Casino mergers and economic concentration issues: The acquisition of Caesars by Park Place Entertainment in Atlantic City

Abstract

The 1999 acquisition of Caesars World, Inc. by Park Place Entertainment Corporation generated concerns for increased and undue economic concentration in the Atlantic City market, although less concern has been expressed for increased concentration in national and international markets. This article explores the economic concentration effects of this acquisition in the Atlantic City market and the opposing effects of proposed entry of from one to three casino/hotels. The effects are measured by changes in the Herfindahl‐Hirschman Index of market concentration. This index is the measure of economic concentration historically used in hearings before the New Jersey Casino Control Commission whose charge it is to disallow “undue economic concentration.” Several issues relevant to acquisition, entry, and concentration are discussed. These include the likelihood and time delay of entry, the decline in concentration given a wider geographic market, rivalry, economies of scale, contestable markets, acquisition justified by financial weakness, Federal Trade Commission guidelines, and concentration in the Las Vegas market.     

Applying Social Psychology to International Social Issues

This article discusses six key issues that arise when social psychology applies its insights to international affairs. Three involve the applications themselves. Effective applications must connect with the macro level of analysis, attend to social problems long overlooked by the discipline, and operate consistently across cultures and societies. For this last point, two broad predictions—the universality and mediation hypotheses—are advanced that assert that the same social psychological processes can lead to diverse outcomes in different settings. The remaining issues involve the political context of applications made in the public arena. Such efforts must avoid victim blaming; be made available throughout the status hierarchy, not just to elites; and recognize that the public policy arena is scalding hot and controversial. Throughout the discussion, Kelman's remarkable applications to the search for peace in the Middle East illustrate the points. The article closes with remedial suggestions for the future.     

Airline Safety Improvement Through Experience with Near‐Misses: A Cautionary Tale

In recent years, the U.S. commercial airline industry has achieved unprecedented levels of safety, with the statistical risk associated with U.S. commercial aviation falling to 0.003 fatalities per 100 million passengers. But decades of research on organizational learning show that success often breeds complacency and failure inspires improvement. With accidents as rare events, can the airline industry continue safety advancements? This question is complicated by the complex system in which the industry operates where chance combinations of multiple factors contribute to what are largely probabilistic (rather than deterministic) outcomes. Thus, some apparent successes are realized because of good fortune rather than good processes, and this research intends to bring attention to these events, the near‐misses. The processes that create these near‐misses could pose a threat if multiple contributing factors combine in adverse ways without the intervention of good fortune. Yet, near‐misses (if recognized as such) can, theoretically, offer a mechanism for continuing safety improvements, above and beyond learning gleaned from observable failure. We test whether or not this learning is apparent in the airline industry. Using data from 1990 to 2007, fixed effects Poisson regressions show that airlines learn from accidents (their own and others), and from one category of near‐misses—those where the possible dangers are salient. Unfortunately, airlines do not improve following near‐miss incidents when the focal event has no clear warnings of significant danger. Therefore, while airlines need to and can learn from certain near‐misses, we conclude with recommendations for improving airline learning from all near‐misses.     

Ageing Populations and Housing Needs: Comparing Strategic Policy Discourses in France and England

Set against a broad European policy agenda which promotes ‘ageing in place’ and representations of older people as active, independent citizens, this article compares recent English and French policy discourses on population ageing and its implications for the housing needs of increasingly large numbers of older citizens. Through analysis of six recent strategic policy statements representing each government's official responses to population ageing and its social policy implications for the 21st century, we demonstrate how differences in the social representation of the ageing process and of older peoples themselves permeate policy discourse, influencing the perceptions of the housing needs of older citizens and the role that housing itself may play in promoting independent living. In England, demographic ageing, housing and its role in facilitating independent living and active ageing are explicitly articulated, whilst in France, the housing environment has until recently, been portrayed as one which must accommodate the illness, incapacity and dependency of later life. Our article offers explanations for these differences in terms of cultural variations in the social representations or ‘constructions’ of later life, divergences in political philosophies and welfare principles.     

A Novel Asymmetric Distribution with Power Tails

In this article, we propose a four-parameter asymmetric doubly Pareto-uniform (DPU) distribution with support (?∞, ∞) whose density and cumulative distribution functions are constructed by seamlessly concatenating the left and right Pareto tails with a uniform central part. Properties of the distribution are described and a maximum likelihood estimation (MLE) procedure for its parameters is obtained. Two illustrative examples of the MLE procedure are provided. The first example utilizes an i.i.d. sample of standardized log-differences of bi-monthly 30-year U.S. conventional mortgage interest rates (1971–2004). The second example deals with the height of 100 female Australian athletes.     

Gambling among young Thai people in Melbourne,Australia: an exploratory study

The purpose of the study reported in this paper was to explore the gambling behaviours of young Thai people resident in Melbourne, Australia; the meaning that gambling had for this group; whether the attitudes of these young Thai people towards gambling changed as a result of their location in a society with more relaxed attitudes towards gambling than in Thailand; whether any such changes of attitude were reflected in gambling participation; and whether such participation had demonstrably negative impacts. It was also hoped to gain some insight into whether pre-existing beliefs and attitudes provided a protective factor in relation to the respondent's gambling. Fifty young people aged 18 to 25, forming five natural friendship networks, were observed on over 180 occasions in relation to their gambling and leisure behaviours. A number of major themes were identified from the observational data including money, fortune and luck, consumerism, entertainment, spirituality and superstition, gambling and family values. It was found that despite high levels of gambling participation there was little, if any, evidence of problematic play or its consequences. Strong adherence to values espoused in families of origin and to complex beliefs about luck in the context of beliefs about spirituality and the location of gambling within the context of a range of leisure pursuits served as protective factors for these young people.