Journals Poznań University of Economics and Business
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Game-theory behaviour of large language models: The case of Keynesian beauty contests
Full text linkThe growing adoption of large language models (LLMs) presents potential for deeper understanding of human behaviours within game theory frameworks. This paper examines strategic interactions among multiple types of LLM-based agents in a classical beauty contest game. LLM-based agents demonstrate varying depth of reasoning that fall within a range of level-0 to 1, which are lower than experimental results conducted with human subjects in previous literature, but they display similar convergence pattern towards Nash Equilibrium choice in repeated setting. Through simulations that varies the group composition of agent types, I found that environment with lower strategic uncertainty enhances convergence for LLM-based agents, and environments with mixed strategic types accelerate convergence for all. Results with simulated agents not only convey insights on potential human behaviours in competitive setting, they also offer valuable understanding of strategic interactions among algorithms
Renewable energy sources as a new research area in tourism
Full text linkThe article identifies and describes a research gap in the tourism economy with regard to renewable energy sources and delineates the biggest research needs and challenges. First of all, the subject of the paper is the tourism phenomenon as a multidimensional research area. Then, the paper concentrates on the renewable energy sources (RES) market in the modern economy with particular regard to investment processes. It characterises investments and innovations in the tourism economy and presents the greatest research difficulties in this respect. The last part of the paper concerns the characteristics of a research gap in the tourism economy identified from where investments and innovations in RES meet. The summary includes effects and desired research directions related to the discussed phenomena
Research on economic and financial socialisation in Poland and worldwide: A bibliometric analysis
Full text linkEconomic and financial socialisation is essential for building a person’s confidence in managing finances independently and fostering financial self-sufficiency. The growing complexity of the financial environment, marked by market globalisation, digital transformation and accessibility of sophisticated financial products, creates unprecedented challenges for individual financial decision-making. This situation is further complicated by generational changes and challenges such as underperforming pension systems, making research on economic and financial socialisation particularly relevant and timely. The aim of this article is to review research on economic and financial socialisation, enabling a comprehensive mapping of existing studies and the identification of key topics and underexplored areas that may guide future studies. Conclusions are drawn from a quantified bibliometric analysis of articles from the Scopus database, supplemented by an in-depth content analysis of purposefully selected scientific works. The analysis was conducted using the R environment, specifically the Bibliometrix package and the Biblioshiny functionality. The findings map the status and developments of the research existing in the field, indicating also a need for further research into the impact of economic and financial socialisation on a broad spectrum of financial decision-making in adulthood
Are debt collection agencies truly acyclical and crisis-proof?
Full text linkThis paper examines the resilience of debt collection agencies during economic downturns and financial crises, challenging the notion that the industry is acyclical. The motivation stems from a gap in academic literature assessing how economic cycles impact debt collectors’ financial performance. Using a combination of case study analysis and statistical methods, the study evaluates the financial results and stock returns of 13 publicly listed debt collection companies over two major crises: the 2007–2009 financial crisis and the COVID-19 pandemic. Findings reveal that while the industry slows during crises, it is not immune. The contribution lies in providing new insights into the cyclical vulnerability of this under-researched sector
Informal Earnings and Domestic Production - the size of the shadow economy of the household. Case of Turkey
Full text linkWe performed our calculations to find out the value of domestic production and the size of the informal economy of the households. The dataset used in this estimation was obtained by matching the Turkey Time Use Survey of 2006 with the Household Budget Survey for the years 2007 to 2011. Informal earnings were measured using household budgetary declarations and the concept of full income (including monetary values of time use on non-market activities). In our analysis we use terms of extended incomes (i.e. monetary incomes with the informal earnings of households) and extended full incomes (i.e. monetary incomes and monetary time values including informal earnings). An important result is that an increase in domestic production yields a decrease in the size of the informal economy for the self-employed, but it is contrary in case of among wage earners. The average estimation of the size of the informal economy in Turkey decreased on average from 73.59% to 70.89% of GDP respectively for monetary and full expenditure for the years 2007-2011. Further deeper analysis is needed to analyse income inequality among wage earners and self-employed workers participating in informal activities
The international retirement savings dilemma: Insights from U.S. IRAs with global relevance
Full text linkThis study evaluates the long-term financial outcomes of Roth and traditional IRAs, with their different tax advantages. Global applicability to countries with similar types of retirement plans is emphasized. A full factorial simulation assessed 54 unique combinations of IRA type, investment mix, and tax rates during working and retirement years. Results indicate that investment type plays a more critical role than IRA type in determining outcomes. Portfolios with significant exposure to the S&P 500 consistently achieved higher ending balances and longer-lasting funds compared to portfolios relying on lower-yield investments. Traditional IRAs, leveraging frontend tax advantages, performed best when tax savings were reinvested, though Roth IRAs provided tax-free withdrawals, maximizing backend benefits.Key findings include the importance of starting early, maintaining significant equity exposure throughout life for higher returns, and understanding that IRA type often has a marginal impact relative to investment strategy. The study highlights that the most effective strategy is situational, influenced by factors such as tax rates and market conditions. These insights, while grounded in U.S. data, offer guidance for retirement planning systems globally. Policymakers and individuals are encouraged to prioritize early, consistent, and aggressive investment strategies to optimize retirement outcomes
Exploring the critical success factors (CSFs) for enterprise competitiveness in crises: A bibliometric review
Full text linkThis paper examines the evolution of research on critical success factors (CSFs) that enhance competitiveness during enterprise crises. Crises include economic recessions, financial shocks, pandemics and global disruptions. A bibliometric analysis of Scopus-indexed literature from 1998 to 2024 was conducted to address influential authors, key journals, themes and countries. Excel was used to perform statistical analysis, while VOSviewer was used to visualise the authors’ keywords in a network. The study focuses on the fields of business, economics and finance, emphasising their critical role in steering turbulent markets. The findings indicate a significant increase in research related to the CSF of enterprise competitiveness during major disruptive events, particularly during economic and financial crises. Countries such as the UK, China, Malaysia and India rank among the top publisher countries. Major themes focus on business resilience, supply chain continuity and organisational agility as core pillars for enterprises to maintain their competitiveness. Although this article relied on the Scopus database, its findings remain valuable, providing a solid foundation for future research. This study serves as a guide for experts, managers and policymakers on evidence-based strategies – such as risk management, dynamic capabilities and leadership agility (...)
How initial price history influences expectation formation in multi-asset experimental markets: An exploratory case study
Full text linkWe present an exploratory study on expectation formation in a controlled experimental setting. Participants predicted the prices of three risky assets, with their key information being the initial price history. Our research investigates the impact of the initial price history on overall price dynamics and the participants’ coordination. We provide tentative evidence highlighting several key points. Firstly, a stable initial price history reduces asset price volatility. Secondly, the correlation between assets during the initial price history is crucial for price dynamics. Notably, two assets exhibited strong negative dependence, which significantly influenced participants’ expectations. It is important to note that this dependence persisted in subsequent price evolution. In general, the initial price history played a pivotal role in shaping participants’ expectations. Given the exploratory nature of this study, we acknowledge that these findings are preliminary and should be interpreted with caution.
