Ontology Based Repository for Specifying Investment Advisory Services as a Knowledge Product

This paper presents a repository for the product design of investment advice in wealth management using an ontology-based knowledge representation and service marketing methods; the repository is exemplified through a prototype implemented in Protégé. The aims of the repository are: (1) to support the specification of investment advisory services as knowledge products based on service modules, (2) to enable a solution-oriented product strategy serving behavioral customer segments and to facilitate external communications about service characteristics, (3) to foster a common ground for the internal communication between marketing experts and investment advisors, and for this purpose (4) to provide a visual representation of investment advisory services with service blueprints for a collaborative product specification. The specification of investment advice uses service modules, which combine investment process and advisory process for representing both the financial know-how and the interaction between customer and advisor. Consequently marketers can model and analyze the core features of investment advice. The repository supports the success factors for the service to be designed, being a differentiated product, the overall quality of the service, product fit, internal marketing and the use of technology. Recognizing investment advice as a knowledge product permits the transformation of advisory support systems into a shared knowledge base

Water challenge and institutional response (a cross-country perspective)

This cross-country evaluation of institutional responses to problems in the water sector shows that changes in the nature of water problems have changed the development paradigm underlying water institutions. There is increasing recognition of how decentralized allocation mechanisms can influence economic forces and stakeholders in water sector decisions. As the notion of water provision as a public good and welfare activity gives way to the concept of water as an economic good and an input of economic activity, there is more policy concern about efficient and equitable use, cost recovery, and financial viability. All of the countries the authors studied (Australia, Brazil, Chile, China, India, Israel, Mexico, Morocco, South Africa, Spain, and Sri Lanka) are committed to changing the policies and institutions that have caused the present water sector crisis, but they are at different stages of institutional reform. Among cases discussed, Australia and Chile (and, in the United States, California and Colorado) are at an advanced (though not ideal) stage of institutional change. Israel, with its technologically advanced water sector, could well be ahead of them when the proposal to allow water transfers and decentralize water development and distribution systems takes practical shape. Tentative conclusions reached by the authors are: 1) Attempts to fix isolated parts of the water sector will influence other dimensions but an integrated approach is best. At the heart of such an approach should be institutional changes aimed at modernizing and strengthening legal, policy, and administrative arrangements for the whole sector. 2) Institutional changes taking place everywhere suggest that the opportunity costs of (and net gain from) institutional change is not uniform, suggesting that opportunity and transaction costs vary. 3) Funding agencies should focus efforts and resources in countries, areas, and subsectors that already have enough critical mass in institution-building to ensure success and lower transaction costs. 4) The sequence and pace of reform should reflect realities of scale economies and political pressures from reform constituencies. When possible, political economy should be exploited to move reform along more quickly.Environmental Economics&Policies,Water Conservation,Water and Industry,Water Supply and Systems,Decentralization,Water Supply and Sanitation Governance and Institutions,Town Water Supply and Sanitation,Water and Industry,Water Conservation,Water Use

Regulation, productivity, and growth : OECD evidence

The authors look at differences in the scope and depth of pro-competitive regulatory reforms and privatization policies as a possible source of cross-country dispersion in growth outcomes. They suggest that, despite extensive liberalization and privatization in the OECD area, the cross-country variation of regulatory settings has increased in recent years, lining up with the increasing dispersion in growth. The authors then investigate empirically the regulation-growth link using data that cover a large set of manufacturing and service industries in OECD countries over the past two decades and focusing on multifactor productivity (MFP), which plays a crucial role in GDP growth and accounts for a significant share of its cross-country variance. Regressing MFP on both economywide indicators of regulation and privatization and industry-level indicators of entry liberalization, the authors find evidence that reforms promoting private governance and competition (where these are viable) tend to boost productivity. In manufacturing the gains to be expected from lower entry barriers are greater the further a given country is from the technology leader. So, regulation limiting entry may hinder the adoption of existing technologies, possibly by reducing competitive pressures, technology spillovers, or the entry of new high technology firms. At the same time, both privatization and entry liberalization are estimated to have a positive impact on productivity in all sectors. These results offer an interpretation to the observed recent differences in growth patterns across OECD countries, in particular between large continental European economies and the United States. Strict product market regulations-and lack of regulatory reforms-are likely to underlie the relatively poorer productivity performance of some European countries, especially in those industries where Europe has accumulated a technology gap (such as information and communication technology-related industries). These results also offer useful insights for non-OECD countries. In particular, they point to the potential benefits of regulatory reforms and privatization, especially in those countries with large technology gaps and strict regulatory settings that curb incentives to adopt new technologies.Labor Policies,Public Health Promotion,Health Monitoring&Evaluation,Environmental Economics&Policies,Economic Theory&Research,Governance Indicators,Environmental Economics&Policies,Economic Theory&Research,Health Monitoring&Evaluation,Health Economics&Finance

