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We provide an econometric study of the adoption of internet banking, a case of a potentially disruptive digital technology which could devalue/replace an incumbent legacy. Our aim is to better understand the extent to which it disrupted the market structure where incumbents start with a strong customer base. We study both regional integration and national concentration dimensions of market structure in EU member states during the period of 1997–2018. We find that internet banking was initially introduced earlier in more concentrated markets. Although consumer uptake was slower over time than in less concentrated markets, the initial higher consumer penetration in more concentrated markets was sustained until market maturity. We further find a substantial de-concentrating effect of internet banking, and evidence of integration in previously regionalized markets following uptake. [ABSTRACT FROM AUTHOR]

This paper aims at contributing to better comprehend the opportunities for innovation in the mining sector that are leveraged by local knowledge-intensive mining suppliers (KIMS) in developing mineral-rich countries. Drawing on the innovation and global value chain (GVC) bodies of literature as well as previous empirical studies on KIMS in developing mining countries, we analytically distinguish among three types of innovation approaches that local KIMS can pursue. Each of them is associated with main sources of innovation opportunities, type of inputs supplied, and prevailing market structures and entry barriers. The distinction among innovation strategies together with an analysis that combines firm- and market-level dimensions helped us to better comprehend the types of innovation opportunities that local KIMS in Argentina are adopting and the nature of challenges they encounter. The empirical analysis is based on the novel fieldwork data collected in 2019 and 2022. The findings of the paper hold significance to inform productive and innovation policies regarding the type of interventions that may be more effective for Argentina in the current technological and market circumstances that the mining industry is facing. [ABSTRACT FROM AUTHOR]

The academic publishing market is characterized by its oligopolistic market structure. Two aspects are particularly striking: Few large commercial publishers have high market shares in almost all research disciplines. This is reflected in high subscription and publication costs. At the same time, the majority of work for the journals is provided free of charge by researchers. The paradox can be explained by the tremendous importance of leading journals for researchers. Publishers turn this into market power. While key stakeholders in the market are primarily focusing on open access and open science, I argue in this article that competition plays a key role in increasing not only economic efficiency but also diversity and the participation of researchers. One exceptional option would be to shift the now-established "pay per article" system back to subscription models. [ABSTRACT FROM AUTHOR]

We develop a model of size-based market power in a frictional labour market. In the canonical search environment, competition for workers is encoded in outside options. In our granular setting, large employers remove their own job postings from their workers' outside option. Thus, size gives market power and a more concentrated market structure depresses wages because it reduces competition for workers. We calibrate the model to Austrian data and find that such size-based market power depresses wages by about 2.6% or 1,500 euros annually per worker. [ABSTRACT FROM AUTHOR]

The objective of the paper is to understand the role of workers' bargaining for the labor share in transition economies. We rely on a share-capital schedule, whereby workers' bargaining power is represented as a move off the schedule. Quantitative indicators of bargaining power are supplemented with self-constructed qualitative indices derived from textual information describing the legal environment enabling bargaining in each country. Due to multiple data constraints, we employ a cross-sectional empirical model estimated using instrumental variables (IV) methods, where former unionization rates and the time since the adoption of the ILO Collective Bargaining Convention serve as instruments. The sample comprises 23 industrial branches across 69 countries, including 28 transition economies. In general, we find the stronger bargaining power to influence higher labor share, when the former is measured either quantitatively or qualitatively. Conversely, higher bargaining power is associated with a lower labor share in transition economies. This is likely a matter of delayed response to wage pushes, a function of the structural transformation of transition economies, and reconciled with the increasing role of MNCs which did not confront the workers' power rise per se, but introduced automation and changed market structure amid labor market flexibilization, which eventually deferred bargaining power's positive effect on labor share. [ABSTRACT FROM AUTHOR]

Small and Medium Enterprises (SMEs) face significant challenges in the global competitive market. An approach SMEs adopt to meet these challenges is implementing lean principles through the framework of lean implementation. Although some lean implementation frameworks have been introduced, previous research indicates that SMEs often need assistance applying this framework. This is caused by the need to adjust the lean implementation framework, which is considered limited by the resources owned by SMEs. Therefore, further research discusses adjusting the lean implementation framework and SME resources needed to improve operational performance. This study emphasizes the need for a lean implementation framework tailored to SMEs' scale and resources to reduce waste and improve operational efficiency. The lean implementation framework is developed by combining the lean implementation framework with the plan do check act (PDCA) approach and simulation to produce continuous improvements. The framework development stage evaluates the existing lean implementation framework based on previous research and SME resources. Furthermore, the framework that has been evaluated is grouped based on the plan, do, check, and action stages. This activity is carried out to ensure that lean implementation activities are a continuous improvement cycle. The final stage is adding simulation steps to the do and check stages to evaluate proposed improvements. The proposed framework was tested through a case study at Batik SME. The results showed the benefits and effectiveness of the proposed framework in the form of a 12.9-day reduction during work completion and an increase of 18.3% in the operator's utility. [ABSTRACT FROM AUTHOR]

