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Objective: As a world tourist destination, Macao is inevitably under the impact of the COVID-19 pandemic. However, the market of integrated resorts in Macao are shared by only a few casino concessionaries, together forming an oligopoly. While the firms attempted to adjust price, quantity and quality of their hotel services in response to the pandemic, they could not overlook the strategic interactions with other players in the market. Hence, this paper aims to investigate the possible impact of the pandemic on the oligopolistic strategies in the integrated resort market in Macao. Methodology: Application of a theoretical model of differentiated oligopoly to this six-firm case shows that price differences across firms depend on their quality differentiation. In order to analyze these price differences empirically, this paper collects data of hotel room rates of the integrated resorts from November, 2019 to mid-August, 2020, covering the periods before and after the outbreak of COVID-19. Originality: In the existing literature, there is a lack of studies of the oligopoly in the hospitality industry of Macao. Furthermore, the effect of COVID-19 is still ongoing, so this present paper is one of the first to perform such analysis. Results: The regression of each of the hotel price differentials on the COVID-19 dummy variable shows that COVID-19 has statistically significant impacts on almost all the price differentials. Intuitively, MGM and Wynn were in the high-price segment before and after the outbreak, while other firms switched positions in the low-price segment during the pandemic. One obvious downstream movement was by Conrad. According to the proposition derived from the theory, these imply that COVID-19 should have significant impact on the quality differentiation of the firms. Practical implications: The results are in line with the observations that the integrated resorts have rolled out staycation packages according to preferences of local residents. These quality adjustments observed in Macao’s hospitality industry currently only involved variable inputs rather than fixed inputs of production; therefore, the impact of COVID-19 should be seen as short-term effects. Keywords: Covid-19; Differentiated oligopoly; Hospitality industry; Hotel room rate; Oligopolistic market structure; Pricing strategy.
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This paper is motivated by two observations in the large civil aircraft (LCA) industry. (1) Boeing and Airbus are significantly different in the degree of offshoring. (2) The degree of offshoring also changes among different aircraft models. To offer an explanation, this paper focuses on issues related to fragmentation. Existing literature has established the tie between fragmented technology and offshoring. However, it is assumed that production can be fragmented readily and at no cost; and only exogenous global economic factors have impact on the degree of fragmentation. This model distinguishes itself from others by incorporating endogeneity in fragmentation. A final-good firm can spend on R&D specifically for its own fragmented technology. As a result, the final-good firm can optimally choose the portion of components to be offshored. A strategic trade policy model is used to show that the degree of offshoring depends on the firm's own cost of production, the host country's cost of production, the global state of technology as well as the government trade policies. In particular, export subsidy and subsidy on R&D of fragmented technology are shown to be policy substitutes. Keywords: Fragmentation; Offshoring; Outsourcing; Aircraft; Export subsidy; R&D subsidy; Boeing; Airbus JEL classification: F12; F13; F23; L13
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This book is a compilation of the best papers presented at the APEF 2019 conference which was held on 25th and 26th July 2019 at the Grand Copthorne Waterfront in Singapore. With a great number of submissions, it presents the latest research findings in economics and finance and discusses relevant issues in today's world. The book is a useful resource for readers who want access to economics, finance and business research focusing on the Asia-Pacific region.
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This dissertation consists of three essays, covering the topics of foreign trade, offshoring and international rivalry. In particular, Chapter 1 analyzes the strategic capacity allocation of an international oligopoly. Because a line of products shares specific inputs that are fixed in the short run, a multiproduct oligopolist faces a capacity constraint in the production. Not being able to produce the desirable quantities to meet demand, an oligopolist strategically allocates its capacity among different products against its rival. If the market were monopolistic, a firm would mainly concern the effective profitability of a product when allocating its capacity and when responding to a capacity expansion. Identical duopolists that compete in a Cournot fashion should have identical capacity allocation. However, in a sequential game, while the Stackelberg leader allocates all its scarce capacity towards the more profitable product, the follower should still allocate some capacity towards the unprofitable product. This matches the observation that Boeing, the incumbent in the large commercial aircrafts (LCA) industry, specializes in smaller planes, while Airbus allocates resources more evenly towards both superjumbo planes and smaller planes. Chapter 2 provides an explanation to the observation that international oligopolists, which are similar in many ways (subject to the same state of technology, have equal market shares, etc.), may engage in significantly different degrees of offshoring. Different from previous studies, which considered fragmentation to be affected by global exogenous factors only, this essay sees fragmentation as an endogenous variable. A firm can invest on R&D of its own fragmentation technology to enable certain degrees of fragmentation, so that offshoring of those fragmented subparts can be achieved. An important implication of endogenous fragmentation is that the government now has a policy alternative to export subsidy. Very often, when export subsidy is prohibited under an FTA, a government has incentive to subsidize fragmentation of a firm, which can stimulate both export and offshoring. Chapter 3 investigates Macao's and Singapore's questionable goal to diversify among two tourism services—gambling and convention. Macao has a cost advantage in gambling while Singapore has a cost advantage in convention. When a city operates as a regional monopoly, the simple multiproduct model shows that it is optimal for a city to diversify in response to an expansion in the markets of the tourism services. If the two cities operate as a Cournot duopoly instead, there will be a higher degree of product differentiation between the cities. Yet, both cities diversify more when there is a market expansion. On the other hand, Osaka is a potential entrant. The three-city model shows that if Osaka's relative cost of producing convention is even lower than Singapore’s, both Macao and Singapore will produce greater proportions of gambling compared to the two-city case. In general, Macao and Singapore respond to Osaka’s rivalry by strategizing their product mixes to avoid head-on competition with Osaka.
