Connection between higher order measures of risk and stochastic dominance

Higher order risk measures are stochastic optimization problems by design, and for this reason they enjoy valuable properties in optimization under uncertainties. They nicely integrate with stochastic optimization problems, as has been observed by the intriguing concept of the risk quadrangles, for example. Stochastic dominance is a binary relation for random variables to compare random outcomes. It is demonstrated that the concepts of higher order risk measures and stochastic dominance are equivalent, they can be employed to characterize the other. The paper explores these relations and connects stochastic orders, higher order risk measures and the risk quadrangle. Expectiles are employed to exemplify the relations obtained

Business model innovation: Integrative review, framework, and agenda for future innovation management research

The business model innovation (BMI) concept has become a well‐established phenomenon of current academic research. While Foss and Saebi's ( Journal of Management , 2017, 43, 200–227) seminal literature review on BMI revealed 349 articles on BMI published between 1972 and 2015, an additional number of 1727 articles on the topic have been published since 2016. In contrast to this overall interest in the BMI phenomenon, innovation‐focused journals include only a limited number of publications on BMI. Further, besides the valuable insights and fruitful research directions of extant literature reviews, they tend also to overlook the linkages between traditional innovation management and the majority of BMI research. Given this underrepresentation of BMI research in the innovation management literature, we conduct an integrative literature review to bring the disconnected literature closer together and offer directions for future research. Our literature review applies the review strategy of blending and merging the literature across domains. First, we blend the knowledge base of the BMI domain by applying the Product Development and Management Association (PDMA) Body of Knowledge categories. Second, we merge the literature across domains by developing an integrative framework. As recent BMI literature increasingly converged to two lines of research, our framework differentiates between the relatedness of the BMI and BMI openness. Thereby, we offer new avenues for future research that can enrich the dialogue on BMI research in the innovation management community. These results demonstrate how the BMI domain covers aspects that fit, contribute to, and extend classical innovation‐focused research, how both research domains can be merged to enrich each other, and how future research can foster the dialogue across disconnected domains

Monopsony in the New Zealand Labour Market: First Estimates from Administrative Data

We examine employer monopsony power in the New Zealand private sector labour market. New Zealand has a small, geographically dispersed population, meaning that outside employment options for workers may be limited. However, New Zealand is generally considered to have a flexible labour market with large gross labour market flows. Using firm and individual level microdata from StatsNZ's Longitudinal Business Database (LBD) and Integrated Data Infrastructure (IDI), we estimate monopsony power based on separation elasticities, on the estimated marginal product-wage wedge, and by direct estimation of firm-level labour supply elasticities. Estimates based on separation elasticities and the marginal product-wage wedge are reasonably consistent, with an implied wage markdown of at most 25%, on average. Direct estimates of labour supply elasticities are sensitive to small changes in specification, highlighting the identification difficulties. Our estimates based on separation elasticities and marginal product-wage wedges are broadly consistent with recent international evidence. These results suggest the presence of employer monopsony power in New Zealand's private sector, although the extent of that power may be limited

Germany's 9-Euro ticket: Impact of a cheap public transport ticket on mobility patterns and infrastructure quality

The 9-Euro Ticket increased public transport use but hardly shifted away from car travel. Train use surged for leisure activities; car use dropped least among commuters. The 9-Euro Ticket led to overcrowding, delaying both regional and non-covered long-distance trains. A rough calculation indicates that the fuel discount minimally impacted our estimates. High costs, low car-to-train shift, and train delays call for other decarbonization strategies

Public transport crowdshipping: moving shipments among parcel lockers located at public transport stations

In view of success stories of unicorn startups from the sharing and gig economy such as Airbnb, DiDi, or Uber, it is not surprising that postal service providers try to transfer the sharing idea toward their last-mile delivery services: owners of under-used assets (here private crowdshippers traveling anyway) are connected with users willing to pay for the use of these assets (here postal service providers having to deliver parcels). In this paper, we consider a special form of crowdshipping where public transport users, steered by a smartphone app, pick up parcels from parcel lockers, take these shipments with them on their subway rides, and deposit these parcels into other lockers. Finally, the actual recipients can pick up their shipments from their most convenient parcel lockers, e.g., on their own way back home from work. We formulate the optimization problem that matches crowdshipping demand and supply and determines the routes along lockers and crowdshippers each parcel takes. Specifically, we allow that each parcel is moved by multiple cooperating crowdshippers and solve this problem with different objective functions capturing the individual aims of the main stakeholders: shippers, crowdshippers, recipients, and the platform provider. We evaluate the relationship of these objectives and quantify the efficiency loss of a more restricted matching policy, where only a single crowdshipper can be assigned to each parcel’s complete path between origin and destination. Finally, we also explore the impact of delays and investigate whether specific objectives protect against unforeseen events

