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All or nothing
(2020)
This paper develops a new perspective on stranded assets in climate policy using a partial equilibrium model of the energy sector. Political-economy related aspects are considered in the government's objective function. Lobbying power of firms or fiscal considerations by the government lead to time inconsistency: The government will deviate from a previously announced carbon tax which creates stranded assets. Under rational expectations, we show that a time-consistent policy outcome exists with either a zero carbon tax or a prohibitive carbon tax that leads to zero fossil investments - an "all-or-nothing" policy. Although stranded assets are crucial to such a bipolar outcome, they disappear again under time-consistent policy. Which of the two outcomes (all or nothing) prevails depends on the lobbying power of owners of fixed factors (land and fossil resources) but not on fiscal revenue considerations or on the lobbying power of renewable or fossil energy firms.
Climate-related costs and benefits may not be evenly distributed across the population. We study distributional implications of seasonal weather and climate on within-country inequality in rural India. Utilizing a first difference approach, we find that the poor are more sensitive to weather variations than the non-poor. The poor respond more strongly to (seasonal) temperature changes: negatively in the (warm) spring season, more positively in the (cold) rabi season. Less precipitation is harmful to the poor in the monsoon kharif season and beneficial in the winter and spring seasons. We show that adverse weather aggravates inequality by reducing consumption of the poor farming households. Future global warming predicted under RCP8.5 is likely to exacerbate these effects, reducing consumption of poor farming households by one third until the year 2100. We also find inequality in consumption across seasons with higher consumption during the harvest and lower consumption during the sowing seasons.
How assets get stranded
(2020)
Internalizing external costs of carbon is a fundamental goal of climate policy. Since the seminal work of Arthur Pigou in 1920, economic theory has analyzed the efficiency gains arising from various instruments that internalize externalities and lead to Pareto-improvements. It is widely recognized in environmental economics that a carbon price would effectively reflect the scarcity of the atmospheric disposal space for carbon depending on the temperature target that is to be achieved. The question of how to organize the transition process, i.e. moving from inefficient to efficient allocations, and implementing the necessary policies, has gained increasing attention in recent years. Arguably, the transition process is tightly interwoven with political processes that include complex interactions between societal stakeholders, such as households and firms, on the one hand, and political decision makers, on the other. Accordingly, understanding political-economy aspects of the transition process, including distributional outcomes, is becoming increasingly relevant. While a growing literature discusses the distributional implications of climate policy on households, it is less well understood how asset owners might be affected by climate policy and how these potential impacts would interact with the transition process. This Special Section focuses on public policy challenges related to this transition problem, with special emphasis on asset owners. A core theme is the special role of stranded assets, i.e. a devaluation of capital stocks or financial assets either by introducing a stringent carbon price or by omitting a pre-announced policy of this kind.
We present a novel data set of subnational economic output, Gross Regional Product (GRP), for more than 1500 regions in 77 countries that allows us to empirically estimate historic climate impacts at different time scales. Employing annual panel models, long-difference regressions and cross-sectional regressions, we identify effects on productivity levels and productivity growth. We do not find evidence for permanent growth rate impacts but we find robust evidence that temperature affects productivity levels considerably. An increase in global mean surface temperature by about 3.5°C until the end of the century would reduce global output by 7–14% in 2100, with even higher damages in tropical and poor regions. Updating the DICE damage function with our estimates suggests that the social cost of carbon from temperature-induced productivity losses is on the order of 73–142$/tCO2 in 2020, rising to 92–181$/tCO2 in 2030. These numbers exclude non-market damages and damages from extreme weather events or sea-level rise.
Das Klimaschutzgesetz hat einen Paradigmenwechsel eingeleitet: den Einstieg in eine CO2-Bepreisung als künftiges Leitinstrument der Klimapolitik. Auf den ersten Blick ist der CO2-Preis unter einer Fülle von Fördermaßnahmen und ordnungsrechtlichen Regelungen verschüttet, deren Wirksamkeit und Kosten höchst unsicher sind. Der CO2-Preis ist aber so angelegt, dass er langfristig das dominante Instrument einer europäisch harmonisierten Klimapolitik werden kann. Der angedeutete Paradigmenwechsel der deutschen Klimapolitik öffnet damit die Tür, die europäische und internationale Kooperation zu stärken. Dazu ist es aber notwendig, neben der europäischen auch die globale Klimapolitik neu auszurichten. Auch dort sollten sich die Verhandlungen statt auf nationale Mengenziele auf CO2-Preise konzentrieren. Die erforderliche Kooperation wird möglich, wenn die Regierungen Transferzahlungen strategisch und reziprok nutzen. So könnte die Effektivität der Klimapolitik erhöht werden und es ließen sich die entstehenden Verteilungskonflikte entschärfen.
