1,720,968 research outputs found
Allocation of risk capital in a cost cooperative game induced by a modified expected shortfall
No full textThe standard theory of coherent risk measures fails to consider individual institutions as part of a system which might itself experience instability and spread new sources of risk to the market participants. This paper fills this gap and proposes a cooperative market game where agents and institutions play the same role. We take into account a multiple institutions framework where some institutions jointly experience distress, and evaluate their individual and collective impact on the remaining institutions in the market. To carry out the analysis, we define a new risk measure (SCoES) which is a generalization of the Expected Shortfall of and we characterize the riskiness profile as the outcome of a cost cooperative game played by institutions in distress. Each institution’s marginal contribution to the spread of riskiness towards the safe institutions in then evaluated by calculating suitable solution concepts of the game such as the Banzhaf–Coleman and the Shapley–Shubik values
On the feedback solution of a differential oligopoly game with capacity adjustment
No full textWe revisit the dynamic oligopoly game with capacity accumulation à la Solow-Swan originally investigated by Reynolds (1987, 1991) in order to propose a new and simpler method for characterising in a fully analytical way the feedback solution of the game. Then, we contrast the feedback equilibrium against the corresponding one generated by open-loop information. The striking difference between the two equilibria is to be found in their respective limit properties: while the open-loop equilibrium sustains an infinitely large number of firms surviving with zero profits in the long run, the presence of feedback effects intensifying strategic interaction implies that (i) the number of firms that may survive under feedback information is finite, and (ii) smaller than the socially optimal one. Copyright © 2011 IFAC
Static and dynamic best-besponse potential functions for the non-linear Cournot game
No full textWe show that the Cournot oligopoly game with non-linear market demand can be reformulated as a best-response potential game where the best-response potential function is linear-quadratic in the special case where marginal cost is normalised to zero. We also propose a new approach to show that the open-loop differential game with Ramsey dynamics admits a best-response Hamiltonian potential corresponding to the sum of the best-response potential function of the static game plus the scalar product of transition functions multiplied by the fictitious costate variables. Unlike the original differential game, its best-response representation yields the map of the instantaneous best reply functions
CSR in an asymmetric duopoly with environmental externality
No full textWe investigate a linear state differential game describing an asymmetric Cournot duopoly with capacity accumulation á la Ramsey and a negative environmental externality (pollution), in which one of the firms has adopted corporate social responsibility (CSR) in its statute, and therefore includes consumer surplus and the environmental effects of production in its objective function. If the market is sufficiently large, the CSR firm sells more, accumulates more capital, and earns higher profits than its profit-seeking rival
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
The Interplay between Profit and Environmental Taxation: Incentives to Create RJVs for Green Innovations
No full textWe consider the joint effect of profit and emission taxation in a model
of imperfect competition with environmental externalities. We show that,
when both profit taxation and emission taxation are used, the former is no longer neutral. The two fiscal tools are substitutes, and for any profit taxation rate there exists a unique optimal environmental tax rate that entails the first best outcome as an equilibrium. Our analysis therefore suggests that policy makers in charge of different taxation policies should coordinate in order to optimally design the tax menu for firms. Conversely, profit taxation has no consequences on firms’ green R&D efforts for the attainment of abatement technologies. In this regard, we also show that independent R&D projects accompanied by information sharing (i.e., technological spillovers) outperform a joint venture when a green innovation is at stake
The incentive to invest in environmental-friendly technologies: dynamics makes a difference
No full textThe established view on oligopolistic competition with environmental externalities has it that, since firms neglect the external effect, their incentive to invest in R&D for pollution abatement is nil unless they are subject to some form of environmental taxation. We take a dynamic approach to this issue, using a simple differential game to show that the conclusion reached by the static literature is not robust, as the introduction of dynamics shows that firms do invest in R&D for environmental-friendly technologies throughout the game, as long as R&D is accompanied by an output restriction exhibiting a distinctively collusive flavour. We also examine the social planning case and the effects of Pigouvian taxation, to show that there exists a feasible tax rate inducing profit-seeking firms to choose a combination of output and R&D such that the resulting social welfare level is the same as in the first best
Variations on the Author
Full text link“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Full text linkWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
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