This study investigates resource adequacy and renewable energy integration in the United States, European Union, and Pakistan amid global energy market liberalization and greenhouse gas reduction efforts. It explores how these regions are adapting to the surge in renewable sources like wind and solar, which, despite their financial and environmental benefits, challenge resource adequacy and the economic viability of traditional energy sources. In the US and EU, significant improvements have been introduced in wholesale electricity markets and capacity accreditation mechanisms, which enhanced the large-scale deployment of renewables. This shift has prompted a reevaluation of resource adequacy, leading to the increased deployment of battery storage and demand response. Presently, gas-based generation is largely upholding resource adequacy; however, future trends indicate a move towards greater consumer participation, energy efficiency, and utility-scale storage, with a decline in fossil fuel use. Pakistan aims to adopt a liberalized market structure by balancing competitive markets with legacy contracts. Public pressure is driving a shift from costly fossil-based generation to renewables. Similarly, a trend in the rise of behind-the-meter solar generation can be witnessed. In the future, Pakistan may also experience resource adequacy challenges. It will likely need to implement battery storage, demand response, and modern capacity accreditation tools, by drawing lessons from developed markets. [ABSTRACT FROM AUTHOR]

Assessing market power in the presence of different production technologies such as renewable energies, including wind and solar power, is crucial for electric market analysis and operation. This paper investigates structural market power by incorporating wind farms and solar generation over a short-term period. The study examines the issue of market concentration boundaries to assess structural market power by calculating the minimum and maximum market concentration index values in the day-ahead market. It models the technical specifications of power plants, such as the maximum and minimum production limits, ramp-up and ramp-down rates, and minimum required up and down times. By extracting the spatiotemporal correlation of wind power generation from real data, the uncertainty of renewable power generation is represented through a set of scenarios. The analysis explores the correlation effects of wind farms, solar generation, and wind penetration levels under different ownership structures. Simulation results using a modified PJM five-bus system illustrate the effectiveness of the developed method. Our results indicate that integrating renewable energy can reduce the Herfindahl–Hirschman Index (HHI) by up to 30% as wind penetration levels rise from 0% to 40%, fostering a more competitive market structure. However, the correlation between wind farms also increases market volatility, with the standard deviation of the HHI rising by about 25% during peak load periods. These findings demonstrate the practical applicability of the developed methodology for assessing market dynamics in the presence of renewable energy sources. [ABSTRACT FROM AUTHOR]

In this paper, we applied an analytical framework called "city cooperation intention → city relationship network → regional economic resilience," while considering the concept of externality as a measure of city cooperation intention, to draw insights from the perspectives of city relationships, biological evolution, and evolutionary economy. The evaluation system we developed focuses on the impact of inherent city culture on the inter-city relationship network, using variables such as knowledge spillover effect, technology symbiosis index, and market structure. We also incorporated innovation, resilience, and regeneration as determinants of regional economic resilience, building upon previous research findings. By applying structural force theory and a three-dimensional coordinate method, we analyzed the correlation between the relationship network and regional economic resilience, established a model to illustrate how the relationship network influences regional economic resilience, and described the course of action taken by the "three factors" of the relationship network on regional economic resilience. Ultimately, the aim of this study is to uncover the mechanism through which the inter-city relationship network affects regional economic resilience, with implications for healthy city design. [ABSTRACT FROM AUTHOR]

The article explores the pervasive nature of competition in society, particularly among various Christian denominations vying for congregations. Topics include the influence of competitive markets on the growth of Evangelical Christianity, the historical impact of the Reformation on the Catholic Church's need for renewal, and the inherent Catholic desire for unity and universality amidst fragmentation.

China's labor market has changed dramatically since the beginning of reform and opening up. Previous studies have pointed out that marketization changed the segmentation structure of China's labor market. However, there was a lack of theoretical derivation of the mechanism, and empirical analysis was relatively rough due to methodological limitations. In this study, a pseudo-employer mobility temporal network was constructed for China's labor market from 1994 to 2018. Based on the temporal network analysis, this study finds the following: first, China's labor market is now structurally more open and flexible than it was before market-oriented reforms; second, the labor market in China has seen a shift from work unit segmentation to occupational segmentation; third, non-smoothness manifests itself in the structural changes in China's labor market. China's labor market quickly disintegrated after the launch of market-oriented reforms in the 1990s and then ushered in a turbulent period of drastic changes. It was after this turbulent period had ended that the present labor market structure took shape. [ABSTRACT FROM AUTHOR]

Financial institutions have focused on technology to enhance efficiency and reduce operating costs. We argue that due to competitive pressures, banks may not benefit from these technological investments, which may incur an extra charge to the bank. This research examines if being technologically advanced increases banks' financial performance in a competitive market. The contribution of this study is threefold; it examines, first; the impact of technology adaptation on financial performance, second; the effect of bank competition on banks' financial performance and third; we integrate the theories on tech-performance nexus and competition-performance nexus and examine if competition impacts the relationship between technology and financial performance. The findings suggest that technology enhances banks' financial performance, and competition makes banks fragile, supporting the competition-fragility theory. Moreover, the results on the impact of competition on the tech-performance nexus suggest that banks only benefit from investments in technology under low or moderate levels of market competition and that under highly competitive pressures, technology might not bring that extra competitive advantage to banks. With the said empirical evidence, it becomes clear how important technology can be for banks. The study carries vital policy insights for regulators and practitioners. [ABSTRACT FROM AUTHOR]

