The limitations of competition in the insurance markets of Slovenia, Croatia and Serbia

The article analyses the situation in the insurance markets of Slovenia, Croatia, and Serbia in order to provide the insight into the limitation of competition. The study of the limitation of competition was conducted using the theoretically founded indicators of concentration and inequality as follows: Concentration ratio, Herfindahl-Hirschman index, Lorenz curve, Gini coefficient, and Entropy index. The indicatorswere calculate d for all the countries between 2004 and 2011. By comparatively analysing the obtained values of the indicators of concentration and inequality, we came to the conclusion that all three markets are characterised by a similar movement of the indicator, as well as that Croatian market, despite the relatively uneven market share distribution between individual companies, is more competitive than the other two

Ekstrakcija ulja iz semena konoplje (Cannabis sativa L.) i njegova primena u sintezi biodizela

The subject of this doctoral dissertation research was to obtain the oil from hemp seeds and to use it for biodiesel production. The main goals of the dissertation were optimization of operating conditions, kinetics modeling and thermodynamic analysis of maceration process, as well as optimization and modeling of hempseed oil methanolysis reaction kinetics. In order to determine the dependence of oil yield on process conditions process conditions and modeling the hempseed oil maceration, the response surface methodology (RSM) in combination with 33 full factorial design with replication, as well as artificial neural network combined with genetic algorithm (ANN-GA) were used. The variance analysis (ANOVA) revealed that extraction temperature had the greatest influence on the hempseed oil yield, followed by seed:solvent ratio and extraction time. Optimal extraction conditions determined by RSM (extraction temperature 70 oC, seed:solvent ratio 1:7.9 g/ml and 12.3 min extraction time) and ANN-GA methods (extraction temperature 70 oC, seed:solvent ratio 1:10 g/ml and 10 min extraction time) were very close. The predicted oil yield values determined by second-order polynomial equation and neural network model agreed very well with experimentally obtained values, so both models are acceptable for oil yield prediction in the investigated extraction conditions range. The two kinetic models were used for modeling the kinetics of hempseed oil maceration: simultaneous washing and diffusion (phenomenological model) and instantaneous washing followed by diffusion (simplified phenomenological model). In both cases, good agreement between the predicted and actual hempseed oil yields was obtained, indicated by low mean MRPD (±2.5% in the case of a phenomenological model and ±2.8% in the case of a simplified model). The thermodynamic analysis results of the hempseed oil extraction have shown that the oil extraction was spontaneous, endothermic and irreversible. For the biodiesel production, hempseed oil was obtained by seed pressing. As the free fatty acids (FFAs) content in the oil was higher than 2%, the synthesis of fatty acid methyl esters (FAMEs) was carried out by a two-stage process including acid-catalyzed esterification of FFAs in the oil followed by base-catalyzed methanolysis of esterified oil. The methanolysis reaction was carried out in the presence of quicklime as a catalyst, at different methanol:oil molar ratios and various amounts of catalyst. According to the ANOVA results, catalyst concentration, reaction time, interaction of the catalyst concentration and reaction time, as well as the square of reaction time had statistically significant influence on the FAMEs content of hempseed oil, while the effects of methanol:oil molar ratio, its interaction with the two other factors as well as squares of methanol:oil molar ratio and catalyst concentration, were statistically insignificant. The reliability of the model in predicting the FAMEs content was confirmed by appropriate statistical criteria and low MRPD value. The irreversible pseudo-first order kinetic model and model that included the changing mechanism of the reaction and the triacylglycerols mass transfer limitation were applied for modeling the methanolysis reaction kinetics of esterified hempseed oil. The catalyst concentration and the initial methanol concentration had no effect on the apparent rate constant of esterified oil methanolysis reaction, and its value, determined using both kinetic models, was 0.141 min-1. Both kinetic models are reliable in presenting a change in the triacylglycerol conversion degree, but the irreversible pseudo-first-order reaction model is more acceptable because it has a slightly lower MRPD value between the predicted and actual values of FAMEs content

The role of inflation in creating the key policy rate – validation of Taylor's Rule in case of Serbia

