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A dose of regulation mixed with free-market observation - What can Connecticut learn as the state enters the cannabis era?

It's only been since January, but the cannabis industry in Connecticut is already a hit among consumers. There was initial worry that the quick expansion of stores and dispensaries could potentially blunt the long-term success of the retail aspect of the product in the state, but according to UConn's Fred Carstensen concerns about the oversupply seen in neighboring states is not a worry. “It’ll take three to four years to see how the market develops,” said Carstensen, a professor at University of Connecticut and the director of the Connecticut Center for Economic Analysis. In an article that goes into great detail, Carsten told the Stamford Advocate about the many factors and influences that can impact what has been a volatile market in some states since legalization became the trend. And as the state government checks the expansion of Connecticut’s adult-use cannabis market, Carstensen said local governments do the same. He said it wouldn’t matter if Connecticut’s retail cannabis scene was over-licensed, under-licensed, or just right. “Every municipality has the right to say yea or nay (to retailers),” Carstensen said. But he said an estimated 69 cannabis retailers in the Nutmeg State’s pipeline will make the bigger picture clearer. “(Then) it's pretty much available to everybody on a relatively short-travel basis,” Carstensen said. “Then we'll actually know what the market is.” Regulation and observation will be key to measure the success or failure of the market. Carstensen said that as the Nutmeg State’s market matures, retailers will “pull that business back into Connecticut when we become more competitively priced.” Peake agreed that “as (more Connecticut retailers) open up, we can probably expect the vast majority of those folks to be buying cannabis in Connecticut.” And Carstensen said that as much as interstate cannabis purchases skew understanding Connecticut’s market, it also serves as a check on oversaturating the Nutmeg State’s cannabis economy... And, Carstensen said, if there were too many cannabis dispensaries, "the market will tell us." "They’ll close,” the economics professor said. If you're a journalist looking to know more about this emerging industry in Connecticut and beyond, let us help. Fred Carstensen is a University of Connecticut professor and director of the Connecticut Center for Economic Analysis. He is a renowned an expert in the areas of public policy, economic history, and economics. Simply click on his icon now to arrange a time to talk today.

Southeast Asia's strategic balancing act amid U.S.-China rivalry

In the bustling geopolitical arena of Southeast Asia, the rivalry between the United States and China often takes center stage. This region, where great powers converge, has become a pivotal battleground for influence and control. But the reality is that this contest involves more than just these two giants. It's a multi-dimensional chessboard, and Southeast Asian nations aren't just passive pieces; they are active players with their own agendas. In a new analysis of the ongoing contest between these superpowers, University of Delaware professor Alice Ba discussed the ways in which Southeast Asian countries are not only impacted by the struggles over economic influence and military expansion but also can and will play a major role in the outcome. She can also address the following topics: The expansion of U.S.-China tensions into additional economic realms, especially the politicization of supply chains, and how that broadens the impact on Southeast Asia. For all Southeast Asian states, economics is regarded as the foundation for legitimacy and regime stability and thus, unlike the South China Sea, U.S. and Chinese economic policies are felt more widely across the region. The U.S.-China rivalry's destabilizing integration trends of the last four decades and the foundations on which Southeast Asian states have achieved highly prized degrees of regional stability, economic prosperity, diplomatic standing and regime legitimacy. Ba can talk about how Southeast Asian states can respond to this destabilization and new policies they can adopt to address the surging rivalry. The viewpoint that the United States has not taken sufficient advantage of Southeast Asian interest in greater economic and diplomatic engagement — a perception that for some states is also reinforced by Washington’s normative democracy agenda. Ba is available for interviews and can be contacted by clicking on her profile below.

