Export variety and economic growth in East European transition economies*

Utilizing panel data for 14 East European transition economies, we discuss the link between product variety and growth. The empirical work relies upon some direct measures of product variety calculated from 5‐digit OECD trade data. On balance, the results suggest that the growth patterns of the East European transition countries may be best represented by Ventura's (1997 ) model of outward orientation and integration with the world economy.     

Internet and consumer privacy: Considering the FTC’s “do not track” proposal

The digital economy relies on the collection of personal data on an ever-increasing scale. Regulations have to be found which can provide an optimal balance between consumers’ interest in privacy and the benefits from innovations that rely on the largely invisible collection, retention and sharing of consumer data. The following article discusses current US reform proposals and their relevance for the ongoing debate in Europe.     

Bewertung und Steuerung von Gasspeichern bzw. Gasspeicherscheiben

In this paper you find a brief introduction to the German gas market as well as a draft of the resulting storage requirements in Germany. In the following different storage usages are looked into from an economical perspective. Additionally the presented evaluating methods in this paper are specified. This paper then introduces stochastic optimization methods which give the possibility to assess the storage against the spot price as well as against to the whole forward curve. For this models to evaluate the market price are illustrated and calibrated on the basis of empirical data.After this a sample storage slice is rated with the Least-Square-Monte-Carlo method based on a stochastic multi factor spot price model. Then the hedging evaluation against the whole forward curve is presented. Concluding you find a comparison of the two methods.     

The foreign trade policy of the EEC

The union of the six states of the EEC has brought the largest trading power of the world into being in Europe. Its pesltion will be strengthened further by the accession of Great Britain and other states. The author, who is a Vice-President of the Commission of the European Communities, analyses the problems facing the EEC when concluding trade agreements and in Its relations with other states.     

The effect of ambiguity aversion on reward scheme choice

We test the implications of ambiguity aversion in a principal–agent problem with multiple agents. Models of ambiguity aversion suggest that, under ambiguity, comparative compensation schemes may become more attractive than independent wage contracts. We test this by presenting agents with a choice between comparative reward schemes and independent contracts, which are designed such that under uncertainty about output distributions (that is, under ambiguity), ambiguity averse agents should typically prefer comparative reward schemes, independent of their degree of risk aversion. We indeed find that the share of agents who choose the comparative scheme is higher under ambiguity.     

Open Service Innovation: The Role of Intermediary Capabilities

This study examines how intermediaries, in general, and those with digital service platforms specifically, engage with clients to help them innovate their services within their service ecosystem. Based on an embedded, longitudinal case study, the results reveal the cumulative development and deployment of technological, marketing, and co‐creation capabilities by intermediaries, and how these capabilities allow intermediaries to engage with clients, so as to enable clients’ open service innovation despite their internal challenges. In turn, this article extends theory on service innovation by clarifying the role and function of intermediaries in service ecosystems in enabling clients to leverage open service innovation. Second, this study contributes to resource‐based scholarship by clarifying how these three sets of capabilities and their micro‐foundations relate to each other. Despite the obvious importance of technological capabilities, online intermediaries are more than just “virtual” service platform providers. The intermediary’s technological and marketing capabilities assist clients in dealing with project‐related and organizational challenges to open service innovation. Acting as a higher‐order capability, co‐creation capabilities—through shaping marketing and technological capabilities over time and also through conditioning their deployment—improve the proficiency of these capabilities. The findings advance insights on the agential role of the intermediary’s co‐creation capabilities, purposefully developed and deployed to foster client engagement, and thus support service organizations in leveraging open service innovation.