Agricultural markets and risks - management of the latter, not the former

The authors review the historical relationship between the work of applied economists, and policymakers, and the institutions that came to characterize the commodity, and risk markets of the 1980s. These institutions were a response to the harmful consequences of commodity market volatility, and declining terms of trade. But the chosen policies, and instruments relied on market interventions, to directly affect prices, or the distribution of prices in domestic, and international markets. For practical, and more fundamental reasons, this approach failed. The authors next discuss how a growing body of work, contributed to a change in thinking that moved policy away from stabilization goals, toward policies that emphasized the management of risks. They distinguish between the macroeconomic effects of volatile commodity markets, and the consequences for businesses, and households. The authors argue that both sets of problems remain important development issues, but that appropriate policy instruments are largely separate. Nonetheless, because governments, households, and firms must all respond to a wide range of sources of risk, they emphasize the role for an integrated policy by government. Increasingly, alternative approaches have come to rely on market-based instruments. Such approaches accept the market view of relative prices as immutable, but address directly the negative consequences of volatility. As traditional risk markets (such as futures and insurance markets) expand, and new parametric markets emerge, the practicality of applying market-based instruments to traditional risk, and development problems increases. The authors show the change in approaches to risk, and the reliance on old, and new market instruments, with new, and sometimes experimental programs, with special emphasis on programs at the World Bank.Labor Policies,Payment Systems&Infrastructure,Health Economics&Finance,Environmental Economics&Policies,Insurance&Risk Mitigation,Environmental Economics&Policies,Insurance&Risk Mitigation,Health Economics&Finance,Banks&Banking Reform,Financial Intermediation

Self-Evaluation Applied Mathematics 2003-2008 University of Twente

This report contains the self-study for the research assessment of the Department of Applied Mathematics (AM) of the Faculty of Electrical Engineering, Mathematics and Computer Science (EEMCS) at the University of Twente (UT). The report provides the information for the Research Assessment Committee for Applied Mathematics, dealing with mathematical sciences at the three universities of technology in the Netherlands. It describes the state of affairs pertaining to the period 1 January 2003 to 31 December 2008

Strategies for sustainable socio-economic development and mechanisms their implementation in the global dimension

The authors of the book have come to the conclusion that it is necessary to effectively use modern approaches to developing and implementation strategies of sustainable socio-economic development in order to increase efficiency and competitiveness of economic entities. Basic research focuses on economic diagnostics of socio-economic potential and financial results of economic entities, transition period in the economy of individual countries and ensuring their competitiveness, assessment of educational processes and knowledge management. The research results have been implemented in the different models and strategies of supply and logistics management, development of non-profit organizations, competitiveness of tourism and transport, financing strategies for small and medium-sized enterprises, cross-border cooperation. The results of the study can be used in decision-making at the level the economic entities in different areas of activity and organizational-legal forms of ownership, ministries and departments that promote of development the economic entities on the basis of models and strategies for sustainable socio-economic development. The results can also be used by students and young scientists in modern concepts and mechanisms for management of sustainable socio-economic development of economic entities in the condition of global economic transformations and challenges

Adaptation of domestic state governance to international governance models

The purpose of the article is to provide the evolving international trends of modern management models and authorial vision of model of state governance system in Ukraine, its subsystems, in particular, the system of provision of administrative services that is appropriate for the contemporary times. Methodology. On the basis of scientific and theoretical approaches to the definitions of terms “state governance” and “public governance”, there was an explanation of considerable difference between them and, taking into consideration, the mentality of Ukrainian society and peculiar weak side in self-organization, the authors offered to form authorial model of governance on the basis of historically traditional for Ukraine model of state governance and to add some elements of management concepts that proved their significance, efficiency and priority in practice. Results. The authors emphasized the following two prevailing modern management models in the international practice: “new state management” and “good governance”. The first concept offered for consideration served as a basis for the semantic content of state activity that reflects more the state of administrative reformation. Practical meaning. A practical introduction of management to the domestic model of governance creates the range of contradictions that do not allow implementing herein concept. Pursuant to authors, the second one allows in considerable measure to reform state governance, considering historically developed peculiarities of this model. Moreover, the involvement of concept herein into introduction of informational and communicational technologies in the process of governance eliminates the necessity of power decentralization, it allows to form real net structure and, at the same, to keep vertical power structure, to involve citizens for formation and taking of management decisions, to form electronic communicational channel of feedback, to provide citizens with electronic administrative services. All indicated advantages of the concept certify about the necessity to reform state governance exactly in this field. Meaning/ Distinction. This article raises a question about the significance of formation and sequence of state policy in Ukraine aimed at creating an information-oriented society, space, as well as informational and technological infrastructure

