Analysing Materials and Energy Flows in an Industrial District using an Enterprise Input–Output Model

Recent approaches to sustainable development leave much room for policies at a local level. In fact, it is becoming evident that targets such as increasing resource productivity, preserving natural cycles, or extending the present level of welfare, are best pursued within the confines of a local area. In particular, environmental changes are best brought about by considering local systems of firms as cornerstones of cooperative strategies and using data on materials and energy use in physical terms. In this paper, an enterprise input–output model is developed for an industrial district, i.e. a local group of firms specialized in the production of a single final output. The model allows for a detailed quantitative analysis of materials and energy flows and the consequent generation of waste and pollution. As a planning tool, the model may be used to evaluate alternative scenarios, such as the possibility of re- using waste taking account of sustainability requirements. An empirical case study applies the model to an industrial district in Southern Italy producing leather sofas.     

Existence of a competitive equilibrium in a one sector growth model with heterogeneous agents and irreversible investment

Summary. We prove existence of a competitive equilibrium in a version of a Ramsey (one sector) model in which agents are heterogeneous and gross investment is constrained to be non negative. We do so by converting the infinite-dimensional fixed point problem stated in terms of prices and commodities into a finite-dimensional Negishi problem involving individual weights in a social value function. This method allows us to obtain detailed results concerning the properties of competitive equilibria. Because of the simplicity of the techniques utilized our approach is amenable to be adapted by practitioners in analogous problems often studied in macroeconomics. Received: September 13, 2001; revised version: December 9, 2002 RID="*" ID="*" We are grateful to Tapan Mitra for pointing out errors as well as making very valuable suggestions. Thanks are due to Raouf Boucekkine and Jorge Duran for additional helpful discussions. We also thank an anonymous referee for his/her helpful comments. The second author acknowledges the financial support of the Belgian Ministry of Scientific Research (Grant ARC 99/04-235 “Growth and incentive design”) and of the Belgian Federal Goverment (Grant PAI P5/10, “Equilibrium theory and optimization for public policy and industry regulation”). Correspondence to: C. Le Van     

Industry specific effects in investment performance and valuation of firms

A necessary criterion for a performance measure in corporate governance is the degree to which it mirrors how well the management succeeds in maximizing firm value. Such a performance measure is marginal q which links changes in firm value to the investments undertaken by the management. Empirical studies of investment and performance based on marginal q have demonstrated the usefulness of this measure. Most research however, has mainly focused on long-term performance. This paper takes a short-term perspective and, based on the marginal q-theory, considers how firms’ market values change in the extreme stock price cycle of a stock market bubble. Using a data set of listed Swedish corporations we find an anomaly in form of a new industry specific effect that, in addition to investment, explains changes in firm value.

Optimising a Probabilistic Model of the Development of Play in Soccer

We present a probabilistic model based on the one developed by Hernández Mendo and Anguera (Revista de Psicologíca Social, 16(1), 71–93, 2001). Here we have tried to break down the interaction contexts that the opposing teams are able to generate and transform during the game. We are aware that a given player or team does not produce consistent behaviour in similar situations. However, a degree of uncertainty is assumed to exist regarding whether the results obtained are a specific function of the analysis used. In order to carry out this research a category system which optimized that used in the previous model was developed. This system should enable the interaction between teams to be observed within the actual play of a soccer game. A lag sequential analysis was performed on the basis of a coding of the behavioural flow. After describing the behavioural patterns obtained a probabilistic model of the development of play in soccer is proposed.     

Influence analysis for Poisson inverse Gaussian regression models based on the EM algorithm

For Poisson inverse Gaussian regression models, it is very complicated to obtain the influence measures based on the traditional method, because the associated likelihood function involves intractable expressions, such as the modified Bessel function. In this paper, the EM algorithm is employed as a basis to derive diagnostic measures for the models by treating them as a mixed Poisson regression with the weights from the inverse Gaussian distributions. Several diagnostic measures are obtained in both case-deletion model and local influence analysis, based on the conditional expectation of the complete-data log-likelihood function in the EM algorithm. Two numerical examples are given to illustrate the results.     

Marked economic recovery in the EMU

With its internal value stable, the euro's inaugural year proved to be a thoroughly sccessful one for the common currency, even though there was a marked decline in its external value against the dollar and the yen. As far as the economy is concerned, the first year of currency union was less favourable, as its start coincided with a considerable weakness in exports. A clear recovery set in during the course of the year, however, and will continue this year. It will be accompanied by a further marked improvement in the labour market situation while price levels remain stable.     

Is the Global Economy Headed for a Lost Decade? A European Perspective

In the 15 years leading up to the recent crisis, the world economy's exceptional performance was driven by globalisation, rapid, export-driven growth in emerging markets, debt-fuelled consumption in major advanced economies, and a benign financial and macroeconomic environment. These, however, sowed the seeds for the financial crisis by creating unsustainable imbalances and distortions. Obstacles to future growth are likely to be retrenchment in consumption, dampened investment, and unsustainable fiscal balances. Going forward, there must be a renewed commitment to medium-term, rule-based, policies for maintaining fiscal sustainability, price stability, and financial stability. The international imbalances between savings and consumption must also be addressed through a global reform agenda discussed in the paper. Even with reform, the challenges to growth will be daunting. Without reform, however, it is likely that the global economy will suffer a lost decade.     

Noch mehr Overheads in die Zentrale? — Marketing- und Vertriebsressourcen als internationale Erfolgstreiber

Die Leistungen der Unternehmenszentrale stehen h?ufig unter scharfer Kritik, da sie aus Sicht internationaler Führungskr?fte die Treiber der Overheadkosten sind. Der Wertsch?pfungsbeitrag, den die zentralen Abteilungen erbringen, wird hingegen nur selten diskutiert. Nur wenn zentrale Marketing- und Vertriebsabteilungen es schaffen, ihren Wertsch?pfungsbeitrag deutlich zu machen und auch in Taten umzusetzen, kann die Existenz zentraler Abteilungen langfristig gesichert und Synergien realisiert werden. Der folgende Beitrag zeigt, wie dies gelingen kann.