Study reveals how stereotypes undermine diversity efforts in the workplace

Although they were released well before the "Barbie" movie crushed it at the box office, recent findings by a group of University of Delaware researchers could have been used as fodder for a scene in the film. Kyle Emich, a professor of management at the Alfred Lerner College of Business and Economics, along with former UD colleagues Rachel Amey and Chad Forbes, wanted to know why women’s knowledge often gets ignored in the workplace, and how to improve that situation. Drawing on both a problem-solving group exercise and measurements of brain activity, their findings, published by the journal Small Group Research, illustrate ways stereotypes and attitudes can stifle the benefits of diversity efforts. At the same time, the study also offers hope for solutions. Key takeaways: While women are often urged to fight for status, the onus should actually be placed on high-status men to respect and accept women’s expertise. - Teams in the group exercise made up of two men and one woman were less effective. Women often struggled to speak up when they were in the minority. Also, the more minority women on these teams shared key information, the less respect they got from their team. The findings, Emich and his team said, confirm the idea that a lack of respect for minorities undermines the benefit of diversity. They also argue that while the burden is often put on women to make sure they have a voice, men in power should also bear this responsibility. Emich, who studies group dynamics and performance in work settings and examines how emotions influence cognitive processing, is available for interviews. Click on his profile below to set one up.

Unveiling the Unseen: Exploring Salary Transparency and How it Contributes to the Gender Pay Gap

We have all heard about the gender pay gap, but do we truly understand the underlying factors that contribute to this inequality? A common proposal for reducing the pay gap between men and women is to increase pay transparency — letting job seekers know up front how much the job pays. But does the way the information is presented have an impact? University of Delaware associate professor Dustin Sleesman's recent research sheds light on salary requests from male and female job seekers, and how those change based on the framing of the salary information. Sleesman, affiliated with UD's Alfred Lerner College of Business & Economics, studies the psychology of decision-making, including why people become committed to their decisions and how biases can influence them. Second, he focuses on negotiation and conflict resolution — and especially how they are affected by our thoughts and perceptions. Third, he studies team effectiveness, such as understanding how the motivation and personality of team members influence their interactions.

Experts in the Media: As the nation faced default, reporters were looking to Georgia Southern for answers

It has been a tense and stressful couple of weeks in Washington as the negotiations about raising America's debt went from the usual political arm-wrestling to facing the reality that the United States may actually default on its debt. The very concept left reporters and experts scrambling to explain what this could mean for the country's economy, civil service and global financial reputation. And when answers, explanations and expert perspective was needed, Georgia Southern University's Michael Toma, Ph.D., was sought out to talk about the effect of a looming U.S. debt default. Georgia Public Broadcasting spoke to Toma, who explained the situation and the impact of not reaching a deal could have locally and on a broader spectrum. If you're a reporter looking to know more about important topics like this - then let  us help. Michael Toma, Ph.D., researches regional economics and public choice at Georgia Southern. He's available to speak with reporters simply click on his icon now to arrange an interview today.

#Expert Insight: Price Image Formation: When is HILO low?

