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A Behavioral Approach to Irrational Exuberances – An Artificial Intelligence Roboethics Taxonomy

Author(s): Julia M. Puaschunder,Dirk Beerbaum / Language(s): English Issue: 1/2019

Contemporary theories and studies of economics apply a behavioral approach. Behavioral Economics revolutionized mainstream neo-classical economics in the past years. The success of behavioral economics is reflected by two Nobel Prizes in Economics. The wide range of psychological, economic and sociological laboratory and field experiments proved human beings deviating from rational choices and standard neo-classical profit maximization axioms often failed to explain how human actual behavior. Human beings rather use heuristics in their day-to-day decision making. These mental short cuts enable to cope with a complex world yet also often leave individuals biased and falling astray to decision making failures. Artificial intelligence (AI) driven robots and machines are forecasted to grow dramatically in the next years . AI reflects many algorithms, models and techniques, machine learning, databases and visualizations. One of the main advantages of AI-driven machines is that they follow consistently rational algorithmic rules without being biased. Ethical considerations intend to make AI-driven robots more human and introduce morality into machines. The Uber-Waymo trial made transparent how much artificial intelligence development is impacted by human irrationality and irrational exuberances. It reveals a culture of agile software development, which prioritize releasing the latest software over testing and verification, and one that encourages shortcuts and irrationality. This also give proof that applying artificial intelligence cannot ensure that irrational exuberances are prevented. The reason for this irrational exuberance may have its roots in the exponential growth in computing and storage technologies predicted by Gordon Moore five decades ago. This paper develops a concept how irrational exuberances can be prevented from happening. One general approach for solutioning of the issue is to increase transparency. The paper recommends applying technology to make data more accessible and more readable on the application of artificial intelligence. For this purpose the application of “transparency technology XBRL (eXtensible Business Reporting Language)” is incorporated. XBRL is part of the choice architecture on regulation by governments (Sunstein 2013), which applies nudging for influencing towards a preferred option used by the mass consumers. XBRL is connected to a taxonomy. The paper develops a taxonomy to make application of artificial intelligence more transparent to the public and incorporates ethical considerations. As a business case the strongly growing robo-advice market in Germany is taken. The taxonomy is either inductively derived from the robo-advice market offerings and deductively includes the existing standards on ethical codes for robot’s usage and application of artificial intelligence. The paper focus on the way to enhance AI that aligns with human values. How can incentive be provided that AI systems themselves do not become potential objects of moral concern. The main outcome of the paper is that Digitalization implies with AI moral concerns however transparency technologies at the same time also offer way to mitigate such risks.

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A benefit-based approach for increasing the effectiveness of promotions

Author(s): Marusya Ivanova / Language(s): English Issue: 2/2012

The purpose of this paper is to reveal some insights for increasing the effectiveness of promotions. To achieve this purpose, first, the existence of multiple customer benefits of promotions is proved. It is empirically validated that promotions deliver three utilitarian (monetary savings, higher quality and shopping convenience) and two hedonic (variety and pleasure) benefits to the customers. Second, a structural equation model is estimated to measure the relative contribution of these benefits on the customers’ overall evaluation of promotions. The research suggests that in order to increase their effectiveness, promotions must be framed by focusing not only on their primary benefits but also on all other benefits with a significant contribution to customers’ attitudes towards promotions. Finally, a benefit-based segmentation is conducted. Four market clusters are identified (none-benefit, allbenefit, utilitarian-benefit and hedonic-benefit customer segments). Further, these clusters are profiled using demographic and psychographic variables.

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A CASE STUDY ABOUT THE PERFORMANCE INDICATORS OF THE ROMANIAN CONSOLIDATED GENERAL BUDGET

Author(s): Liliana Manea,Ciprian GIJU / Language(s): English Issue: 1/2019

The objective of this article is to develop an economic model quantifying for one of the main Romanian Consolidated General Budget performance indicators, the country risk. The analysis carried out over a 3 years period, and the data used had been reported, for the budget execution of this period. Through the study of the specialized literature and the analytical methods, a model of the Romanian country risk assessment developed, with the advantage of observational synthesis and the quantification of certain historical data, arising the possibility of forecasting, as well. The limitation of this analysis is about the allocations compared only at the level of the consolidated budget in relation to the state budget.