Debido a las altas expectativas de inflación, el Banco Nacional de Serbia ha elegido la estabilidad de precios como el objetivo principal de la política monetaria y la tasa de política clave como el principal instrumento de regulación monetaria. Sin embargo, a pesar de la regla de Taylor claramente definida, la tasa de política clave no siempre sigue el movimiento de la tasa de inflación. En consecuencia, el objetivo de este estudio es evaluar los efectos de la tasa de inflación en la tasa clave de política y la posibilidad de utilizar la regla de Taylor en las condiciones originales de baja inflación. Con base en el objeto definido de la investigación, probamos la siguiente hipótesis: la tasa de inflación tuvo un impacto estadísticamente significativo en la tasa de política clave en todo el período analizado, entre 2007 y 2015. La misma observación se probó para dos subperíodos entre 2007 y 2011 y entre 2012 y 2015. Por lo tanto, se puede concluir que existe un impacto medio estadísticamente significativo de la tasa de inflación en la tasa de política clave, pero la representatividad del modelo podría ser mayor. La falta de reacción de la tasa clave de política monetaria a la inflación enfatiza la necesidad de redefinir los instrumentos de política monetaria y modificar la estrategia de metas de inflación.Due to high inflation expectations, the National Bank of Serbia has chosen price stability as the primary objective of monetary policy and the key policy rate as the main instrument of monetary regulation. However, despite a clearly defined Taylor rule, the key policy rate does not always follow the movement of the rate of inflation. Accordingly, the aim of this study is to test the effects of inflation rate on the key policy rate and the possibility of using Taylor rule in the original conditions of low inflation. Based on the defined object of the research, we tested the following hypothesis: inflation rate had statistically significant impact on the key policy rate in the whole analyzed period, between 2007 and 2015. The same observation was tested for two sub-periods between 2007 and 2011 and between 2012 and 2015. Therefore, it can be concluded that there is statistically significant moderate impact of inflation rate on the key policy rate, but representativeness of the model could be higher. The lack of reaction of the key policy rate to inflation stresses the need for redefining monetary policy instruments and modifying the strategy of inflation targeting

AFFIRMATIVE ACTION IN EMPLOYMENT AND PROMOTION IN EUROPEAN UNION LAW

Jedan od načina ostvarivanja suštinske jednakosti kao konstantne težnje svakog društva je i primena afirmativne akcije. U oblasti rada, afirmativnom akcijom se određenoj kategoriji radnika daje prednost prilikom zapošljavanja i napredovanja, jer se usled različitih društvenih faktora dugi niz godina nalaze u nejednakom položaju u poređenju sa ostalim stanovništvom. Autor u radu, kroz analizu prakse Evropskog suda pravde i primarnih i sekundarnih izvora komunitarnog prava, skreće pažnju na nekoliko mogućih modaliteta primene afirmativne akcije. Ovakav pristup, zajedno sa pregledom relevantnih teorijskih stanovišta o legitimnosti afirmativne akcije omogućuje nam da odredimo granicu jednakosti, granicu posle koje primena afirmativne akcije gubi početnu svrhu zbog koje se primenjuje i počinje da deluje u kontra smeru.One of the ways to achieve substantive equality as a constant aspiration of every society is the use of affirmative action. In the field of work, affirmative action gives priority to a certain category of workers during employment and promotion, because due to various social factors, they have been in an unequal position compared to the rest of the population for many years. In the paper, the author, through the analysis of the practice of the European Court of Justice, and primary and secondary European Union law, draws attention to several possible modalities of the use of affirmative action. This approach, together with a review of relevant theoretical viewpoints on the legitimacy of affirmative action, allows us to determine the limit of equality, the limit after which the use of affirmative action loses its initial purpose for which it is applied and begins to work in the opposite direction

Tržišna moć korporacija i konkurencija u grani

U savremenim uslovima poslovanja koje karakteriše proces globalizacije tržišna moć korporacija sve više dobija na značaju. Tržišna moć je sposobnost korporacije ili više njih da u dužem roku na nekom tržištu profitabilno odrede cenu iznad graničnih troškova, odnosno konkurentne cene. Tako definisana tržišna moć utiče na konkurentske uslove poslovanja i zavisi od niza faktora među kojima se izdvaja relevantno tržište kao mesto gde se ova moć ispoljava. Pored dimenzija relevantnog tržišta, koje u sebi sadrži proizvodnu i geografsku komponentu, na veličinu tržišne moći a posledično i na uslove konkurencije u grani utiču i drugi faktori među kojima izdvajamo: ulazne barije, životni ciklus grane i horizontalna i vertikalna povezivanja korporacija. Tržišna moć i stepen ograničenosti tržišta se može izmeriti korišćenjem niza pokazatelja koncentracije i nejednakosti od kojih se pojedini često primenjuju u antimonopolskoj regulativi razvijenih zemlja (npr. Racio koncentracije i Herfindal-Hiršmanov indeks). Pokazatelji koncentracije i nejednakosti predstavljaju kvalitetnu osnovu za primenu odgovarajućih mera poboljšanja uslova konkurencije. Proizilazi da su referentne vrednosti ovih pokazatelja dobar instrument za analizu uslova konkurencije i primenu mera za njeno poboljšanje.In contemporary business environment, characterized by globalization, the market power of corporations is increasingly gaining in importance. Market power is the ability of a corporation or more of them to profitably set the price above marginal cost, i.e. competitive pricing, in a market in the long run. Thus defined market power affects the competitive business conditions and depends on many factors, among them the relevant market as a place where this power is manifested. Besides the size of the relevant market, which encompasses production and geographical component, the size of market power and consequently the conditions of competition in the industry are influenced by other factors, among which we highlight: barriers to entry, industry evolution, and horizontal and vertical integration of corporations. Market power and the degree of market limitation can be measured using a variety of indicators of concentration and inequality of which some are often used in anti-monopoly regulation of developed countries (e.g. concentration ratio and the Herfindahl-Hirschman Index). Indicators of concentration and inequality provide an adequate basis for the implementation of appropriate measures for improving the conditions of competition. It follows that the reference values of these indicators are a good instrument for analysing the conditions of competition and implementing measures for its improvement

