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Topic Review
Anchoring
Anchoring or focalism is a cognitive bias where an individual depends too heavily on an initial piece of information offered (considered to be the "anchor") when making decisions. Anchoring occurs when, during decision making, an individual depends on an initial piece of information to make subsequent judgments. Those objects near the anchor tend to be assimilated toward it and those further away tend to be displaced in the other direction. Once the value of this anchor is set, all future negotiations, arguments, estimates, etc. are discussed in relation to the anchor. This bias occurs when interpreting future information using this anchor. For example, the initial price offered for a used car, set either before or at the start of negotiations, sets an arbitrary focal point for all following discussions. Prices discussed in negotiations that are lower than the anchor may seem reasonable, perhaps even cheap to the buyer, even if said prices are still relatively higher than the actual market value of the car. The original description of the anchoring effect came from psychophysics. When judging stimuli along a continuum, it was noticed that the first and last stimuli were used to compare the other stimuli (this is also referred to as "end anchoring". This was applied to attitudes by Sherif et al. in 1958 in their article "Assimilation and contrast effects of anchoring stimuli on judgments".
  • 2.5K
  • 18 Oct 2022
Topic Review
Buddhist Tourism
Religious tourism is a distinct tourism product with significant cultural implications. The excavation and transmission of cultural meanings lie at the heart of its growth. The sustainable development of religious tourism is fundamental in the sustainable development of its culture. In fact, Buddhist tourism is thriving in Asia, particularly in India, Nepal, South Korea, and Thailand, as a form of religious tourism. Social, political, and cultural life in these countries has been profoundly affected.
  • 2.5K
  • 25 Mar 2022
Topic Review
Bike Boom
The term "bike boom" or "bicycle craze" refers to any of several specific historic periods marked by increased bicycle enthusiasm, popularity, and sales. Prominent examples include 1819 and 1868, as well as the decades of the 1890s and 1970s — the latter especially in North America — and the 2010s in the United Kingdom.
  • 2.5K
  • 14 Oct 2022
Topic Review
Traffic Congestion
Traffic congestion is ubiquitous in large cities around the world; where it leads to increased air pollution, vehicle noise, and travel time for private and public transportation. These challenges reduce the well-being of both road users and urban populations. 
  • 2.5K
  • 07 Jul 2021
Topic Review Peer Reviewed
COVID-19’s Financial Impact on UK Football Clubs
This entry explores the financial impact of the COVID-19 pandemic on the football industry, highlighting the challenges, adaptations, and long-term implications for clubs across all levels. It examines the industry’s financial fragility, particularly for clubs reliant on matchday revenue, while showcasing adaptive strategies such as digital engagement, government support, and revenue diversification that sustained operations during the crisis. The pandemic exposed structural vulnerabilities within football, from elite clubs to grassroots teams, through revenue shortfalls caused by closed stadiums, cancelled matches, and reduced sponsorships. This study provides a comprehensive analysis of the pandemic’s effects on revenue streams, fixed costs, player contracts, and stakeholder roles, offering insights into strategies that promote financial resilience. Case studies illustrate how elite, semi-professional, and grassroots clubs responded to financial and operational challenges, emphasising the importance of diversified income sources, proactive financial planning, and community support. By identifying lessons from the pandemic, the entry underscores the critical need for sustainable practises and resilient models to prepare the football industry for future disruptions.
  • 2.4K
  • 06 Feb 2025
Topic Review
Journal JRFM
Journal of Risk and Financial Management (ISSN 1911-8074; ISSN 1911-8066 for printed edition) is an international, peer-reviewed, open access journal on risk and financial management. JRFM was formerly edited by Prof. Dr. Raymond A.K. Cox and published by Prof. Dr. Alan Wong online in one yearly volume from 2008 until end 2012. Since October 2013, it is published monthly and online by MDPI. International Engineering and Technology Institute (IETI), Institute of Data Science and Artificial Intelligence (IDSAI), International Research Institute for Economics and Management (IRIEM) are affiliated to Journal of Risk and Financial Management (JRFM) and their members receive a discount on the article processing charges. Manuscripts are peer-reviewed and a first decision provided to authors approximately 13.9 days after submission; acceptance to publication is undertaken in 2.9 days (median values for papers published in this journal in the second half of 2020).
