Managing stimulation of regional innovation subjects’ interaction in the digital economy

The reported study was funded by RFBR according to the research project No. 18-01000204_a, No. 16-07-00031_a, No. 18-07-00975_a.Purpose: The article is devoted to solving fundamental scientific problems in the scope of the development of forecasting modeling methods and evaluation of regional company’s innovative development parameters, synthesizing new methods of big data processing and intelligent analysis, as well as methods of knowledge eliciting and forecasting the dynamics of regional innovation developments through benchmarking. Design/Methodology/Approach: For regional economic development, it is required to identify the mechanisms that contribute to (or impede) the innovative economic development of the regions. The synergetic approach to management is based on the fact that there are multiple paths of IS development (scenarios with different probabilities), although it is necessary to reach the required attractor by meeting the management goals. Findings: The present research is focused on obtainment of new knowledge in creating a technique of multi-agent search, collection and processing of data on company’s innovative development indicators, models and methods of intelligent analysis of the collected data. Practical Implications: The author developed recommendations before starting the process of institutional changes in a specific regional innovation system. The article formulates recommendations on the implementation of institutional changes in the region taking into account the sociocultural characteristics of the region’s population. Originality/Value: It is the first time, when a complex of models and methods is based on the use of a convergent model of large data volumes processing is presented.peer-reviewe

Understanding smart contracts as a new option in transaction cost economics

Among different concepts associated with the term blockchain, smart contracts have been a prominent one, especially popularized by the Ethereum platform. In this study, we unpack this concept within the framework of Transaction Cost Economics (TCE). This institutional economics theory emphasizes the role of distinctive (private and public) contract law regimes in shaping firm boundaries. We propose that widespread adoption of the smart contract concept creates a new option in public contracting, which may give rise to a smart-contract-augmented contract law regime. We discuss tradeoffs involved in the attractiveness of the smart contract concept for firms and the resulting potential for change in firm boundaries. Based on our new conceptualization, we discuss potential roles the three branches of government – judicial, executive, and legislative – in enabling and using this new contract law regime. We conclude the paper by pointing out limitations of the TCE perspective and suggesting future research directions

It's Not Just the ATMs: Technology, Firm Strategies, Jobs, and Earnings in Retail Banking

The authors examine trends in job content and earnings in selected jobs in two American banks. Firm restructuring and technological changes resulted in higher earnings for college-educated workers. The banks followed different strategies in implementing these changes for lower-skill jobs, with different effects on bank tellers in particular. The authors conclude that technology enables workplace reform but does not determine its effect on jobs and earnings; these effects are contingent on managerial strategies. This focus on organizational processes and managerial strategy provides a complementary approach to accounts of growing inequality that center solely on the role of individual skills and technological change.

Gaining Depth: State of Watershed Investment 2014

Last year, governments, businesses, and donors channeled $12.3 billion (B) toward nature-based solutions to the global water crisis. Water users and public funders were paying land managers to repair and protect forests, wetlands, and other natural systems as a flexible, costeffective strategy to ensure clean and reliable water supplies, resilience to natural disasters, and sustainable livelihoods. These deals paid for watershed protection and restoration across more than 365 million (M) hectares (ha) worldwide in 2013, an area larger than India.The value of investment in watershed services1 (IWS) - referring to funding for watershed restoration or protection that delivers benefits to society like aquifer recharge or erosion control - has been growing at anaverage rate of 12% per year. The number of operational programs grew by two thirds between 2011 and 2013, expanding in both scale and sophistication as program developers introduced new tools to track returns on watershed investment, coordinated efforts across political boundaries, and delivered additional benefits like sustainable livelihoods and biodiversity protection

Navigating the Confluence: Sources of Reconciliation Flowing Between the Human Right to Water and Economic Efficiency

