose and a cross-sectional research design. The data was collected with the help of a self-completion questionnaire. The result was primarily derived from a multiple-regression analysis, correlation analysis and Cronbach’s Alpha reliability test.   Findings This research provide empirical evidence that monetary factors positively influence consumer engagement with brands on social media, whereas the social, hedonic, practical and trust factors failed to generate significance. However, the study revealed that the rejected factors have some effect on consumer engagement that cannot be denied by brand managers.   Originality Consumer engagement in an online environment has been an attractive topic for researchers in recent years and with the ever-increasing popularity of social media, research gaps in this setting has been identified. This research provides the first explanatory findings regarding antecedents of consumer engagement with brands on social media.

Thoroughbred racing is referred to as “the sport of Kings”, because historically it was a leisure activity of the upper-class. Thoroughbred breeding on the other hand has transformed from a hobby of the upper-class to a worldwide agricultural industry. With the deep involvement of the royal and rich in the Thoroughbred industry, the auction prices of horses are raised significantly at the top end of the market. Research in the biological sciences suggests there exits correlations between dam age, foal birthrank, and the racing performance of Thoroughbred horses. This study first investigates how the market values these biological factors and whether they are correlated with racehorses’ career earnings. We further test the impact of sire age as there is limited literature related to the subject. By using a Hedonic pricing model, results show that Thoroughbred buyers at Keeneland September Sale are willing to pay more for the yearlings at 1st, 2nd, and 3rd birthranks, yearlings out of younger mares age from 4 to 10, and yearlings by experienced sires age from 12 to 18. Results from multivariate regressions suggest negative correlations between foal birthrank, parent age and career earnings.