It is not uncommon for multinational companies to establish subsidiaries outside their home countries, especially in developing regions to tap into emerging markets. It is however a different situation when multinationals establish businesses in unstable and violence-affected regions to take advantage of the local market structure that has suffered a hit by the continuous conflict. However, running a business in such regions may lead to distortion of the administration of these firms due to the violence which may destroy infrastructure and harm employees. Many firms are discouraged from investing in conflict zones because of the exposure to insecurity and violence. This paper adopts a case study and case analysis approach with an in-depth focus on the operation of a specific company and its operations in two conflict zones which resulted in distinct outcomes. In addition, a review of existing literature on the establishment and operation of a business in conflict zones was carried out to effectively examine the challenges of litigation and conflict resolution involving MTN Group as a corporate entity in Afghanistan and Northeastern Nigeria and the impact on the business operations in the respective regions. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to present an oligopolistic version of the cobweb model that departs from the strict assumptions of perfect competition in the traditional cobweb model. Design/methodology/approach: Introducing a model where n identical producers engage in Cournot competition, with output decisions influencing market prices. The paper retains the original assumptions of naive expectations and a linear model where price expectations of Cournot competitors are made simultaneously with production decisions. The investigation focuses on the model's behavior as the number of producers decreases or industry concentration increases. The authors also show empirical evidence when drawing the data from the pig sector in China and the USA. Findings: The findings indicate that the cobweb model undergoes a transition from divergent to continuous and even convergent as the number of producers decreases or industry concentration increases. The incorporation of costs related to entry and exit from the market contributes to achieving a more stable equilibrium state. Originality/value: The cobweb model has been primarily studied in an idealized market structure of perfect competition, and the assumptions that they share are not obviously appropriate to many agriculture markets. This study presents an alternative version of the cobweb model in an oligopolistic market that relaxes the strict assumptions of perfect competition. The authors show the dynamics of reduced competitor numbers or increased industry concentration on the convergence of the cobweb model based on subtle variations in parameters. [ABSTRACT FROM AUTHOR]

The construction and operation of collaborative production networks based on multi-subject collaboration is an important path and means for enterprises to adapt to personalized, diversified, and differentiated market demand. It is of great practical significance to identify the key collaborative subjects in the collaborative network and protect and maintain them to ensure its normal operation. To identify the key collaborative subjects in the collaborative network of traditional manufacturing enterprises, this paper proposes a method for identifying and evaluating the importance of nodes in traditional manufacturing enterprise collaborative networks. Firstly, the method uses four parameters, degree centrality, betweenness centrality, closeness centrality, and subgraph centrality, as node importance evaluation indexes, based on complex network theory. Secondly, the coefficient of variation method (CVM) is used to calculate the weights of evaluation indexes. The Multiple Attribute Decision Making (MADM) based on the Technique for Order Preference by Similarity to an Ideal Solution (TOPSIS) is then used to comprehensively evaluate node importance and identify key nodes (key collaborative subjects) in the network. Finally, the proposed method's effectiveness, rationality, and scientific nature are verified by using the measurement index of network connectivity in combination with specific enterprise cases. The results show that the failure of key nodes has a more significant impact on network connectivity. Therefore, the node importance evaluation method based on Multiple Attribute Decision Making has better performance. It helps traditional manufacturing enterprises to focus on the protection and maintenance of the key collaborative subjects when coping with the competitive environment of the external market and provides a valuable reference for the normal operation of collaborative network organizations. [ABSTRACT FROM AUTHOR]

This paper studies the interactions of capital structure and product market competition under two supply chain structures: a distribution structure where two competing retailers source from a common supplier and a parallel structure where each retailer sources from a dedicated supplier. The analyses demonstrate that if the retailers have access to external credits, they will borrow more (less), buy more (less), and incur a higher (lower) default probability under a parallel structure than under a distribution structure if the retailers sell substitutes (complements). The retailers' leverage improves the profit of their upstream suppliers and of the channel but improves their own profits only if they sell complements. If they sell substitutes, borrowing makes them worse off, leading to the prisoner's dilemma phenomenon. If only one retailer has access to external credit, then it will enjoy a leadership premium (loss) if the retailers sell substitutes (complements), and this effect trickles up to the upstream supplier of the leveraged retailer under the parallel structure. Thus, the dedicated suppliers will abet the leveraged retailers to compete more aggressively than unleveraged ones. However, the common supplier is independent of their downstream customer's capital structure. These results reveal that the impacts of external credit on the supply chain profitability depend on the stages the supply chain members are in, the degree of product differentiation, the supply chain structure, the uncertainty of demand, and whether the competitor also has access to external credits. [ABSTRACT FROM AUTHOR]

