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This paper aims at contributing to better comprehend the opportunities for innovation in the mining sector that are leveraged by local knowledge-intensive mining suppliers (KIMS) in developing mineral-rich countries. Drawing on the innovation and global value chain (GVC) bodies of literature as well as previous empirical studies on KIMS in developing mining countries, we analytically distinguish among three types of innovation approaches that local KIMS can pursue. Each of them is associated with main sources of innovation opportunities, type of inputs supplied, and prevailing market structures and entry barriers. The distinction among innovation strategies together with an analysis that combines firm- and market-level dimensions helped us to better comprehend the types of innovation opportunities that local KIMS in Argentina are adopting and the nature of challenges they encounter. The empirical analysis is based on the novel fieldwork data collected in 2019 and 2022. The findings of the paper hold significance to inform productive and innovation policies regarding the type of interventions that may be more effective for Argentina in the current technological and market circumstances that the mining industry is facing. [ABSTRACT FROM AUTHOR]

The current Indian stock market structure is fully centralized, with each party's government, financial institutions, and private sector relying on one another to authenticate transactions. Because of the prior party's reliance, the settlement in client Demat accounts takes T + 2. Most of the time, the T + 2 rule causes retail short-term investors or traders to lose money or fail to make a profit. The current settlement method is extremely difficult to comprehend, resulting in anomalies in customer Demat accounts. Blockchain is an immutable append-only data chain that is always developing. The SHA-256 cryptographic technique prevents data from being removed or changed after it has been inserted. There is no central database to maintain the chain; instead, each node stores a copy and processes data locally, updating it in milliseconds. In the form of fresh blocks, new information is added to the chain, ensuring that all parties have the same picture of the blockchain at all times. Everyone has access to the information, so they may verify and confirm transactions, in the end, resulting in complete transparency for all transactions. This work proposes a decentralized stock exchange architecture based on permissioned blockchain to address the T + 2 settlement cycle rule problem. Before designing this architecture it considers every aspect so, it excludes the traditional party name custodian member party because of its traditional functionality so that our architecture becomes cost-efficient at the time of implementation. [ABSTRACT FROM AUTHOR]

In response to political gridlock at the federal level and concerns about market concentration in the private health insurance industry, several U.S. states have proposed their own bills to establish state-based public option programs, including three that recently became law in Washington State, Colorado, and Nevada. I study Washington State's Cascade Care Law, which implemented a state-based public option program in its individual health insurance market starting in 2021. I use plan offering data and administrative enrollment data from the Washington Health Benefit Exchange, Washington's state-based Affordable Care Act exchange, to provide a descriptive analysis of how market structure, insurers' plan offering decisions, individual enrollment, and market concentration evolved during the 2020–2022 plan years. A key descriptive finding of this paper is that county-level insurance market competition has improved since Washington's state-based public option program was implemented; with thirteen and twelve insurers offering plans in 2021 and 2022, respectively, up from nine insurers in 2020. I also document considerable variation in the set of plans insurers decided to offer and the set of counties they served. Enrollment in the public option plans that were offered was low. [ABSTRACT FROM AUTHOR]

Recent research extends the estimation and analysis of structural demand and supply models to consider the concepts of brand equity and brand value and their role in product investment decisions. In this paper, we analyze data from the Dutch market for new cars to show that differences in brand equity may also entail significant differences in marginal costs. Next, we illustrate that ignoring the role of brand equity in marginal costs, as the existing literature has, ignores the possibility that investments in brand equity may actually reduce the marginal profits for the offering. This can change investment incentives and produce different market structures. [ABSTRACT FROM AUTHOR]

Artificial Intelligence technologies have elicited a range of policy responses in India, particularly as the Government of India attempts to position and project the country as a global leader in the production of AI technologies. Policy responses have ranged from providing public infrastructure to enable market-led AI production, to nationalising datasets in an effort to enable Big Data analysis through AI. This paper examines the recent history of AI policy in India from a critical political economy perspective, and argues that AI policy and governance in India constructs and legitimises a globally-dominant paradigm of informational capitalism, based on the construction of data as a productive resource for an information-based economic production, and encouraging self-regulation of harmful impacts by firms, even as it attempts to secure a strong hand for the state to determine, both through law and infrastructure, how such a market is structured and to what ends. [ABSTRACT FROM AUTHOR]

In this paper, we explore dynamic market share and public healthcare costs of trastuzumab's evergreening (subcutaneous) variant during introduction of trastuzumab's competitive biosimilar variants in the Netherlands. We used a time series design to assess dynamic market share of trastuzumab's evergreening variant after introducing trastuzumab's biosimilar variants, focusing on the number of treatments and patients. The public healthcare costs of this evergreening strategy were estimated using administrative claims data. Our results show that the original trastuzumab was completely replaced by the subcutaneous and biosimilar variants. The uptake of the subcutaneous form peaked at 50% market share but after the introduction of biosimilars progressively reduced to a market share of 20%, resulting in a more competitive market structure. The public healthcare costs for trastuzumab significantly decreased after the introduction of the biosimilars. After the introduction of the biosimilars, a substantial price drop is visible, with the subcutaneous version, still under patent, also falling sharply in price but less strongly than the iv/biosimilar version. As the costs are publicly funded, we recommend a more explicit societal debate to consider if the potential benefits of subcutaneous Herceptin® (and other similar medicines) are worth the additional costs, and at which price it should be reimbursed as the part of the benefit package. [ABSTRACT FROM AUTHOR]