  • 2.4K
  • 26 Sep 2021
Topic Review Peer Reviewed
Pandemic Economic Crises
The market serves as the convergence point of supply and demand and represents the process through which market relations between economic units materialize. From a global perspective, the focus shifts to the world market, which is the fundamental structure on which the global economy is based. The world economy operates as a very complex ecosystem. When it is exposed to the extremely damaging effects of a global pandemic, the term of a pandemic economic crisis becomes relevant.
  • 2.4K
  • 04 Dec 2023
Topic Review
Economic Policy of the Indira Gandhi Premiership
The economic policy of the Indira Gandhi premiership was characterized by moderate tax increases on higher income Indians, bank nationalisation, green revolution. Gandhi presided over three Five-Year Plans as Prime Minister, two of which succeeded in meeting the targeted growth. There is considerable debate regarding whether Gandhi was a socialist on principle or out of political expediency. Sunanda K. Datta-Ray described her as "a master of rhetoric...often more posture than policy", while The Times journalist, Peter Hazelhurst, famously quipped that Gandhi's socialism was "slightly left of self-interest." Critics have focused on the contradictions in the evolution of her stance towards communism; Gandhi being known for her anti-communist stance in the 1950s with Meghnad Desai even describing her as "the scourge of [India's] Communist Party." Yet, she later forged close relations with Indian communists even while using the army to break the Naxalites. In this context, Gandhi was accused of formulating populist policies to suit her political needs; being seemingly against the rich and big business while preserving the status quo in order to manipulate the support of the left at times of political insecurity, such as the late 1960s. Although Gandhi came to be viewed in time as the scourge of the right-wing and reactionary political elements of India, leftist opposition to her policies emerged. As early as 1969, critics had begun accusing her of insincerity and machiavellianism. The Indian Libertarian wrote that: "it would be difficult to find a more machiavellian leftist than Mrs Indira Gandhi...for here is Machiavelli at its best in the person of a suave, charming and astute politician." Rosser wrote that "some have even seen the declaration of emergency rule in 1975 as a move to suppress [leftist] dissent against Gandhi's policy shift to the right." In the 1980s, Gandhi was accused of "betraying socialism" after the beginning of Operation Forward, an attempt at economic reform. Nevertheless, others were more convinced of Gandhi's sincerity and devotion to socialism. Pankaj Vohra noted that "even the late prime minister's critics would concede that the maximum number of legislations of social significance was brought about during her tenure...[and that] she lives in the hearts of millions of Indians who shared her concern for the poor and weaker sections and who supported her politics." In summarizing the biographical works on Gandhi, Blema S. Steinberg concluded she was decidedly non-ideological. Only 7.4% (24) of the total 330 biographical extractions posit ideology as a reason for her policy choices. Steinberg noted Gandhi's association with socialism was superficial; only having a general and traditional commitment to the ideology, by way of her political and family ties. Gandhi personally had a fuzzy concept of socialism. In one of the early interviews she had given as Prime Minister, Gandhi had ruminated: "I suppose you could call me a socialist, but you have understand what we mean by that term...we used the word [socialism] because it came closest to what we wanted to do here – which is to eradicate poverty. You can call it socialism; but if by using that word we arouse controversy, I don't see why we should use it. I don't believe in words at all." Regardless of the debate over her ideology or lack of thereof, Gandhi remains a left-wing icon. She has been described by Hindustan Times columnist, Pankaj Vohra as "arguably the greatest mass leader of the last century." Her campaign slogan, Garibi Hatao ('Remove Poverty'), has become the iconic motto of the Indian National Congress. To the rural and urban poor, untouchables, minorities and women in India, Gandhi was "Indira Amma or Mother Indira."
  • 2.4K
  • 24 Nov 2022
Topic Review
Tourism in Economic Growth
Tourism is vital to the success of many economies worldwide and has been a widely researched area for many years. Unfortunately, an insufficient number of studies have been conducted on this subject in the context of Saudi Arabia. Therefore, this research investigates the role of tourism in promoting economic growth in the Kingdom of Saudi Arabia by using annual time series data from 2003 to 2019. 