Biopesticides are considered as the effective measure to combat environmental consequences brought by chemical pesticides. However, due to the comparatively high price of biopesticides and unreasonable government subsidies, the trade-off between economy, society and environment represents a daunting task for pesticide supply chains. This study establishes a pesticide supply chain including manufacturers, retailer and government to study the production and sales strategies of pesticides under two different structures: monopoly and duopoly. Based on the equilibrium and numerical analyses, we find that: first, only when the government subsidy falls within a reasonable range, it can incentivise the chemical pesticide manufacturer to produce biopesticides in both monopoly and duopoly markets. Interestingly, the subsidy can improve the profit of pesticide supply chain in monopoly market, however the consumer surplus and social welfare are greater in duopoly market with the increase of subsidy. Second, the profit of pesticide supply chain is better after launching biopesticide and the retailer gains more profits in duopoly market than in monopoly market with the increase of farmer's biopesticide acceptance. Third, the launch of biopesticides can decrease the influence of environment pollution in both market structures, and less environmental impact in monopoly market. [ABSTRACT FROM AUTHOR]

The current Indian stock market structure is fully centralized, with each party's government, financial institutions, and private sector relying on one another to authenticate transactions. Because of the prior party's reliance, the settlement in client Demat accounts takes T + 2. Most of the time, the T + 2 rule causes retail short-term investors or traders to lose money or fail to make a profit. The current settlement method is extremely difficult to comprehend, resulting in anomalies in customer Demat accounts. Blockchain is an immutable append-only data chain that is always developing. The SHA-256 cryptographic technique prevents data from being removed or changed after it has been inserted. There is no central database to maintain the chain; instead, each node stores a copy and processes data locally, updating it in milliseconds. In the form of fresh blocks, new information is added to the chain, ensuring that all parties have the same picture of the blockchain at all times. Everyone has access to the information, so they may verify and confirm transactions, in the end, resulting in complete transparency for all transactions. This work proposes a decentralized stock exchange architecture based on permissioned blockchain to address the T + 2 settlement cycle rule problem. Before designing this architecture it considers every aspect so, it excludes the traditional party name custodian member party because of its traditional functionality so that our architecture becomes cost-efficient at the time of implementation. [ABSTRACT FROM AUTHOR]

In response to political gridlock at the federal level and concerns about market concentration in the private health insurance industry, several U.S. states have proposed their own bills to establish state-based public option programs, including three that recently became law in Washington State, Colorado, and Nevada. I study Washington State's Cascade Care Law, which implemented a state-based public option program in its individual health insurance market starting in 2021. I use plan offering data and administrative enrollment data from the Washington Health Benefit Exchange, Washington's state-based Affordable Care Act exchange, to provide a descriptive analysis of how market structure, insurers' plan offering decisions, individual enrollment, and market concentration evolved during the 2020–2022 plan years. A key descriptive finding of this paper is that county-level insurance market competition has improved since Washington's state-based public option program was implemented; with thirteen and twelve insurers offering plans in 2021 and 2022, respectively, up from nine insurers in 2020. I also document considerable variation in the set of plans insurers decided to offer and the set of counties they served. Enrollment in the public option plans that were offered was low. [ABSTRACT FROM AUTHOR]

A major issue regarding biodiversity offset schemes is uncertainty about conservation and its costs. Although the demand for market expansions for biodiversity banking has increased in the past few decades, they may increase the degree of uncertainty regarding the completion of offsets. Therefore, stipulating the rights and responsibilities of stakeholders about the implementation of offsets is important. However, researchers have overlooked the behavioral aspects of market participants regarding responsibility and uncertainty. This study experimentally investigates the effect of uncertainty and market structure change on credit trading behavior in biodiversity banking. First, we verify that uncertainty regarding additional conservation costs provides significant disincentives for bankers to engage in trading when they are directly responsible for the costs, leading to the over-reduction of transactions. Since developers share the payment for the additional costs through the increase in credit prices, it is important to determine the way of sharing the responsibility for the costs between market participants and the public/society. Second, the provision of insurance to alleviate the uncertainty for bankers may not influence efficiency. Therefore, it may be reasonable for the public sector to incorporate insurance schemes into biodiversity banking programs. Third, increases in the number of bankers and developers improve efficiency, and this lowers the possibility of over-reduction of transactions. Therefore, when market expansions increase degrees of uncertainty, responsibility sharing schemes should be linked and revised according to the expansions. [ABSTRACT FROM AUTHOR]

Artificial Intelligence technologies have elicited a range of policy responses in India, particularly as the Government of India attempts to position and project the country as a global leader in the production of AI technologies. Policy responses have ranged from providing public infrastructure to enable market-led AI production, to nationalising datasets in an effort to enable Big Data analysis through AI. This paper examines the recent history of AI policy in India from a critical political economy perspective, and argues that AI policy and governance in India constructs and legitimises a globally-dominant paradigm of informational capitalism, based on the construction of data as a productive resource for an information-based economic production, and encouraging self-regulation of harmful impacts by firms, even as it attempts to secure a strong hand for the state to determine, both through law and infrastructure, how such a market is structured and to what ends. [ABSTRACT FROM AUTHOR]

Cross‐asset order flow provides an incremental and novel nonlinear price discovery channel. Structural vector autoregressions of synchronized intraday message data reveal distinct patterns in the comovement of order flow and its influence on returns and volatility. While cross‐market order flow usually reconciles prices through small‐stakes arbitrage in periods of low volatility and comovement during medium volatility associated with information arrival, it can exacerbate price dislocation from fundamental values during extraordinary volatility. While applying market‐wide circuit breakers (MWCB) mitigates the extreme negative spillovers by jointly halting markets, we identify room for further harmonization during the MWCB market reopening process. [ABSTRACT FROM AUTHOR]

