Firm Level Productivity under Imperfect Competition in Output and Labor Markets

This article examines the role of the interaction between product market and labor market imperfections in determining total factor productivity growth (TFPG). Embedding Dobbelaere and Mairesse’s (2009) generalization of Hall’s (1990) approach, allowing for the possibility that wages are determined according to an efficient bargaining process between employers and employees, we correct estimated TFPG for possible biases arising from labor market imperfections. Our analysis contributes to the literature in a number of ways. First, we propose a new empirical measure of TFPG which takes into account possible biases coming from imperfect competition on both labor and output markets, whereas Dobbelaere and Mairesse (2009) focus on the decomposition of the Solow residual. Second, in contrast to most of the literature following Hall’s approach, we estimate market power including the user cost of capital stock. Third, we measure the sensitivity of TFPG to an alternative specification of competition based on relative profits. Using a large Dutch firm-level panel database over the period 1989-2005, we find that workers’ unions power, and in general rigidities of the labor market, affect firms’ marginal cost, and, consequently, the markups. Moreover, taking into account variable returns to scale and imperfect competition in the output market translate into increased TFPG, while accounting for labor market bargaining power leads to lower TFPG. Next, the investigation of our empirical relationship between the price-cost margin and an alternative specification of imperfect competition of the output market (profit elasticity) as a sensitivity analysis of the TFPG shows that adding more structure to the competition measure does not affect the level of productivity change.

Do Millennials share similar perceptions of brand experience? A clusterization based on brand experience and other brand-related constructs: the case of Netflix

AbstractThis study aims to explore, in the case of the Over-The-Top (OTT) sector, Millennials' perceptions of brand experience in relation to the well-established brand Netflix. In particular, the work addresses a clusterization of Millennials on the basis of their experience with the brand. The study first explores the theoretical background, highlighting current perspectives on Over-The-Top industry and on brand experience as a strategic process for creating holistic customer value, achieving differentiation and sustainable competitive advantage. Second, it offers a quantitative study (using a survey) and highlights the principal results related to the brand. Moreover, this work will attempt to use cluster analysis methodology exploiting brand experience validated scale and other related brand and behavioural constructs to cluster consumers. Both academics and marketing managers should focus on approaches able to deliver strong and memorable brand experiences. A positive and durable brand experience is related to other important consequences for consumer action and behaviour, such as the willingness to place brand trust, consumer loyalty towards the brand, an enduring consumer-brand relationship, repurchase intentions, and lastly, the long-term life of the bran

Marchetti flat dilatometer tests in a virtual calibration chamber

Calibration chambers are frequently used to verify, adapt, or both verify and adapt empirical relations between different state variables and in situ test results. Virtual calibration chambers (VCC) built with 3D discrete element models may be used to extend and partially substitute costly physical testing series. VCC are used here to explore the mechanics of flat dilatometer penetration and expansion. Results obtained for a simulation of physical tests in Ticino sand are presented. Blade tip resistance during penetration is in good agreement with the experiments. A piston-like design is used for the blade so that larger displacements may be applied than it is possible with a membrane. Initial piston pressures in the expansion curves are very low, strongly affected by the scaled-up grain sizes. Despite that difficulty, expansion curves may be easily interpreted to recover dilatometer moduli ED close to those observed in the physical experiments. Particle-scale examination of the results allows a firmer understanding of the current limitations and future potential of the technique. Copyright ASTM International. All rights reserved, 2018/16/07. Downloaded by UPC, pursuant to Author/Copyright Owner Agreement. No further reproduction authorized

Spatio-temporal constraints for emissivity and surface temperature retrieval: Preliminary results and comparisons for SEVIRI and IASI observation

Infrared instrumentation on geostationary satellites is now rapidly approaching the spectral quality and accuracy of modern sensors flying on polar platforms. Currently, the core of EUMETSAT geostationary meteorological programme is the Meteosat Second Generation (MSG). However, EUMETSAT is preparing for the Meteosat Third Generation (MTG). The capability of geostationary satellites to resolve the diurnal cycle and hence to provide time-resolved sequences or times series of observations is a source of information which could suitably constrain the derivation of geophysical parameters. Nowadays, also because of lack of time continuity, when dealing with observations from polar platforms, the problem of deriving geophysical parameters is normally solved by considering each single observation as independent of past and future events. For historical reason, the same approach is currently pursued with geostationary observations, which are still being dealt with as they were with polar observations. In this study we show some preliminary results on emissivity and surface temperature retrieval for SEVIRI observations, using the Kalman filter methodology (KF) and compare the retrievals with those obtained using IASI observations co-localized with SEVIRI ones using the times accumulation approach (Optimal Estimation OE). The Sahara desert was chosen as target area, and both SEVIRI and IASI data (infrared radiances and cloud mask) were acquired. The time period considered is that of July 2010 (the whole month). ECMWF analyses for the same date and target area have also been acquired, which comprise Ts, T(p), O(p), Q(p) for the canonical hours 0:00, 6:00, 12:00 and 18:00. Moreover, for the purpose of developing a suitable background for emissivity, the Global Infrared Land Surface Emissivity database developed at CIMSS, University of Wisconsin, derived by MODIS observations was used and was available from the year 2003 till 2011. Concerning the performance of the two methodologies, the retrieval of skin temperature is almost equivalent. The agreement between OE and KF is fairly good if compared with ECMWF analysis for sea surface, while for land surface, OE and KF agree fairly well with ECMWF during the night, but at midday ECMWF shows a cold bias of 10 K and more. For emissivity the comparison with the UW/BFEMIS database for the same date and location is fairly good for both methods