  • 2.3K
  • 24 Aug 2021
Topic Review
Informal Sector Employment and Economic Growth
Originating in the context of third-world countries, the informal sector constitutes a dominant part of the economy and is identified as an untapped reservoir of opportunities in terms of employment and the entrepreneurial capabilities of developing countries; it is often called the subordinate zone of the overall economy that can play a significant role in the growth and socio-economic development of countries across the world. The informal sector accounts for almost half of the economic activities in developing countries. These activities were initially backed by the core assumptions of the classical theory that the informal economy would wither away after achieving persistent growth. However, the new view of the informal economy features it as contemporary growth that should proceed as a result of the changed economic context of countries. The prevalent feature of the informal economy around the globe provides support to the new view of informality, mentioned as a dichotomist’s approach, which indicates that the informal economy will not wither away; rather, it will be contested in an arrangement of interdependent coexistence with distinctively different conditions, notably in terms of employment arrangements.
  • 2.3K
  • 19 Oct 2022
Topic Review
Degrowth
Degrowth (French: décroissance) is a political, economic, and social movement based on ecological economics, anti-consumerist and anti-capitalist ideas. It is also considered an essential economic strategy responding to the limits-to-growth dilemma (see The Path to Degrowth in Overdeveloped Countries and post-growth). Degrowth thinkers and activists advocate for the downscaling of production and consumption—the contraction of economies—arguing that overconsumption lies at the root of long term environmental issues and social inequalities. Key to the concept of degrowth is that reducing consumption does not require individual martyring or a decrease in well-being. Rather, "degrowthers" aim to maximize happiness and well-being through non-consumptive means—sharing work, consuming less, while devoting more time to art, music, family, nature, culture and community.
  • 2.2K
  • 24 Nov 2022
Topic Review
Conduit and Sink OFCs
Conduit OFC and sink OFC is an empirical quantitative method of classifying corporate tax havens, offshore financial centres (OFCs) and tax havens. Traditional methods for identifying tax havens analyse tax and legal structures for base erosion and profit shifting (BEPS) tools. However, this approach follows a purely quantitative approach, ignoring any taxation or legal concepts, to instead follow a big data analysis of the ownership chains of 98 million global companies. The technique gives both a method of classification and a method of understanding the relative scale – but not absolute scale – of havens/OFCs. The results were published by the University of Amsterdam's CORPNET Group in 2017, and identified two classifications: In 2017, the European Parliament adopted the CORPNET approach into their frameworks for addressing tax havens. In 2018, research by Gabriel Zucman showed that using Orbis database connections specifically underestimates the scale of Ireland, which the Zucman–Tørsløv–Wier 2018 list showed is the largest Conduit OFC in the world. This aside, CORPNET's Conduits and Sinks reconcile closely with the most noted academic top ten tax haven lists.
  • 2.2K
  • 15 Nov 2022
Topic Review
Globalization and Female Employment
Globalization can be viewed as a world integration leading to an exchange of ideas in different cultural, economic, political, technical, and social spheres across countries. Globalization’s impact on the receiving country’s economic and employment outcomes is an established phenomenon. However, globally only about 55 percent of women participate in the labor force compared to 80 percent for men. These gender disparities serve as an important focal point for research related to female employment, as it has a significant positive association with overall socio-economic outcomes.
  • 2.2K
  • 27 Apr 2022
Topic Review
Industrie 4.0 in China
Industrie 4.0 has stirred turbulences in China since its birth in 2011. The struggles of the Chinese manufacturing enterprises towards realizing and adapting Industrie 4.0 in their production processes have given people many new perceptions. The 3rd Industrial Revolution was the biggest beneficiary of globalization. The first ten years of Industrie 4.0 also benefitted from globalization as its influence got widespread throughout the world. Globalization originated from the need to optimize the allocation of global resources and the formation of industrial value chains under the impetus of the international division of labor. Globalization is facing more and more challenges in the international economic development. 