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We study the role of preferred habitat in understanding the economic effects of the Federal Reserve's quantitative easing (QE). Using high-frequency identification and exploiting the structure of the primary market for US Treasuries, we isolate demand shocks that are transmitted solely through preferred habitat channels but otherwise mimic QE shocks. We document large localized yield curve effects when financial markets are disrupted. Our calibrated model, which embeds preferred habitat in a New Keynesian framework, can largely account for the observed financial effects of QE. QE is modestly stimulative for output and inflation, but alternative policy designs can generate stronger effects. [ABSTRACT FROM AUTHOR]

We consider dynamic competition between two platform‐based products that exhibit two‐sided network effects, such as game consoles and intelligent hardware. Firms compete in terms of pricing and Research & Development investment, which are driven by consumers' marginal utility of quality, indirect network effects, and the differentiation between consumers' preference for the products. We find that with a small marginal utility of consumers, the equilibrium investment of one firm increases first and decreases later with its product quality but is not obviously sensitive to the rival's. In contrast, with a large marginal utility, if the quality of the two products is comparable, the equilibrium investment increases substantially. However, if one product pulls ahead, the other firm will stop investing. Besides, we find that when the intrinsic value and the network value coexist, the market becomes more concentrated, even when consumers' marginal utility is small. The market concentration increases in both the consumers' marginal utility and the indirect network effect but decreases in the degree of differentiation between consumers' preference toward the two products. Interestingly, we show that differentiation plays an important role in shaping the market structure only when the network effect is weak. Counterintuitively, we show that the differentiation corrodes firms' total profits, which demonstrates that less fierce competition resulting from low substitution leads to a lower profit. Additionally, we reveal that dynamic interaction between quality and installed base motivates firms to improve from a low quality, the first‐mover advantage does not ensure market dominance. [ABSTRACT FROM AUTHOR]

Most quality‐then‐price decision models under vertical product differentiation consider a predetermined market configuration. We endogenize market configuration considering quality‐dependent marginal costs and conclude that a strictly interior full coverage duopoly holds for some parameter values, unveiling the relevance of this commonly assumed market structure. Moreover, we show that a monopoly never arises in equilibrium, and (i) there are multiple equilibria at the frontier between interior and corner full coverage duopoly, (ii) the market is fully (partially) covered when relative tastes' heterogeneity is low (high), and (iii) there is a discontinuity in the transition from partial coverage to full coverage duopoly. [ABSTRACT FROM AUTHOR]

This paper introduces the concept of digital capability gaps (DCG); the relative difference of a firm's ability to design and control products, services, and processes by utilising digital technologies in relation to customers and partners. These DCGs matter as they affect SME's strategic responses and the value-creating relationships. Our findings reveal that strategic responses differ according to the magnitude of DCGs: Large DCGs may offer the opportunity for 'digital diversification' by using the capabilities developed to enter new domains. In cases of moderate DCGs, firms respond by adopting the role of a 'digital parent' and innovate on behalf of customers. Finally, in the cases of small DCGs, firms may respond by forming 'digital collaborations.' Our study also unpacks the influencing factors that affect DCGs: the consolidation or fragmentation of customer portfolio and competitive landscape and the extent to which players have a similar digital pressure for adopting digital capabilities. [ABSTRACT FROM AUTHOR]

Effective government rules and regulations, as well as the ability of the regulator to curb corruption and promote voice and accountability, can influence the ability of bank management to allocate resources and ensure high performance. Based on this assumption, we aim to find out whether institutional quality is able to improve bank performance in Italy. To do so, we rely mainly on the diversity of banks, thus capturing the different behaviors of the two main categories, i.e. cooperative and for‐profit banks. Using a parametric method, the results show a clear impact of most dimensions of institutional quality on reducing banks' cost inefficiency. Some robustness checks, especially regarding the role of market structure, confirm our findings. [ABSTRACT FROM AUTHOR]

Recent research extends the estimation and analysis of structural demand and supply models to consider the concepts of brand equity and brand value and their role in product investment decisions. In this paper, we analyze data from the Dutch market for new cars to show that differences in brand equity may also entail significant differences in marginal costs. Next, we illustrate that ignoring the role of brand equity in marginal costs, as the existing literature has, ignores the possibility that investments in brand equity may actually reduce the marginal profits for the offering. This can change investment incentives and produce different market structures. [ABSTRACT FROM AUTHOR]

Market freezes are an interesting and theoretically challenging phenomenon —they are observed empirically, but cannot occur in standard models. This paper develops a formal theory of recurrent freezes emphasizing liquidity and self‐fulfilling prophecies. While it is well understood how to get hot and cold spells, where prices and quantities fluctuate, we get asset market freezes and thaws where trade completely stops and starts. The simplest specification gets this using negative asset returns. Other specifications use information frictions or fixed costs. We also consider credit freezes, analyze the extent to which the decentralized nature of trade matters, and discuss policy implications. [ABSTRACT FROM AUTHOR]

