Optimal harvesting of a spatial renewable resource

In this paper we investigate the optimal harvesting of a renewable natural resource. While in most standard approaches the resource is located at a single point, we allow the resource to be distributed spatially. Consequently, an agent who exploits the resource has to travel from one location to another. For a fixed planning horizon, we investigate the speed and the path of harvesting chosen by the agent. We show that the agent adjusts this speed so as to visit each location only once, even in the absence of travelling cost. Since the agent does not return to any location for a second harvest, it is optimal to fully deplete the resource upon arrival. A similar type of bang–bang solution results when we drop the assumption of a constant harvesting rate: allowing for a variable harvesting rate, the agent chooses to fully exploit the resource either in the last or in the first travelling period. A society interested in conserving some of the resource thus has to take measures to limit the exploitative behaviour of the agent.     

Constructive and computable Hahn–Banach theorems for the (second) fundamental theorem of welfare economics

The Hahn–Banach Theorem plays a crucial role in the second fundamental theorem of welfare economics. To date, all mathematical economics and advanced general equilibrium textbooks concentrate on using non-constructive or incomputable versions of this celebrated theorem. In this paper we argue for the introduction of constructive or computable Hahn–Banach theorems in mathematical economics and advanced general equilibrium theory. The suggested modification would make applied and policy-oriented economics intrinsically computational.     

Rent Management – The Heart of Green Industrial Policy

At the heart of green industrial policy is rent management: government creating and withdrawing opportunities for profitable investment. This paper asks what the key factors are for rent management to succeed. Drawing on a range of literatures, the paper first deals with the critical success factors for ‘normal’ rent management and then turns to one of the most pressing and controversial issues of our time: how to bring about the transition to green energy. This is extra challenging because technological uncertainties are high, time horizons for investment are long, yet action is required now.     

Equilibrium mean–variance reinsurance and investment strategies for a general insurance company under smooth ambiguity

This work investigates the equilibrium investment and reinsurance strategies for a general insurance company under smooth ambiguity. The general insurance company holds shares of an insurance company and a reinsurance company. The claims of the insurer follow a compound Poisson process. The insurer can divide part of the insurance risk to the reinsurer. Besides, the insurer and reinsurer both participate in the financial market and invest in cash and stock. However, the general insurance company is ambiguous about the insurance and financial risks and is an ambiguity-averse manager (AAM). The uncertainties over the insurance and financial risks are described by second-order distributions. The AAM aims to maximize the average performance of the weighted sum surplus process of the insurer and reinsurer under the mean–variance criterion and smooth ambiguity. We present the extended Hamilton–Jacobi–Bellman (HJB) system for the optimization problem combining the mean–variance criterion and smooth ambiguity. In the case that the second-order distributions are Gaussian, we obtain the closed-forms of the equilibrium reinsurance and investment strategies. At the end of this work, sensitivity analyses are presented to show the economic behaviors of the AAM.     

Convergence,Divergence or Stability – How do Politicians' and Bureaucrats' Attitudes Change During an Election Period?

Abstract

The possibility that administrators mould politicians into bureaucratic thinking has been a recurring theme in politics since the writings of Weber and von Mises. However, empirical studies of attitude change in the interface between politics and officials are scarce. This study, using data from thirty Norwegian municipalities, investigates whether political attitudes towards diverse political issues change during an election period, and whether any such change aligns politicians' attitudes with those of the administrative leaders in the municipalities. Attitudes were measured among both politicians and administrators in 2000 (six months after the election) and 2003 (six months before the election). In general, there are few signs that politicians' attitudes converged with those of the administrators in the period studied. When attitudinal change does occur, it appears to be parallel in both groups. The findings do not support the notion that politicians' attitudes become aligned to the attitudes of leading administrators. Different explanations are discussed.     

The Intellectual Structure Of Research Into PPPs

Abstract

Public–private partnerships (or PPPs) encompass a broad spectrum of public sector infrastructure and service initiatives. Recently, some scholars have undertaken literature review studies of the various definitions of the concept of PPPs and its research traditions, identifying several distinct PPP research approaches. This article aims to: (1) enhance the findings of these literature reviews; (2) identify the cited works and authors (intellectual structure) in the published research on PPPs; (3) define the subfields that constitute the intellectual structure of PPP research fields. The methodology is based on the bibliometric techniques of citation and author co-citation analysis applied to published research on PPPs included in the Social Science Citation Index.     

Managing Competing Institutional Logics in Public–Private Joint Ventures

Abstract

Cross-sector inter-organizational partnerships, alliances and networks have become extremely popular. Yet, we may expect competing societal-level institutional logics to play an important role in cross-sector alliances, hence making their management central to alliance success. This article responds to the general research question: How do participants of public–private joint ventures manage competing institutional logics? Based on in-depth interviews we empirically characterize two competing logics in a cross-sector collaborative and identify two practices used to cope with them.     

The joint effect of leader–member exchange and emotional intelligence on burnout and work performance in call centers in China

We examined the joint effect of LMX and emotional intelligence (EI) on burnout and work performance. Results based on data collected from 493 leader-member dyads in the call center of a large Chinese telecommunication company indicated that LMX was negatively related to burnout, yet was not significantly related to objective work performance. Moreover, we examined the effects of the four dimensions of EI (self-emotion appraisal, other-emotion appraisal, use of emotion, and regulation of emotion) on burnout and performance, and found that burnout mediated the link between use of emotion and work performance. Results also showed that LMX was associated with burnout and work performance more strongly for service workers with lower levels of self-emotion appraisal. More surprisingly, the link between LMX and work performance was stronger for service workers with higher levels of use of emotion.     

Gaps between managers' and employees' perceptions of work–life balance

Research on work–life balance (WLB) practices has increased in recent years. Academics affirm that the implementation of WLB practices helps to achieve better organizational results and improve employee outcomes such as higher satisfaction and commitment, and reduce turnover intentions. However, some authors have argued that there are differences between the availability of WLB practices in companies and employees' perceptions of access to such practices. The literature on the differences in perceptions between managers and employees in relation to WLB and its effects is sparse. Using two samples of 229 managers and 511 employees from the same firms, we in this paper contribute to our knowledge of the existence of the perception gaps between managers and employees and their influence on the take-up of WLB. Implications for academics and practitioners are discussed.     

The Reinhart-Rogoff controversy as an instance of the ‘emerging contrary result’ phenomenon

The article proposes a new approach to the Reinhart–Rogoff affair. In contrast to the two explanations of the controversy put forward in existing literature, I argue that Growth in a Time of Debt and its criticism published by Herndon, Ash and Pollin (Does high public debt constantly stifle economic growth? A critique of Reinhart and Rogoff) exemplify the ‘emerging contrary result’ phenomenon (emerging recalcitrant result, ERR). Three arguments support this hypothesis. First, the infamous spreadsheet error did not cause the findings to differ. On the contrary, the results differed mostly due to employing alternative averaging schemes. Second, the cliometric techniques employed by both research teams are justified to a similar degree. Third, the pattern in the cliometric literature focused on the 90%-threshold hypothesis suggests that the Reinhart–Rogoff controversy exemplifies an ERR phenomenon caused by submission/publication bias.