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A CGE analysis of the impact of climate change on sustainable development: the case of High Plateaux region, Algeria

Author(s): Mohammed Touitou / Language(s): English Issue: 1/2021

The paper aims to assess the impact of climate change on sustainable development in the case of the High Plateaux region of Algeria. A baseline “climate change” scenario and an “adaptation” scenario were assessed as part of our work. The methodological approach implemented is broken down into three interconnected evaluation phases, pre-modelling phase, modelling phase and post-modelling phase. The work has shown that these complex ex-ante evaluation approaches are adaptable and applicable in the context of Algeria. Our findings indicate that climate change would have a significant impact on economic aggregates on a regional scale. It also highlighted that the calculation of a single index of the impact of environmental policies on the sustainability of arid regions confirms the hypothesis of gaining sustainability by working towards a strategy of adaptation to climate change.

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A City’s Decline: Towards the Prevention of Deterioration of Public Spaces in Sarajevo Neighborhoods

Author(s): Mirna Jusić / Language(s): English

The visible decline of public spaces in urban neighborhoods in Sarajevo is a result of a number of factors, including an imprecise normative framework and a lack of standards for certain communal services, as well as insufficient mechanisms of control of the delivery and quality of services in the areas of communal cleanliness and the maintenance of public areas. In addition, there are a number of obvious obstacles to the sanctioning of offences of littering, damaging or destroying urban spaces. Moreover, mechanisms of communication between responsible institutions and the residents of Sarajevo are wanting. This policy brief provides recommendations that aim to improve the current regulation and practice in order to prevent further physical deterioration of public spaces. It is primarily intended for the representatives of cantonal and local authorities in Sarajevo.

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A Company’s Success Through Social Dialogue During Crisis

Author(s): Camelia Konrad / Language(s): English Issue: S2/2009

We are living in times of economic, social, political and ecological crisis, a situation of deep confusion where political events affect social problems generated by the economic crisis, altogether on natural unbalance. This is a disconcerting scenario, which, more than ever needs government, state and union’s intervention, in order to apply a social dialogue as the most efficient measure against crisis.

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A Comparative Analisysis of the Real Convergence and Nominal Convergence Indicators of Romania to the Eurozone

Author(s): Ioan Valentin Adomnicăi / Language(s): English Issue: 1/2018

Achieving nominal and real convergence represents the main objective of Romania on its way to the accession to the Economic and Monetary Union. In order to adopt the euro, our country must cover the gaps which separate us from the exclusive club of the euro area Member States. Romania's efforts take place in the context in which the European economies hardly recover from the financial crisis which started in 2008, the European Union existing a clear tendency of polarization between poor and developed countries and also more a divergence process than an economic convergence one. In this context we proceed with an analysis of real convergence and nominal convergence relevant indicators.

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A comparative analysis of research – development and innovation activities in Romania

Author(s): Laura Asandului,Livia Baciu / Language(s): English Issue: Spec/2010

When adopting the recommendations of the Lisbon Agenda or Strategy, the European states have decided that in order to make the European Union a space of competitiveness and greater social cohesion and a model of sustainable economic growth, research-development and innovation (RDI) must become the main pillar of the member states common policies. Consequently, the European Council recommended more investment in research and development, setting the collective EU target of raising research investment to 3% of the GDP, namely 1% from public funds and 2% from private sector. The current economic and financial crisis and the pressure it poses on resources, public or private, ]has limited to some extent the achievement of these objectives. The investments might not increase as anticipated or they might even decrease. However, several states have understood that, in times of crisis, the investment in research and innovation might bring tremendous gains in terms of new technologies, human capital and knowledge or, in other words, gains in economic competitiveness. This paper aims at providing a comparative analysis of the Romanian situation using the statistical indicators of the knowledge economy, those related to RDI financing and also to RDI results for the short period of time when financing has increased as a result of applying the objectives set out by the Lisbon Strategy. We underline the fact that without financing there is no research and innovation and without policies to support RDI the delays in development cannot be recovered. The final part of the paper provides several recommendations aiming at improving the RDI policies in Romania in accordance with post-2010 Lisbon Strategy.