Objective We propose a data-driven method to detect temporal patterns of disease progression in high-dimensional claims data based on gradient boosting with stability selection. Materials and methods We identified patients with chronic obstructive pulmonary disease in a German health insurance claims database with 6.5 million individuals and divided them into a group of patients with the highest disease severity and a group of control patients with lower severity. We then used gradient boosting with stability selection to determine variables correlating with a chronic obstructive pulmonary disease diagnosis of highest severity and subsequently model the temporal progression of the disease using the selected variables. Results We identified a network of 20 diagnoses (e.g. respiratory failure), medications (e.g. anticholinergic drugs) and procedures associated with a subsequent chronic obstructive pulmonary disease diagnosis of highest severity. Furthermore, the network successfully captured temporal patterns, such as disease progressions from lower to higher severity grades. Discussion The temporal trajectories identified by our data-driven approach are compatible with existing knowledge about chronic obstructive pulmonary disease showing that the method can reliably select relevant variables in a high-dimensional context. Conclusion We provide a generalizable approach for the automatic detection of disease trajectories in claims data. This could help to diagnose diseases early, identify unknown risk factors and optimize treatment plans.
We use panel data from Germany to analyze the effect of population density on urban air pollution (nitrogen oxides, particulate matter, ozone, and an aggregate index for bad air quality [AQI]). To address unobserved heterogeneity and omitted variables, we present long difference/fixed effects estimates and instrumental variables estimates, using historical population and soil quality as instruments. Using our preferred estimates, we find that the concentration increases with density for NO2 with an elasticity of 0.25 and particulate matter with elasticity of 0.08. The O-3 concentration decreases with density with an elasticity of -0.14. The AQI increases with density, with an elasticity of 0.11-0.13. We also present a variety of robustness tests. Overall, the paper shows that higher population density worsens local air quality.
We analyze to what extent climate conditions affect the prevalence of sharecropping as a form of traditional land tenure. We investigate how sharecropping tenure is related to climate risk and how it interacts with fertilizer use and livestock ownership that both influence production risk. We first develop a stylized theoretical model to illustrate the role of climate for land tenure and production. Our empirical analysis is based on more than 9000 households with considerable heterogeneity in climate conditions across several African countries. We find that farmers in areas with low precipitation are more likely to be sharecroppers. We further find evidence for risk management interaction effects as sharecropping farmers are less likely to own livestock and more likely to use fertilizer. In economies where formal kinds of insurance are unavailable, sharecropping thus functions as a form of insurance and reduces the need for potentially costly risk management strategies.
The sharing economy
(2020)
Purpose Quantitative bibliometric approaches were used to statistically and objectively explore patterns in the sharing economy literature. Design/methodology/approach Journal (co-)citation analysis, author (co-)citation analysis, institution citation and co-operation analysis, keyword co-occurrence analysis, document (co-)citation analysis and burst detection analysis were conducted based on a bibliometric data set relating to sharing economy publications. Findings Sharing economy research is multi- and interdisciplinary. Journals focused upon products liability, organizing framework, profile characteristics, diverse economies, consumption system and everyday life themes. Authors focused upon profile characteristics, sharing economy organization, social connections, first principle and diverse economy themes. No institution dominated the research field. Keyword co-occurrence analysis identified organizing framework, tourism industry, consumer behavior, food waste, generous exchange and quality cue as research themes. Document co-citation analysis found research themes relating to the tourism industry, exploring public acceptability, agri-food system, commercial orientation, products liability and social connection. Most cited authors, institutions and documents are reported. Research limitations/implications The study did not exclusively focus on publications in top-tier journals. Future studies could run analyses relating to top-tier journals alone, and then run analyses relating to less renowned journals alone. To address the potential fuzzy results concern, reviews could focus on business and/or management research alone. Longitudinal reviews conducted over several points in time are warranted. Future reviews could combine qualitative and quantitative approaches. Originality/value We contribute by analyzing information relating to the population of all sharing economy articles. In addition, we contribute by employing several quantitative bibliometric approaches that enable the identification of trends relating to the themes and patterns in the growing literature.
