139 research outputs found
Reciprocity as a foundation of financial economics
This paper argues that the subsistence of the fundamental theorem of contemporary financial mathematics is the ethical concept ‘reciprocity’. The argument is based on identifying an equivalence between the contemporary, and ostensibly ‘value neutral’, Fundamental Theory of Asset Pricing with theories of mathematical probability that emerged in the seventeenth century in the context of the ethical assessment of commercial contracts in a framework of Aristotelian ethics. This observation, the main claim of the paper, is justified on the basis of results from the Ultimatum Game and is analysed within a framework of Pragmatic philosophy. The analysis leads to the explanatory hypothesis that markets are centres of communicative action with reciprocity as a rule of discourse. The purpose of the paper is to reorientate financial economics to emphasise the objectives of cooperation and social cohesion and to this end, we offer specific policy advice
A database of antimalarial drug resistance
A large investment is required to develop, license and deploy a new antimalarial drug. Too often, that investment has been rapidly devalued by the selection of parasite populations resistant to the drug action. To understand the mechanisms of selection, detailed information on the patterns of drug use in a variety of environments, and the geographic and temporal patterns of resistance is needed. Currently, there is no publically-accessible central database that contains information on the levels of resistance to antimalaria drugs. This paper outlines the resources that are available and the steps that might be taken to create a dynamic, open access database that would include current and historical data on clinical efficacy, in vitro responses and molecular markers related to drug resistance in Plasmodium falciparum and Plasmodium vivax. The goal is to include historical and current data on resistance to commonly used drugs, like chloroquine and sulfadoxine-pyrimethamine, and on the many combinations that are now being tested in different settings. The database will be accessible to all on the Web. The information in such a database will inform optimal utilization of current drugs and sustain the longest possible therapeutic life of newly introduced drugs and combinations. The database will protect the valuable investment represented by the development and deployment of novel therapies for malaria
Who leads research productivity growth? Guidelines for R&D policy-makers
[EN] This paper evaluates to what extent policy-makers have been able to promote the creation and consolidation of comprehensive research groups that contribute to the implementation of a successful innovation system. Malmquist productivity indices are applied in the case of the Spanish Food Technology Program, finding that a large size and a comprehensive multi-dimensional research output are the key features of the leading groups exhibiting high efficiency and productivity levels. While identifying these groups as benchmarks, we conclude that the financial grants allocated by the program, typically aimed at small-sized and partially oriented research groups, have not succeeded in reorienting them in time so as to overcome their limitations. We suggest that this methodology offers relevant conclusions to policy evaluation methods, helping policy-makers to readapt and reorient policies and their associated means, most notably resource allocation (financial schemes), to better respond to the actual needs of research groups in their search for excellence (micro-level perspective), and to adapt future policy design to the achievement of medium-long term policy objectives (meso and macro-level).Jiménez Saez, F.; Zabala Iturriagagoitia, JM.; Zofio, JL. (2013). Who leads research productivity growth? Guidelines for R&D policy-makers. Scientometrics. 94(1):273-303. doi:10.1007/s11192-012-0763-0S273303941Abbring, J. H., & Heckman, J. J. (2008). Dynamic policy analysis. In L. Mátyás & P. Sevestre (Eds.), The econometrics of panel data (3rd ed., pp. 795–863). Heidelberg: Springer.Acosta Ballesteros, J., & Modrego Rico, A. (2001). 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(1987). Technology policy and economic performance: Lessons from Japan. London: Printer Publishers.García-Martínez, M., & Briz, J. (2000). Innovation in the Spanish food & drink industry. International Food and Agribusiness Management Review, 3, 155–176.Gibbons, M., Limoges, C., Nowotny, H., Schwartzman, S., Scott, P., & Trow, M. (1994). The new production of knowledge: The dynamics of science and research in contemporary societies. London: Sage Publications.Grammatikopoulos, V., Kousteiios, A., Tsigilis, N., & Theodorakis, Y. (2004). Applying dynamic evaluation approach in education. Studies in Educational Evaluation, 30, 255–263.Grifell-Tatjé, E., & Lovell, C. A. K. (1999). A generalized Malmquist productivity index. Top, 7(1), 81–101.Grimpe, C., & Sofka, W. (2007). Search patterns and absorptive capacity: A comparison of low- and high-technology firms from thirteen European countries. Discussion paper no. 07-062. Centre for European Economic Research (ZEW), Mannheim, Germany.Guan, J., & Wang, J. (2004). Evaluation and interpretation of knowledge production efficiency. Scientometrics, 59(1), 131–155.Hekkert, M. P., Suurs, R. A. A., Negro, S. O., Kuhlmann, S., & Smits, R. E. H. M. (2007). Functions of innovation systems: A new approach for analysing technological change. Technological Forecasting and Social Change, 74, 413–432.Jiménez-Sáez, F. (2005). Una Evaluación del Programa Nacional de Tecnología de Alimentos: análisis de la articulación fomentada sobre el Sistema Alimentario de Innovación en España. PhD dissertation, Servicio de Publicaciones de la Universidad Politécnica de Valencia, Valencia.Jiménez-Sáez, F., Zabala-Iturriagagoitia, J. M., Zofío, J. L., & Castro-Martínez, E. (2011). Evaluating research efficiency within National R&D Programmes. Research Policy, 40, 230–241.Kao, C. (2008). Efficiency analysis of university departments: An empirical study. OMEGA, 36, 653–664.Kuhlmann, S. 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Environmental justice and conceptions of the green economy
Green economy has become one of the most fashionable terms in global environmental public policy discussions and forums. Despite this popularity, and its being selected as one of the organizing themes of the United Nations Rio+20 Conference in Brazil, June 2012, its prospects as an effective mobilization tool for global environmental sustainability scholarship and practice remains unclear. A major reason for this is that much like its precursor concepts such as environmental sustainability and sustainable development, green economy is a woolly concept which lends itself to many interpretations. Hence, rather than resolve long-standing controversies, green economy merely reinvigorates existing debates over the visions, actors and policies best suited to secure a more sustainable future for all. In this review article, we aim to fill an important gap in scholarship by suggesting various ways in which green economy may be organized and synthesized as a concept, and especially in terms of its relationship with the idea of social and environmental justice. Accordingly, we offer a systemization of possible interpretations of green economy mapped onto a synthesis of existing typologies of environmental justice. This classification provides the context for future analysis of which, and how, various notions of green economy link with various conceptions of justice
Frequent CEO Turnover and Firm Performance: The Resilience Effect of Workforce Diversity
© 2020, Springer Nature B.V. CEO turnover (or succession) is a critical event in an organization that influences organizational processes and performance. The objective of this study is to investigate whether workforce diversity (i.e., age, gender, and education-level diversity) might have a resilience effect on firm performance under the frequency of CEO turnover. Based on a sample of 409 Korean firms from 2010 to 2015, our results show that firms with more frequent CEO turnover have a lower firm performance. However, firms with more gender and education-level diversity could buffer the disruptive effect of frequent CEO turnover on firm performance to offer a benefit to the organization. Our theory and findings suggest that effectively managing diverse workforce can be a resilience factor in an uncertain organizational environment because diverse workforce has complementary skills and behaviors that can cope better with uncertainty and signals social inclusion of an organization, thus fostering a long-term exchange relationship. These findings contribute to the literature on CEO turnover (or succession) and diversity
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