Vienna University of Economics and Business
Elektronische Publikationen der Wirtschaftsuniversität WienNot a member yet
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[How] Do Users Benefit From Giving Consent?
Get PDFConsent is meant to empower users by giving them a choice regarding the use of their personal data. Thus, organisations have the incentive to provide benefits, whether directly or indirectly, in return for consent. However, recent research has demonstrated the scale and scope of malpractices regarding consent on the web, where users are misled and coerced into giving away their personal data and privacy. In light of this, we call for investigating what benefits, if any, are specified in the context of consent; who benefits from it; and whether they can be observed in reality. We hope our work outlines the need to formally investigate the claims made when requesting consent and empowers users through greater transparency regarding benefits to make better-informed choices
Time consistency of the mean-risk problem
Get PDFChoosing a portfolio of risky assets over time that maximizes the expected return at the same time as it minimizes portfolio risk is a classical problem in mathematical finance and is referred to a sthe dynamic Markowitz problem (when the risk is measured by variance)or, more generally, the dynamic mean-risk problem. In most of the literature, the mean-risk problem is scalarized, and it is well known that this scalarized problem does not satisfythe (scalar) Bellman’s principle. Thus, the classical dynamic programming methods are not applicable. For the purpose of this paper we focus on the discrete time setup, and we will use a time-consistent dynamic convex risk measure to evaluate the risk of a portfolio. We will show that, when we do not scalarize the problem but leave it in its original form as a vector optimization problem, the upper images, whose boundaries contain the efficient frontiers, recurse backward in time under very mild assumptions. Thus, the dynamic mean-risk problem does satisfy a Bellman’s principle, but a more general one, that seems more appropriate for a vector optimization problem: a set-valued Bellman’s principle. We will present conditions under which this recursion can be exploited directly to compute a solution in the spirit of dynamic programming. Numerical examples illustrate the proposed method. The obtained results open the door for a new branch in mathematics: dynamic multivariate programming
Strategic global supply chain network design – how decision analysis combining MILP and AHP on a Pareto front can improve decision-making
Get PDFIntegrating a broad range of information types and finding trade-offs between conflicting goals is achallenge in global supply chain network design (GSCND). Effective decision support systems (DSS)should be user-friendly, provide transparency, and support human judgement. There is a wide range of optimisation models that aim to improve the out come of network design decisions. However, their practical performance often remains unknown, as their implementation into the managerial decision process is largely neglected. Such theory-driven models usually focus on single aspects of the decision, without being able to accommodate the practical problem comprehensively. We employthe CIMO approach to resolve the issue and contribute by showing how an integration involving these methods can be useful for managers once the proper knowledge transfer has been effectuated. An innovative decision support framework, which combines mixed-integer linear programming, the Analytical Hierarchy Process, and the Pareto front is created and analysed during a case study in themed-tech industry. Results show that the framework accommodates managerial experience, integrates qualitative as well as quantitative criteria, and provides transparency over the entire range ofefficient solutions. The framework and application results contribute towards the development of more flexible and easy-to-use decision support systems for GSCND
Low‐carbon transition risks for finance
Get PDFThe transition to a low‐carbon economy will entail a large‐scale structural change. Some industries will have to expand their relative economic weight, while other industries, especially those directly linked to fossil fuel production and consumption, will have to decline. Such a systemic shift may have major repercussions on the stability of financial systems, via abrupt asset revaluations, defaults on debt, and the creation of bubbles in rising industries. Studies on previous industrial transitions have shed light on the financial transition risks originating from rapidly rising “sunrise” industries. In contrast, a similar conceptual understanding of risks from declining “sunset” industries is currently lacking. We substantiate this claim with a critical review of the conceptual and historical literature, which also shows that most literature either examines structural change in the real economy, or risks to financial stability, but rarely both together. We contribute to filling this research gap by developing a consistent theoretical framework of the drivers, transmission channels, and impacts of the phase‐out of carbon‐intensive industries on the financial system and on the feedback from the financial system into the rest of the economy. We also review the state of play of policy aiming to protect the financial system from transition risks and spell out research implications
Creating Shared Visions in Organizations – Taking an Organizational Learning and Knowledge Management Perspective
Get PDFDespite ongoing interest in organizational visions, both in research and practice, there is little understanding of what a vision should entail. What makes a good vision? We approach this question from a knowledge perspective and explore what organizations need to know in order to effectively plan and perform organizational activities. We will review relevant literature and conduct a content analysis of visions of global profit-oriented organizations. By providing a synthesis of theory and practice, we suggest that organizational visions should include three knowledge enablers, which guide the creation as well as the management of (1) knowledge about organizational identity, (2) knowledge about mutual embeddedness, and (3) knowledge about emerging opportunities. Our findings can contribute to research on vision development and vision content. Furthermore, they can inform a recent discussion in the KM community to guide KM activities in organizations
Ein integratives Gesamtmodell ökonomischer Bildung als Allgemeinbildung