This study finds that in an international mixed oligopoly at free entry equilibrium, social welfare under import tariff cum privatization is higher than output subsidy cum privatization, and the dual subsidy‐tariff policy cum privatization degenerates into a single tariff policy cum privatization. The reason is that an output subsidy or the dual subsidy‐tariff policy will incentivize domestic private firms to enter the free‐entry equilibrium. Thus, the number of domestic firms with free entry is excessive, and social welfare deteriorates. A privatization policy is pivotal in the long run and is still more effective than a single subsidy policy. [ABSTRACT FROM AUTHOR]

This paper empirically studies the extent to which career concerns as part of a typical contract offer influence employees' work performance in a Japanese auto dealership firm. Because career movements and base-wage adjustments rely on performance evaluation over time, we develop a dynamic structural model that allows concerns for future payoffs to impact an employee's current work effort. A reform in personnel-management policies of the firm during the data period enables us not only to compare the performances across individuals, but also to compare within an individual the performance before and after the reform—this enhances the model identification. Our estimation results show that the added value from career movements on top of the monetary payoffs is more important than the monetary payoffs. Individuals respond to career movements and commissions differently, mainly due to varying cost of effort and different payoffs from career movements. Our counterfactual exercises suggest that, compared with the scenario when there is only monetary compensation, adding career movements in a contract package will greatly improve the firm's gross profit. The firm can improve its net profit by making commission and promotion more performance-based. This paper was accepted by Matt Shum, marketing. Funding: Financial support from the Social Sciences and Humanities Research Council of Canada [Grant 20190410-01] is gratefully acknowledged. Supplemental Material: The data files are available at https://doi.org/10.1287/mnsc.2023.4956. [ABSTRACT FROM AUTHOR]

In this paper, we explore dynamic market share and public healthcare costs of trastuzumab's evergreening (subcutaneous) variant during introduction of trastuzumab's competitive biosimilar variants in the Netherlands. We used a time series design to assess dynamic market share of trastuzumab's evergreening variant after introducing trastuzumab's biosimilar variants, focusing on the number of treatments and patients. The public healthcare costs of this evergreening strategy were estimated using administrative claims data. Our results show that the original trastuzumab was completely replaced by the subcutaneous and biosimilar variants. The uptake of the subcutaneous form peaked at 50% market share but after the introduction of biosimilars progressively reduced to a market share of 20%, resulting in a more competitive market structure. The public healthcare costs for trastuzumab significantly decreased after the introduction of the biosimilars. After the introduction of the biosimilars, a substantial price drop is visible, with the subcutaneous version, still under patent, also falling sharply in price but less strongly than the iv/biosimilar version. As the costs are publicly funded, we recommend a more explicit societal debate to consider if the potential benefits of subcutaneous Herceptin® (and other similar medicines) are worth the additional costs, and at which price it should be reimbursed as the part of the benefit package. [ABSTRACT FROM AUTHOR]

This paper investigates the impact of trade liberalisation on the rural labour force in China, with a particular focus on labour mobility and off-farm employment. The analysis utilises micro data from the National Fixed Point Survey and Chinese manufacturing firms. The identification strategy relies on combining information on the initial province labour and product market structure with the exogenous tariff reduction schedule over WTO accession and distinguishes between output markets and intermediate input tariffs. The results are as follows: First, the reduction of output tariffs does not promote rural labour mobility, whereas the reduction of input tariffs has a positive impact on mobility. Additionally, output tariffs reduce off-farm employment income and time, while input tariffs increase them. This conclusion is applicable only to low-skilled labour. Second, the tariff reduction significantly affects total wages and the number of employees in firms, as supported by macro data. This suggests that tariff cuts have implications for firm employment and, consequently, rural employment. Third, tariff cuts have a more pronounced effect on young individuals, those with lower levels of education, and the female workforce. Therefore, the interests of these groups should be fully considered in the process of further import liberalisation and tariff reduction. [ABSTRACT FROM AUTHOR]

The unequal distribution of dividends implies the unequal distribution of the profit share of workers' product of labor. In a Mirrleesian framework when dividends cannot be expropriated, we show that a progressive distribution of dividends creates a positive dividend effect on labor income taxes. Our numerical simulations show the dividend effect to be approximately four percentage points. We analyze the dividend effect under different market structures and its interplay with other forms of taxation. [ABSTRACT FROM AUTHOR]

This paper examines the transformation towards greenness, focusing on consumer environmental awareness within a circular city model characterized by elastic demand. Our findings reveal that the equilibrium investment in environmentally friendly initiatives falls short of the socially optimal level for a given market structure. The degree of excess or insufficient market entry is influenced by the level of environmental awareness. Further, we delve into the role of environmental delegation, demonstrating that heightened environmental awareness can mitigate underinvestment in the environment and reduce inefficiency in market entry. From a policy perspective, we expand our analysis to include the "Green Product Policy." This extension aims to explore the impact of such a policy on environmental awareness and assess the applicability of the "excess entry theorem" in this context. [ABSTRACT FROM AUTHOR]

