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The Big Problem of Small Changeoffers the first credible and analytically sound explanation of how a problem that dogged monetary authorities for hundreds of years was finally solved. Two leading economists, Thomas Sargent and François Velde, examine the evolution of Western European economies through the lens of one of the classic problems of monetary history--the recurring scarcity and depreciation of small change. Through penetrating and clearly worded analysis, they tell the story of how monetary technologies, doctrines, and practices evolved from 1300 to 1850; of how the \"standard formula\" was devised to address an age-old dilemma without causing inflation. One big problem had long plagued commodity money (that is, money literally worth its weight in gold): governments were hard-pressed to provide a steady supply of small change because of its high costs of production. The ensuing shortages hampered trade and, paradoxically, resulted in inflation and depreciation of small change. After centuries of technological progress that limited counterfeiting, in the nineteenth century governments replaced the small change in use until then with fiat money (money not literally equal to the value claimed for it)--ensuring a secure flow of small change. But this was not all. By solving this problem, suggest Sargent and Velde, modern European states laid the intellectual and practical basis for the diverse forms of money that make the world go round today. This keenly argued, richly imaginative, and attractively illustrated study presents a comprehensive history and theory of small change. The authors skillfully convey the intuition that underlies their rigorous analysis. All those intrigued by monetary history will recognize this book for the standard that it is.

Purpose Empirical research presents conflicting findings with regards to the effectiveness of referral reward programs (RRPs) and supports two alternative and conflicting views on the effectiveness of incentivizing recommendations. They are, first, a positive effect via perceived attractiveness of the incentive, and second, a negative effect via metaperception of the recommendation. The purpose of this paper is to examine these two opposing psychological mechanisms to reconcile the conflicting findings. Design/methodology/approach The authors conducted three experiments. Study 1 tests the base model. Studies 2 and 3 add moderators to test whether each mediating variable operates exclusively on its intended relationship. Findings Incentive size enhanced the attractiveness of an incentive, but reduced the metaperception favorability of the recommendation. These two opposing mechanisms operated in parallel, independently and fully mediated the effects of incentive size to likelihood of making a recommendation. Thus, the net impact of incentives on recommendation behavior depended on the relative strengths of these two opposing forces. Practical implications The study recommends managers to design RRPs with incentives that recommenders perceive as highly useful (i.e. to increase attractiveness) but have a low face value (i.e. to reduce metaperception concerns) and to target RRPs to strong rather than weak ties. Originality/value Our work offers an integrated theoretical account of consumers’ responses to incentivized recommendations and provides managerially relevant guidelines for the design of effective RRPs.

Mobile coupons have significantly enhanced marketing and e-commerce. To assess the benefits of mobile coupon apps, which are unavailable with traditional coupons, we examined users' motivations for obtaining and redeeming mobile bonus coupons from a customer value perspective. We collected coupon issue and redemption data from a mobile coupon app and used it to analyze the effects of various factors on coupon issue and redemption. Using the days of coupon issue as a control variable, we tested bonus-type and buy-one-get-one-free-type coupons separately. We applied negative binomial regression for the tests and used a standardized number of issuing days, face value, price, and brand popularity. Our findings indicate that a coupon's functional (face value and product price) and social (brand popularity) values significantly affect mobile coupon issue and redemption. Furthermore, the effects of social value on coupon issue and redemption vary by coupon type-bonus or buy-one-get-one-free. These results can help marketing and e-commerce practitioners to take advantage of the benefits of issuing the optimal mobile coupons for the right products.

Purpose Given the seriousness of environmental issues, academic research has proposed social norms as an effective policy tool to encourage a wide range of pro-environmental behaviors, including green consumption. However, tangible evidence of the effectiveness of the social norm approach for green consumption behaviors is unreconciled, raising controversy about such a strategy. Considering that social norm interventions are only effective when targeted at the right consumers, this study aims to focus on exploring the role of individual difference factors, namely, social power value-, social face value- and independence orientations, in clarifying the effects of social norms on green consumption behaviors. Design/methodology/approach The study uses hierarchical ordinary least squares regression to test the hypotheses with survey data from 269 consumers in Southeast Asia. Findings The study reveals that perceived social norms positively predict green consumption behaviors, providing additional evidence for the effectiveness of the social norms. It also finds that the perceived social norms have a stronger impact on the green consumption behaviors of consumers who value social power and social face. However, the effect becomes weaker for consumers with a strong tendency toward independence. Originality/value This study highlights the importance of individual difference factors in explaining the effectiveness of social norms. The current findings also offer insightful implications for designing more effective social influence approaches for constructing green consumption culture.