Net structure of subject-to-subject relations in the management of the system of administrative services provision

The purpose of the work is to form the net structure of management of the system of administrative services provision on the basis of implementation of subject-to-subject interactions between state sector and civil society. Methodology. The methodology basis for the investigation is the abstract-logical analysis of theoretical and methodological backgrounds for management of relations and interactions. For the theoretical generalization and formation of net structure, there are used scientific recommendations of Ukrainian scientists regarding the necessity to implement subject-to-subject relations in the system of administrative services provision. Results. The investigations allowed confirming that the hierarchical structure of the state governance system does not give an opportunity to implement equal interaction between a subject of provision and a subject of an appeal as these relations have one – way communication and the feedback channel has a formal character. Moreover, the civil society is not considered by state sector to be a source of methods and ways to develop the system of state governance, in particular, the management system of administrative services provision. Practical meaning. The net structure of management will allow implementing the subject-subject relations in the system, under which the actions of the subject of provision – that means state sector – will be directed to the realization of rights and interests of the subjects of appeal. In their turn, apart from the performance of all legislative responsibilities that they should perform, they can carry out activities directed to the development of management activity in the system of administrative services provision and the whole system of state governance as an integral system of management. Meaning/Distinction. The provided model of the net structure will allow involving citizens in the processes of state governance and increasing the impact of the civil sector during the making of state and management decisions and, as a result, to confirm subject-to-subject positions in the relations

R&D Investment Strategies of Firms: Renewal or Abandonment. A Real Options Perspective

This research develops a real options perspective framework for firms‘ valuation of strategic investments. I propose that a real options perspective can provide an effective means of re-examining and revising firms‘ strategic investment decisions in general, and of making individual, investment-level abandonment decisions in particular. The principal purposes of this research are to explore whether firms make abandonment decisions in accordance with real options theory, and the relative strength of the traditional economic theory, the behavioral theory of the firm and real options theory in explaining firms‘ abandonment decisions. I develop a set of hypotheses in the context of firms‘ R&D investment strategies in the world chemical industry. Using U.S. patent renewal data, I empirically test the hypotheses. The results from the empirical analyses suggest that, 1) firms‘ actual innovation abandonment decisions are consistent with the predictions made from real options theory; and 2) a real options perspective provides better explanation of firms‘ abandonment decisions than traditional economic theory and the behavioral theory of the firm. Therefore, taking such a perspective allows us to better predict abandonment than the other models. In investigating whether insights from real options theory enlighten firm‘s abandonment decisions, this research contributes to the strategic decision making literature, real options research, RBV and dynamic capability research and innovation literature

How to Sue a Robot

We are entering the age of robots where autonomous robots will drive our cars, milk cows, drill for oil, invest in stock, mine coal, build houses, pick strawberries, and work as surgeons. Robots, in mimicking the work of humans, will also mimic their legal liability. But how do you sue a robot? The current answer is that you cannot. Robots are property. They are not entities with a legal status that would make them amendable to sue or be sued. If a robot causes harm, you have to sue its owner. Corporations used to be like this for many procedural purposes. They were similarly tethered to human owners. Over time, courts and legislators abandoned the model of treating corporations solely as property and increasingly treated them as an independent artificial person for litigation purposes. Robots might also make a transition along those lines. If they do, which legal model should we adopt for robots? Are they more like an employee, a franchisee, a slave, a subsidiary, a child, an animal, a subcontractor, an agent, or something else altogether? Given the inherent path-dependence of procedural law, picking the right model will have important consequences and will be difficult to reverse. This Article lays the groundwork for this fundamental decision. It explains the urgency and importance of this decision and presents three analytical frameworks (ontological, deontological, and functional) for how we can approach the question of robots in civil litigation. Often unnoticed and unarticulated, these analytical frameworks structure important doctrinal and normative positions. The Article then applies these analytical frameworks to evaluate numerous concrete contestant models for treating robots as litigation entities. The resulting taxonomy exposes the weaknesses of analogizing robots to established models—none fits, and all would have negative practical consequences. Instead of utilizing an existing model, this Article argues that we must treat robots as a new litigation category that borrows insights selectively and partially from a range of the existing models. For example, we must craft a new in robotam personal jurisdiction doctrine to supplement the old in personam jurisdiction doctrine. Doing otherwise would expose procedure to doctrinal incoherence, legislation to policy mayhem, and parties injured by robots to unnecessary costs and insurmountable procedural hurdles