The Economics of EU Railway Reform. Bruges European Economic Policy (BEEP) Briefing 8/2004

The EU began railway reform in earnest around the turn of the century. Two ‘railway packages’ have meanwhile been adopted amounting to a series of directives and a third package has been proposed. A range of complementary initiatives has been undertaken or is underway. This BEEP Briefing inspects the main economic aspects of EU rail reform. After highlighting the dramatic loss of market share of rail since the 1960s, the case for reform is argued to rest on three arguments: the need for greater competitiveness of rail, promoting the (market driven) diversion of road haulage to rail as a step towards sustainable mobility in Europe, and an end to the disproportional claims on public budgets of Member States. The core of the paper deals respectively with market failures in rail and in the internal market for rail services; the complex economic issues underlying vertical separation (unbundling) and pricing options; and the methods, potential and problems of introducing competition in rail freight and in passenger services. Market failures in the rail sector are several (natural monopoly, economies of density, safety and asymmetries of information), exacerbated by no less than 7 technical and legal barriers precluding the practical operation of an internal rail market. The EU choice to opt for vertical unbundling (with benefits similar in nature as in other network industries e.g. preventing opaque cross-subsidisation and greater cost revelation) risks the emergence of considerable coordination costs. The adoption of marginal cost pricing is problematic on economic grounds (drawbacks include arbitrary cost allocation rules in the presence of large economies of scope and relatively large common costs; a non-optimal incentive system, holding back the growth of freight services; possibly anti-competitive effects of two-part tariffs). Without further detailed harmonisation, it may also lead to many different systems in Member States, causing even greater distortions. Insofar as freight could develop into a competitive market, a combination of Ramsey pricing (given the incentive for service providers to keep market share) and price ceilings based on stand-alone costs might be superior in terms of competition, market growth and regulatory oversight. The incipient cooperative approach for path coordination and allocation is welcome but likely to be seriously insufficient. The arguments to introduce competition, notably in freight, are valuable and many e.g. optimal cross-border services, quality differentiation as well as general quality improvement, larger scale for cost recovery and a decrease of rent seeking. Nevertheless, it is not correct to argue for the introduction of competition in rail tout court. It depends on the size of the market and on removing a host of barriers; it requires careful PSO definition and costing; also, coordination failures ought to be pre-empted. On the other hand, reform and competition cannot and should not be assessed in a static perspective. Conduct and cost structures will change with reform. Infrastructure and investment in technology are known to generate enormous potential for cost savings, especially when coupled with the EU interoperability programme. All this dynamism may well help to induce entry and further enlarge the (net) welfare gains from EU railway reform. The paper ends with a few pointers for the way forward in EU rail reform

Characterisation framework of key policy, regulatory and governance dynamics and impacts upon European food value chains: Fairer trading practices, food integrity, and sustainability collaborations. : VALUMICS project “Understanding Food Value Chains and Network Dynamics” funded by EU Horizon 2020 G.A. No 727243. Deliverable D3.3

The report provides a framework that categorises the different European Union (EU) policies, laws and governance actions identified as impacting upon food value chains in the defined areas of: fairer trading practices, food integrity (food safety and authenticity), and sustainability collaborations along food value chains. A four-stage framework is presented and illustrated with examples. The evidence shows that European Union policy activity impacting upon food value chain dynamics is increasing, both in terms of the impacts of policies upon the chains, and, in terms of addressing some of the more contentious outcomes of these dynamics. A number of policy priorities are at play in addressing the outcomes of food value chain dynamics. unevenness of the distribution of profit within food value chains, notably to farmers. Regulation of food safety and aspects of authenticity has been a key focus for two decades to ensure a functioning single market while ensuring consumer health and wellbeing. A food chain length perspective has been attempted, notably through regulations such as the General Food Law, and the rationalisation of the Official Controls on food and feed safety. However, there are still gaps in the effective monitoring and transparency of food safety and of food integrity along value chains, as exemplified by misleading claims and criminal fraud. This has led to renewed policy actions over food fraud, in particular. EU regulations, policies and related governance initiatives provide an important framework for national-level actions for EU member states and for EEA members. The more tightly EU-regulated areas, such as food safety, see fewer extra initiatives, but where there is a more general strategic policy and governance push, such as food waste reduction or food fraud, there is greater independent state-level activity. Likewise, there is much more variation in the application of both national and European (Competition) law to govern unfair trading practices impacting upon food value chains. This report presents the findings of a survey of members from the VALUMICS stakeholder platform, that were policy facing food value chain stakeholders across selected European countries, including both EU and EEA Member States. The survey was conducted to check the significance of the main policies identified in the mapping exercise at EU and national levels and so to incorporate the views of stakeholders in the research. The responses suggest the policy concerns identified in EU and national-level research resonate with food value chain stakeholders in participating nations. The report concludes by exploring in more detail how the themes of fairness and of transparency are being handled in the policy activities presented. Highlighted are the ways that both fairness and transparency can be extended within the existing frameworks of EU policy activity. The findings in this report provide an important context for further and detailed research analysis of the workings and dynamics of European food value chains under the VALUMICS project