Get PDFAlle Menschen wirtschaften, wenn sie Entscheidungen darüber treffen, wie und wofür sie ihre knappen Ressourcen einsetzen, um eine Vielzahl von Bedürfnissen zu erfüllen. Darum ist jeder Mensch Teil der Wirtschaft: „we cannot opt out of economic issues and decisions. Our only options are to be informed, uninformed, or misinformed“. ‚Informiert‘ zu sein bedeutet, wirtschaftliche Sachverhalte und Zusammenhänge zu verstehen, die Kenntnisse anwenden und kritisch beurteilen zu können, also ökonomisch gebildet zu sein. In vielen verschiedenen ökonomisch geprägten Lebenssituationen ist dies wünschenswert oder sogar notwendig, seien es Kauf-, Miet-, Anlage- oder Finanzierungsentscheidungen, die Ausbildungs- und Berufswahl oder die Ausübung des Wahlrechts und damit die wirtschaftspolitische Mitbestimmung in einem Land. Wenn Allgemeinbildung (auch) heißen soll, dass Menschen die Welt verstehen und kritisch betrachten sowie Probleme erkennen und lösen können, dann ist ökonomische Bildung ein wesentlicher Teil von Allgemeinbildung. In diesem Zusammenhang stellt sich die Frage, wie sich ökonomische Bildung näher bestimmen und charakterisieren lässt. Dieser Beitrag verfolgt die Zielsetzung, den Begriff ökonomische Bildung zu klären und verschiedene Konzeptionen von ökonomischer Bildung näher zu beleuchten. Auf dieser Grundlage wird der Versuch einer Integration der verschiedenen Konzeptionen in ein Gesamtmodell unternommen, das als Grundlage für die Curriculumentwicklung sowie als Referenzrahmen für die Einordnung verschiedener wirtschaftsbezogener Themen und Fragestellungen sowie für diagnostische und evaluative Zwecke herangezogen werden kann
Private provision of public goods and political survival: Rail transport in four European democracies in the 20th century
Get PDFThe provision of public goods plays a key role in the survival of leaders in democracies. Assuming that mass rail transport shares many of the characteristics of public goods, we claim that the public provision of railway services is more beneficial for political leaders in democracies than private provision. To estimate the effect of the type of provision of railway services on leader survival, we use new data on four European democracies that present variation in the public and private ownership of rail miles between 1913 and 1981. We find that the private provision of rail transport increases the hazard rates of leader deposition in these democracies. These results bear crucial implications, as they help to explain the sweeping policies of nationalization of public services that took place in the first half of the 20th Century in Western Europe
The Adaptive Reuse of Cultural Heritage in European Circular City Plans: A Systematic Review
Get PDFA new movement in urban environmental policy, the circular economy (CE), aims to change how Europeans consume and produce materials and energy. Cities are taking up the CE challenge. This research inquires whether the infant CE programs in European cities include cultural heritage and adaptive reuse of cultural heritage (ARCH) buildings. ARCH buildings exemplify the central principal of the CE, which is a temporally long service life with multiple uses for several generations of users. In addition, culture and cultural heritage buildings are established drivers of socioeconomic development, urban landscape, and identity. Hypothetically, cultural heritage and adaptive reuse of cultural heritage (ARCH) buildings should be prominently included in European cities’ CE programs, particularly those cities that are highly ranked on the 2019 European Cultural and Creative Cities Monitor (Monitor). To test this hypothesis, this study creates a novel dataset that profiles the existing circular city plans of 190 European cities included in the Monitor’s ranking. Contrary to the hypothesis, just seven percent of cities in the dataset include cultural heritage. European cities are missing an opportunity to achieve their CE goals and preserve their unique identities as embodied in the built environment
Forecast evaluation of quantiles, prediction intervals, and other set-valued functionals
Get PDFWe introduce a theoretical framework of elicitability and identifiability of set-valued functionals, such as quantiles, prediction intervals, and systemic risk measures. A functional is elicitable if it is the unique minimiser of an expected scoring function, and identifiable if it is the unique zero of an expected identification function; both notions are essential for forecast ranking and validation, and M- and Z-estimation. Our framework distinguishes between exhaustive forecasts, being set-valued and aiming at correctly specifying the entire functional, and selective forecasts, content with solely specifying a single point in the correct functional. We establish a mutual exclusivity result: A set-valued functional can be either selectively elicitable or exhaustively elicitable or not elicitable at all. Notably, since quantiles are well known to be selectively elicitable, they fail to be exhaustively elicitable. We further show that the classes of prediction intervals and Vorob’ev quantiles turn out to be exhaustively elicitable, hence not selectively elicitable, but still selectively identifiable. In particular, we provide a mixture representation of elementary exhaustive scores, leading the way to Murphy diagrams. We establish that the shortest prediction interval and those specified by an endpoint or midpoint in general fail to be elicitable with respect to either notion, unless an endpoint is given via a quantile. We end with a comprehensive literature review on common practice in forecast evaluation of set-valued functionals
A Value-Based Perspective on User Experience - How Alexa's Value Dispositions Elicit Emotional Responses
Get PDFPrevious studies of user experiences with Conversational Agents (CAs) have often focused on specific use cases and evaluated usability and user expectations. Investigations of users’ emotional responses and on the value implications created by CAs have remained rare. We present a qualitative study with 30 participants, using a novel approach of observation that explores emotional responses to the underlying values elicited or harmed by the CA. Particularly, we report on the emotional responses to 37 unique values, which are involved when users perceive and interact with CAs or consider the social implications of CA usage. We found that harms of artefact-based values often continuously provoke anger and frustration. In contrast, our findings indicate that technology is particularly joyful when it fosters human values outside of central functionalities, such as community, autonomy, friendship, playfulness and humour. Manifestations of such person-based values can sustainably foster users’ personal growth, self-confidence and social relationships