Dominanza stocastica con avversione al rischio

In ques to la voro si introduce la classeU delle funzioni reali definite in un reticolo che sono funzioni di utilità di una classe di decisorti detti avversi al rischio e si caratterizza la dominancza stocastica secondo la classeU.

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Summary The aim of this paper is to generalize a result of [4] about stochastic dominance under the assumption of risk aversion. The generalization consists in considering the case of random variables defined on a lattice. We introduce a class of real valued utility functions on a lattice, we show their properties in terms of comparison of lotteries and risk aversiion. The main result of the paper is a characterization of stochastic dominance through this class of functions.

     

Innovation as a driver of eco‐innovation in the firm: An approach from the dynamic capabilities theory

The aim of this study is to investigate how innovative capabilities of the firm affect eco‐innovation from a dynamic capability lens. We build on OECD research to conceptualise eco‐innovation as the capacity with which firms modify, redesign, and create products, processes, procedures, and organisations in order to reduce environmental impact. We propose and test the temporal and relational properties of eco‐innovation as a capability. We demonstrate that eco‐innovation possesses two properties of innovative capabilities, namely, persistence over time and interrelation with other innovations. We thus shed new light on the mechanism through which firms engage in eco‐innovation. We also provide empirical evidence to the debate on the relationship between the “normal” innovation (technological or nontechnological) and eco‐innovation. We show that eco‐innovation and innovation are interrelated both simultaneously and sequentially. Moreover, we show that innovation capabilities and eco‐innovation are not only related, but they also have a complementary nature, which facilitates the development of future eco‐innovation.     

Evaluating FOMC forecast ranges: an interval data approach

The Federal Open Market Committee (FOMC) of the U.S. Federal Reserve publishes the range of members’ forecasts for key macroeconomic variables, but not the distribution of forecasts within this range. To evaluate these projections, previous papers compare the midpoint of the range with the realized outcome. This paper proposes an alternative approach to forecast evaluation that takes account of the interval nature of projections. It is shown that using the conventional Mincer–Zarnowitz approach to evaluate FOMC forecasts misses important information contained in the width of the forecast interval. This additional information plays a minor role at short forecast horizons but turns out to be of sometimes crucial importance for longer-horizon forecasts. For 18-month-ahead forecasts, the variation of members’ projections contains information that is more relevant for explaining future inflation than information embodied in the midpoint. Likewise, when longer-range forecasts for real GDP growth and the unemployment rate are considered, the width of the forecast interval comprises information over and above the one given by the midpoint alone.     

Hiding an inconvenient truth: Lies and vagueness

When truth conflicts with efficiency, can verbal communication destroy efficiency? Or are lies or vagueness used to hide inconvenient truths? We consider a sequential 2-player public good game in which the leader has private information about the value of the public good. This value can be low, high, or intermediate, the latter case giving rise to a prisoners? dilemma. Without verbal communication, efficiency is achieved, with contributions for high or intermediate values. When verbal communication is added, the leader has an incentive to hide the precise truth when the value is intermediate. We show experimentally that, when communication must be precise, the leader frequently lies, preserving efficiency by exaggerating. When communication can be vague, the leader turns to vague messages when the value is intermediate. Thus, she implicitly reveals all values. Interestingly, efficiency is preserved, since the follower does not seem to realize that vague messages hide inconvenient truths.     

Emergent directions for human resource management research in Latin America

Research in this special issue converges around important HRM challenges that will shape the direction of academic research in the future. We argue that the nature of these challenges, such as balancing global and local HRM approaches, focusing on people while aiming at performance and, in general, managing in a hybrid cultural and economic system, requires reframing strategic HR in terms of social contract theories. Such theories consider multiple stakeholders and focus research on the employment relationship as unit of analysis, which fits well with the pre-eminence of person-centred management over merely profit-centred goals. We propose theoretically anchored research to guide strategic HRM practices, taking into account Latin America's culture-specific humanistic approach and its labour market institutions.     

Royalty licensing

Most patent licensing agreements observed empirically include either per-unit or ad valorem royalties. The theoretical literature generally focuses on per-unit royalties. We provide a simple justification for the presence of ad valorem royalties in licensing contracts.