The organization of transactions research with the Trust and Tracing Game

This paper presents empirical results of research on the influence of social aspects on the organization of transactions in the domain of chains and networks. The research method used was a gaming simulation called the Trust and Tracing game in which participants trade commodity goods with a hidden quality attribute. Previous sessions of this gaming simulation identified a list of variables for further investigation (Meijer et al., 2006). The use of gaming simulation as data gathering tool for quantitative research in supply chains and networks is a proof-of-principle. This paper shows results from 27 newly conducted sessions and previously unused data from 3 older sessions. Tests confirmed the use of network and market modes of organization. Pre-existing social relations influenced the course of the action in the sessions. Being socially embedded was not beneficial for the score on the performance indicators money and points. The hypothesized reduction in measurable transaction costs when there was high trust between the participants could not be found. Further analysis revealed that participants are able to suspect cheats in a session based on other factors than tracing. Testing hypotheses with data gathered in a gaming simulation proved feasible. Experiences with the methodology used are discusse

Natural resources conservation management and strategies in agriculture

This paper suggests a holistic framework for assessment and improvement of management strategies for conservation of natural resources in agriculture. First, it incorporates an interdisciplinary approach (combining Economics, Organization, Law, Sociology, Ecology, Technology, Behavioral and Political Sciences) and presents a modern framework for assessing environmental management and strategies in agriculture including: specification of specific “managerial needs” and spectrum of feasible governance modes (institutional environment; private, collective, market, and public modes) of natural resources conservation at different level of decision-making (individual, farm, eco-system, local, regional, national, transnational, and global); specification of critical socio-economic, natural, technological, behavioral etc. factors of managerial choice, and feasible spectrum of (private, collective, public, international) managerial strategies; assessment of efficiency of diverse management strategies in terms of their potential to protect diverse eco-rights and investments, assure socially desirable level of environmental protection and improvement, minimize overall (implementing, third-party, transaction etc.) costs, coordinate and stimulate eco-activities, meet preferences and reconcile conflicts of individuals etc. Second, it presents evolution and assesses the efficiency of diverse management forms and strategies for conservation of natural resources in Bulgarian agriculture during post-communist transformation and EU integration (institutional, market, private, and public), and evaluates the impacts of EU CAP on environmental sustainability of farms of different juridical type, size, specialization and location. Finally, it suggests recommendations for improvement of public policies, strategies and modes of intervention, and private and collective strategies and actions for effective environmental protection

Monetary and Fiscal Policy Interaction: What is the Role of the Transaction Cost of the Tax System in Stabilisation Policies?

In the theory of monetary and fiscal policy interaction, the assumption of Ricardian households isolates the determinants of fiscal policy instrument from the price stabilization policies carried out by the central bank. One of the main implications of the above mentioned Ricardian assumption is that the fiscal policy does not have any distortionary effect for the economy, i.e. it does not affect the behaviour of the households, supporting that way the fiscal policy’s neutrality. The argument for this view comes if one assumes that fiscal policy has a distortionary effect on the behaviour of the agents. We relax the above non distortionary assumption by assuming that the imposition of the taxes is consistent with a transaction cost of the tax system that underlies the state - tax payer interaction. In this way we develop a channel through which the stability of prices carried out by the independent central bank is, within optimality, also a function of the fiscal policy determinants (the transaction cost, the tax rates and the debt level). The analysis is carried out in a framework of a monetary union, with two different countries. Within this framework, the effectiveness of a numerical fiscal rule is also examined.Monetary and fiscal policy interactions; Transaction cost of the tax system; Probability of re-election; Stability and growth pact

The Argentine Currency Board

This paper evaluates the usefulness of a currency board regime based on Argentina’s experience. Argentina adopted the currency board in March 1991 to put an end to a long history of large macroeconomic imbalances and high inflation that culminated in the hyperinflation process of 1989-91. The regime has been extremely successful in restoring macroeconomic stability and ensuring low inflation. The adoption of a tight fiscal stance, and of sound polices to strengthen the financial system were critical to ensure the resilience of the economy to respond to adverse external shocks. The paper will argue that a strict exchange rate rule like the one used in Argentina can be a strong alternative to other exchange rate regimes to ensure macroeconomic stability in a globalized world with highly integrated capital markets.

A Wireless Sensor Network Ad-Hoc Designed as Anti-Theft Alarm System for Photovoltaic Panels

Photovoltaic (PV) systems have attracted increasing attention in last years as well as Wireless Sensor Networks (WSNs), which have been used in many application fields. In PV plants, especially in ground installations, a lot of thefts and damages occur due to the still high cost of the modules. A new experimental WSN ad-hoc has been designed to be an anti-theft alarm system. Each node of the network is directly installed under each PV string and it is equipped with an accelerometer sensor capable to detect a minimum displacement of the panel from its steady position. The WSN presents a star topology: a master node cyclically interrogates the slave nodes through RF link. It collects all the nodes responses and communicates though a RS-232 interface with a control PC checking the network status. When a slave node detects an alarm, continuous messages are sent to the control PC which turns on all the alarm signaling systems. The control PC is equipped with an open source operative system and software and provides for SMS, e-mail and sound-light signaling in case of alarm. It also communicates with a remote server where all the WSN information is stored. A first low cost experimental WSN has been already installed and it is working properl