We study the role of preferred habitat in understanding the economic effects of the Federal Reserve's quantitative easing (QE). Using high-frequency identification and exploiting the structure of the primary market for US Treasuries, we isolate demand shocks that are transmitted solely through preferred habitat channels but otherwise mimic QE shocks. We document large localized yield curve effects when financial markets are disrupted. Our calibrated model, which embeds preferred habitat in a New Keynesian framework, can largely account for the observed financial effects of QE. QE is modestly stimulative for output and inflation, but alternative policy designs can generate stronger effects. [ABSTRACT FROM AUTHOR]

Cross‐asset order flow provides an incremental and novel nonlinear price discovery channel. Structural vector autoregressions of synchronized intraday message data reveal distinct patterns in the comovement of order flow and its influence on returns and volatility. While cross‐market order flow usually reconciles prices through small‐stakes arbitrage in periods of low volatility and comovement during medium volatility associated with information arrival, it can exacerbate price dislocation from fundamental values during extraordinary volatility. While applying market‐wide circuit breakers (MWCB) mitigates the extreme negative spillovers by jointly halting markets, we identify room for further harmonization during the MWCB market reopening process. [ABSTRACT FROM AUTHOR]

This paper empirically studies the extent to which career concerns as part of a typical contract offer influence employees' work performance in a Japanese auto dealership firm. Because career movements and base-wage adjustments rely on performance evaluation over time, we develop a dynamic structural model that allows concerns for future payoffs to impact an employee's current work effort. A reform in personnel-management policies of the firm during the data period enables us not only to compare the performances across individuals, but also to compare within an individual the performance before and after the reform—this enhances the model identification. Our estimation results show that the added value from career movements on top of the monetary payoffs is more important than the monetary payoffs. Individuals respond to career movements and commissions differently, mainly due to varying cost of effort and different payoffs from career movements. Our counterfactual exercises suggest that, compared with the scenario when there is only monetary compensation, adding career movements in a contract package will greatly improve the firm's gross profit. The firm can improve its net profit by making commission and promotion more performance-based. This paper was accepted by Matt Shum, marketing. Funding: Financial support from the Social Sciences and Humanities Research Council of Canada [Grant 20190410-01] is gratefully acknowledged. Supplemental Material: The data files are available at https://doi.org/10.1287/mnsc.2023.4956. [ABSTRACT FROM AUTHOR]

This study finds that in an international mixed oligopoly at free entry equilibrium, social welfare under import tariff cum privatization is higher than output subsidy cum privatization, and the dual subsidy‐tariff policy cum privatization degenerates into a single tariff policy cum privatization. The reason is that an output subsidy or the dual subsidy‐tariff policy will incentivize domestic private firms to enter the free‐entry equilibrium. Thus, the number of domestic firms with free entry is excessive, and social welfare deteriorates. A privatization policy is pivotal in the long run and is still more effective than a single subsidy policy. [ABSTRACT FROM AUTHOR]

Most quality‐then‐price decision models under vertical product differentiation consider a predetermined market configuration. We endogenize market configuration considering quality‐dependent marginal costs and conclude that a strictly interior full coverage duopoly holds for some parameter values, unveiling the relevance of this commonly assumed market structure. Moreover, we show that a monopoly never arises in equilibrium, and (i) there are multiple equilibria at the frontier between interior and corner full coverage duopoly, (ii) the market is fully (partially) covered when relative tastes' heterogeneity is low (high), and (iii) there is a discontinuity in the transition from partial coverage to full coverage duopoly. [ABSTRACT FROM AUTHOR]

Market freezes are an interesting and theoretically challenging phenomenon —they are observed empirically, but cannot occur in standard models. This paper develops a formal theory of recurrent freezes emphasizing liquidity and self‐fulfilling prophecies. While it is well understood how to get hot and cold spells, where prices and quantities fluctuate, we get asset market freezes and thaws where trade completely stops and starts. The simplest specification gets this using negative asset returns. Other specifications use information frictions or fixed costs. We also consider credit freezes, analyze the extent to which the decentralized nature of trade matters, and discuss policy implications. [ABSTRACT FROM AUTHOR]

Effective government rules and regulations, as well as the ability of the regulator to curb corruption and promote voice and accountability, can influence the ability of bank management to allocate resources and ensure high performance. Based on this assumption, we aim to find out whether institutional quality is able to improve bank performance in Italy. To do so, we rely mainly on the diversity of banks, thus capturing the different behaviors of the two main categories, i.e. cooperative and for‐profit banks. Using a parametric method, the results show a clear impact of most dimensions of institutional quality on reducing banks' cost inefficiency. Some robustness checks, especially regarding the role of market structure, confirm our findings. [ABSTRACT FROM AUTHOR]

A major issue regarding biodiversity offset schemes is uncertainty about conservation and its costs. Although the demand for market expansions for biodiversity banking has increased in the past few decades, they may increase the degree of uncertainty regarding the completion of offsets. Therefore, stipulating the rights and responsibilities of stakeholders about the implementation of offsets is important. However, researchers have overlooked the behavioral aspects of market participants regarding responsibility and uncertainty. This study experimentally investigates the effect of uncertainty and market structure change on credit trading behavior in biodiversity banking. First, we verify that uncertainty regarding additional conservation costs provides significant disincentives for bankers to engage in trading when they are directly responsible for the costs, leading to the over-reduction of transactions. Since developers share the payment for the additional costs through the increase in credit prices, it is important to determine the way of sharing the responsibility for the costs between market participants and the public/society. Second, the provision of insurance to alleviate the uncertainty for bankers may not influence efficiency. Therefore, it may be reasonable for the public sector to incorporate insurance schemes into biodiversity banking programs. Third, increases in the number of bankers and developers improve efficiency, and this lowers the possibility of over-reduction of transactions. Therefore, when market expansions increase degrees of uncertainty, responsibility sharing schemes should be linked and revised according to the expansions. [ABSTRACT FROM AUTHOR]