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A Comparative Analysis of Sustainable Development in Romania and Moldova from an Institutionalist Perspective

Author(s): Andreea-Oana Iacobuţă,Rodica Perciun / Language(s): English Issue: 11/2017

This paper takes an institutional perspective and puts forward the idea that ensuring sustainability, in all its three dimensions – economic, social and ecological, mainly depends on the rules of the game that guide human behavior. In other words, it is the right mix of formal (such as, well-defined and enforced property rights) and informal (for example, norms of reciprocity of trust, involvement, tolerance etc.) institutions that provides proper incentives for the individuals to take responsibility rather than make compromises for fear of being sanctioned. Using indicators on sustainable development and the quality of institutional framework, the paper provides a comparative analysis of Romanian and Moldova regarding these issues and discusses the potential of Romania and Moldova to reach sustainability.

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A COMPARATIVE EMPIRICAL ANALYSIS OF FINANCIAL DEVELOPMENT INDICATORS BETWEEN TRANSITION ECONOMIES AND DEVELOPED ONES

Author(s): Amanda Karapici,Elton Karapici / Language(s): English Issue: 4/2016

This paper carries out a comparative analysis of the degree of financial development between transition economies and developed ones based on variables that indicate the direct and indirect degree of financial development. To determine the way the financial systems works and the level of its development, the authors have taken into account four general characteristics of financial institutions and financial markets which were measured for the financial institutions (mainly banks, which are the most important financial institutions in most economies in transition, insurance companies and other financial institutions) as well as for the financial markets, thus leading to a 4x2 matrix of the main characteristics of the financial system. The analysis was developed based on the data found on the Global Financial Development database of the World Bank. Empirical data and authors’ analysis were used to characterize and compare financial systems between countries with economies in transition and developed countries for the years 2008 – 2011. The year 2011 was the last year of available qualitative data for many countries in the Balkan Region such as Albania, Kosovo and Macedonia.

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A Comparative Study Regarding the European Agricultural Allocation of Funds for Rural Development During 2007-2013 and 2014-2020

Author(s): Silvius Stanciu / Language(s): English Issue: 13/2017

Sustainable rural development represents one of the European Union policy priorities, which focuses on the development of the agricultural sector by means of an increased attention given to rural communities, to the rural environment and to natural resources. The Common Agricultural Policy Reform led to the development of a number of EU mechanisms for funding the national and regional rural development programs. The present paper performs a study on the concentration degree of national and regional funds, obtained through the European Agricultural Fund for Rural Development, by relying on the Gini Struck Index. The results of the analysis highlighted a moderate fund distribution concentration degree by means of the EAFRD in the EU, as compared to a high rural development program concentration degree at the level of the Member States. The application of the Pearson Test showed that there wasn’t any significant correlation, from a statistical point of view, between the number of LAGs in the EU and the amount of EAFRD funds absorbed by the Member States.

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A Comparison of China and the Other BRICS Countries: How Did China Surpass the Others?

Author(s): Halil Dincer Kaya,Engku Ngah S. Engkuchik / Language(s): English Issue: 2/2021

We compare China’s performance to the performances of Brazil, India, and South Africa over the 1985-2011 period. We look into several areas including patent applications by residents, scientific and technical journal articles, final consumption expenditure, exports, household consumption, government consumption, gross capital formation, gross domestic savings, age dependency ratio, foreign direct investment, energy production, and domestic credit to private sector. We find that, out of the twelve measures that we examine, China’s annual percentage improvement was significantly better than the other three BRICS countries in only three measures. These are patent applications by residents, scientific and technical journal articles, and energy production. These findings indicate that science and innovation had been very important for China’s development. Also, the country’s efforts in energy production including its partnerships in other countries had been key to its economic development.