When consumers choose where to shop, they often consider a store’s price image —does the store have a reputation for having lower or higher prices than its competitors? A store’s reputation for lower prices doesn’t happen by chance. Choosing a pricing strategy is one of the biggest pricing decisions a retailer makes. In “When is HILO Low? Price Image Formation Based on Frequency versus Depth Pricing Strategies,” a recently published paper in the Journal of Consumer Research, co-authors Ryan Hamilton, associate professor of marketing, Ramnath Chellappa, associate dean and Goizueta term professor of information systems and operations management, and Daniel Sheehan, associate professor of marketing and supply chain at the University of Kentucky’s Gatton College of Business and Economics, explore a gap in existing pricing strategy research. “Our research doesn’t threaten the validity of the previous research,” said Hamilton, “but what it does do is point to the limited generalizability of the previous research.” This is because previous pricing strategy research used the same research paradigm: It emphasized consumers’ perspectives as they compared prices simultaneously across multiple stores. Hamilton, Chellappa, and Sheehan wondered what would happen if they studied consumers as they compared prices of products within a store, instead of across stores. When they did so, the authors found that “many of the prominent findings of previous research are reversed,” they wrote. “We propose that when stores’ prices are evaluated one at a time, or in isolation, consumers will rely on the most salient contextual clues available—within-category price information—when forming a price image.” For example, rather than research the price of peanut butter across multiple grocery stores, shoppers often evaluate the price of peanut butter by comparing the prices of the brands on the shelf in front of them. To illustrate their point, the authors explore two basic pricing strategies: a frequency pricing strategy and a depth pricing strategy. Every Day Low Pricing (EDLP) is a frequency strategy where stores offer small price advantages over their competitors on many items. Walmart employs an EDLP strategy. A common depth strategy is a high-low (HILO) pricing strategy. HILO offers infrequent, but deep, price advantages over competitors. Macy’s utilizes this strategy. “The conventional wisdom is that EDLP equals low price,” explained Hamilton. But he and his co-authors argue that in a non-theoretical environment, the effectiveness of EDLP strategies is less clear. The trio hypothesized that the context in which consumers encounter prices has important implications. Specifically, that the frequency advantage of EDLP identified in earlier research was limited to those scenarios where customers were able to simultaneously compare prices across multiple stores. In contrast, they argue that a depth advantage, one resulting from HILO pricing, will be more likely when consumers evaluate store prices separately. “Without simultaneous comparisons across stores, consumers shift from using across-store prices as reference points to using within-category reference prices. As a result of this shift, deep price advantages are easier to evaluate than frequent price advantages and therefore more influential on customers’ formation of price image,” they write. “Because our theoretical account is based on within-category external reference prices, we predict that a depth store is likely to be evaluated as having a lower price image than a frequency store even when consumers are exposed to the prices of just one store,” they write. The authors tested their hypothesis using six separate experiments. All but one of the experiments studied national brands commonly found in grocery stores. (The other experiment used televisions.) In the experiments where participants saw store prices simultaneously, the experiment replicated the frequency advantage noted in previous research. But when participants did not have simultaneous price information across stores, the previous findings didn’t hold “What we found is that if you distance those prices comparisons even a little bit -showing a price on one webpage and then seeing a price on another webpage - that’s enough to completely reverse the findings,” explained Hamilton. In an isolated setting, “a couple of really low prices” will better communicate a store’s low-price image, said Hamilton. “That’s the big story.” While excited about the findings of their research, Hamilton is quick to point out the limits of their hypothesis, such as when pricing information isn’t readily available or when the consumer isn’t familiar with the brands of the product they wish to buy. “People want a simple answer that works everywhere, but it’s more nuanced than that,” said Hamilton. “This [hypothesis] is going to work better under certain set of circumstances than others because people process price information differently.” The insights aren’t only useful for retailers. While using a store’s price image to shop can be efficient from a consumer standpoint, assuming that the prices are low solely because the store has a reputation for low prices isn’t always the case. A retailer’s price image has vulnerabilities. Not everything at Costco is cheaper than it is at Whole Foods. Southwest Airlines may not always be cheaper than Delta Air Lines. “If you’re shopping for things you really care about,” advised Hamilton, “it might be worth doing more across-store price comparisons.” Chellappa is excited about how the paper addresses gaps in traditional economic models of pricing. “While much research in economics and information systems focuses on the availability of information for price comparison, the cognitive aspect of ‘how’ consumers compare and process such information is only explicated by studies such as ours. Looking at pricing through a behavioral lens, capturing consumers’ real shopping behavior reveals great insights that will be useful for firms,” he said. Interested in learning more about consumer behavior and Price Image Formation Based on Frequency versus Depth Pricing Strategies? Then let us help with your coverage and questions. Ryan Hamilton and Ramnath Chellappa are both available to speak regarding this important topic - simply click on either expert's icon now to arrange an interview today.

AI-Generated Content is a Game Changer for Marketers, but at What Cost?