Market structure maps spatially represent competitive relationships among brands and products. In these maps, each product is typically visualized in a single map location. Such visualization, however, does not adequately accommodate multimarket membership products (MMPs), which are products that compete in multiple submarkets that are each characterized by distinct competitors and consumer preferences. The author proposes a novel framework that accommodates MMPs by visualizing products in the local context of each submarket in which they compete. This framework is then used to study market structure in the digital camera market. Competitive relationships are inferred from consumers' online searches using bootstrapped neural product embedding. The research shows that 8% of cameras are MMPs and that 50% of all submarkets are affected by MMPs. The map generated with the proposed framework uncovers mismatches between manufacturer positioning and consumer perception of several cameras. An extensive comparison of the proposed framework with alternative mapping methods reveals that (1) commonly used mapping methods misrepresent MMPs' competitive positions in their maps and (2) ignoring MMPs can lead to distorted visualizations of the underlying market structure. Both problems compromise firms' abilities to accurately assess products' competitive positions and evaluate the effectiveness of their positioning strategies. [ABSTRACT FROM AUTHOR]

This study investigates the reintegration of tacit skills among Polish and Lithuanian migrants returning from the UK amid Brexit and the COVID-19 pandemic. Using a CAWI survey of 740 returnees, it explores the application of tacit skills acquired abroad in their origin countries’ labor markets. The research reveals the challenges return migrants face in utilizing their overseas-acquired skills, influenced by local labor market structures, employers’ attitudes, and individual experiences. The findings contribute to understanding the role of international migration in skill distribution and labor market dynamics, focusing on the personal and economic reintegration of return migrants. [ABSTRACT FROM AUTHOR]

Disruptive technology (DT) has the power to reshape markets and societal structures, necessitating both protection and regulation. This paper aims to examine DT protection and regulation strategies at both micro and macro levels through policy texts. We construct an analysis framework integrating Responsible Research and Innovation (RRI) principles, innovation theory, and DT growth process. Key measures are extracted by content analysis, and dynamic topic model is used to discover evolving policy focuses. The framework is applied to analyze DT policy files of major powers. The results indicate that supply-side policy tools are employed to promote sustainable development in DT innovation, while environmental tools are utilised for early governance to preempt potential risks and innovation damage. The focuses of DT policies exhibit three evolution trends: attenuation, reinforcement, and fluctuation. Protective policies show concentration and coherence, while regulatory policies demonstrate integration and correlation. This study broadens existing perspectives and analytical frameworks, providing valuable insights for DT development and governance. [ABSTRACT FROM AUTHOR]

Our understanding of innovation policies has been enhanced. However, there is still a gap in conceptualizing the effectiveness of one of innovation policy's most important tools: financial incentives (FIs). Scholars developed an understanding of the effectiveness of direct versus indirect FIs, but there is no clear theoretical framework that delineates what kind of financial instruments impact what kind of innovation under what conditions. This paper analyzes the different working and operational logic of the wide array of employed FI worldwide to develop what is, to the best of our knowledge, the first conceptual framework discerning what financial tools fit what aims and contexts. This framework allows the development of testable hypotheses as well as the development of incentives tailored differently for different national innovation missions and market structures, suggesting that the growing reliance among OECD countries on indirect FIs in the form of tax incentives is less then optimal. [ABSTRACT FROM AUTHOR]

This paper examines the relationship between equality and social Europe, which has remained underdeveloped in the process of European integration. In contrast to the social dimension of the EU, the principle of equality has been significant from the beginning of European integration. The paper opens with an overview of how equality functions as the basis for a social Europe. Next, two interpretations of equality are introduced. The EU's preferred interpretation, which is based on merit, is in sync with market ideals. One of the shortcomings of merit-based equality as a foundation of social Europe, however, is its inability to properly disconnect the vulnerable person from the employment market. This paper argues that an alternative interpretation of equality based on value is more suitable, because value-based equality can challenge the potentially harmful social structure of the market. [ABSTRACT FROM AUTHOR]

In the north-western part of India, especially in Punjab and Haryana plains, the groundwater overdraft increases the cost of its withdrawal for irrigation and causes inequality in its access to farmers. As a result, groundwater markets are gradually emerging as pervasive agrarian institutions. In this research, the groundwater market structure has been studied in Haryana state and Karnal district has been chosen as the study area. For the survey, three villages are selected by the purposive sampling technique. The 300 households (100 households from each village) are selected by the simple random sampling technique. The primary data are collected by close-ended structured scheduled, interviews, and focus group discussions methods from the selected villages between the periods of May to September 2019. The study reveals that groundwater markets help to mitigate the increasing inequalities in groundwater access. The results show that almost 50% of the farming households have participated in the groundwater markets. There is a positive correlation (R2 = 0.6176) between water selling and farm size and a negative correlation (R2 = − 0.9828) between water buying and farm size. Groundwater scarcity, land fragmentation, and no tubewell on their own land have been observed as primary factors for the participation of farmers in groundwater markets. The most popular mode of water transactions is cash-based (hourly), which shows the mature stage of groundwater markets in the study area. Groundwater trade for irrigation is maximum under two crops, rice (45%) and wheat (46%), which significantly puts pressure on the groundwater resources. The study is suggested to change the cropping pattern and moving to two crops combination (rice and wheat) to crop diversification. A community-based approach is essential for efficient groundwater resource use in a water-scarce environment via effective institutional arrangements. [ABSTRACT FROM AUTHOR]