The impact of traits in entrepreneurship has been subject to intense discussion. Apart from favorable traits fostering opportunity recognition, entrepreneurial orientation, venture performance, and other variables, a younger research stream also addresses the role of negative traits. Among them, the dark triad, comprising of narcissism, Machiavellianism, and psychopathy, have gained specific attention. This systematic literature review aims to structure the field, identify current research themes, and provide a better understanding of prior research outcomes. Our results show that dark triad research addresses entrepreneurial activity, opportunity recognition, entrepreneurial orientation, entrepreneurial leadership, the and entrepreneurial motives. Among the dark triad traits, narcissism is stressed most in research so far. It relates to firm performance, risk, and leadership behavior, whereas Machiavellianism and psychopathy relate to opportunity recognition and exploitation. We also identify several research gaps, which can be addressed in future research.
This article merges theoretical literature on non-controlling minority shareholdings (NCMS) in a coherent model to study the effects of NCMS on competition and collusion. The model encompasses both the case of a common owner holding shares of rival firms as well as the case of cross ownership among rivals. We find that by softening competition, NCMS weaken the sustainability of collusion under a greater variety of situations than was indicated by earlier literature. Such effects exist, in particular, in the presence of an effective competition authority.
Strategic entrepreneurship
(2020)
Purpose:
Strategic entrepreneurship (SE) depicts the nexus of strategic management and entrepreneurship, suggesting that firms can create superior wealth when simultaneously pursuing advantage-seeking and opportunity-seeking behavior. As the rapid growth in SE research led to a multidisciplinary, scattered and fragmented literature landscape, the authors aim to structure this research field.
Design/methodology/approach:
The authors employ a bibliographic coupling and literature review of the strategic entrepreneurship research field.
Findings:
The authors identify and describe five major research streams with 15 sub-themes in recent SE research. Based on our findings, the authors propose an integrated research framework and research gaps for future research.
Originality/value:
To the authors' knowledge, this is the first review on SE based on a bibliographic coupling.
This article examines the effect of parental socialization and interest in politics on entering and staying in public service careers. We incorporate two related explanations, yet commonly used in different fields of literature, to explain public sector choice. First, following social learning theory, we hypothesize that parents serve as role models and thereby affect their children's sector choice. Additionally, we test the hypothesis that parental socialization leads to a longer stay in public sector jobs while assuming that it serves as a buffer against turnover. Second, following public service motivation process theory, we expect that 'interest in politics' is influenced by parental socialization and that this concept, in turn, leads to a public sector career. A representative set of longitudinal data from the Swiss household panel (1999-2014) was used to analyse these hypotheses (n = 2,933, N = 37,328). The results indicate that parental socialization serves as a stronger predictor of public sector choice than an interest in politics. Furthermore, people with parents working in the public sector tend to stay longer in their public sector jobs. Points for practitioners For practitioners, the results of this study are relevant as they highlight the limited usefulness of addressing job applicants' interest in politics in the recruitment process. Human resources managers who want to ensure a public-service-motivated workforce are therefore advised to focus on human resources activities that stimulate public service motivation after job entry. We also advise close interaction between universities and public organizations so that students develop a realistic picture of the government as a future employer and do not experience a 'reality shock' after job entry.
In this paper we examine the relationship between the default risk of banks and sovereigns, i.e. the 'doom-loop'. Specifically, we try to assess the effectiveness of the implementation of the new recovery and resolution framework in the European Union. We use a panel with daily data on European banks and sovereigns ranging from 2012 to 2016 in order to test the effects of the Bank Recovery and Resolution Directive on the two-way feedback process. We find that there was a pronounced feedback loop between banks and sovereigns from 2012 to 2014. However, after the implementation of the European Banking Union, in 2015/2016, the magnitude of the doom-loop decreased and the spillovers became not statistically significant. Furthermore, our results suggest that the implementation of the new resolution framework is a suitable candidate to explain this finding. Overall, the results are robust across several specifications.
Technological advancements are giving rise to the fourth industrial revolution - Industry 4.0 -characterized by the mass employment of smart objects in highly reconfigurable and thoroughly connected industrialproduct-service systems. The purpose of this paper is to propose a theory-based knowledgedynamics model in the smart grid scenario that would provide a holistic view on the knowledge-based interactions among smart objects, humans, and other actors as an underlyingmechanism of value co-creation in Industry 4.0. A multi-loop and three-layer - physical, virtual, and interface - model of knowledge dynamics is developedby building on the concept of ba - an enabling space for interactions and theemergence of knowledge. The model depicts how big data analytics are just one component inunlocking the value of big data, whereas the tacit engagement of humans-in-the-loop - theirsense-making and decision-making - is needed for insights to be evoked fromanalytics reports and customer needs to be met.
