An empirical note about estimation and forecasting Latin American Forex returns volatility: the role of long memory and random level shifts components

Portuguese Economic Journal - A set of RLS-type models with ARMA and ARFIMA dynamics is estimated and compared in a forecasting exercise with ARFIMA, GARCH and FIGARCH models. It is an extension of...     

Coordination in a skeptical two-group population

Journal of Economic Interaction and Coordination - This paper explores a situation in which a population split into two groups attempts to achieve the socially efficient outcome of a coordination...     

A market-consistent framework for the fair evaluation of insurance contracts under Solvency II

Decisions in Economics and Finance - The entry into force of the Solvency II regulatory regime is pushing insurance companies in engaging into market consistence evaluation of their balance sheet,...     

Is the Retail Gasoline Market Local or National?

This paper studies the effect of station density on prices in the retail gasoline market in the Czech Republic. We estimate the impact of the number of competing stations in various driving-distance ranges around each station on prices. We find that station density has a negative effect on prices; the effect decreases with distance and is statistically significant up to six kilometers. This suggests that the retail gasoline market is local rather than national.     

War and economy. Rediscovering the eighteenth-century military entrepreneur

Abstract

The detrimental effects traditionally assigned to warfare in the development of pre-industrial economies have obscured the prominent role that military entrepreneurs played in economic development in this period. Historiography minimises the extent to which war and the concomitant strengthening of the central state provided a whole new range of opportunities for capital investment, a tendency that has been strengthened by the paradigm of Redlich’s ‘decline of the soldier-entrepreneur’ and the technological determinism of the debate on the Military Revolution among others. The aim of this introduction is to look into the background of this relative lack of interest and to reaffirm the mutual dependence of eighteenth-century state-formation and the business of war.     

From private label to co-branded credit card: an assessment of the impact of a change in value proposition over customer value perception and company value capture

Journal of Financial Services Marketing - Purpose: The aim of this paper is to evaluate the success of a value proposition over time, considering two aspects: customer’s perceived value and...     

Family firm’s management composition: the role played by family members’ age in TMT and supervisor levels

Quality & Quantity - Family firms (FFs) are the backbone of entrepreneurial fabric in many countries. Management of such businesses is complex because of their features: the overlap between...     

Characterization of the Row Geometric Mean Ranking with a Group Consensus Axiom

An axiomatic approach is applied to the problem of extracting a ranking of the alternatives from a pairwise comparison ratio matrix. The ordering induced by row geometric mean method is proved to be uniquely determined by three independent axioms, anonymity (independence of the labelling of alternatives), responsiveness (a kind of monotonicity property) and aggregation invariance, which requires the preservation of group consensus, that is, the pairwise ranking between two alternatives should remain unchanged if unanimous individual preferences are combined by geometric mean.     

Integrated bio-economic models as tools to support land-use decision making: a review of potential and limitations

Bio-economic modelling has become a useful tool for anticipating the outcomes of policies and technologies before their implementation. Advances in mathematical programming have made it possible to build more comprehensive models. In an overview of recent studies about bio-economic models applied to land-use problems in agriculture and forestry, we evaluated how aspects such as uncertainty, multiple objective functions, system dynamics and time have been incorporated into models. We found that single objective models were more frequently applied at the farm level, while multiple objective modelling has been applied to meet concerns at the landscape level. Among the objectives, social aspects are seldom represented in all models, when being compared to economic and environmental aspects. The integration of uncertainty is occasionally a topic, while stochastic approaches are more frequently applied than non-stochastic robust methods. Most multiple-objective models do not integrate uncertainty or sequential decision making. Static approaches continue to be more recurrent than truly dynamic models. Even though integrating multiple aspects may enhance our understanding of a system; it involves a tradeoff between complexity and robustness of the results obtained. Land-use models have to address this balance between complexity and robustness in order to evolve towards robust multiple-objective spatial optimization as a prerequisite to achieve sustainability goals.