  • 2.2K
  • 19 Sep 2022
Topic Review
Urban Fragility
Urban fragility is one of the big challenges for the late-modern city coping with the growing external pressures (from the environment) and internal tensions (within the social system), typically referable to the socio-cultural and political-economic climate, definitely characterising the current "Age of Changes". A broad institutional context is involved in that undertaking, and many studies and reports show how fragility is linked above all to the growing complexity of the cities. The ever-increasing population, extension, density and cultural mixite, as well as the fast “filtering up and down” processes, are some symptoms of the combination of two fundamental drivers. Firstly, the exponential technological progress—mostly concerning the geographical and digital accessibility—has been encouraging far more people to claim a better socio-economic status, which urban location, by definition, is symbol of. Secondly, the progressive human/environmental unfairness of economy over the planet and the related increase in insecurity, push the transfer of large masses of the population towards the richer countries of the developed geo-economic areas, and in particular towards the larger, more heterogeneous, complex and vibrant cities. This new climate involves the accountability of the neoliberal model allowing a limited number of subjects to concentrate the largest part of the liquidity created as a result of the progressive “financial abstraction” of the real wealth over the era of post-globalization, that is the age of the contemporary archipelago-economies. The development of the city has always gone together with the spread and reinforcement of the financial institutions more able to give a monetary shape to the flows of wealth, thus indirectly increasing the part of the surplus of social product intended to the social overhead capital; the latter is at the same time cause and effect of the concentration of wealth and people, activities and tensions, conflicts and hopes (in one word, of value) in urban shapes. On the urban-scale, in turn, such processes have been occurring creating and populating denser and denser built areas at the expenses of other ones (decaying historic centers or peripheral neighborhoods) progressively neglected and jeopardized. The coexistence of such different value density degrees increases the fragility of the city as a whole; the most visible and permanent tracks of these inequalities reflect in the urban shape and namely in its economic form that is the urban capital value shape, displayed by the real estate market price map. Some remarks about the concept of fragility in the field of territorial studies can help to better understand how the urban eco-social system deals with it. The perspective of the “real estate-scape”, in fact, assumes the social and urban fragility issue, since one of the main focuses of the urban renovation planning process in its broad lines. The colloquial meaning of “fragility” closely relates to its physical definition concerning the tendency of a solid material to break abruptly, without any yielding deformation, which has previously occurred. In the urban studies some insights need to be done to understand a conceptual significance of fragility, considering its original causes and those effects typically concerning the current drift of the urban phenomenon. Since the above early definition does not take into account the driving forces of the urban fragility and their most perceptible effects, a further and more extensive meaning of it can be derived from material sciences, thus highlighting the deep and constitutive causes of it. Fragility is “the property that characterizes how rapidly the dynamics of a material slow down as it is cooled toward the glass transition: materials with a higher fragility have a relatively narrow glass transition temperature range, while those with low fragility have a relatively broad glass transition temperature range”. By metaphorizing such definition, and referring to the relationship between the socio-economic situation of a city and the real estate capital asset value, an urban system can be considered more fragile when the “socio-economic cooling” (i.e., a decrease in rights and incomes) gives rise to sudden, pathological and irreversible fall of the real estate market prices; on the contrary, an urban system seems to be more resilient when such effects are slower and easily metabolized, and can also be reversed when an opposite cause occurs. Furthermore, “physically, fragility may be related to the presence of dynamical heterogeneity in glasses, as well as to the breakdown of the usual Stokes–Einstein relationship between viscosity and diffusion”.