In this paper, we move from the large strand of research that looks at evidence of climate migration to the questions: who are the climate migrants? and where do they go? These questions are crucial to design policies that mitigate welfare losses of migration choices due to climate change. We study the direct and heterogeneous associations between weather extremes and migration in rural India. We combine ERAS reanalysis data with the India Human Development Survey household panel and conduct regression analyses by applying linear probability and multinomial logit models. This enables us to establish a causal relationship between temperature and precipitation anomalies and overall migration as well as migration by destination. We show that adverse weather shocks decrease rural-rural and international migration and push people into cities in different, presumably more prosperous states. A series of positive weather shocks, however, facilitates international migration and migration to cities within the same state. Further, our results indicate that in contrast to other migrants, climate migrants are likely to be from the lower end of the skill distribution and from households strongly dependent on agricultural production. We estimate that approximately 8% of all rural-urban moves between 2005 and 2012 can be attributed to weather. This figure might increase as a consequence of climate change. Thus, a key policy recommendation is to take steps to facilitate integration of less educated migrants into the urban labor market.
Advanced non-viral gene delivery experiments often require co-delivery of multiple nucleic acids. Therefore, the availability of reliable and robust co-transfection methods and defined selection criteria for their use in, e.g., expression of multimeric proteins or mixed RNA/DNA delivery is of utmost importance. Here, we investigated different co- and successive transfection approaches, with particular focus on in vitro transcribed messenger RNA (IVT-mRNA). Expression levels and patterns of two fluorescent protein reporters were determined, using different IVT-mRNA doses, carriers, and cell types. Quantitative parameters determining the efficiency of co-delivery were analyzed for IVT-mRNAs premixed before nanocarrier formation (integrated co-transfection) and when simultaneously transfecting cells with separately formed nanocarriers (parallel co-transfection), which resulted in a much higher level of expression heterogeneity for the two reporters. Successive delivery of mRNA revealed a lower transfection efficiency in the second transfection round. All these differences proved to be more pronounced for low mRNA doses. Concurrent delivery of siRNA with mRNA also indicated the highest co-transfection efficiency for integrated method. However, the maximum efficacy was shown for successive delivery, due to the kinetically different peak output for the two discretely operating entities. Our findings provide guidance for selection of the co-delivery method best suited to accommodate experimental requirements, highlighting in particular the nucleic acid dose-response dependence on co-delivery on the single-cell level.
Issues The last Soviet anti-alcohol campaign of 1985 resulted in considerably reduced alcohol consumption and saved thousands of lives. But once the campaign's policies were abandoned and the Soviet alcohol monopoly broken up, a steep rise in mortality was observed in many of the newly formed successor countries, although some kept their monopolies. Almost 30 years after the campaign's end, the region faces diverse challenges in relation to alcohol.
Approach The present narrative review sheds light on recent drinking trends and alcohol policy developments in the 15 Former Soviet Union (FSU) countries, highlighting the most important setbacks, achievements and best practices. Vignettes of alcohol control policies in Belarus, Estonia, Kazakhstan, Lithuania and Uzbekistan are presented to illustrate the recent developments. <br /> Key Findings Over the past decade, drinking levels have declined in almost all FSU countries, paralleled by the introduction of various alcohol-control measures. The so-called three 'best buys' put forward by the World Health Organization to reduce alcohol-attributable burden (taxation and other measures to increase price, restrictions on alcohol availability and marketing) are relatively well implemented across the countries.
Implications In recent years, evidence-based alcohol policies have been actively implemented as a response to the enormous alcohol-attributable burden in many of the countries, although there is big variance across and within different jurisdictions.
Conclusion Strong declines in alcohol consumption were observed in the 15 FSU countries, which have introduced various alcohol control measures in recent years, resulting in a reduction of alcohol consumption in the World Health Organization European region overall.
Cyber-physical systems (CPS) have shaped the discussion about Industry 4.0 (I4.0) for some time. To ensure the competitiveness of manufacturing enterprises the vision for the future figures out cyber-physical production systems (CPPS) as a core component of a modern factory. Adaptability and coping with complexity are (among others) potentials of this new generation of production management. The successful transformation of this theoretical construct into practical implementation can only take place with regard to the conditions characterizing the context of a factory. The subject of this contribution is a concept that takes up the brownfield character and describes a solution for extending existing (legacy) systems with CPS capabilities.