Crisis Credit, Employment Protection, Indebtedness, and Risk

This paper studies how credit guarantee and employment protection programs interact in assisting firms during crises times. The paper analyzes how these government programs influence credit allocation, indebtedness, and risk at both the micro and macro levels. The programs provide different incentives for firms. The low interest rate encourages riskier firms to demand government-backed credit, while banks tend to reject those credit applications. The credit demand outweighs this screening supply response, expanding micro-level indebtedness across the extensive and intensive margins among riskier firms. The uptake of the employment program is not associated with risk, as firms internalize the opportunity cost of reduced operations when sending workers home to qualify for assistance. The employment program mitigates the indebtedness expansion of the credit program by supporting firms and enabling banks to screen firms better. Macroeconomic risk of the credit program would increase by a third without the availability of the employment program

Matheuristic fixed set search applied to the multidimensional knapsack problem and the knapsack problem with forfeit sets

In this paper, we present a solution method for the multidimensional knapsack problem (MKP) and the knapsack problem with forfeit sets (KPFS) using a population-based matheuristic approach. Specifically, the learning mechanism of the fixed set search (FSS) metaheuristic is combined with the use of integer programming for solving subproblems. This is achieved by introducing a new ground set of elements that can be used for both the MKP and the KPFS that aim to maximize the information provided by the fixed set. The method for creating fixed sets is also adjusted to enhance the diversity of generated solutions. Compared to state-of-the-art methods for the MKP and the KPFS, the proposed approach offers an implementation that can be easily extended to other variants of the knapsack problem. Computational experiments indicate that the matheuristic FSS is highly competitive to best-performing methods from the literature. The proposed approach is robust in the sense of having a good performance for a wide range of parameter values of the method

Die Indizes der Außenhandels- und Großhandelsverkaufspreise auf Basis 2021

In der Regel im Rhythmus von fünf Jahren werden die Indizes der Außenhandelspreise, also der Einfuhr- und Ausfuhrpreise, sowie die Großhandelsverkaufspreise auf eine neue Basis umgestellt und grundlegend überarbeitet. Dabei werden das jeweilige Wägungsschema, der Warenkorb, die Berichtsstellen- und die Preisrepräsentantenstichprobe für das neue Basisjahr ermittelt und erforderliche methodische Änderungen vorgenommen. Die revidierten Ergebnisse für die neue Basis 2021 = 100 hat das Statistische Bundesamt für die Außenhandelspreise im April 2024 und für die Großhandelsverkaufspreise im August 2024 veröffentlicht. Sie ersetzen die bisherigen Ergebnisse auf Basis 2015. Der Beitrag beschreibt die Arbeiten zur Basisumstellung, die wichtigsten Neuerungen und Veränderungen seit der letzten Basisjahrumstellung und analysiert die Unterschiede zwischen den Ergebnissen auf neuer und alter Basis.In general, the index of foreign trade prices, that is export and import prices, and the index of wholesale selling prices are changed to a new base year and fundamentally reviewed every five years. This involves updating the weighting scheme, the basket of goods and the samples of reporting units and price representatives on the basis of the new base year and also implementing any necessary methodological changes. The Federal Statistical Office published the revised results for the new base year (2021 = 100) in April 2024 for foreign trade prices and in August 2024 for wholesale selling prices. They replace the results on base 2015. This article describes the work required to change the base year and the most important new developments and changes since the last rebasing; it also analyses the differences between the results calculated for the new base year and those on the old base

Central Bank Communication with the Polarized Public

This paper examines the impact of political polarization on public trust in the Fed and its influence on macroeconomic expectations. Using a large-scale survey experiment which we fielded on President Trump's 2025 inauguration day, we study how households form beliefs about the Fed regarding its political leaning, independence, and trustworthiness. Political alignment significantly shapes perceptions: individuals who view the Fed as politically aligned report higher independence of and trust in the Fed, leading to lower inflation expectations and uncertainty. Strategic communication on institutional structure and policy objectives effectively mitigates perception biases, reinforcing the Fed's credibility and enhancing its policy effectivenes

Second-order productivity, second-order payoffs, and the Banzhaf value

First, we suggest and discuss second-order versions of properties for solutions for TU games used to characterize the Banzhaf value, in particular, of standardness for two-player games, of the dummy player property, and of 2-efficiency. Then, we provide a number of characterizations of the Banzhaf value invoking the following properties: (i) [second-order standardness for two-player games or the second-order dummy player property] and 2-efficiency, (ii) standardness for one-player games, standardness for two-player games, and second-order 2-efficiency, (iii) standardness for one-player games, [second-order standardness for two-player games or the second-order dummy player property], and second-order 2-efficiency. These characterizations also work within the classes of simple games, of superadditive games, and of simple superadditive games