The animal spirits hypothesis and the Benhabib–Farmer condition for indeterminacy

This paper provides a self-contained review of the introduction of the animal spirits hypothesis into the infinite horizon optimal‐growth model. The analysis begins with an economic discussion of Pontryagin's maximum principles. Thereafter, I develop a version of the increasing-returns Benhabib–Farmer model by showing the possible sub-optimality of the central planner solution and deriving the bifurcation condition for indeterminacy. Moreover, I give some insights on how to model intrinsic and extrinsic uncertainty. Finally, analyzing the equilibrium condition of the labor market, I provide an intuitive rationale for the mechanism that in this model might lead prophecies to be self-fulfilling.     

The Minimal Entropy Martingale Measure and the Valuation Problem in Incomplete Markets

Let χ be a family of stochastic processes on a given filtered probability space (Ω, F, (F_t)_t∈T, P) with T?R₊. Under the assumption that the set M_e of equivalent martingale measures for χ is not empty, we give sufficient conditions for the existence of a unique equivalent martingale measure that minimizes the relative entropy, with respect to P, in the class of martingale measures. We then provide the characterization of the density of the minimal entropy martingale measure, which suggests the equivalence between the maximization of expected exponential utility and the minimization of the relative entropy.     

Incomplete Information in Monetary Policy Games: Rules Rather Than a Conservative Central Banker

Time inconsistency in monetary policy can be addressed appointing a conservative central banker. But incomplete information about the central banker's preferences impairs the performance of delegation schemes. Firstly, the ensuing ex-ante variability of monetary response lowers welfare. Secondly, partial independence schemes may prove inadequate because reputation — not only legal arrangements — defines the actual degree of independence. The incumbent may exploit his reputation to impose too conservative policies whereas, if he lacks reputation, partial independence forces him to accommodate. As a result, simple rules may be preferred.
…I do not believe that we should always get the best man for the post; often I fear that we should not even get a tolerable man.
(W. Bagehot, The Government of the Bank of England, in 'Lombard Street')     

Sustainability reporting and corporate identity: action research evidence in an Italian retailing cooperative

Cooperatives are facing the challenge to be competitive in the market, without losing their traditional values of mutuality and democracy. To do that, they need to re‐construct open and participative dialogue with their employees and members based on more democratic forms of communication and engagement. From this point of view, the measurement and communication of sustainability aspects may allow a dialogue to be mobilized with shareholders and stakeholders without losing the attention on competitive factors. Based on these premises, the article analyses the experience of a 5‐year action research project (from 2006 to mid‐2011), carried out within Unicoop Tirreno, an Italian consumers' cooperative, and aimed to implement different tools for sustainability accounting and to embrace a more open dialogue with stakeholders, in particular with employees and members. In this process of change, the tools implemented for sustainability accounting played a key role in supporting the cooperative to reinterpret its own values and in stimulating a new and participative management approach. The results indicate a virtuous circle between the management and measurement of cooperative principles and the management and measurement of sustainability issues.     

International hotel chains and environmental protection: an analysis of Hilton's we care! programme (Europe, 2006–2008)

Using the case study method, this paper evaluates and analyses Hilton's we care! programme for improving the environmental performance of the 70 Hilton Worldwide hotels in operation in Continental Europe in 2006–2008. It explores the practical dimension of “greening” hotel operations in the context of corporate social responsibility (CSR), and demonstrates the close links between CSR and human resource management (HRM) in hotels. It deepens the understanding of corporate environmentalism and seeks to disseminate best practice among hospitality managers. The programme's distinctive and innovative character as well as its weaknesses and strengths are highlighted. Barriers to behavioural change in hotel operation are discussed. The programme involved over 16,000 employees, created hotel-specific action teams linking all employee levels and reduced energy use per square metre by 15%, water use and CO₂ emissions per guest night by 8% each over three years. Avoided utility costs totalled US$16 million, of which US$9.6 million can be attributed to changes in human behaviour. The paper makes a case for a holistic approach that combines the introduction of IT-based measurement and performance-assessing tools with genuine employee empowerment and green awareness raising. The study concludes with future managerial policy recommendations that simultaneously bear upon corporate environmentalism and HRM.     

Bankruptcies and economic history the example of France

The study of French bankruptcy archives has resulted in extensive research into the 18th and 19th centuries. No synthesis has been completed yet. A preliminary review of the literature on the subject is presented here, focusing on three stages: the archives, the statistics, and the data utilization.     

Publikumsvorstellungen im Rezeptionsprozess

This article addresses the question of how individual media users, who are part of a mass media audience, perceive their co-audience. We approached this question from an empirical social scientific communication research perspective by introducing a theoretical model of (situational) audience conceptions that might arise in the context of an anonymous, imperceptible mass audience. According to the model, both subjective media theories held by people and cues from the media content influence the users’ impression formation about their anonymous co-audience during media consumption. Audience conceptions would include assumptions on size, simultaneity, social structure and the experience of other consumers. We assume that, as soon as conceptions of the co-audience are formulated, they could influence cognitive and affective aspects of a person’s reception experience. The model states that the more the conception of the audience is salient in a viewer’s mind the stronger its influence on subsequent experiences will be. Possible effects on reception phenomena including social comparison processes and feelings of embarrassment are discussed exemplarily to illustrate fields the model could be fruitfully applied to. Finally, the concept of audience conception is illustrated in a model and brought into context with existing research.