Business Risk in Changing Dynamics of Global Village 2

The monograph is prepared based on the presentations and discussions made at the II International Conference “BUSINESS RISK IN CHANGING DYNAMICS OF GLOBAL VILLAGE (BRCDGV 2019)”, November, 7th-08th, 2019, in Ternopil, Ukraine. The aim of this scientific international conference is to provide a platform for professional debate with the participation of experts from around the globe in order to identify & analyze risks and opportunities in today’s global business, and specifically in Ukraine. The conference will provide a framework for researchers, business elites and decision makers to uplift the business ties and minimise the risk for creating a better world and better Ukraine.The Conference is designed to call experts around the globe from different sectors of practices which are effected by globalization and watching changes in Europe as well as in Ukraine. It is an excellent platform for interactions and communication between academicians, corporate representatives, policy makers, representatives of organizations and community, as well as individuals being the part of this globalized world. The 1st edition of this conference was held at the University of Applied Sciences in Nysa, Poland (2017); the 2nd edition took place at Ternopil Ivan Puluj National Technical University, Ukraine (2019); the 3rd edition will be organized at Patna University, India (2020) in cooperation with Indo-European Education Foundation (IEEF, Poland) and its partner universities from Poland, India, Europe and other part of the world.Under modern conditions of globalization nowadays, economic activity is undergoing changes. Innovative technologies, new forms of business, dynamic changes taking place in the world today result in the emergence of the necessity to minimize risks in order to maximize benefits. The cooperation between experts from different fields with the aim to ensure sustainable growth – policymakers, scientists, universities representatives and business elites is essential nowadays. With the purpose to bring them together and discuss the main issues of todays’ global world this conference took place in Ternopil, Ukraine. As Ukraine is now passing through a dynamic period of changes, recommendations coming up from such discussions can be very beneficial for building stronger society and meet the risks globalization brings up. This monograph provides a useful review of economic, financial and policy issues in the context of globalization processes and has proven extremely popular with practitioners and industry advisors. This edition is given the continued high demand and interest for experts form different areas working on diminishing of business risks wishing to keep abreast of current thinking on this subject. According to many experts process of managing risks is currently one of the most relevant business technologies and at the same time it is a complex process which requires ground knowledge in the research field and practical experience. The popularity of business risks management is due to objective reasons such as dynamics of society, interconnections and interdependence between different players in the society, increasing role of human capital in the country’s sustainable developmen

Worlds apart? The political economy of communication, information and institutional investor media usage in global financial markets

The thesis critically analyses the role of communication and media systems in contemporary financial markets. New communication technologies have played a central role in the increased velocity, volume and scale of financial market activity since the 1970s. Theoretically, the research developed an analytical framework emphasising intersubjective codifications and reflexive communication processes. This was used to transcode political economic and cultural economic perspectives on financial investment and accumulation. The framework revised neo-Marxist accounts of contradictions in capital accumulation circuits and spatio-temporal fixes by integrating an account of the symbolic ontology of monetary forms and fictitious value. The framework also integrated the Minskian account of how feedback loops endogenous to the market generate financial instability by explaining the reflexive communicative processes involved. The notions of intersubjective codifications and communicative reflexivity were also used to conceptualise social systems boundaries, and to develop the argument that financial system autopoiesis could be operationalised in terms of investor sensitivity to self-referential signals generated by their own trading activity . Empirically, the research provided both a quantitative and qualitative account of how institutional investors prioritise and utilise different forms of media and information in their trading decisions. The study included surveys and interviews of traders and analysts at financial institutions operating in New Zealand and included observations of trading activity at Deutsche Bank, ANZ and the Reserve Bank of New Zealand. The data generated were used to empirically explore the proposition that communication processes are not merely representative, but constitutive of financial reality. The findings highlighted functional differences between publicly accessible media and professional institutional networks and between market information and reflexive, meta-information. Institutional channels were found to be vital for the validation of trading frames and discerning market flows. These findings of differential functions complicate several recent analyses of financial media that suggest they have a potentially powerful effect on investors. The findings confirmed that reflexive communication processes are constitutive role in shaping market reality and in the formation of fictitious capital values. The evidence of self-referential validation of trading frames suggested the neoclassical account of informational efficiency in market is not sustainable. Moreover, the evidence of communicative reflexivity supported the contention that the financial system has an autopoietic tendency. However, there was also evidence of the continuing significance of referent conditions in the industrial economy and policy. This showed that trading decisions were not based solely on self-referential noise precluded a radical claim of systemic closure. Nevertheless, the recent evidence of crises and the repercussions for governments and the lifeworld suggests that the global financial system’s imperative to expand and accelerate accumulation imposes significant risks/costs on other systems that are not subject to democratic accountability. Indeed, the findings also suggested that non-institutional investors relying of public media trade at a significant disadvantage, significantly undermining neoliberal claims that the increased availability of financial information systems and publicly-accessible trading platforms has facilitated financial democratisation