The 2019 EU Industrial R&D Investment Scoreboard

The 2019 edition of the EU Industrial R&D Investment Scoreboard (the Scoreboard) comprises the 2500 companies investing the largest sums in R&D in the world in 2018/19. These companies, based in 44 countries, each invested over €30 million in R&D for a total of €823.4bn which is approximately 90% of the world’s business-funded R&D. They include 551 EU companies accounting for 25% of the total, 769 US companies for 38%, 318 Japanese companies for 13%, 507 Chinese for 12% and 355 from the rest-of-the-world (RoW) for 12%. This report analyses the main changes in companies' R&D and economic indicators over the past year and their performance over the past ten years. It also includes patent-based analyses aimed at characterising further the R&D efficiency of the business health sector and the activity of the Scoreboard companies in the field of environmental technologies.JRC.B.3-Territorial Developmen

The 2013 EU Industrial R&D Investment Scoreboard

The 2013 "EU Industrial R&D Scoreboard" (the Scoreboard) contains economic and financial data of the world's top 2000 companies ranked by their investments in research and development (R&D). The sample contains 527 companies based in the EU and 1474 companies based elsewhere. The Scoreboard data are drawn from the latest available companies' accounts, i.e. the fiscal year 2012.JRC.J.2-Knowledge for Growt

Liquefaction source layer for sand blows induced by the 2016 megathrust earthquake (Mw 7.8) in Ecuador (Boca de Briceño)

Numerous sand boils were generated in the alluvial plain at the mouth of the Rio Brice˜no valley (Ecuador) during the Mw 7.8 earthquake of April 2016. The area is characterized by a series of raised marine terraces formed as a consequence of the rapid tectonic coastal uplift during the Quaternary. Boreholes and geotechnical investigations were carried during post-earthquake surveys and for the purpose of mitigating the liquefaction effects. Five lithological units were identified at a site of embankment, which represented continental-marine and transitional sedimentation since the Last Glacial Maximum. A comprehensive study of texture and petrographic composition of sand boils has been performed and compared with sandy silts and silty sands of the buried sedimentary sequence in order to identify the source levels for liquefaction. The petrographic components, in particular the low content of bioclasts and carbonate fragments of the sand boils, allow to pinpoint a source layer made up of fine-grained silty sands located between 2 and 4.5 m depth (Unit 2) whereas the deeper marine sands, richer in bioclasts, were not involved. The results support the idea that earthquake-induced liquefaction phenomena are not restricted to clean sands and well-sorted deposits, but may affect sand layers with significant amount of nonplastic silt

CONFRONTO DEI PARAMETRI GEOTECNICI E GEOFISICI PRE E POST BLAST TEST PRESSO IL SITO SPERIMENTALE DI MIRABELLO (FE)

L'articolo presenta alcuni risultati preliminari derivanti dal primo esperimento di liquefazione indotta tramite blast test realizzato in Italia, presso Mirabello (FE), comune fortemente colpito da fenomeni di liquefazione durante la sequenza sismica verificatasi in Emilia-Romagna nel 2012. In particolare diverse indagini in sito con tecniche invasive e non invasive sono state eseguite prima e dopo le detonazioni per confrontare la variazione dei parametri geotecnici e geofisici nel tempo

SDMT testing and its use in the numerical modelling of a deep excavation

The role of in situ tests in numerical analyses of deep excavations is investigated. The construction of a metro station in Barcelona required a deep excavation in a densely built urban area. Geological conditions were complex and challenging, involving soft alluvial materials below groundwater level. A comprehensive instrumentation system allowed monitoring the deep excavation-induced movements in the area and finite-element numerical analyses were car-ried out to reproduce the complex construction process. Results from two different numerical models are compared to field observations. The first model was based on data resulting from conventional analyses of site and laboratory investi-gations and initial monitoring results. The second model was instead created using only seismic dilatometer data, but using instead a systematic approach to calibrate soil stiffness nonlinearity. Comparison of numerical results and subse-quent monitoring show that, although reasonable agreement is obtained for both modelling approaches, the SDMT-based one appears more accurate. Site characterization based on seismic dilatometer data may prove very useful in deep exca-vation analyses, particularly if the soils are difficult to sample.Postprint (published version