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A COMPARISON OF THE METHODS OF RELATIVE TAXONOMY FOR THE ASSESSMENT OF INFRASTRUCTURAL DEVELOPMENT OF COUNTIES IN WIELKOPOLSKIE VOIVODESHIP

Author(s): Jarosław Lira / Language(s): English Issue: 2/2015

The study analyses the possibility to measure the scale of disproportion in the development of the synthetic feature between spatial objects over a period of time on the basis of relativised values of diagnostic features. The study also proposes the construction of taxonomically relative indices of development according to the approach based on spatial median and it compares this approach with the classic approach proposed by Wydymus (2013). Both approaches are illustrated with a numerical example referring to the economic infrastructure in rural areas of the counties in Wielkopolskie Voivodeship.

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A Conceptual Discussion of Transformational Leadership and Intercultural Competence

Author(s): Franco Gandolfi / Language(s): English Issue: 4/2012

Transformational leadership has been defined as a process by which leaders and followers raise one another to higher levels of morality and motivation (Burns, 1978). This paper examines the concepts of transformational leadership and intercultural communication competence. A deeper insight is required in order to understand the effectiveness of transformational leadership in various cultural contexts (Migliore, 2011). It has been shown that national culture orientation and intercultural communication competence tend to impact both the leadership framework and transformational leadership dimensions. Further, various aspects of effective leadership and the choice of communication strategies diverge for different cultural contexts. This paper is based on Matveev and Lvina’s (2007) work and reviews various intercultural studies of leadership that expound culturally-oriented leadership models. While universal and particularistic leadership components are present, it has been shown that the leadership styles involving charismatic components contribute the most to the perception of what effective leadership style constitutes.

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A Conceptual Model of the Incubation of New Technology-Based Ventures: a Social Capital Perspective

Author(s): Joanne L. Scillitoe,Alok K. Chakrabarti / Language(s): English Issue: 3/2009

Technology incubators are newer organizational forms that are created to support and accelerate the development and success of affiliated ventures, particularly new technology-based ventures. Current literature regarding incubators has suggested that an understanding of the incubation process is important when seeking to understand how affiliated ventures develop and grow. However, very little is known about the incubation process, particularly the incubation of technology-based ventures. Prior literature suggests that technology-based ventures develop in terms of both business and technological development and that the incubation process varies along these dimensions. Thus, understanding the incubation of technology–based ventures must consider the differing but simultaneous dynamics of business and technological development. Drawing from the social capital, entrepreneurship, incubation, and organizational learning literature, a conceptual model of the incubation of new technology-based ventures within technology incubators is presented.

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A Country with non-Existent Unemployment. The Special Characteristics of the Czech Labour Market

Author(s): Krzysztof Dębiec / Language(s): English

Since 2016, the Czech Republic has had the lowest unemployment rate among all EU member states (cf. Chart 1). In mid-2017, it overtook Japan to reach the top position in the ranking of OECD member states. This situation adversely affects companies which are looking for ways to cope with workforce shortages. One solution is the automation of production processes, but employers are also appealing for the country to become more open to receiving immigrant workers, above all from Ukraine. The trade unions are opposed to this, fearing that an influx of workers from other countries will slow down the rate of increase of wages. At the same time, there is a debate in the Czech Republic about the degree to which the present economic model contributes to the country catching up with the Western economies and what should be done to speed up the convergence.

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A critical review of the rise of the neoliberal concept in economic policy

Author(s): Jelena D. Ignjatović,Sanja M. Filipović / Language(s): English,Serbian Issue: 1/2022

In the 1980s, the neoliberal concept was imposed as an economic-political doctrine based on the claim that the free market efficiently allocated resources and ensured world prosperity and peace. The aim of this paper is to try to provide one of the possible interpretations of neoliberal economy on the basis of the analysis of the development of economic thought. The foundations of liberal economy are defined by classical political economy, and the contribution was made by the neoclassical school of economics, but also other directions in the development of economic thought. Although proponents of the neoliberal economy have advocated liberalization and privatization to improve the general well-being of society, the global economic crisis and the COVID-19 crisis have shown the misconceptions and contradictions of neoliberal results that are not only ineffective in times of crisis but also contribute to global inequality.

