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Keywords Edge computing; DDoS attacks; Collaborative prediction; Distributed SDN; LSTM Abstract Edge computing (EC) has greatly facilitated the deployment of networked services with fast responses and low bandwidth, by deploying computing and storage at the network edge which is closer to the data sources. However, it is challenging to have the EC servers gain security protections like those in centralized data centers, making them more vulnerable to security attacks, especially distributed denial-of-service (DDoS) attacks. Existing detection approaches relying on the feedback from EC servers under the attacks can incur high bandwidth costs and service performance degradation. In this paper, we propose a new framework CoWatch for collaborative prediction and detection of DDoS Attacks in EC scenarios. Based on the distributed software-defined networking (SDN) architecture, CoWatch can collaboratively predict the DDoS attacks towards the EC servers and detect the attack flows in time. To efficiently filter the suspicious flows in distributed SDN, we devise an optimal threshold model by balancing the trade-off between collaboration efficiency and prediction effectiveness. We also explore and build on the LSTM model to design an algorithm for collaborative prediction and detection of DDoS Attacks. Experiment results on a number of datasets demonstrate the promising performance of CoWatch in effectiveness and efficiency. Author Affiliation: (a) School of Computer Science and Technology, Harbin Institute of Technology, Shenzhen, China (b) Department of Computer Science, City University of Hong Kong, Hong Kong, China (c) Cyberspace Security Research Center, Peng Cheng Laboratory, Shenzhen, China * Corresponding author. Article History: Received 2 August 2022; Revised 8 January 2023; Accepted 15 February 2023 (footnote)[white star] A preliminary version (Zhou et al., 2021) of this paper was presented at The IEEE Global Communications Conference (GLOBECOM), 2021. Byline: Hongliang Zhou [hlzhou@hit.edu.cn] (a), Yifeng Zheng [yifeng.zheng@hit.edu.cn] (a,*), Xiaohua Jia [csjia@cityu.edu.hk] (a,b), Jiangang Shu [shujg@pcl.ac.cn] (c)

Keywords 5 G, 6 G; Healthcare; Heterogeneous networks; Wireless networks; Wireless body area network Abstract Digital healthcare applications are part of the Industry 4.0 which is based on smart devices and trustworthy communications technology. The concept of Digital-care is based on providing a permanent connection between the patient and the medical department (medical staff), and the ability to analyze the patient's data automatically. With the existence of modern wireless networks, which support, for example, the Internet of Things (IoT), cloud computing, virtual reality, virtual machine, and low-power wireless networks it is possible to achieve this permanent connection while maintaining confidentiality and privacy of patient data. Digital-care applications rely on essential features, such as ensuring availability, almost zero delays, adequate storage capacity, and data protection. To achieve this term, many challenges must be solved. This paper presents a comprehensive concept of Digital-care applications, the wireless network infrastructure required by those applications, the role of current and future wireless networks in their prospects, and the challenges they face. Moreover, this paper also provides a comprehensive discussion of the proposed solutions that can be used on modern wireless networks for adoption. Author Affiliation: (a) College of Computer Information Technology, American University in the Emirates, Emirates 503000, United Arab Emirates (b) Institute of Networked and Embedded Systems, University of Klagenfurt, 9020 Klagenfurt, Austria (c) Ubiquitous Sensing Systems Lab, University of Klagenfurt-Silicon Austria Labs, 9020 Klagenfurt, Austria (d) Centre for Wireless Communications, PO Box 4500, 90014 Oulu University of Oulu, Finland (e) College of Computing and Informatics, Saudi Electronic University, Riyadh 11673, Saudi Arabia * Corresponding author. Article History: Received 27 January 2022; Revised 24 October 2022; Accepted 27 January 2023 Byline: Rami Ahmad [rami.alshwaiyat@aue.ae] (a,b,c,*), Matti Hämäläinen [matti.hamalainen@oulu.fi] (d), Raniyah Wazirali [r.wazirali@seu.edu.sa] (e), Tarik Abu-Ain [t.aboain@seu.edu.sa] (e)