Goizueta’s David Schweidel pitted man against the machine to create SEO web content only to find that providing an editor with bot-generated content trounces the human copywriter every time. Good news for companies looking to boost productivity and save cash, he says. But could there be other hidden costs? In December 2022, The New York Times ran a piece looking back on the year’s biggest consumer tech updates. The review was mixed. Ownership shifts in the world of social media garnered special mentions, but hardware innovations had been largely “meh,’ mused the Times. There was one breakthrough area that warranted attention, however: AI-powered language-processing tech capable of generating natural-looking text, the same technology that powers familiar chatbots. And one such technology could well be poised to “invade our lives in 2023.” Earlier in December, AI research lab OpenAI, released the latest update to its Generative Pre-Trained Transformer technology, an open source artificial intelligence. It’s latest iteration, ChatGPT, immediately went viral. Here was an AI assistant that sounded intelligent. Not only could it answer any question thrown its way without supervised training, but when prompted, it could also write blog posts, as well as find and fix bugs in programming code. ChatGPT could draft business proposals and even tell jokes. All of this at a speed that beggared belief. Since its first release in 2020, OpenAI’s GPT technology has powered through a slew of updates that have seen its capabilities leap forward “by light years” in less than 24 months, says Goizueta Professor of Marketing, David Schweidel. For businesses looking to harness this rapidly-evolving technology, the potential is clearly enormous. But aren’t there also risks that industry and consumers alike will need to navigate? Schweidel is clear that the academic community and initiatives such as the Emory AI Humanity Initiative have a critical role in asking hard questions—and in determining the limitations and dangers, as well as the opportunities, inherent in tech innovation—because, as he puts it, “these things are going to happen whether we like it or not.” Man Versus Machine To that end, Schweidel and colleagues from Vienna University of Economics and Business and the Modul University of Vienna have put together a study looking at how well natural language generation technologies perform in one specific area of marketing: drafting bespoke content for website search engine optimization, better known as SEO. What they find is that content crafted by the machine, after light human editing, systematically outperforms its human counterparts—and by a staggering margin. Digging through the results, Schweidel and his colleagues can actually pinpoint an almost 80 percent success rate for appearing on the first page of search engine results with AI-generated content. This compares with just 22 perfect of content created by human SEO experts. In other words, the AI content passed to a human is roughly four times more effective than a skilled copywriter working alone. Reaching these findings meant running two real-time, real-world experiments, says Schweidel. First, he and his colleagues had to program the machine, in this case GPT 2, an earlier incarnation of GPT. GPT relies on natural language generation (NGL), a software process that converts manually uploaded input into authentic-sounding text or content—comparable in some ways to the human process of translating ideas into speech or writing. To prepare GPT-2 for SEO-specific content creation, Schweidel et al. started with the pre-trained GPT-2, and then let the machine do the heavy lifting: searching the internet for appropriate results based on the desired keyword, scraping the text of the websites, and updating GPT-2 to “learn” what SEO looks like, says Schweidel. We partnered with an IT firm and a university to run our field experiments. This meant creating SEO content for their websites using GPT-2 and actual human SEO experts, and then doing A/B testing to see which content was more successful in terms of landing in the top 10 search engine results on Google. So this was an opportunity to put the AI bot to the test in a real-world setting to see how it would perform against people. The results point to one clear winner. Not only did content from GPT-2 outperform its human rivals in SEO capabilities, it did so at scale. The AI-generated content scored a daily median result of seven or more hits in the first page of Google search results. The human-written copy didn’t make it onto the first result page at all. On its best day, GPT showed up for 15 of its 19 pages of search terms inside the top 10 search engine results page, compared with just two of the nine pages created by the human copywriters—a success rate of just under 80 percent compared to 22 percent. Savings at Scale The machine-generated content, after being edited by a human, trounces the human in SEO. But that’s not all, says Schweidel. The GPT bot was also able to produce content in a fraction of the time taken by the writers, reducing production time and associated labor costs by more than 90 percent, he says. “In our experiments, the copywriters took around four hours to write a page, while the GPT bot and human editor took 30 minutes. Now assuming the average copywriter makes an annual $45K on the basis of 1,567 hours of work, we calculate that the company we partnered with would stand to save more than $100,000 over a five-year period just by using the AI bot in conjunction with a human editor, rather than relying on SEO experts to craft content. That’s a 91 percent drop in the average cost of creating SEO content. It’s an orders of magnitude difference in productivity and costs.” But there are caveats. First off, there’s the quality of the machine-generated content to consider. For all its mind-boggling capabilities, even the newly released ChatGPT tends to read somewhat sterile, says Schweidel. That’s a problem both in terms of Google guidelines and brand coherence. Human editors are still needed in order to attenuate copy that can sound a little “mechanical.” “Google is pretty clear in its guidelines: Content generated by machines alone is a definite no-no. You also need to factor in the uncanny valley effect whereby something not quite human can come off as weird. Having an editor come in to smooth out AI content is critical to brand voice as well as the human touch.” Asking the Big Questions Then there are the moral and metaphysical dimensions of machine learning and creativity that beg an important question: Just because we can, does that mean we should? Here, Schweidel has grave reservations about the future of ChatGPT and its ilk. The potential of this kind of technology is extraordinarily exciting when you think about the challenges we face from productivity to pandemics, from sustainable growth to climate change. But let’s be very clear about the risks, too. AI is already capable of creating content—audio, visual and written—that looks and feels authentic. In a world that is hugely polarized, you have to ask yourself: How can that be weaponized? At the end of the day, says Schweidel, the large language models powering these generative AIs are essentially “stochastic parrots:” trained mimics whose output can be hard to predict. In the wrong hands, he warns, the potential for misinformation—and worse—could well be “terrifying.” “Shiny new tech is neither inherently good nor bad. It’s human nature to push the boundaries. But we need to ensure that the guardrails are in place to regulate innovation at this kind of pace, and that’s not easy. Governments typically lag far behind OpenAI and companies like them, even academics have a hard time keeping up. The real challenge ahead of us will be about innovating the guardrails in tandem with the tech—innovating our responsible practices and processes. Without effective safeguards in place, we’re on a path to potential destruction.” Covering AI or interesting in knowing more about this fascinating topic - then let our experts help with your coverage and stories. David Schweidel is the Rebecca Cheney McGreevy Endowed Chair and Professor of Marketing at Emory University's Goizueta Business School. Simply click on David's icon now to arrange an interview today.