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A Cross-Country Picture: Towards More Efficient EU Aid

Author(s): Elżbieta Kaca / Language(s): English Publication Year: 0

The EU approach in the Eastern Partnership countries is to financially support concrete reforms: sector budget support operations are most commonly in use. Theoretically, such a tool, given teeth by precise conditions and indicators, should allow the smooth completion of the sector integration planned in the scope of the EaP. In practice, an analysis of the first years of use (2007–2013) shows that this instrument has potential in countries willing to integrate with the EU, while in the others its use has limited impact on guiding comprehensive reforms. The pace of fulfilment of budget support conditions differed much among the partners. This resulted mainly from the various level of willingness of the EaP governments to conduct Euoriented reforms. For Moldova and Georgia, the political will to integrate with the EU is clear, as proved by their determination to sign an AA. On the contrary, Armenia and Ukraine withdrew from signing such deals, a step that confirmed they were not interested in or were hesitant about EUbacked reforms. In Armenia, the EU had to stop support for DCFTA implementation and reshape its assistance, whereas for Ukraine the new pro-European government has signed the political part of the AA after an internal crisis. Azerbaijan is a case apart, as budget support was aimed to develop sector cooperation, but in the meantime it has shown it is not interested in complying with aid conditions on PFM: in this case, the EU help is rather useful in terms of advice on the directions of some reforms. Therefore, one can distinguish two groups of countries, EU-oriented and non-EU-oriented, with the latter being interested only in some sector cooperation.

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A Disequilibrium Model for Lei-Denominated Non-Governmental Credit in Romania

Author(s): Cristian-Florin Dănănău / Language(s): English Issue: 07/2015

We empirically investigate through an econometric approach the Romanian credit market, namely the lei-denominated part of it, and the factors that interact with it. The main goal is to assess whether a credit crunch occurred in Romania during the economic crisis. To this end we employ the disequilibrium model framework, set up in economic literature some 40 years ago. Our investigation takes into consideration the main macroeconomic determinants of this market, that interact with demand and supply. Our approach has in view the macroeconomic variables such as output, interest rates and foreign currency credit. The demand and supply function are estimated through the maximization of a certain maximum likelihood function. The final conclusion is that, based on the estimated model, one cannot detect a credit crunch in the after-crisis period. This paper’s results show that empirically-constructed disequilibrium models can be used to properly describe the behavior of the lei-denominated credit market, by taking necessary precautions.

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A drastic reorganization of industry in the world. what is the driving force for the reorganization?

Author(s): Shinji Naruo / Language(s): English Issue: 11/2010

The purpose of this paper is to show the method and model to analyze the driving force to reorganize the industry. Due to the global economy, many large scale M&A and affiliations are happening in the world. The business alliance and integration are happening in the advanced countries, the transition countries, and the developing countries. There are some factors to impact the reorganization of industry.One is government policy. Another is the market economy. The government has the industrial policy. It guides and leads the industrial structure of the country. Advanced countries had experienced the advancement of industrial structure. On the process of industrial structure advancement, the country improved national income (GNP). Through the process, the enterprise in the industry had experienced integration and separation in the industry. The theory of industrial structure supports the framework of this approach.On the other hand, the market economy also had influenced to the reorganization of industry. Business cycle, competition, and innovation had influenced the reorganization of industry. In capitalism, the share holder of the company pushes the company to maximize the profit. The shareholder’s pressure could influence the decision of M&A.The theory of industrial organization supports the framework of this approach.The enterprise is in the business environment. Top management of the company is responsible to make a decision to merge or acquire the company. However, the decision is affected by other factors out of business environment. The shareholder influenced the individual enterprise decision. The government policy influenced the industrial structure. This could impose the enterprise to accept the amalgamation in the industry. Both of two influence the reorganization of industry.

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