This paper introduces the concept of digital capability gaps (DCG); the relative difference of a firm's ability to design and control products, services, and processes by utilising digital technologies in relation to customers and partners. These DCGs matter as they affect SME's strategic responses and the value-creating relationships. Our findings reveal that strategic responses differ according to the magnitude of DCGs: Large DCGs may offer the opportunity for 'digital diversification' by using the capabilities developed to enter new domains. In cases of moderate DCGs, firms respond by adopting the role of a 'digital parent' and innovate on behalf of customers. Finally, in the cases of small DCGs, firms may respond by forming 'digital collaborations.' Our study also unpacks the influencing factors that affect DCGs: the consolidation or fragmentation of customer portfolio and competitive landscape and the extent to which players have a similar digital pressure for adopting digital capabilities. [ABSTRACT FROM AUTHOR]

We consider dynamic competition between two platform‐based products that exhibit two‐sided network effects, such as game consoles and intelligent hardware. Firms compete in terms of pricing and Research & Development investment, which are driven by consumers' marginal utility of quality, indirect network effects, and the differentiation between consumers' preference for the products. We find that with a small marginal utility of consumers, the equilibrium investment of one firm increases first and decreases later with its product quality but is not obviously sensitive to the rival's. In contrast, with a large marginal utility, if the quality of the two products is comparable, the equilibrium investment increases substantially. However, if one product pulls ahead, the other firm will stop investing. Besides, we find that when the intrinsic value and the network value coexist, the market becomes more concentrated, even when consumers' marginal utility is small. The market concentration increases in both the consumers' marginal utility and the indirect network effect but decreases in the degree of differentiation between consumers' preference toward the two products. Interestingly, we show that differentiation plays an important role in shaping the market structure only when the network effect is weak. Counterintuitively, we show that the differentiation corrodes firms' total profits, which demonstrates that less fierce competition resulting from low substitution leads to a lower profit. Additionally, we reveal that dynamic interaction between quality and installed base motivates firms to improve from a low quality, the first‐mover advantage does not ensure market dominance. [ABSTRACT FROM AUTHOR]

This study investigates the reintegration of tacit skills among Polish and Lithuanian migrants returning from the UK amid Brexit and the COVID-19 pandemic. Using a CAWI survey of 740 returnees, it explores the application of tacit skills acquired abroad in their origin countries’ labor markets. The research reveals the challenges return migrants face in utilizing their overseas-acquired skills, influenced by local labor market structures, employers’ attitudes, and individual experiences. The findings contribute to understanding the role of international migration in skill distribution and labor market dynamics, focusing on the personal and economic reintegration of return migrants. [ABSTRACT FROM AUTHOR]

Disruptive technology (DT) has the power to reshape markets and societal structures, necessitating both protection and regulation. This paper aims to examine DT protection and regulation strategies at both micro and macro levels through policy texts. We construct an analysis framework integrating Responsible Research and Innovation (RRI) principles, innovation theory, and DT growth process. Key measures are extracted by content analysis, and dynamic topic model is used to discover evolving policy focuses. The framework is applied to analyze DT policy files of major powers. The results indicate that supply-side policy tools are employed to promote sustainable development in DT innovation, while environmental tools are utilised for early governance to preempt potential risks and innovation damage. The focuses of DT policies exhibit three evolution trends: attenuation, reinforcement, and fluctuation. Protective policies show concentration and coherence, while regulatory policies demonstrate integration and correlation. This study broadens existing perspectives and analytical frameworks, providing valuable insights for DT development and governance. [ABSTRACT FROM AUTHOR]

Our understanding of innovation policies has been enhanced. However, there is still a gap in conceptualizing the effectiveness of one of innovation policy's most important tools: financial incentives (FIs). Scholars developed an understanding of the effectiveness of direct versus indirect FIs, but there is no clear theoretical framework that delineates what kind of financial instruments impact what kind of innovation under what conditions. This paper analyzes the different working and operational logic of the wide array of employed FI worldwide to develop what is, to the best of our knowledge, the first conceptual framework discerning what financial tools fit what aims and contexts. This framework allows the development of testable hypotheses as well as the development of incentives tailored differently for different national innovation missions and market structures, suggesting that the growing reliance among OECD countries on indirect FIs in the form of tax incentives is less then optimal. [ABSTRACT FROM AUTHOR]

This paper examines the relationship between equality and social Europe, which has remained underdeveloped in the process of European integration. In contrast to the social dimension of the EU, the principle of equality has been significant from the beginning of European integration. The paper opens with an overview of how equality functions as the basis for a social Europe. Next, two interpretations of equality are introduced. The EU's preferred interpretation, which is based on merit, is in sync with market ideals. One of the shortcomings of merit-based equality as a foundation of social Europe, however, is its inability to properly disconnect the vulnerable person from the employment market. This paper argues that an alternative interpretation of equality based on value is more suitable, because value-based equality can challenge the potentially harmful social structure of the market. [ABSTRACT FROM AUTHOR]

Copyright of International Economics / Economia Internazionale is the property of Camera di Commercio di Genova and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