Aston University bioenergy researchers to improve measurement of industrial carbon dioxide

Researchers at Aston University are to take the UK a step nearer to net zero emissions by developing a better system of measuring industrial carbon dioxide. The government is giving the University £100,000 to improve measurement of CO2 streams from sites such as at power plants and factories. The Energy and Bioproducts Research Institute (EBRI) at Aston University is to develop a comprehensive guide based on industry and academic expertise. Industrial decarbonisation will play a major role in achieving the UK’s 2050 ambitious net zero emissions target, however current measurement guidelines need to be improved. The six-month project will be a collaboration between EBRI researchers and the company Progressive Energy and the Energy Institute. Progressive Energy will work alongside potential end-users and the Energy Institute will help to ensure the final guidelines are clear. The work is being led by Dr Paula Blanco Sanchez, who has more than 15 years of experience in bioenergy. She said: “This funding will help Aston University to address a major gap in the decarbonisation pathway. It will contribute to the UK’s net zero target and is another example of how the University is using its expertise to tackle real world problems. “Our experts in EBRI will provide research, industrial experience and knowledge in areas such as gas measurement, metric and analytics, life cycle and techno-economic assessments, and thermal conversion processes.” The funding has been awarded by the Industrial Decarbonisation Research and Innovation Centre (IDRIC) to achieve the net zero ambition set out in the UK Industrial Decarbonisation Strategy (2021). Bryony Livesey, challenge director, Industrial Decarbonisation Challenge, UKRI, said: “The announcement of this funding continues to build upon IDRIC’s whole system approach to decarbonising industry, enabling the UK to remain at the forefront of a global low-carbon future. These successful Wave 2 projects will build evidence on a range of areas from economics and emissions to skilled jobs and wider net zero policy, supporting UK’s green growth and net zero ambitions.” It’s hoped the Aston University project will lead to future collaborations and funding to support UK industry to decarbonise their businesses. In May, June and September the EBRI plant will be opening its doors to professionals who want to enhance their careers with a short hands-on course in Practical Process Engineering. For more information visit https://www.aston.ac.uk/study/courses/practical-process-engineering

Ask our expert - Economy, inflation and interest rates, where do we stand as we close in on the end of the year?

