Market Power and Patent Strategies: Evidence from Renaissance Venice

This paper exploits the introduction of the first regularized patent system, which appeared in the Venetian Republic in 1474, to examine the factors shaping inventors’ propensity to use a new form of intellectual property. We combine detailed information on craft guilds and patents in Renaissance Venice and show a negative association between patenting activity and guild statutory norms that strongly restricted entry and price competition. Our analysis shows that the heterogeneity in patenting activity documented by the industrial organization literature is not a special feature of modern technologies, but is rather a persistent phenomenon affected by market power.     

VALUATION OF BARRIER OPTIONS VIA A GENERAL SELF‐DUALITY

Classical put–call symmetry relates the price of puts and calls under a suitable dual market transform. One well‐known application is the semistatic hedging of path‐dependent barrier options with European options. This, however, in its classical form requires the price process to observe rather stringent and unrealistic symmetry properties. In this paper, we develop a general self‐duality theorem to develop valuation schemes for barrier options in stochastic volatility models with correlation.     

Sustainable tourism planning and climate change adaptation in the Alps: a case study of winter tourism in mountain communities in the Dolomites

A vast body of literature suggests that the European Alpine Region is extremely sensitive to climate change. Winter tourism is closely related to climate variations, especially in mountain regions where resorts are heavily dependent on snow. This paper explores how to effectively integrate a climate change adaptation perspective with local discourses about sustainability and tourism, an increasing priority for policy-makers in the region and elsewhere. It reports on the development and application of a participatory decision support process for the analysis of adaptation strategies for local development of an Alpine tourism destination, Auronzo di Cadore (Dolomites, Italy). This experience significantly contributed to the idea that an efficient combination of modelling capabilities, decision support tools, and participatory processes can substantially improve decision-making for sustainability. The authors show that, in this case study, such a combination of methods and tools allowed for managing the involvement of local actors, stimulating local debates on climate change adaptation and possible consequences on winter tourism, encouraging creativity and smoothing potential conflicts, and easing the integration of the qualitative knowledge and the preferences of the involved actors with quantitative information. This contributed to an integrated sustainability assessment of alternative strategies for sustainable tourism planning.     

Local banking and local economic growth in Italy: some panel evidence

This article provides new evidence on the contribution of local banking to local economic growth (i.e. at county level – the Italian ‘province’) in Italy. A comprehensive data set is used, which includes control variables for social capital and human capital as well as indicators of the quality of local infrastructures and the production structure of the local economy. A linear within-estimator technique with fixed effects is applied to a modified version of the so-called Barro regression in order to address the well-known econometric issues of reverse causality and estimation bias resulting from unobserved district-specific influences.     

Which Way is “Up” in Upgrading? Trajectories of Change in the Value Chain for South African Wine

Global Value Chain (GVC) analysis uses the concept of upgrading to highlight paths for developing country firms to “move up the value chain,” usually through the lenses of four categories—product, process, functional, and inter-sectoral upgrading. The implicit normative expectation is that these firms move toward producing higher value-added products and/or take on more sophisticated functions along a value chain. In this article, upgrading is approached more broadly as “reaching a better deal,” including a balance between rewards and risk. The case study of South African wine shows that better product quality, improved processes, and some functional upgrading have co-existed with processes of “downgrading,” higher risks, and limited rewards, especially in traditional export markets. A reflection on further conceptual development and directions for empirical research is also provided.     

Perception evaluation kit: a case study with materials and learning styles

International Journal of Technology and Design Education - Materials are elements that configure our built environment and are key components in design and engineering education. This research aims...     

The average consumer, the unfair commercial practices directive, and the cognitive revolution

This article examines the merit of the test of the average consumer as a basis for judicial and regulatory action. In the first part, we describe the origin of the test, its application in the Unfair Commercial Practices Directive and its possible developments. In the second part, we discuss the theoretical grounds of the average consumer test (i.e., information and rationality), drawing upon the studies of cognitive psychology and behavioural economics concerning consumers’ behaviour. The result of our analysis is that we call into serious question the practical workability of the test of the average consumer, which requires consumers an overly demanding standard of rationality and information without dedicating much attention to the real functioning of consumer behaviour. The average consumer may be described as an interesting, anti-paternalistic and, to some extent, useful notion. It is, however, an overly simplistic concept with little correspondence with the real world of individual consumer behaviour and should be reinterpreted more flexibly, or even abandoned to mirror consumer behaviour more effectively.

On the risk premium in Nordic electricity futures prices

This paper examines empirically the relationship between electricity spot and futures prices, by analysing a decade of data for a set of short term-to-maturity futures contracts traded in the Nordic Power Exchange. It is found that, on average, there are significant positive risk premiums in short-term electricity futures prices. The significance and size of the premiums, however, varies seasonally over the year; whereas it is greatest during winter, it is zero in summer. It is also found that time-varying risk premiums are significantly related to unexpectedly low reservoir levels. Furthermore, before the unprecedented supply-shock that hit the market around the end of year 2002, the risk premiums were related to the variance and the skewness of future spot prices.     

Organizing the purchasing department for innovation

Innovation is by far one of the most important competitive priorities in the current business context. Companies increasingly rely on their supply base to support their innovation potential. As a consequence, the purchasing department might dramatically affect the firm??s innovation capability. This paper aims to investigate??using a multiple case study approach??how the organizational design of the purchasing department could determine a firm??s capability to foster and manage innovation. Seven highly innovative companies were visited and the structures of their purchasing departments were analyzed. Three different configurations for the purchasing department were identified and described.     

Cropland use,yields, and droughts: spatial data modeling for Burkina Faso and Niger

For countries with recurrent droughts, the design of drought impact mitigation measures could benefit from analyses of determinants of yields and prices of local crops at regional and district level. This study applies dynamic spatial panel data regression models to yields and prices of four major food crops across regions of Burkina Faso and Niger, over sample periods between 1984 and 2006. Results lend support to mainly simultaneous spatial spillovers, particularly for millet and cowpea prices and sorghum yields in Niger, and maize yields in Burkina Faso. After accounting for these effects, most crop yields are found to be weakly price‐responsive, as envisaged by a supply‐side geographical diffusion hypothesis. Seasonal rainfall elasticity estimates suggest that dominant food crops have slight advantage margins in terms of relative resilience to rainfall shortages. However, this result is to be weighed against low millet yields in Niger, and marked drops in sorghum yields during officially declared droughts in Burkina Faso.