We propose a model that forecasts market correlation structure from link- and node-based financial network features using machine learning. For such, market structure is modeled as a dynamic asset network by quantifying time-dependent co-movement of asset price returns across company constituents of major global market indices. We provide empirical evidence using three different network filtering methods to estimate market structure, namely Dynamic Asset Graph, Dynamic Minimal Spanning Tree and Dynamic Threshold Networks. Experimental results show that the proposed model can forecast market structure with high predictive performance with up to 40 % improvement over a time-invariant correlation-based benchmark. Non-pair-wise correlation features showed to be important compared to traditionally used pair-wise correlation measures for all markets studied, particularly in the long-term forecasting of stock market structure. Evidence is provided for stock constituents of the DAX30, EUROSTOXX50, FTSE100, HANGSENG50, NASDAQ100 and NIFTY50 market indices. Findings can be useful to improve portfolio selection and risk management methods, which commonly rely on a backward-looking covariance matrix to estimate portfolio risk. [ABSTRACT FROM AUTHOR]

With the outbreak and evolution of the pandemic worldwide, the financial market has experienced unprecedented shocks and adjustments, and the volatility and correlation of the stock market, as an important indicator of economic activities, have shown new features and trends during the pandemic. Based on the CSI 300 Index, we construct a three-stage sequential network representing the pre-pandemic, pandemic, and post-relaxation phases. We investigate the evolving dynamics and resilience of the network, forecasting potential future connections, thus offering fresh insights into comprehending market recovery. Our findings unveil that the market adapts dynamically to the pandemic's progression, witnessing an overall augmentation in network interconnectedness. While the financial sector maintains its pivotal role, the influence of non-financial sectors experiences an upsurge. Despite the network demonstrating poor stability and heavy reliance on key nodes, there exists a positive recovery trajectory. Non-financial sectors such as energy and transportation emerge as pivotal catalysts for market rejuvenation. We provide suggestions for government regulators and investors, providing strong support for optimizing the market structure and promoting the long-term healthy development of the market. [ABSTRACT FROM AUTHOR]

Conventionally, entry is thought to enhance welfare by enhancing competition and hence lowering prices and increasing the output. Contrary to the conventional wisdom, working with an n -firm Cournot oligopoly set up and using the trigger strategies, we show that entry may or may not impact welfare. However, entry has the potential to alter the market structure from collusion to Cournot competition, and when it does so, there is a discontinuous rise in welfare. [ABSTRACT FROM AUTHOR]

In the north-western part of India, especially in Punjab and Haryana plains, the groundwater overdraft increases the cost of its withdrawal for irrigation and causes inequality in its access to farmers. As a result, groundwater markets are gradually emerging as pervasive agrarian institutions. In this research, the groundwater market structure has been studied in Haryana state and Karnal district has been chosen as the study area. For the survey, three villages are selected by the purposive sampling technique. The 300 households (100 households from each village) are selected by the simple random sampling technique. The primary data are collected by close-ended structured scheduled, interviews, and focus group discussions methods from the selected villages between the periods of May to September 2019. The study reveals that groundwater markets help to mitigate the increasing inequalities in groundwater access. The results show that almost 50% of the farming households have participated in the groundwater markets. There is a positive correlation (R2 = 0.6176) between water selling and farm size and a negative correlation (R2 = − 0.9828) between water buying and farm size. Groundwater scarcity, land fragmentation, and no tubewell on their own land have been observed as primary factors for the participation of farmers in groundwater markets. The most popular mode of water transactions is cash-based (hourly), which shows the mature stage of groundwater markets in the study area. Groundwater trade for irrigation is maximum under two crops, rice (45%) and wheat (46%), which significantly puts pressure on the groundwater resources. The study is suggested to change the cropping pattern and moving to two crops combination (rice and wheat) to crop diversification. A community-based approach is essential for efficient groundwater resource use in a water-scarce environment via effective institutional arrangements. [ABSTRACT FROM AUTHOR]

We use China's growth experience as a laboratory to study how reductions in administrative and regulatory entry barriers contribute to growth. We develop a model of endogenous productivity and market structure with heterogeneous firms and frictional entry and calibrate it to Chinese manufacturing firms. We show that the reduction of entry barriers brings about 1.05 percentage points of productivity growth over the 1990–2004 period, accounting for 18.3% of the productivity growth in the 2004–7 period. A decomposition exercise shows that entry mainly affects growth through promoting a more competitive market structure, which more than offsets the negative Schumpeterian effect. [ABSTRACT FROM AUTHOR]

We analyze the effect of transparency of past trading volumes in markets where an informed long-lived seller can repeatedly trade with short-lived uninformed buyers. Transparency allows buyers to observe previously sold quantities. In markets with intraperiod monopsony (single buyer each period), transparency reduces welfare if the ex ante expected quality is low but improves welfare if the expected quality is high. The effect is reversed in markets with intraperiod competition (multiple buyers each period). This discrepancy in the efficiency implications of transparency is explained by how buyer competition affects the seller's ability to capture rents, which, in turn, influences market screening. (JEL D40, D82, D83, G14, L15) [ABSTRACT FROM AUTHOR]

The selection process of eligible suppliers in supply chains entails numerous challenges under rapidly evolving conditions. Environmental considerations in public discourse, competitive market structures, and emerging technological capabilities influence the decision-making procedures. Rather than the conventional criteria of cost and service, different criteria have more recently been taken into consideration. In this study, presenting a Turkish case study, environmental management, environmental agility and environmental technology dimensions and the criteria related to these dimensions are defined. A fuzzy SWARA-BWM method was implemented in an integrated way to cope with the supplier selection problem. Different scenarios were created and benchmarked. The results of the study indicate that environmental agility is the prominent dimension, while the most significant criterion is delivery speed. The optimal supplier alternative among the four alternatives was identified as A3. This study was carried out to contribute to the examination and modeling of supply chain management issues. [ABSTRACT FROM AUTHOR]