Everyone is keeping a close eye on the economy. Whether on a global scale or at the kitchen table - it's a topic that is at the top of everybody's mind these day. Simon Medcalfe, PhD is  the Cree Walker Chair in the Hull College of Business at Augusta University and resident expert on the economy, and he shared his thoughts on where the economy stands as the final months of the year approach. Q: The Gross Domestic Product report was up, what should we take out of that? “The GDP was interesting because it was actually up. The first two quarters were negative growth, so the economy had shrank. This time, the growth figure came in at 2.6%, but closer reading suggested it was actually a worse reading then the negative readings we had because consumer spending by firms was essentially flat. The growth was seen in net exports or government spending or things like. Consumers were kind of pulling back a little, which is why earnings were a little lower as well.” Q: The economy needs to slow down a little, doesn’t it? “I mean, yes, if you’re thinking about the Fed, that’s what they are worried about right now, inflation, because the economy is so incredibly hot, particularly with regards to prices. They’re raising interest rates with the aim at slowing down the economy. Unemployment is historically very, very low, if not at record levels in different places, so we could probably sustain a little slowing of the economy without impacting the labor market too much and try to get this general inflation under control.” Q: The economy could use a little unemployment, it’s that kind of counter intuitive? “Some unemployment is not bad. Economist use to suggest in the long run, the natural rate of unemployment is about 5-6%. Now we have unemployment in the 2-3% range in places. We have a little bit of wiggle room to see that increase.” Q: What's the difference between frictional and structural unemployment? "Economist talk about frictional unemployment and structural unemployment. Frictional unemployment is more of a job match or job search problem. So it’s a lack of information. Structural unemployment is because of the changing nature of industry within an economy. An example being people working in textile manufacturing and it’s hard for them to go straight into computer science coding because they don’t have the skills. This is more long term than frictional and in some cases can be quite detrimental to regions and people.” Q: The Fed is likely to raise interest rate by .75%, are there signs of this slowing down? “I think they’ll start slowing that down over time, but I think their projection is about 4.6% and we’re like 3.25% now. They’re looking at all the economic indicators. Not looking at any one or two, but everything. They’re looking at inflation, and have different measure of that. They’re look at the breakdown of inflation like how much of it is due to the war in Ukraine, and what areas of the economy it may be impacting. They’re looking at the labor market, definitely looking at manufacturing output, etc. The one thing they don’t generally look at is financial markets. They would look at the housing market though and different sectors of the real economy, not the financial economy.” Dr. Simon Medcalfe is a highly regarded economics expert in the Hull College of Business at Augusta University. Medcalfe is available to speak with media regarding the economy and its outlook – simply click on his icon now to arrange an interview today.

Aston University graduate takes boxing gold for Team England at Commonwealth Games

Delicious Orie came from behind to win Commonwealth Games men's super-heavyweight gold He beat India's Sagar Sagar in the NEC Arena to claim England's second gold of the day The 25-year-old graduated from Aston University in April having studied economics and management. Aston University alumnus, Delicious Orie, has won a boxing gold medal at the 2022 Commonwealth Games in Birmingham. The 25-year-old came from behind to win in the men's super-heavyweight fight, beating India's Sagar Sagar in the NEC Arena on 7 August to claim England's second gold of the day. Born in Moscow to his Nigerian father, Justin, and Russian mother, Natalie, he spent the first seven years of his life in the city of Voronezh, 520 kilometres from the Russian capital, before the family moved to London to escape racism and to seek a better life. There was another upheaval at the age of 11, when the family moved to Wolverhampton. He once again threw himself into his schooling, enjoyed whatever extracurricular activities were on offer and took advantage of the opportunities he was afforded. Delicious graduated with a first class honours degree from Aston University in April having studied economics and management (2020). Speaking to BBC Sport after the fight, Delicious said: “I was an emotional wreck earlier but when that final bell went, I knew I had it in the bag. “The only way I did it was through the support of the fans. “I had two rounds to prove myself and I'd never heard a roar like that. The English fans are the best in the world. “I was determined to not let anyone else win. I've never felt anything like this.” Kerrie Holland, director of alumni relations and development at Aston University, said: “We are just delighted for DJ for this amazing achievement. “He’s a fantastic ambassador for Aston University and has been so generous with his time to inspire alumni and students – including as the cover star of the 2021 alumni magazine! “We are proud of all of our Aston University graduates and I know the whole #TeamAston family will be celebrating Delicious’ Commonwealth Gold alongside him.” You can find out more about Delicious Orie’s story here.