The European economy at the cross roads: Structural reforms, fiscal constraints, and the Lisbon Agenda

This paper studies the incentives to sustain and extend a monetary union under alternative assumptions about the extent of market reform within the union and accession countries. Lack of labour mobility, or wage/price flexibility, or fiscal reform, brings costs for both new entrants and in the existing union. Countries will therefore want a union where there has been sufficient reform, and also one where markets are more flexible than their own. But existing members will want the same properties of their partners. Fiscal restrictions may exaggerate this incentive mismatch and could therefore delay the necessary reforms. Similarly, too large costs up front may also delay those reforms.     

Action-oriented approaches to technology assessment and working life in scandinavia

Several approaches to action-oriented technology assessment of aspects of working life have been tried out in Scandinavia over the past 15-20 years. This article gives an overview of the experiences in Scandinavia, with emphasis on a Danish point of view. Five different approaches to action-oriented technology assessment are described, based on an analysis of the social actors involved, the target groups for the technology assessment and the associated social mechanisms. These techniques follow the collective resource approach, the cooperative strategies, expert strategies and alternative technology, legal reform strategies and governmental technology promotion policy. None of the approaches proved to be totally effective on its own. The conclusion is that a new combination of approaches to action-oriented technology assessment and the development of a theoretical basis are needed.     

One Cow,One Vote?

We study investment decisions in a farmers' cooperative. Farmers sell their products through the cooperative. Before production takes place the cooperative has to decide on an investment. We study whether voting on investment leads to efficient investment decisions. The answer depends on how the number of votes and the cost of the investment are distributed among the farmers. It is shown that in a variety of settings, there is no reason to suppose that voting rules favoring large farmers —"one cow, one vote" rules — are more efficient than simple majority rule.     

Wolf / Lindacher / Pfeiffer: AGB-Recht. Kommentar

Ohne Zusammenfassung     

Tourism Innovation in the Global South: Evidence from the Western Cape,South Africa

A research gap exists for the conceptual strengthening, measurement and analysis of innovation at the tourism firm and systems levels, especially in the context of the global South. This paper investigates tourism innovation in the Western Cape region of South Africa. In particular, the nature and types of innovation by tourism firms and system actors are interrogated. It is revealed that innovation by tourism firms is widespread, albeit is largely incremental in nature. The main contribution of this research is the development of an expanded evidence‐based tourism innovation typology from a cross‐sectoral survey of tourism firms and qualitative interviews undertaken with tourism system actors. In addition, recommendations are provided regarding measurement of innovation in tourism. Copyright © 2016 John Wiley & Sons, Ltd.     

The influence of immigration and international tourism on the demand for imported food products

The role of immigration and international tourism in food product imports, as two factors which potentially influence the (trans-) formation of tastes in a country, is theoretically and empirically analysed. In using an econometric error-correction specification of an import demand function, the scale of the impact of these two factors is estimated for the case of Germany (annual data from 1967 to 1990). The results show that, while aggregate food import demand from India, Thailand, China and Turkey is inelastic with regard to migration to Germany and international travel activities of Germans to these destinations, the estimated average elasticities for imports of wine, cheese and processed/preserved vegetables from France and Italy are all well above unity, thus suggesting that immigration and international tourism may indeed affect the import demand for certain food products.     

Merger policy and tax competition: the role of foreign firm ownership

In many situations, governments have sector-specific tax and regulation policies at their disposal to influence the market outcome after a national or an international merger has taken place. In this paper we study the implications for merger policy when countries non-cooperatively deploy production-based taxes and firms may be partly owned by foreigners. We find that when foreign firm ownership is low in the pre-merger situation, non-cooperative tax policies are more efficient after a national merger, and smaller synergy effects are needed for this type of merger to be proposed and cleared. In contrast, cross-border mergers dominate when the degree of foreign firm ownership is high initially. These results suggest a link between increasing international portfolio diversification and the rising share of cross-border mergers.     

Regulierung, Effizienz und das Anreizdilemma bei Investitionen in intelligente Netze

In this paper, we survey from a theoretical point of view to what extend cost-based and incentive-based regulatory regimes stimulate investments. For the purpose of this analysis, we furthermore differentiate by different efficiency measures, i.e. allocative efficiency, productive efficiency and dynamic efficiency and analyse to what extend each efficiency measure is stimulated by the regulatory regime. Eventually, we analyse to what extend regulatory incentives for network innovation in a smart grid context exist and to what extend different forms of regulation stimulate dynamic efficiency.     

Shrinkage estimation of semiparametric multiplicative error models

Within models for nonnegative time series, it is common to encounter deterministic components (trends, seasonalities) which can be specified in a flexible form. This work proposes the use of shrinkage type estimation for the parameters of such components. The amount of smoothing to be imposed on the estimates can be chosen using different methodologies: Cross-Validation for dependent data or the recently proposed Focused Information Criterion. We illustrate such a methodology using a semiparametric autoregressive conditional duration model that decomposes the conditional expectations of durations into their dynamic (parametric) and diurnal (flexible) components. We use a shrinkage estimator that jointly estimates the parameters of the two components and controls the smoothness of the estimated flexible component. The results show that, from the forecasting perspective, an appropriate shrinkage strategy can significantly improve on the baseline maximum likelihood estimation.