The purpose of this research is to identify the confluence of the law and economics disciplines, using these distinct channels of scholarship not as an empirical vessel to determine the “value” or “valueless” nature of water, but rather as a means to reconcile externalities among interested parties and to identify management strategies that embrace sentiments of economic efficiency throughout the arena of global hydrocommerce. The various perspectives on water, particularly with regards to an increasing global population and demand for freshwater, elicits an intricate mosaic of tensions concerning the availability, accessibility, provision, and protection of this fundamental natural resource. Billions of individuals around the world lack access to basic water and sanitation services. Despite the prevalence of these atrocities, access to water is both an individual human right and necessary for human survival. The legal basis for the human right to water, in terms of availability, quality, and accessibility, was adopted by the U.N. in its General Comment No. 15. Despite recognition by the U.N., more than 1.1 billion people do not have sufficient access to clean water, while 2.6 billion people have no provision for sanitation. Against this tragic and inexcusable backdrop, the public sector either lacks the financial resources to provide water or continues to operate water distribution schemes with undesirable inefficiency. From a pragmatic standpoint—and to ensure that citizens have access to clean water—there exist circumstances, both in reality and in the text of the General Comment, whereupon governments should be compelled, or at least be encouraged, to solicit capital investment from the private sector in order to construct adequate water infrastructure and manage water distribution services. Researchers estimate that over the next twenty years almost $22 trillion (USD) will be necessary to fully modernize global water delivery and wastewater systems. Water scarcity, an individual’s lack of access to clean water, arises due to economic and physical constraints, while being influenced by managerial, institutional, and political factors. At its core, the primary challenge for nations concerning their respective water distribution schemes is a lack of adequate financial resources. In developing countries, an estimated ninety-seven percent of all water distribution is managed by public-sector suppliers. The inept realities concerning these water distribution systems in developing countries, and the fact that over a billion people still lack access to this essential resource, suggests that governments retain at least some responsibility in the persistence of the global water crisis. Reconciliation is the next step in the human right to water argument—from its theoretical origins to its pragmatic implementation—and may be realized through a law and economics analysis in support of private-sector participation in the delivery of water and funding for the provision of adequate infrastructure. Much like distinct tributaries to a mighty river, the legal and economic disciplines maintain differences in methodology, scientific approach, and objectives; but as these disciplines converge, their tributaries form the river’s main stem, with potential to influence an entire watershed of jurisprudence

Pros and Cons of Backing Winners in Innovation Policy

In the economics profession there is a fierce debate whether industrial and innovation policy should be targeted to specific sectors or firms. This paper discusses the welfare effects of such targeted policies in a third-market international trade model under imperfect competition. A theoretical case for picking winners through a preferential innovation policy is discussed, which is shown to hold without evoking retaliation from foreign competitors. However, in practice information uncertainties remain a concern. The question whether in this case ‘backing winners’ is a wise policy option depends on the characteristics of the information asymmetries and on the extent the government is able to design selection procedures in a way to minimize the transaction costs that may be caused from the market participants’ opportunistic behavior.Innovation policy; R&D subsidies, strategic trade policy, asymmetric information, spill-over effects

Two-Sided Markets and Electronic Intermediaries

The object of this paper is to discuss on-line intermediation from the perspective of two-sided markets. It builds a simple model of the intermediation activity when trading partners are involved in a commercial relationship and uses it to illustrate some of the results that emerge in the two-sided market literature, as well as to discuss some new aspects. The first part concentrates on a monopoly intermediation service and discusses both efficient pricing and monopoly pricing. The second part discusses the nature of competition between intermediaries, addressing issues as competitive crosssubsidies, multi-homing or tying.intermediation, two-sided market, network, cross-subsidy, tying

The 4s web-marketing mix model

This paper reviews the criticism on the 4Ps Marketing Mix framework, the most popular tool of traditional marketing management, and categorizes the main objections of using the model as the foundation of physical marketing. It argues that applying the traditional approach, based on the 4Ps paradigm, is also a poor choice in the case of virtual marketing and identifies two main limitations of the framework in online environments: the drastically diminished role of the Ps and the lack of any strategic elements in the model. Next to identifying the critical factors of the Web marketing, the paper argues that the basis for successful E-Commerce is the full integration of the virtual activities into the company’s physical strategy, marketing plan and organisational processes. The four S elements of the Web-Marketing Mix framework present a sound and functional conceptual basis for designing, developing and commercialising Business-to-Consumer online projects. The model was originally developed for educational purposes and has been tested and refined by means of field projects; two of them are presented as case studies in the paper.\ud \u

Two case studies on electronic distribution of government securities: the U.S. Treasury Direct System and the Philippine Expanded Small Investors Program

The case study on the U.S. Treasury Direct examines the evolution of the electronic distribution systems for marketable and nonmarketable government securities, the main objectives, and the basic legal infrastructure and the preconditions enabling the system. The U.S. experience highlights that the enabling environment and infrastructure (for example, in terms of information databases such as Pay.Gov) make a large difference in terms of both the security and convenience that customers can expect in the use of the system. The system also achieved important cost savings for the Bureau of the Public Debt. The case study on the Small Investors Program of the Philippines looks at a program that the Philippine government has been experimenting with to sell its securities directly to retail investors over the Internet. The recently revised version of the program-called the Expanded Small Investors Program-aims to increase access to government securities and distribute them more widely, develop better savings products, and enhance competition in the primary markets for these securities. The authors analyze whether the program's main goals can be achieved while mitigating the risks. Their analysis suggests thatthere are good reasons to believe that the new program will succeed. Still, regular and responsive assessments and adjustments will be required as the program moves forward.International Terrorism&Counterterrorism,Environmental Economics&Policies,Fiscal&Monetary Policy,Payment Systems&Infrastructure,Financial Intermediation,Environmental Economics&Policies,Financial Intermediation,Insurance&Risk Mitigation,Public Sector Economics&Finance,Banks&Banking Reform