Forward Freight Agreements (FFAs) are exchange-traded futures and the main means of risk management for shipping spot freight. The relationship between the FFA market and the shipping spot market has attracted much attention, but few studies focus on the dynamic FFA term structure and its correlation with the spot price. In this study, we establish the dynamic term structure of the FFA market by quantifying the level factor, the slope factor and the curvature factor of the FFA term structure to reveal the underlying information in the shipping derivatives market, and further scrutinize the impact of the FFA term-structure factors on the shipping spot market. The empirical results indicate that the term-structure factors have significant time-varying effects on the BDI and BPI: The effect of the term-structure factors on BDI and BPI changes with shipping market conditions and economic environment. The level factor has a positive effect, while the slope factor and the curvature factor both have negative effects, with the impacts on the BPI being about twice as large as the impacts on the BDI. The three factors all have their strongest effect in the short term and the weakest effect in the long term. [ABSTRACT FROM AUTHOR]

The literature on organizational resilience explores various viewpoints, ranging from strategies to recover after disruptions to proactive anticipation of threats. Formal models primarily focus on the ability to recover from shocks, analyzing factors like deviation from performance targets, recovery time, and potential adaptation in function and structure. However, incorporating anticipation into such models remains scarce. Additionally, existing anticipatory systems models often neglect key aspects of organizational behavior. This work addresses these gaps by introducing an agent-based modeling approach that integrates anticipation into organizational decision-making. Our computational model features agents embedded in different organizational structures who make decisions based on projected market states (levels and trends). These decisions are subject to delays in perceiving market conditions and vary depending on the organization's adaptive capacity to update its offering. We analyze different organizational structures and market behaviors (trend direction and volatility). Our results indicate that full connectivity among agents can be detrimental to organizational resilience, as it may reduce the diversity of anticipation strategies for forecasting the market. Conversely, either sparse or highly clustered networks demonstrate a greater ability, on average, to keep up with changing market levels and trends. [ABSTRACT FROM AUTHOR]

This study aims to analyze the remuneration strategy and the dynamics of a highly competitive market that affect employee productivity and satisfaction. This research method uses a quantitative approach combined with comparative statistics. Companies often choose a per-piece pay strategy to encourage efficiency and productivity while managing labor costs. However, companies may shift to a profit-sharing system to increase employee engagement and loyalty. Differentiation of payment schemes, such as performance-based incentives, plays an important role in attracting and retaining talent and aligning strategies with business goals, which in turn helps manage labor costs and reduce competitive pressures. Productivity and price sensitivity of demand also influence company strategy in markets with high productivity and low demand sensitivity, companies tend to adopt more innovative strategies, while in markets with low productivity and high costs, they often implement more homogeneous and conservative strategies. Further studies are necessary to explore additional factors such as differences in recruitment strategies, industry characteristics, and other variables that influence company decisions in remuneration strategies and labor distribution. Understanding these findings enables companies to design more effective remuneration strategies based on market conditions and their workforce requirements. [ABSTRACT FROM AUTHOR]

The two main avenues via which agricultural produce is gathered, distributed, and resold in rural India are the regulated markets set up by the State Governments and the sporadic marketplaces that have developed naturally and are unregulated. Under the auspices of extensive regulations that have been formulated and amended periodically by the corresponding state Agricultural Produce Marketing Regulation Act, agricultural produce market committees have been established to promote equitable trade. Since their inception, regulated markets have assisted in reducing market disadvantages; yet, the competitive market structure was not well-foreseen by their legal framework. In an environment of liberalized trade, this paves the way for the market committee to become more manageable and sustainable. Given the dependence of other sectors on agriculture, India has viewed it as a valuable tool for economic progress. The regulated markets are regarded as accountable establishments that carry out all the tasks associated with the selling of products while considering the interests of all final consumers as a whole. The current paper highlights Indian agriculture, with a particular emphasis on the regulated agricultural marketing system and its development, status, and prospects. The report also emphasizes the difficulties and impact of a regulated market on farmers' socioeconomic standing. At the study's conclusion, a number of restrictions that either directly or indirectly impacted the farmers' socioeconomic standing were mentioned. To comprehend the link between the dependent and independent variables, a variety of statistical methods were employed. To arrive at the ultimate outcome, an ex post facto research design was mostly employed. [ABSTRACT FROM AUTHOR]

This article studies how the structure of centralized markets can affect efficient allocation in anonymous decentralized trades. In line with previous studies, we show that efficiency in decentralized markets can be sustained in a moneyless finite-number-of-agents setting if agents are patient enough and the price is observed with noise. We additionally show that, if there are no gains from trade, then the price associated with an inactive centralized market is zero irrespective of the noise. Thus, the non-essentiality-of-money result is a more robust phenomenon when the centralized market acts only as a coordination device. [ABSTRACT FROM AUTHOR]