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Establishing and improving the independent reading ability of middle school students has become one of the critical topics in the world, especially for second language learners. The cultivation of independent reading ability has specific challenges. This action research investigated the effectiveness of integrating robot-assisted teaching in reading lessons at lower primary grades. A group of third-grade students (n=15) participated in this research. The instruments include the pre-and post-test of a reading competency test (RCT) and motivational index (MI), a teacher reflection journal, and focus group discussion with parents. The whole intervention is conducted in two cycles, and requires the completion of four 40-minute lessons each week per cycle. The findings support the view that integrating robot-assisted teaching in the classroom can improve students' learning motivation to a certain extent, and that intervention programs positively impact students' learning motivation and independent reading ability in English. This study provides suggestion for the design of English reading instruction, and encourages English teachers to pay more attention to improving students' independent reading ability
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Despite the levels of air pollution in Macao continuing to improve over recent years, there are still days with high-pollution episodes that cause great health concerns to the local community. Therefore, it is very important to accurately forecast air quality in Macao. Machine learning methods such as random forest (RF), gradient boosting (GB), support vector regression (SVR), and multiple linear regression (MLR) were applied to predict the levels of particulate matter (PM10 and PM2.5) concentrations in Macao. The forecast models were built and trained using the meteorological and air quality data from 2013 to 2018, and the air quality data from 2019 to 2021 were used for validation. Our results show that there is no significant difference between the performance of the four methods in predicting the air quality data for 2019 (before the COVID-19 pandemic) and 2021 (the new normal period). However, RF performed significantly better than the other methods for 2020 (amid the pandemic) with a higher coefficient of determination (R2) and lower RMSE, MAE, and BIAS. The reduced performance of the statistical MLR and other ML models was presumably due to the unprecedented low levels of PM10 and PM2.5 concentrations in 2020. Therefore, this study suggests that RF is the most reliable prediction method for pollutant concentrations, especially in the event of drastic air quality changes due to unexpected circumstances, such as a lockdown caused by a widespread infectious disease.
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Air pollution in Macau has become a serious problem following the Pearl River Delta’s (PRD) rapid industrialization that began in the 1990s. With this in mind, Macau needs an air quality forecast system that accurately predicts pollutant concentration during the occurrence of pollution episodes to warn the public ahead of time. Five different state-of-the-art machine learning (ML) algorithms were applied to create predictive models to forecast PM2.5, PM10, and CO concentrations for the next 24 and 48 h, which included artificial neural networks (ANN), random forest (RF), extreme gradient boosting (XGBoost), support vector machine (SVM), and multiple linear regression (MLR), to determine the best ML algorithms for the respective pollutants and time scale. The diurnal measurements of air quality data in Macau from 2016 to 2021 were obtained for this work. The 2020 and 2021 datasets were used for model testing, while the four-year data before 2020 and 2021 were used to build and train the ML models. Results show that the ANN, RF, XGBoost, SVM, and MLR models were able to provide good performance in building up a 24-h forecast with a higher coefficient of determination (R2) and lower root mean square error (RMSE), mean absolute error (MAE), and biases (BIAS). Meanwhile, all the ML models in the 48-h forecasting performance were satisfactory enough to be accepted as a two-day continuous forecast even if the R2 value was lower than the 24-h forecast. The 48-h forecasting model could be further improved by proper feature selection based on the 24-h dataset, using the Shapley Additive Explanations (SHAP) value test and the adjusted R2 value of the 48-h forecasting model. In conclusion, the above five ML algorithms were able to successfully forecast the 24 and 48 h of pollutant concentration in Macau, with the RF and SVM models performing the best in the prediction of PM2.5 and PM10, and CO in both 24 and 48-h forecasts.
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Employees work long hours in an environment where the ambient air quality is poor, directly affecting their work efficiency. The concentration of particulate matters (PM) produced by the interior renovation of shopping malls has not received particular attention in Macao. Therefore, this study will investigate the indoor air quality (IAQ), in particular of PM2.5, in large-scale shopping mall renovation projects. This study collected on-site PM data with low-cost portable monitoring equipment placed temporarily at specific locations to examine whether the current control measures are appropriate and propose some improvements. Prior to this study, there were no measures being implemented, and on-site monitoring to assess the levels of PM2.5 concentrations was non-existent. The results show the highest level of PM2.5 recorded in this study was 559.00 μg/m3. Moreover, this study may provide a reference for decision-makers, management, construction teams, design consultant teams, and renovation teams of large-scale projects. In addition, the monitoring of IAQ can ensure a comfortable environment for employees and customers. This study concluded that the levels of PM2.5 concentration have no correlation with the number of on-site workers, but rather were largely influenced by the processes being performed on-site.
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This dissertation focused on the consumers’ consumption behavior in Macau flower retailers. It revealed what factors affect consumers’ choice of flower shops during purchase. Also, what contributes to the customers’ loyalty towards a flower retailer by having interviews with the female target groups aged between 20 to 50 who work in the office. This study is important to the flower business owner because the result can allow them to understand the thoughts and feelings of their consumer. By interviewing 11 heavy users of floral products with 16 questions based on the five consumption values, we can communicate with the consumers directly and learn the reasons behind their purchasing behavior. Questions have been divided into 5 consumption values according to the previous research by (Sheth, Newman, & Gros, 1991), including functional, conditional, social, emotional, and epistemic values. The research has collected data on how and at what level these values may affect consumer consumption choices individually. The finding part analyzed the reason why those values affect consumers’ choices. Most of the interviewees stated that service is the most important compared to quality because the owner should be enthusiastic to provide product information and understand the consumer very well to impress and retain them with good personal service
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