SUSTAINABILITY OF POST-SOCIALIST URBAN DESIGN TREATMENT OF PUBLIC OPEN SPACES IN MULTI-FAMILY HOUSING AREAS: CASE STUDY OF NIS, SERBIA

This research focuses on the treatment of public open spaces (POS) in multi-family housing areas in post-socialist Central and Eastern European (CEE) countries. The aim is to evaluate their quality and sustainability and to identify all important impact factors influencing their properties. A case study was conducted on a representative sample of four multi-family housing sites in Nis, Serbia. Determining the interconnection between urban planning parameters and the realized quality of POS is one of the primary objectives that could lead to forming recommendations for future multi-family housing development, including more usable and sustainable POS in the current social and economic context. The models for improvement of POS quality and sustainability are defined as a research result

Classification of rural areas according to population density criteria in Sumadija and Western Serbia region

An important aspect in terms of development of rural areas is establishing a methodology for identifying rural areas and rural development indicators in order to implement appropriate development policy. The paper examines the basic methodological approaches to determining the level of rural development of Šumadija and Western Serbia region at all NUTS levels and as prescribed by the OECD, i.e. according to the population density criteria. The paper builds upon the hypothesis that if systematic monitoring of rural development requires to define precisely the areas to which the term rural applies, then the concept of population density is to be used for determining the typology of rural areas in the region. Qualitative methodology - based on the study and descriptive analysis of the defined problem, was applied in order to test the initial hypothesis. Review of the relevant literature, official statistical data and empirical research indicate that regarding the monitoring of rural development, it is particularly important to determine which geographical areas can be considered as rural areas, as well as to keep in mind that the OECD methodology implies a comprehensive multi-dimensional approach, since rural trends represent a very complex matter

Optimization of purlins cross-section exposed to fire

In practice, consideration of fire protection for structural elements mainly occurs after the adopted dimensions of sections. However, this procedure leads to not the most cost-effective solution in general. To find the optimal solution, it is necessary to apply one of the optimization methods. The presented optimization of purlins RHS cross-section is performed with nonlinear programming available in widely used program Excel. The objective function is defined as producing the purlin at a minimal price, considering the price of steel, work, and fire-resistant paint. Limits are introduced to ensure the cross-section satisfies the ultimate limit state for permanent and transient load situations, as well as in case of fire. Besides the ultimate limit states, the limits are defined for serviceability limit states and for cross-sectional geometry. Optimization analysis for different ISO 834 fire durations is followed by a result comparison. It provides an overview of cross-sectional parameters that most influence the bearing capacity in case of fire. It is concluded that by increasing the exposure time to fire, the optimal solution becomes a section with a smaller perimeter, larger surface area, and a thicker layer of fire-resistant coating

Plastic bending resistance of composite beams according to second generation EUROCODE 4

The paper discusses changes related to the calculation of the plastic resistance moment of a composite beam according to the second generation Eurocode 4. An efficient algorithm for determining the resistance moment through nonlinear analysis is presented, considering the limitation of compression strain in concrete. A comparison of results obtained using the first generation Eurocode 4 with calculation methods based on the second generation Eurocode 4 (rigid-plastic and nonlinear analysis) is conducted for a characteristic cross-section of a beam with a steel I-profile coupled with a solid concrete slab using ductile connectors and a full shear connection

COVID-19 and Behavioral Factors of e-Payment Use: Evidence from Serbia

Banknotes and coins are some of the most frequently traded items in the world. Their current use, however, is unsustainable, and many countries are trying to digitalize their payment systems. The recent pandemic has accelerated this transition. Building on the Theory of Unintended Consequences, the aim of this article is to examine the influence of some pandemic-specific factors (in specific, hand sanitization, conspiracy theory mentality, and financial acumen) on the current and prospective use of e-payment. A particular aim of the study is to analyze these relationships in Serbia (as an example of a cash-centric society). The study is based on primary data gathered via a questionnaire. The questionnaire was designed for the purpose of this study. In total, the study examined N = 474 examinees. The results of this study confirm that the pandemic-induced variables are statistically significant predictors of e-payment use. In particular, hand sanitization, conspiracy mentality (reversely), and financial acumen positively affect current and prospective e-payment use