Food delivery applications have grown rapidly in recent years, fueled by increasing consumer demand for convenience and prepared foods. Previous studies on what factors encourage consumers to use delivery platforms rely largely on survey data, likely due to the lack of availability of restaurant or industry level data. Utilizing web-scraping techniques to collect restaurant level data from one of the biggest delivery applications in South Korea, Yogiyo, this study conducts an analysis on spatial market structure of the restaurant business. Through restaurant level data, market expansion, changes in the number of restaurants to order from, and changes in prices across regions with delivery application are considered. Analysis suggests that the average number of orderable restaurants increased from a nearby 2.3 restaurants to distant 13.5 restaurants with customers willingly paying for delivery fees according to distance via the delivery application. As the restaurant delivery market becomes spatially more competitive with an additional 13.5 restaurants, it is found that aggregate prices totaled with food prices and delivery fees from two restaurants in different locations converge to serve the customers between the two restaurants. In addition, the increased degree of competition due to increased number of restaurants leads the aggregate prices to decrease by between 5.13 and 7.56%, depending on regional characteristics. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Islamic Economics / İslam Ekonomisi Dergisi is the property of Journal of Islamic Economics / Islam Ekonomski Dergisi and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The article examines recent court decisions in South Africa regarding merger control and competition law interpretation. Two mergers were blocked due to concerns about potential price increases, even though they would not have impacted competition before the mergers. The Constitutional Court and the Competition Tribunal both determined that price increases alone can constitute a significant reduction or prevention of competition. The article raises questions about the rationale behind these decisions and their potential consequences. It discusses specific cases involving a private hospital merger and a merger involving an industrial chemical used in gold mining. The article also analyzes the Sasol/Draslovka merger and its impact on the pricing of liquid NaCN. The Tribunal concluded that the price increase resulting from the merger could be considered a substantial reduction or prevention of competition, but the article challenges this conclusion and its implications for future mergers. [Extracted from the article]

We consider a resource extraction model with the possibility of extending the resource stock by drilling efforts and an oligopolistic competition of symmetric firms. Assuming a hyperbolic market demand, we adopt the open-loop Nash equilibrium to analyze and compare the outcomes of a private vs a common resource pool. For both cases, the drilling efforts of the individual firms strongly depend on the market structure. For a low competition, the efforts increase the number of firms, and the opposite is true for a high competition. On the other hand, aggregate drilling efforts are different among the two types of pools and are opposite to Schumpeterian's hypothesis (i.e., they are either an inverted U-shaped (private pools) or strictly increasing (single pools)). [ABSTRACT FROM AUTHOR]

Purpose: There is widespread belief that intermediaries in African agri-food value chains have disproportionate market power. In this paper, the authors examine this belief by uncovering the purchasing and selling prices, costs and profit margins by farmers, intermediaries and retailers in the matooke (cooking banana) value chain in Uganda, and by analysing the prevailing value chain and market structures, seasonal entry and exit dynamics and the trading relationships in the chain. Design/methodology/approach: Data for this study were collected along the trading routes from the main matooke producing districts in South-West Uganda (Kabarole, Bunyangabo, Bushenyi, Isingiro and Mbarara) to the main urban markets around the capital Kampala. A structured survey was administered with 383 producers, 172 collectors and wholesalers and 71 retailers. In addition, key informant interviews and focus group discussions were held. Findings: The authors find that price mark-ups by intermediaries (selling prices minus purchasing prices) vary with the type of intermediary, season and location but generally reflect the costs of moving matooke down the value chain to the urban consumer. The authors do not find evidence for disproportionate market power among the intermediaries in the chain. Intermediaries enter and exit the market in peak and off-peak season, such that profits are kept in check. This seasonality does imply a small shift in market power in favour of farmers in off-peak season and in favour of intermediaries in the peak season. Research limitations/implications: The investigation concentrated on an important and relatively homogenous staple crop along its main trade route. More remote areas, where there is less of an abundance of matooke, might still be characterised by local monopsonies where intermediaries have more market power due to high search and transport costs. Similarly, (local) monopsonies might exist for products for which there is a smaller market (segment), for products with a stronger seasonal variation in supply and for more perishable products. Originality/value: While there is an important literature on the role of intermediaries in African agri-food value chains, the evidence on intermediary market power is scant. Beliefs on intermediary market power are largely based on anecdotal evidence from farmers or inferred from observed prices or market structures. The paper contributes in addressing this important knowledge gap by studying the matooke value chain in Uganda. [ABSTRACT FROM AUTHOR]

Market structure maps spatially represent competitive relationships among brands and products. In these maps, each product is typically visualized in a single map location. Such visualization, however, does not adequately accommodate multimarket membership products (MMPs), which are products that compete in multiple submarkets that are each characterized by distinct competitors and consumer preferences. The author proposes a novel framework that accommodates MMPs by visualizing products in the local context of each submarket in which they compete. This framework is then used to study market structure in the digital camera market. Competitive relationships are inferred from consumers' online searches using bootstrapped neural product embedding. The research shows that 8% of cameras are MMPs and that 50% of all submarkets are affected by MMPs. The map generated with the proposed framework uncovers mismatches between manufacturer positioning and consumer perception of several cameras. An extensive comparison of the proposed framework with alternative mapping methods reveals that (1) commonly used mapping methods misrepresent MMPs' competitive positions in their maps and (2) ignoring MMPs can lead to distorted visualizations of the underlying market structure. Both problems compromise firms' abilities to accurately assess products' competitive positions and evaluate the effectiveness of their positioning strategies. [ABSTRACT FROM AUTHOR]

