International emission permit markets with refunding

We propose a blueprint for an international emission permit market such as the EU trading scheme. Each country decides on the amount of permits it wants to offer. A fraction of these permits is freely allocated, the remainder is auctioned. Revenues from the auction are collected in a global fund and reimbursed to member countries in fixed proportions. We show that international permit markets with refunding lead to outcomes in which all countries tighten the issuance of permits and are better off compared to standard international permit markets. If the share of freely allocated permits is sufficiently small, we obtain approximately socially optimal emission reductions.     

Die Rolle der Bankkredite im Finanzierungsspektrum der deutschen Wirtschaft

In den letzten zwei Jahren wurde von vielen eine Kreditklemme für die deutschen Unternehmen als reales Problem, oder zumindest als akutes makro?konomisches Risiko, angesehen. Die vorliegende Untersuchung anhand der Bilanzdaten aus dem Jahresabschlussdatenpool der Deutschen Bundesbank macht allerdings deutlich, dass solche Krisenszenarien der Breite der deutschen Unternehmensfinanzierung nicht angemessen Rechnung tragen und damit den Stellenwert des Bankkredits für die Realwirtschaft teilweise übersch?tzen. Die Bankverschuldung der Unternehmen war überdies w?hrend der Finanzmarktkrise relativ stabil, w?hrend Handelskredite und konzerninterne Finanzierungen st?rker zurückgingen.     

A Comparison of Group Model Building and Strategic Options Development and Analysis

A distinctive tradition within group decision support uses models to structure managerial problems. In this tradition, stakeholders jointly construct a model on their issue of concern in facilitated workshops. In the past decades a wide variety of theoretical insights into and techniques for model-based decision support have been proposed and tested in practical applications. Methods are designed and used by experts; guidelines on their use are not completely spelled out in the literature. This lack of transparency may lead to difficulties in showing the value of methods to researchers in other fields, limit transferability of methods and complicate recombining elements of methods into a multimethodology. In this paper we aim to contribute to transparency by contrasting two model-driven methods: group model building (GMB) and Strategic Options Development and Analysis (SODA). We first develop a framework for comparing methods on a theoretical and practical level. Second, we describe the separate use of each approach, on one and the same issue, with a similar group of participants. By contrasting the choices made in a practical application we clarify process and results in different phases of problem analysis. Our conclusion is that theoretical assumptions of both approaches are more similar than expected. Each method captures different aspects of the problem and in this sense methods may supplement one another: where SODA focuses on the future and identification of actions, GMB aims to create insight into the relation between (past) behavior and structure of the problem. In choosing which element of the methods to use, it is important to realize that each element strikes a particular balance between costs (e.g. time taken from participants or modelers) and benefits (e.g. level of involvement or model verification). For instance, some elements speed up the process but do so at the cost of lowering participants’ involvement. A practical combination of elements of GMB and SODA thus requires the user to assess the relative importance of insight and action as project deliverables, weigh costs and benefits of elements of either method and string these together in a logical sequence that creates the outcomes required.     

Framing and Interorganizational Knowledge Transfer: A Process Study of Collaborative Innovation in the Aircraft Industry

This article explains how and why organizational actors' decisions about interorganizational knowledge transfer might change over time. We find that organizational actors' framing of future innovation developments, as either an opportunity or a threat, motivates them to engage or disengage in interorganizational knowledge transfer activities. Shifts in framing lead organizational actors to leverage their relational context and knowledge base in new ways, thereby emphasizing the role of agency in drawing upon these structures. These findings are incorporated into a process model that explains discontinuous change in interorganizational knowledge transfer.     

Corporate Innovation Culture and Dimensions of Project Portfolio Success: The Moderating Role of National Culture

This study examines the relationships between corporate innovation culture (analysis/practices) and dimensions of project portfolio success (strategic fit/portfolio balance) as well as national‐level culture practices as moderators. Data (N = 165) were collected in four countries differing in cultural practices. Analysis and practices were identified as positive, significant, and complementary predictors of both dimensions. As hypothesized, the corporate variables related more strongly and positively to the success dimensions when assertiveness was high rather than low. The findings, thus, suggest that corporate factors should be compatible with national culture to elevate the fit and balance of project portfolios.     

Developing Enabling Performance Measurement Systems: On the Interplay Between Numbers and Operational Knowledge

Abstract

Performance measurement systems (PMSs) are generally regarded to serve the needs of top managers. However, a growing literature has started to explore what it takes for these systems to be(come) enabling also for those whose performance is being measured. In this paper, we build on and add to this literature by providing ethnographic insights into how and why a group of middle-managers transformed a set of performance measures, initially developed as monitoring devices for top management, into a so-called enabling PMS. Regarding how this came about, we elaborate on how actors mobilised two different forms of mental models of the operations (specific and generalised), and a set of number-to-number tactics, as important means in their development work. Regarding the why-question, we identify a high evaluation pressure from top management, in combination with recurrent reconstructions of the existing mental models of operations, as important conditions that worked to initiate, fuel, and, eventually, cease the process.     

An Austrian (Mis)Reads Adam Smith: A critique of Rothbard as intellectual historian

Murray Rothbard's posthumous Economic Thought Before Adam Smith is notable for its vilification of 'the quiet Scottish professor.' While there is little disagreement that Smith was, at best, an ambivalent champion of free markets, Rothbard's indictment of him as a proto-Marxist is less than persuasive. We argue that Rothbard's book suffers from logical flaws, selective and incomplete textual evidence, a misunderstanding of Das Adam Smith Problem and the relevant literature, and an unawareness of modern incentive-based theories of the firm and state anticipated in Book V of The Wealth of Nations.