Enhancing the synergistic development level of face value and resilience is the key to achieving green and high-quality development of characteristic towns. This study takes 83 characteristic towns in Taihu Lake Basin as research samples, constructs a systematic evaluation index system of the face value and resilience, and scientifically classifies the face value and resilience of Taihu Lake Basin into high level, medium–high level, medium level, and low level, respectively, and explores the intrinsic influence mechanism of the deviation between the face value and resilience via the deviation index and synergy development degree model. The results show that (1) the face value of about 60% of the characteristic towns is above average, which is distributed in the northern and southeast regions of Taihu Lake Basin. In terms of the industry type, the face value level of characteristic towns of tourism, digital economy, information, and finance is high. (2) The number of characteristic towns with moderate resilience is the largest, accounting for 36.1%. Spatially, the characteristic towns with medium–high and high levels are mainly concentrated in Hangzhou, Kunshan, Wuxi, and Shanghai. In terms of the industry type, the resilience levels of tourism towns, digital economy towns, and modern service towns with distinctive industrial characteristics are higher. (3) The face value and resilience of most characteristic towns in Taihu Lake Basin are not synchronized, and 67.5% of the towns have a large deviation. We classify 83 characteristic towns into four categories: high robustness (Hj > 4.80), medium–high robustness (4.02 ≤ Hj ≥ 4.79), medium robustness (4.03 ≤ Hj ≥ 3.11), and low robustness (Hj < 3.10); the high robustness areas are concentrated in Suzhou–Wuxi–Changzhou and the northern part of Zhejiang. (4) We propose the differentiated development paths of synergistic development between face value and resilience, and the synergistic cooperation and governance mechanism of multiple subjects for the achievement of balanced development in characteristic towns. The conclusions of this study have important research value and practical significance for the sustainable development of similar characteristic towns.

Planar graph is a special type in crisp as well as in fuzzy graphs. In fuzzy planar graphs, the planarity value is the amount of planarity of the crossed fuzzy edges, so that the intersection of fuzzy edges are possible in fuzzy graphs as compared to the planar graphs in crisp. Generally, the fuzzy planar graphs are depicted in the plane surface. In this paper, the embedding of fuzzy graphs are discussed in the surfaces like sphere and m -torus. Moreover, definition of fuzzy planar triangulation, straight-line, and piecewise embedding are also stated for planar embedding. Some of the effective definitions and theorems are illustrated with examples. Theorems like Euler’s formula for plane and sphere surfaces are proved and formulated for fuzzy planar graphs.

Propositions are a useful tool in philosophical theorizing, even though they are not beyond reasonable nominalistic doubts. Stephen Schiffer’s pleonasticism about propositions is a paradigm example of a realistic account that tries to alleviate such doubts by grounding truths about propositions in ontologically innocent facts. Schiffer maintains two characteristic theses about propositions: first, that they are so-called pleonastic entities whose existence is subject to what he calls something-from-nothing transformations (pleonasticism); and, second, that they are the referents of ‘that’-clauses that function as singular terms in propositional attitude ascriptions (the face value theory). The paper turns the first thesis against the second: if propositions are pleonastic entities, it is argued, we should not take them to be referred to in propositional attitude ascriptions. Rather, propositional attitude ascriptions should be available as bases for propositional something-from-nothing transformations.

The purpose of the study is the analysis of the relationship between the par value (also known as nominal value or face value) and the parameters influencing a company's financing. Additionally, the utility of the par value as a manipulation tool for equity offerings is examined. The study is based on a sample of IPO firms which went public on the Warsaw Stock Exchange. The study finds that an excess supply of shares has a negative impact on their valuation. In contrast, decreasing the par value prompts perceptual biases among investors beneficial to the success of the issuance. Moreover, share capital is found to be a useful signaling tool to improve the company's position on the financial market.

This article examines the impact of share capital on companies' performance as well as the effect of accounting information on companies' market performance and the impact of pre-IPO information on the predictive power of companies' performance after an initial public offering (IPO). The research was conducted on a sample of IPO companies debuting on the Warsaw Stock Exchange. It shows that a large percentage of share capital in equity reduces capital flexibility but can also be a signal to improve companies' market performance. It also shows that after an IPO, the market's information efficiency diminishes, which means, among other things, that pre-IPO accounting information has a negligible impact on the companies' market performance after the IPO.

In this paper, we study the effect of endogenous audit probabilities on reporting behavior in a face-to-face compliance situation, such as at customs. In an experimental setting in which underreporting has a higher expected payoff than truthful reporting, we find an increase in compliance of about 80 percent if subjects have reason to believe that their behavior towards an officer influences their endogenous audit probability. Higher compliance is driven by considerations about how their own appearance and performance affect their audit probability, rather than by the social and psychological effects of face-to-face contact.