Regulation and competition in German banking: an assessment

In Germany a public discussion on the "power of banks" has been going on for decades now with power having at least two meanings. On the one hand it is the power of banks to control public corporations through direct shareholdings or the exercise of proxy votes - this is the power of banks in corporate control. On the other hand it is market power - due to imperfect competition in markets for financial services - that banks exercise vis-à-vis their loan and deposit customers. In the past, bank regulation has often been blamed to undermine competition and the working of market forces in the financial industry for the sake of soundness and stability of financial services firms. This chapter tries to shed some light on the historical development and current state of bank regulation in Germany. In so doing it tries to embed the analysis of bank regulation into a more general industrial organisation framework. For every regulated industry, competition and regulation are deeply interrelated as most regulatory institutions - even if they do not explicitly address the competitiveness of the market - either affect market structure or conduct. This paper tries to uncover some of the specific relationships between monetary policy, government interference and bank regulation on the one hand and bank market structure and economic performance on the other. In so doing we hope to point to several areas for fruitful research in the future. While our focus is on Germany, some of the questions that we raise and some of our insights might also be applicable to banking systems elsewhere. Revised version forthcoming in "The German Financial System", edited by Jan P. Krahnen and Reinhard H. Schmidt, Oxford University Press

Circular Economy Approach: The benefits of a new business model for European Firms

This study investigates the relationship between Firms’ Performance and the adoption of a Circular Economy (CE) Approach. Considering different “recovery-recycling” models embraced by European countries between 2003 and 2016, the empirical analysis aims to highlight benefits related to CE approach. Specifically, we built a sample of panel data, which involved 60 European listed companies producing several types of packaging (including plastic, glass, cardboard and metal), and raw materials (glass and paper). Over the last decades, the increasing attention to Circular Economy issues in Europe has been followed by an important regulation’s activity aimed to define a common policy on the production and treatment of waste. However, European countries due to their different economic conditions, experienced more or less effectively benefits of CE models which are still under-explored. Our empirical findings confirm previous economic literature (Ferreira N. et al. 2014; CIWM, 2016), pointing out better Perfomances for European companies adopting “Extended Producer Responsability” (ERP) scheme, such as PRO's Competition model. Empirical evidences suggested a positive and highly significant impact on Firms’ Performance as results of more competition among recovery organizations which can be justified by lower costs for companies joining collective recovery schemes

Redistributed manufacturing in healthcare: Creating new value through disruptive innovation

The RiHN White Paper is the first serious attempt to gather expertise and to explore applications in promising areas of healthcare that could benefit from RDM and covers early-stage user needs, challenges and priorities. The UK has an opportunity to lead in this area and RiHN has identified an extensive number of areas for fruitful R&D, crossing production technology, infrastructure, business and organisations. The paper serves as a foundation for discussing future technological roadmaps and engaging the wider community and stakeholders, as well as policy makers, in addressing the potential impact of RDM.The RiHN White Paper is of particular value to policy makers and funders seeking to specify action and to direct attention where it is needed. The White Paper is also useful for the research community, to support their proposals with credible research propositions and to show where collaboration with industry and the public sector will deliver the most benefits.In order to seize the opportunities presented by RDM RiHN proposes a bold new agenda that incorporates a whole healthcare system view of future implementation pathways and wider transformation implications. The priority areas for Future R&D can be summarised as follows: throughAutomated production platform technologies and supporting manufacturing infrastructuresAdvances in analytics and metrologyNew regulatory frameworks and governance pathwaysNew frameworks for business model and organisational transformationThe time to take action is now. Technologies are developing that have the potential to disrupt traditional healthcare pathways and offer therapies tailored to individual needs and physiological characteristics. The challenge is seizing this opportunity and make the UK a world leader in RDM

Management information systems for the smaller business: staff study; Management advisory Services technical study, no. 8

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