Small and Medium Enterprises (SMEs) face significant challenges in the global competitive market. An approach SMEs adopt to meet these challenges is implementing lean principles through the framework of lean implementation. Although some lean implementation frameworks have been introduced, previous research indicates that SMEs often need assistance applying this framework. This is caused by the need to adjust the lean implementation framework, which is considered limited by the resources owned by SMEs. Therefore, further research discusses adjusting the lean implementation framework and SME resources needed to improve operational performance. This study emphasizes the need for a lean implementation framework tailored to SMEs' scale and resources to reduce waste and improve operational efficiency. The lean implementation framework is developed by combining the lean implementation framework with the plan do check act (PDCA) approach and simulation to produce continuous improvements. The framework development stage evaluates the existing lean implementation framework based on previous research and SME resources. Furthermore, the framework that has been evaluated is grouped based on the plan, do, check, and action stages. This activity is carried out to ensure that lean implementation activities are a continuous improvement cycle. The final stage is adding simulation steps to the do and check stages to evaluate proposed improvements. The proposed framework was tested through a case study at Batik SME. The results showed the benefits and effectiveness of the proposed framework in the form of a 12.9-day reduction during work completion and an increase of 18.3% in the operator's utility. [ABSTRACT FROM AUTHOR]

China's labor market has changed dramatically since the beginning of reform and opening up. Previous studies have pointed out that marketization changed the segmentation structure of China's labor market. However, there was a lack of theoretical derivation of the mechanism, and empirical analysis was relatively rough due to methodological limitations. In this study, a pseudo-employer mobility temporal network was constructed for China's labor market from 1994 to 2018. Based on the temporal network analysis, this study finds the following: first, China's labor market is now structurally more open and flexible than it was before market-oriented reforms; second, the labor market in China has seen a shift from work unit segmentation to occupational segmentation; third, non-smoothness manifests itself in the structural changes in China's labor market. China's labor market quickly disintegrated after the launch of market-oriented reforms in the 1990s and then ushered in a turbulent period of drastic changes. It was after this turbulent period had ended that the present labor market structure took shape. [ABSTRACT FROM AUTHOR]

Financial institutions have focused on technology to enhance efficiency and reduce operating costs. We argue that due to competitive pressures, banks may not benefit from these technological investments, which may incur an extra charge to the bank. This research examines if being technologically advanced increases banks' financial performance in a competitive market. The contribution of this study is threefold; it examines, first; the impact of technology adaptation on financial performance, second; the effect of bank competition on banks' financial performance and third; we integrate the theories on tech-performance nexus and competition-performance nexus and examine if competition impacts the relationship between technology and financial performance. The findings suggest that technology enhances banks' financial performance, and competition makes banks fragile, supporting the competition-fragility theory. Moreover, the results on the impact of competition on the tech-performance nexus suggest that banks only benefit from investments in technology under low or moderate levels of market competition and that under highly competitive pressures, technology might not bring that extra competitive advantage to banks. With the said empirical evidence, it becomes clear how important technology can be for banks. The study carries vital policy insights for regulators and practitioners. [ABSTRACT FROM AUTHOR]

Biopesticides are considered as the effective measure to combat environmental consequences brought by chemical pesticides. However, due to the comparatively high price of biopesticides and unreasonable government subsidies, the trade-off between economy, society and environment represents a daunting task for pesticide supply chains. This study establishes a pesticide supply chain including manufacturers, retailer and government to study the production and sales strategies of pesticides under two different structures: monopoly and duopoly. Based on the equilibrium and numerical analyses, we find that: first, only when the government subsidy falls within a reasonable range, it can incentivise the chemical pesticide manufacturer to produce biopesticides in both monopoly and duopoly markets. Interestingly, the subsidy can improve the profit of pesticide supply chain in monopoly market, however the consumer surplus and social welfare are greater in duopoly market with the increase of subsidy. Second, the profit of pesticide supply chain is better after launching biopesticide and the retailer gains more profits in duopoly market than in monopoly market with the increase of farmer's biopesticide acceptance. Third, the launch of biopesticides can decrease the influence of environment pollution in both market structures, and less environmental impact in monopoly market. [ABSTRACT FROM AUTHOR]

The construction and operation of collaborative production networks based on multi-subject collaboration is an important path and means for enterprises to adapt to personalized, diversified, and differentiated market demand. It is of great practical significance to identify the key collaborative subjects in the collaborative network and protect and maintain them to ensure its normal operation. To identify the key collaborative subjects in the collaborative network of traditional manufacturing enterprises, this paper proposes a method for identifying and evaluating the importance of nodes in traditional manufacturing enterprise collaborative networks. Firstly, the method uses four parameters, degree centrality, betweenness centrality, closeness centrality, and subgraph centrality, as node importance evaluation indexes, based on complex network theory. Secondly, the coefficient of variation method (CVM) is used to calculate the weights of evaluation indexes. The Multiple Attribute Decision Making (MADM) based on the Technique for Order Preference by Similarity to an Ideal Solution (TOPSIS) is then used to comprehensively evaluate node importance and identify key nodes (key collaborative subjects) in the network. Finally, the proposed method's effectiveness, rationality, and scientific nature are verified by using the measurement index of network connectivity in combination with specific enterprise cases. The results show that the failure of key nodes has a more significant impact on network connectivity. Therefore, the node importance evaluation method based on Multiple Attribute Decision Making has better performance. It helps traditional manufacturing enterprises to focus on the protection and maintenance of the key collaborative subjects when coping with the competitive environment of the external market and provides a valuable reference for the normal operation of collaborative network organizations. [ABSTRACT FROM AUTHOR]

