The Euro Changeover and the Factors Influencing Perceived Inflation

The most flamboyant economic effect of the euro changeover on consumers was a dramatic increase in perceived inflation. To directly measure perceived inflation, Brachinger developed a new index of perceived inflation (IPI). This index is based on some hypotheses about factors influencing perceived inflation. An experimental study is presented which investigated the influence of two of these hypothesized factors, purchase frequency and loss aversion, on individual judgments of price changes. Furthermore, two additional factors have been included that are informative with respect to the IPI, product segment and price level. Judgments of inflation were assessed with three methods, yielding different results. Empirical evidence for the hypotheses was obtained.      

Capturing Regional Trade Effects in the Presence of Other Trade Effects: The Impact of the Europe Agreement on Poland’s Imports

This paper investigates the impact of the Europe Agreement on Poland’s imports using econometric models applied to highly disaggregated trade data. This allows other influences on Poland’s trade patterns to be controlled for, specifically the effects of other trade agreements and for the emergence of China. The paper shows that the Europe Agreement had transitory effects on Poland’s imports, but that the scale of the trade effects and the balance of trade creation and diversion effects is sensitive to model specification. The preferred dynamic specification which allows for heterogeneity of time effects across sectors identifies the Europe Agreement to have net trade-creating effects.      

Impact of Digital Transformation on Value Creation in Fintech Services: An Innovative Approach

The aim of this article is to indicate economic and financial characteristics of financial technology, or fintech, that contribute to value creation in the financial services industry. This study presents a theory of digital transformations and elements of ecosystems theory and connecting them to fintech issues. Building from the DIPLOM model of corporate diplomacy. Corporate diplomacy. Building reputations and relationships with external stakeholders. Sheffield UK: Greenleaf Publishing Limited, this article proposes the DIPLOMA model with seven elements of fintech best practice, that are, Digital, Innovation, Pricing, Learning, Openness, Modernity, and Agility. This article stresses on practical insights to provide tool to enable stakeholders create value on fintech.     

Price Volatility and the Efficient Energy Portfolio for the United States

The current energy portfolio of the United States is exposed to significant risk, which depends on the price volatility of the energy sources. This paper focuses on the composition of energy portfolios for the energy sector of the United States and possible solutions to optimize this investment. The study utilizes the modern portfolio theory mean-variance approach, a risk-return analysis, to compose the efficient frontier of portfolios in which the risk is minimized for a given return. The performance of each energy portfolio, consisting of oil, coal, natural gas, nuclear energy, and renewable energy, is measured using the Sharpe Ratio and compared to the existing portfolio. Using future prices of fuels and accounting for external costs, the study provides further evidence that the current energy portfolio of the United States is not efficient. In addition, the study shows how including the cost of pollution, measured by the intensity of carbon emissions, changes the energy source allocation within the portfolio by including less carbon-intensive substances. The study implies that further diversification of the energy sector by including investment in hydroelectric energy generation technologies may decrease our dependence on more volatile sources of energy and consequently reduce the possibility of energy supply interruption from commodity price volatility. This proposes that the government focus on implementing a strategy to facilitate the introduction of renewable energy into our energy portfolio. The shift away from an infrastructure heavily dependent on fossil fuels towards one with more investment in renewable energy can be achieved by granting subsidies for renewable energy technologies and by implementing appropriate emissions prices to account for external energy generation costs.     

The work of local culture: Wendell Berry and communities as the source of farming knowledge

When Wendell Berry and others criticize contemporary agriculture, their arguments are often dismissed as naive and grounded in longstanding agrarian myth, rather than engagement with contemporary problems. But Berry's proposals developed in response to a series of learning methods he encountered, and options for advocacy he explored, during the 1960s and 1970s. Agricultural institutions sought to assign more power to institutionalized scientific knowledge, shrinking the role of farmers. Berry sought an alternative definition of knowledge, drawing upon his training as a writer, as well as his experiences with manual farm work and the methods of environmentalist organic growers. He eventually concluded that only a community of farmers could produce and store effective knowledge and insisted that knowledge must be tacit -- largely situated in locality, skills, and culture. His ideas had little influence on most people employed in contemporary agriculture. However, those ideas profoundly shape the work of sustainable food advocates, such as Michael Pollan, who like Berry fear reductionism and celebrate the values of traditions.     

Convergence of trading strategies in continuous double auction markets with boundedly-rational networked traders

This paper considers the convergence of trading strategies among artificial traders connected to one another in a social network and trading in a continuous double auction financial marketplace. Convergence is studied by means of an agent-based simulation model called the Social Network Artificial stoCk marKet model. Six different canonical network topologies (including no-network) are used to represent the possible connections between artificial traders. Traders learn from the trading experiences of their connected neighbours by means of reinforcement learning. The results show that the proportions of traders using particular trading strategies are eventually stable. Which strategies dominate in these stable states depends to some extent on the particular network topology of trader connections and the types of traders.     

The Process of Education of OSH Services and Organization Development

Contemporary business is characterised, first and foremost, by quickly growing competition, rapid changes in customer preferences, and constant pressure for innovations and cost effectiveness. That creates a difficult work environment, with occupational safety and health (OSH) management becoming a strategic element in the planning of enterprises?? development (compare: Znajmiecka-Sikora et al. 2009, 2010). The article aims to analyse the knowledge, qualifications, and professional competence of OSH service employees??a group that is crucial for maintaining an appropriate safety level in the organisation??in the context of employers?? expectations. The study covered 450 OSH service employees working in selected provinces of Poland and was carried out from 2009 to 2010. It used an interview questionnaire composed of 64 items concerning the knowledge, skills, activity in the training market, and flexibility of OSH service employees. The analysis of received results indicates that although OSH service employees hold appropriate qualifications (confirmed by certificates of having undergone appropriate training), they often have insufficient knowledge and skills in the scope of duties imposed on them, hence they are not able to meet the expectations of their employers.     

Gender differences in financial performance: new empirical evidence

This article provides new empirical evidence on gender differences in self-reported and observed financial performance. Using a quasi-experimental framework, comparing people who live in a matrilineal and a patrilineal environment in India, the results show that no significant gender differences in observed and self-reported performance exist among respondents who belong to the matrilineal culture. In contrast, women who live in a patrilineal environment self-report more often than men that they are not dealing well with economic and financial problems. However, no significant gender differences in observed financial performance are found.     

Universally optimal designs under mixed interference models with and without block effects

The literature on neighbor designs as introduced by Rees (Biometrics 23:779–791, 1967) is mainly devoted to construction methods, providing few results on their statistical properties, such as efficiency and optimality. A review of the available literature, with special emphasis on the optimality of neighbor designs under various fixed effects interference models, is given in Filipiak and Markiewicz (Commun Stat Theory Methods 46:1127–1143, 2017). The aim of this paper is to verify whether the designs presented by Filipiak and Markiewicz (2017) as universally optimal under fixed interference models are still universally optimal under models with random interference effects. Moreover, it is shown that for a specified covariance matrix of random interference effects, a universally optimal design under mixed interference models with block effects is universally optimal over a wider class of designs. In this paper the method presented by Filipiak and Markiewicz (Metrika 65:369–386, 2007) is extended and then applied to mixed interference models without or with block effects.