Public Knowledge and Financial Regulation: Two Post Crisis Periods

Abstract:

Since at least the days of Adam Smith there has been the recognition of essentially two forms of capitalism: in their theoretical extremes, one in which private companies determine the conditions of the social provisioning of credit and money, and one in which the State representing the general interest does. As we argue, the zeitgeist of the 1930s was a high water mark in the popular understanding of money and banking and its relationship with society. In contrast, today the general population is woefully ignorant on these points. As we argue, the relationship between financial governance and those governed hinges on the knowledge of the latter. Today’s public discourse reveals a widespread ignorance over financial matters that must accompany a likewise extreme moment of private control over nations’ money and credit. As we argue, the first steps towards a capitalism at the service of humanity and under public control, the first priority is publicly diffused knowledge.     

Bound for entrepreneurship? A career-theoretical perspective on entrepreneurial intentions

International Entrepreneurship and Management Journal - Research on entrepreneurial intentions, as an important step in the decision to undertake an entrepreneurial career, tends to position career...     

Search and Wholesale Price Discrimination

Firms often choose not to post prices in wholesale markets, and buyers must incur costs to discover prices. Inspired by evidence of customized pricing (e.g., some customers pay up to 70% more than others) and search costs, I estimate a search model to study how personalized pricing impacts efficiency in a wholesale market. I find that price discrimination decreases total surplus by 11.6% and increases the sellers' profits by up to 52.1%. These effects are partially explained by price discrimination softening competition through a decrease in search incentives, illustrating how price discrimination may magnify the efficiency costs of search frictions.     

Emic and etic interpretations of engagement with a consumer-to-consumer online auction site

This paper provides emic and etic interpretations of engagement with a consumer-to-consumer (C2C) online auction site, based on in-depth interviews with buyers. The study exposes three misconceptions about online C2C auctions; that the interaction between parties occurs exclusively online, that the relation between buyers and sellers is purely transactional in nature, and that the interaction between buyers and sellers does not lead to ongoing business relationships. The paper reveals the utilitarian, hedonic and social benefits that are the bases of engagement with the auction site. Social benefits materialize for auction buyers during offline exchanges. The paper also reveals marketer incentives and structural disincentives for consumers' ongoing use of the auction site.     

Anchored putter ban: An examination of whether anchored putting impacts career success and putting performance

The Professional Golfers' Association (PGA) Tour ban on anchored putting (Rule 14‐1b) took effect on January 1, 2016. The ban remains controversial because the governance decision appears to have been made without adequate empirical evidence. Accordingly, to investigate the efficacy of the ban, the impact of using anchored putters on PGA golfers' career success and putting performance was examined. PGA golfers ranked in the top 125 were studied from 2009 to 2015. The analysis revealed an anchored putter offered no unfair advantage with regard to improving players' career success or putting performance when compared with standard putter usage by PGA golfers.     

Coordinated Effects in the 2010 Horizontal Merger Guidelines

Recent research has highlighted the quantitative contribution to merger analysis from extending unilateral effects models to understand the payoffs to future potential coordinated effects. Some of the emphasis of this research appears to have made its way into the 2010 Horizontal Merger Guidelines. In this paper, we demonstrate the quantification of coordinated effects in an oligopoly and procurement model, and we show that screens that are based on upward pricing pressure are not adequate in mergers where coordinated effects are a potential concern.     

Consumers as researchers – innovative experiences in UK National Health Service Research

Consumer involvement is an established priority in UK health‐ and social‐care service development and research. To date, little has been published describing the process of consumer involvement and assessing ‘consumers’ contributions to research. This paper provides a practical account of the effective incorporation of consumers into a research team, and outlines the extent to which they can enhance the research cycle; from project development and conduct, through data analysis and interpretation, to dissemination. Salient points are illustrated using the example of their collaboration in a research project. Of particular note were consumers' contributions to the development of an ethically enhanced, more robust project design, and enriched data interpretation, which may not have resulted had consumers not been an integral part of the research team.     

Environmental practices in the wine industry: An empirical application of the theory of reasoned action and stakeholder theory in the United States and New Zealand

Industry transformation related to environmental stewardship has received significant scholarly attention over the past decade. However, limited theoretical and empirical work examines the motivations for improving environmental performance in an industry in different countries. In this paper, we develop a set of hypotheses, based in the theory of reasoned action and stakeholder theory, regarding drivers of the adoption of environmental practices in the wine industries of New Zealand and the United States. We test our hypotheses using data from survey questionnaires collected in each country. Our findings suggest that subjective norms and internal stakeholder pressures are common drivers of the adoption of environmental practices in these two countries. However, managerial attitudes and external stakeholder pressures are not significant drivers. We also find that managerial attitudes and export dependence are stronger determinants of environmental practice adoption in New Zealand compared to the U.S.     

Comments on the Institutionalist View of Reaganomics

Gender inequality is caused by numerous factors, among which one may find traditional division of labor, family, religion and many other institutions. The state also influences a position of women in society and economy. Nowadays most western states seem to engage in the promotion of equal status of men and women. The European Union (EU) is known for its policy of gender mainstreaming that has been implemented in member states. The EU, however, promotes a neoliberal approach in the economy that seems to be in contradiction to the promotion of gender equality.

In Poland, tendencies to liberate, privatize and deregulate are warmly welcomed as cures for economic underdevelopment. Gender equality, on the other hand, has been challenged as a relic of the former political system. In this paper, the author attempts to answer the question whether macroeconomic policy promoted by the EU influences the status of women in Poland.     

International productivity and factor price comparisons

Using OECD input–output tables for a diverse group of 33 countries in the year 2000 and estimates of each country's factor stocks, I compute factor payments for aggregate labor and capital with value-added data adjusted for self-employment by sector. Using a detailed technology matrix for the U.S., I compute factor-specific productivity measures in each country relative to the U.S., and show that these measures are strongly correlated with the pattern of wages and rental rates. I find that many low income countries with low labor productivity have relatively high capital productivity. I also find a distinctive pattern between factor productivity and factor payments depending on whether a country has a high or low wage-rental ratio compared to the U.S. I show these findings are consistent with the existence of sector-based differences in production technology and complementarities between factors.