This paper studies the interactions of capital structure and product market competition under two supply chain structures: a distribution structure where two competing retailers source from a common supplier and a parallel structure where each retailer sources from a dedicated supplier. The analyses demonstrate that if the retailers have access to external credits, they will borrow more (less), buy more (less), and incur a higher (lower) default probability under a parallel structure than under a distribution structure if the retailers sell substitutes (complements). The retailers' leverage improves the profit of their upstream suppliers and of the channel but improves their own profits only if they sell complements. If they sell substitutes, borrowing makes them worse off, leading to the prisoner's dilemma phenomenon. If only one retailer has access to external credit, then it will enjoy a leadership premium (loss) if the retailers sell substitutes (complements), and this effect trickles up to the upstream supplier of the leveraged retailer under the parallel structure. Thus, the dedicated suppliers will abet the leveraged retailers to compete more aggressively than unleveraged ones. However, the common supplier is independent of their downstream customer's capital structure. These results reveal that the impacts of external credit on the supply chain profitability depend on the stages the supply chain members are in, the degree of product differentiation, the supply chain structure, the uncertainty of demand, and whether the competitor also has access to external credits. [ABSTRACT FROM AUTHOR]

Since the 1980s, most reforms in major arms-producing countries focus on keeping costs under control by either promoting competition between suppliers or by reducing information asymmetry through audits and controls. Indeed, cost escalation represents a challenge but, in fact, these reforms try to adjust the functioning of defence market rather than questioning the institutional features of this latter. The success of defence acquisition structures also explains their limits. The current organisation of defence market was perfectly adapted to the geostrategic context of Cold War and a technological momentum that favours symmetrical arms race between the United States and the Soviet Union. Even if these structures still help deliver advanced capabilities, they can be considered as not sufficient to cover all the operational needs of armed forces. The conception of capabilities needs to go beyond a long-term planning while industrial approaches open the way to more agile development and manufacturing. An alternative defence industrial policy is necessary to complement the existing one. More modular architectures for complex systems provide the opportunity to increase the reactiveness of capability deliveries and to foster both innovation and competition. [ABSTRACT FROM AUTHOR]

This article presents a unique chapter in the history of Romanian-Dutch relations. During the 19th century, the hinterland at the mouth of the Danube was an important centre for the supply of grain to European warehouses, and from the 1880s onwards, international trading houses became increasingly interested in placing the main commodity of Moldo-Wallachian production structures on the markets of Amsterdam and Rotterdam. Due to its entrepreneurial and infrastructural connections with Germany, the port of Rotterdam became a transit and temporary storage point for grain dedicated to the Rhine-Ruhr industrial region. This study is based on unpublished documents from archives, databases, and statistical yearbooks in the Netherlands and Romania. [ABSTRACT FROM AUTHOR]

Simple Summary: Simple Summary: During the ethanol creation process, ethanol and ethanol co-products are created. Ethanol plants take these co-products and market them in a secondary market. While originally just additional revenue streams, coproducts have evolved into valuable commodities themselves. Analyzing existing research, the study finds that most of the current economic understanding is for distillers' grains, a common coproduct used in animal feed. Newer coproducts like pelletized or high-protein grains are less studied. Moreover, alternative uses for coproducts such as plastics and CO2 have remained largely unexplored. The research underscores the need for further investigation to optimize coproduct utilization and inform future decision-making. We suggest focusing on the economic pricing, marketing, and regulatory structure of newer ethanol co-products to add additional value to the ethanol industry. During the mid-2000s to the early 2010s, the domestic ethanol industry witnessed substantial growth, with ethanol coproducts emerging as vital elements for plant profitability and livestock feeding. Initially serving as supplementary revenue streams, coproducts from ethanol production have evolved into diverse value-added offerings, bolstering revenue streams, and sustaining profit margins. This study reviews existing economic research on ethanol coproducts, detailing methodologies, product focus, and research locations. Initially gathering 972 articles from 9 databases, 110 articles were synthesized. We find that most studies primarily examined the growth and future of the ethanol industry with a limited focus on specific coproducts. Feed-use distillers' grains, especially dried distillers' grains, were the most widely published while newer coproducts like pelletized, de-oiled, and high-protein distillers' grains were relatively understudied. Non-feed-use products were notably overlooked, highlighting the need for exploration beyond conventional applications. The evolving market landscape for ethanol co-products has surpassed published academic understanding of the economic tradeoffs necessitating further research into product dynamics, pricing, marketing, market structures, and regulatory frameworks. This highlights and underscores the importance of investigating value-added grains across diverse commodities and geographic contexts to inform strategic decision-making and policy formulation. [ABSTRACT FROM AUTHOR]

The Chinese government aims to balance employment stabilization and emissions reduction when it initiates an emissions trading scheme (ETS) to control carbon emissions. However, the policymakers should not neglect the role of imperfectly competitive market structure and market power from incumbent firms. In view of this, classical framework of Berman and Bui's (2001) is extended in this paper to clarify the theoretical mechanism of employment effect of the ETS considering firm-level market power. In addition, based on the firm-level panel data from 2008 to 2019 of China, the employment effect of each pilot ETS is measured with the method of difference-in-difference-in-differences. Then a moderating effect model is established to verify the role of firm-level market power on the heterogeneous employment effect among the pilot ETSs. Moreover, the employment effect is further decomposed to evaluate the influential mechanism from the perspective of firms' strategic behavior. It is found that there is negative employment effect of China's ETS policy, due to the significant moderating role of firm-level market power. This decrease in labor demand is mainly dominated by a negative output effect rather than a positive substitution effect because strategic allowance sellers with stronger market power tend to hire fewer employees to reduce carbon emissions by controlling production scale. However, the heterogeneity of policy effects resulted by market structure is also identified in different pilot regions. Employment dividend has been found in Beijing and Tianjin where strategic allowance buyers manipulate the carbon market and hire more employees to consolidate their market power. Therefore, policymakers should improve the design of the ETS to overcome the adverse employment effect duo to the region-specific market structure. [ABSTRACT FROM AUTHOR]