  • 2.2K
  • 14 Jul 2020
Topic Review
European Single Market
The European Single Market, Internal Market or Common Market is a single market comprising the 27 member states of the European Union (EU) as well as – with certain exceptions – Iceland, Liechtenstein, and Norway through the Agreement on the European Economic Area, and Switzerland through bilateral treaties. The single market seeks to guarantee the free movement of goods, capital, services, and people, known collectively as the "four freedoms". A number of potential EU accession candidates have Stabilisation and Association Agreements with the EU, which allow for limited participation in selected sectors of the Single Market, including Albania, Bosnia and Herzegovina, Kosovo, Montenegro, North Macedonia, and Serbia. In addition, through three individual agreements on a Deep and Comprehensive Free Trade Area (DCFTA) with the EU, the post-Soviet countries of Georgia, Moldova, and Ukraine have also been granted limited access to the Single Market in selected sectors. Turkey has access to the free movement of some goods via its membership in the European Union–Turkey Customs Union. The United Kingdom left the European Single Market on 31 December 2020. An agreement was reached between the UK Government and European Commission to align Northern Ireland on rules for goods with the European Single Market, to maintain an open border on the island of Ireland. The market is intended to increase competition, labour specialisation, and economies of scale, allowing goods and factors of production to move to the area where they are most valued, thus improving the efficiency of the allocation of resources. It is also intended to drive economic integration whereby the once separate economies of the member states become integrated within a single EU-wide economy. The creation of the internal market as a seamless, single market is an ongoing process, with the integration of the service industry still containing gaps. According to a 2019 estimate, because of the single market the GDP of member countries is on average 9 percent higher than it would be if tariff and non-tariff restrictions were in place.
  • 2.2K
  • 21 Oct 2022
Topic Review
Real Estate Bubble
A real estate bubble or property bubble (or housing bubble for residential markets) is a type of economic bubble that occurs periodically in local or global real estate markets, and typically follow a land boom. A land boom is the rapid increase in the market price of real property such as housing until they reach unsustainable levels and then decline. This period, during the run up to the crash, is also known as froth. The questions of whether real estate bubbles can be identified and prevented, and whether they have broader macroeconomic significance, are answered differently by schools of economic thought, as detailed below. Bubbles in housing markets are more critical than stock market bubbles. Historically, equity price busts occur on average every 13 years, last for 2.5 years, and result in about 4 percent loss in GDP. Housing price busts are less frequent, but last nearly twice as long and lead to output losses that are twice as large (IMF World Economic Outlook, 2003). A recent laboratory experimental study also shows that, compared to financial markets, real estate markets involve longer boom and bust periods. Prices decline slower because the real estate market is less liquid. The financial crisis of 2007–2008 was related to the bursting of real estate bubbles that had begun in various countries during the 2000s.
  • 2.2K
  • 19 Oct 2022
Topic Review
Ethical Marketing and Brand Loyalty
The attainment of brand loyalty is based on programs related to the corporate marketing. Typically, brand loyalty is reflected in how customers evaluate the company’s outlook towards the product evaluation and consumer-brand relations. A company’s ethical marketing practices affect the daily routine of consumer activity. Every company’s ethical marketing practices are closely related to the purchase of products or services, regardless of whether it is conscious of consumer purchasing power strengths and weaknesses. The importance of ethics in the advancement of business sustainability, and general marketing issues (including product safety, price tags and advertising) has duly been recognized by corporate managers and vendors. As an outcome, an economic behavior, whether ethical or non-ethical, is inherently linked with a company’s overall reputation and assessment, and stresses the fundamental factors in keeping the company competitive on the market. Ethical marketing practice plays a significant role in improving consumer-firm ties, product assessment, and brand loyalty. 
  • 2.2K
  • 05 Jul 2021
Biography
Prakash Divakaran
Dr. Prakash Divakaran Is an Indian Entrepreneur, Professor, Supply Chain Expert, Keynote Speaker, and Pro-Vice chancellor at Himalayan University. He is the Director and CEO of Infinite Global Research Conference Pvt.Ltd Pune, India. A Graduate of Business Administration, Ph.D. from Madurai Kamaraj University. Dr.Prakash Divakaran is Credited with several Books and Articles on Supply Chain, Econ
  • 2.1K
  • 23 Sep 2022
Topic Review
Sustainable Consumption and Value Orientations
Sustainable consumption refers to consumption choices that are made by consumers who are considering environmental, social  and/or ethical issues during their purchase decision. When engaging in sustainable consumption, consumers assess whether products are benevolent to the environment, recyclable or conservable, and responsive to social, ecological and ethical concerns. Personal value orientations capture the importance that individuals attach to certain general values and the extent to which individuals adhere to these values as guiding principles in their lives. Three types of values have been associated with pro-environmental behaviour: egoistic (threats to oneself), social–altruistic (threats to others), and biospheric (threats to nature or the environment). 
  • 2.1K
  • 01 Jun 2021
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