We propose a model that forecasts market correlation structure from link- and node-based financial network features using machine learning. For such, market structure is modeled as a dynamic asset network by quantifying time-dependent co-movement of asset price returns across company constituents of major global market indices. We provide empirical evidence using three different network filtering methods to estimate market structure, namely Dynamic Asset Graph, Dynamic Minimal Spanning Tree and Dynamic Threshold Networks. Experimental results show that the proposed model can forecast market structure with high predictive performance with up to 40 % improvement over a time-invariant correlation-based benchmark. Non-pair-wise correlation features showed to be important compared to traditionally used pair-wise correlation measures for all markets studied, particularly in the long-term forecasting of stock market structure. Evidence is provided for stock constituents of the DAX30, EUROSTOXX50, FTSE100, HANGSENG50, NASDAQ100 and NIFTY50 market indices. Findings can be useful to improve portfolio selection and risk management methods, which commonly rely on a backward-looking covariance matrix to estimate portfolio risk. [ABSTRACT FROM AUTHOR]

With the outbreak and evolution of the pandemic worldwide, the financial market has experienced unprecedented shocks and adjustments, and the volatility and correlation of the stock market, as an important indicator of economic activities, have shown new features and trends during the pandemic. Based on the CSI 300 Index, we construct a three-stage sequential network representing the pre-pandemic, pandemic, and post-relaxation phases. We investigate the evolving dynamics and resilience of the network, forecasting potential future connections, thus offering fresh insights into comprehending market recovery. Our findings unveil that the market adapts dynamically to the pandemic's progression, witnessing an overall augmentation in network interconnectedness. While the financial sector maintains its pivotal role, the influence of non-financial sectors experiences an upsurge. Despite the network demonstrating poor stability and heavy reliance on key nodes, there exists a positive recovery trajectory. Non-financial sectors such as energy and transportation emerge as pivotal catalysts for market rejuvenation. We provide suggestions for government regulators and investors, providing strong support for optimizing the market structure and promoting the long-term healthy development of the market. [ABSTRACT FROM AUTHOR]

We analyze the effect of transparency of past trading volumes in markets where an informed long-lived seller can repeatedly trade with short-lived uninformed buyers. Transparency allows buyers to observe previously sold quantities. In markets with intraperiod monopsony (single buyer each period), transparency reduces welfare if the ex ante expected quality is low but improves welfare if the expected quality is high. The effect is reversed in markets with intraperiod competition (multiple buyers each period). This discrepancy in the efficiency implications of transparency is explained by how buyer competition affects the seller's ability to capture rents, which, in turn, influences market screening. (JEL D40, D82, D83, G14, L15) [ABSTRACT FROM AUTHOR]

Conventionally, entry is thought to enhance welfare by enhancing competition and hence lowering prices and increasing the output. Contrary to the conventional wisdom, working with an n -firm Cournot oligopoly set up and using the trigger strategies, we show that entry may or may not impact welfare. However, entry has the potential to alter the market structure from collusion to Cournot competition, and when it does so, there is a discontinuous rise in welfare. [ABSTRACT FROM AUTHOR]

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We use China's growth experience as a laboratory to study how reductions in administrative and regulatory entry barriers contribute to growth. We develop a model of endogenous productivity and market structure with heterogeneous firms and frictional entry and calibrate it to Chinese manufacturing firms. We show that the reduction of entry barriers brings about 1.05 percentage points of productivity growth over the 1990–2004 period, accounting for 18.3% of the productivity growth in the 2004–7 period. A decomposition exercise shows that entry mainly affects growth through promoting a more competitive market structure, which more than offsets the negative Schumpeterian effect. [ABSTRACT FROM AUTHOR]

This text is the result of studies and research carried out on state interventions in the sports market, here with a special look at football, analyzing its effects on economic, regulatory, and ethical dimensions. It explores the reasons behind state intervention in athlete negotiations, international transfers, image, and broadcast contracts. It also addresses the impacts of State interventions on market structures and their sporting impact. Still, we look at the clubs and how they react to the intervention. The methodology used not only for studies and research, but also for the elaboration of this theoretical-pragmatic communication was based on the criticalreflexive perspective, with support and interaction between legal-legal rationality and the important multidisciplinary contributions offered by other human knowledge/knowledge, here, were analyzed, respectively, according to the contemporary parameters of each of their "art states". That is, the state in which the object of study (state interventions in the sports) is circumstantial and momentarily in legal, social, sports, economic and business knowledge. [ABSTRACT FROM AUTHOR]

The selection process of eligible suppliers in supply chains entails numerous challenges under rapidly evolving conditions. Environmental considerations in public discourse, competitive market structures, and emerging technological capabilities influence the decision-making procedures. Rather than the conventional criteria of cost and service, different criteria have more recently been taken into consideration. In this study, presenting a Turkish case study, environmental management, environmental agility and environmental technology dimensions and the criteria related to these dimensions are defined. A fuzzy SWARA-BWM method was implemented in an integrated way to cope with the supplier selection problem. Different scenarios were created and benchmarked. The results of the study indicate that environmental agility is the prominent dimension, while the most significant criterion is delivery speed. The optimal supplier alternative among the four alternatives was identified as A3. This study was carried out to contribute to the examination and modeling of supply chain management issues. [ABSTRACT FROM AUTHOR]