Spectrum management reform: Rethinking practices

Unparalleled growth in wireless communications has increased the pressure for more spectrum to support more users, more uses and more capacity. To alleviate that pressure, major regulatory changes were introduced in several countries in two key areas of spectrum management, namely spectrum assignment and allocation. This paper analyzes those changes and discusses strategies and tactics for deregulating the use of radio spectrum. Spectrum management reforms are considered within the theoretical framework of transition economics, which is concerned with optimal reform speed and sequencing. The paper shows how Anglo-Saxon and European countries have been implementing gradual reforms. Meanwhile, Central American reformers have chosen a fast transition from command-and-control regulation to market mechanisms. Transition economics is used to evaluate the advantages and drawbacks of different spectrum reform strategies.     

DO ELECTRONIC LOGBOOKS CONTRIBUTE TO MOTOR CARRIER SAFETY PERFORMANCE?

Within the U.S. Department of Transportation and among U.S. motor carriers, there has been increased interest in the potential benefits of electronic logbooks to improve the safety of trucking operations. This paper investigates the specific contribution of electronic logbooks to improving firm safety performance (as measured by the number of crashes and hours of service violations). The models presented demonstrate that electronic logbooks contribute positively to crash reduction and to decreases in hours of service violations, particularly among carriers with poor overall safety records. Moreover, hours of service violations fully mediate the relationship between electronic logbook use and number of crashes. These results have policy significance as the Federal Motor Carrier Safety Administration has proposed a rule that would require the use of electronic logbooks for some carriers.     

PROBABILITY AND UNCERTAINTY: THE LEGACY OF GEORGESCU‐ROEGEN

In this paper we consider Georgescu‐Roegen's approach to uncertainty, showing that his characterization of expectations cannot be reduced to any probabilistic decision‐making model. Drawing upon Georgescu‐Roegen's lesson a lexicographical utility function is proposed and analysed in the mark of his own peculiar scientific methodology. It is demonstrated that such a formulation can be useful in solving the usual failure of the expected utility model, such as the Ellsberg paradoxes. The epistemic limits of our re‐construction are considered.     

A Case Study of Pluralism in Economics: The Heterodox Glass Ceiling in Italy

ABSTRACT

Quantitative measures of supposed scientific ‘quality’ (or ‘impact’) based on bibliometric indicators are used as the primary or exclusive tools of research evaluation in a growing number of countries. The negative impact of this method of evaluation on pluralism in economic teaching and research has been documented in Italy, France, Australia and the United Kingdom. We provide new evidence for Italy by investigating the CVs and publications of all candidates for the ‘national scientific qualification’, which is needed to access all tenured Italian academic positions. With respect to past evidence, we focus on the homologation of research topics and methods as well as the delegitimization of particular publication outlets. Our analysis has relevant implications internationally. First, research evaluation aimed at identifying ‘excellence’ often boils down to (as in the case of Italy) the adoption of rankings of supposedly top journals, which systematically discriminate against heterodox journals. Second, the legitimacy of academic research published in the form of books and book chapters must be reclaimed. Third, heterodox economists risk discrimination not so much because of their methods or policy recommendations, but because of the topics and research fields they investigate.     

No-arbitrage Near-Cointegrated VAR(p) term structure models,term premia and GDP growth

The recent macro-finance literature does not agree either about the empirical properties of the expectation part and of the term premium on long-term bonds or about the importance or even the direction of the relationship between the term premium and future economic activity. This paper proposes a two-step approach to handle both problems. First, in a VAR setting, we extract a reliable measure of the term premium by means of averaging estimator techniques aiming at optimally solving prediction problems when highly persistent processes are present and, thus, providing a so called Near-Cointegrated VAR(p) approach. Second, we analyze the dynamic response of GDP to shocks to the term premium by using the New Information Response Function concept. As far as the first problem is concerned, we find that the NCVAR-based term premium measure is rather stable and counter-cyclical, as suggested by interest rates survey-based estimation of yield curve models and by its risk compensation role. Regarding the second problem, we find that an increase in the long-term spread caused by the term premium induces two effects on future economic activity: the impact is negative for short horizons (less than 1 year), whereas it is positive for longer ones.     

Supply Chain Disruption Management: Severe Events,Recovery, and Performance

Given their proclivity to occur despite managers' best efforts, disruptions often result in lost sales, lead to large financial losses, and have a negative impact on shareholder wealth and operating performance. Less attention, however, has been paid to improving the process of managing a disruption from its discovery through to complete recovery. This entire process is not, in fact, fully understood. Clearer insights are needed surrounding the following issues: factors influencing the recovery process, how those factors interact to play a role in managerial decision making, and the company's actual ability to recover. While it is possible to determine basic recovery process factors, a more complete picture of disruption management can be built from analysis of data collected through qualitative in‐depth interviews. This research delivers insights around the interactions and relationships among factors, providing the foundation for a set of propositions useful for further investigation in the following areas: discovery of the disruption event, causes of the event, and recovery performance. One finding indicates that while internal disruptions are faster to recover from, they more likely lead to negative perceptions about the recovery performance outcome.     

Thinking of Sylos Labini (or Sylos Labini's Thinking)

Abstract

This note reflects upon the methodological principles that Paolo Sylos Labini (1920–2005) brought to his work as a political economist. Sylos Labini drew upon history, political science, sociology and philosophy in order to explain economic processes, and he insisted that an interdisciplinary approach was essential to formulating effective policy responses to modern social problems.     

Off- and on-farm labour participation in Italian farm households

Most farms are family business, both in developed and developing countries. Labour allocation choices of farm household members are therefore relevant both for production choices in the farm and for rural labour markets. In particular, off-farm work and combination of on- and off-farm work (pluriactivity) are viewed as an efficient allocation of household labour resources. Moreover, labour choice of the children of the farm household is relevant for farm succession. In this article, we extend previous literature by estimating in an unified framework labour participation choices both for on- and off-farm work for operators, spouses and their eldest children in working age, using a five equation multivariate probit.     

Realizing smiles: Options pricing with realized volatility

We develop a discrete-time stochastic volatility option pricing model exploiting the information contained in the Realized Volatility (RV), which is used as a proxy of the unobservable log-return volatility. We model the RV dynamics by a simple and effective long-memory process, whose parameters can be easily estimated using historical data. Assuming an exponentially affine stochastic discount factor, we obtain a fully analytic change of measure. An empirical analysis of Standard and Poor's 500 index options illustrates that our model outperforms competing time-varying and stochastic volatility option pricing models.