Keywords Blockchain; Privacy; Digital Marketing Abstract Marketing has enjoyed unparalleled transformation in terms of its effectiveness and ability to delivery measurable return on investment due to the digital revolution. The spread of blockchain technology has led to suggestions that it may have significant marketing applications. Though blockchain is indeed an amazing technology with significant applications, this paper argues that its usefulness in many traditional marketing applications may be limited. The reasons why throw important light on the interactions between blockchain technologies, data and privacy. Blockchain, by its nature, may lead to substantial privacy harms when used indiscriminately for marketing purposes..sup.11This research is based on insights from two previously published papers - and Author Affiliation: (a) National Chair, Restore the Fourth, United States (b) Sloan Distinguished Professor of Management, MIT, United States Article History: Received 5 June 2022; (footnote)1 This research is based on insights from two previously published papers - and Byline: Alex Marthews [chair@restorethe4th.com] (a), Catherine Tucker [cetucker@mit.edu] (b)

Keywords Board of directors; Gender; Diversity; Investment efficiency; Capital investment Abstract This paper investigates the effect of board gender diversity on a firm's investment inefficiency and finds that a firm with at least one female director on its board has significantly less investment inefficiency than firms without one. The fraction of female directors on the board has a significantly negative association with investment inefficiency. The instrumental variable approach and propensity score matching show that this relation is robust after addressing endogeneity concerns. Furthermore, the effect of board gender diversity on investment inefficiency is more pronounced for overinvestment than underinvestment. Consistently, the effect is more substantial for firms that tend to overinvest ex-ante. It also indicates that board independence is a channel for board gender diversity to reduce investment inefficiency. Author Affiliation: (a) School of Economics and Finance, Victoria University of Wellington, Wellington 6140, New Zealand Article History: Received 31 January 2022; Revised 8 December 2022; Accepted 12 December 2022 (footnote)[white star] I thank Professor Hai Lin for his support and comments on this paper. I appreciate the comments and suggestions on this paper. from the participants in the 2021 Financial Market and Corporate Governance (FMCG) Conference. I also thank Dr. Griffin Geng, Dr. Peter Huang, and Prof. Alfred Yawson for their comments on this paper in the examiner's report of my Ph.D. thesis. Byline: Chang Yu [chang.yu@vuw.ac.nz] (a)

Keywords Grossman-Stiglitz-style and kyle-style models; Dampening effect; Price informativeness and short-term return reversals; Contrarian trading; Aggregate risk Abstract The way informed traders use their privileged information affects the properties of asset prices. This paper analyzes the differences in market efficiency between the two most widely adopted informed trading paradigms (Grossman-Stiglitz-style and Kyle-style) in a unified three-period framework. The aggregate risk--the product of fundamental risk, liquidity trading risk, and traders' risk aversion coefficient--uniquely determines three measures of market efficiencies, including price informativeness, return autocorrelations, and the unconditional expected utilities of uninformed market makers. In the Kyle-style model, a self-reinforcing dampening effect arises from informed traders' trading on fundamental information and non-fundamental information about their prior positions, leading to less efficient markets, contrarian trading by informed traders, and a return reversal between the two trading periods. Our study proposes to estimate price informativeness using information from short-term return reversals. Author Affiliation: ShanghaiTech University, Shanghai 201210, China * Corresponding author. Article History: Received 28 August 2022; Revised 11 January 2023; Accepted 14 January 2023 (footnote)1 I am very grateful to two anonymous referees; an anonymous associate editor, and Tony He (Editor) for their invaluable comments and suggestions. I am also very grateful to Wen Chen (discussant at CICF), Hanming Fang, Pete Kyle, Lionel Huntley Henderson, Alan Tucker, and seminar participants at the China International Finance Conference, Central University of Finance and Economics, Jiangxi University of Finance and Economics, Shanghai Jiaotong University, ShanghaiTech University, Southwestern University of Finance and Economics, Wellington finance summit, and University of Frankfurt for helpful discussions. I am solely responsible for any errors. This paper is supported by National Natural Science Foundation of China (No. 71773077). Byline: Mng Guo [guoming@shanghaitech.edu.cn] (*,1)

Keywords Preference; Decision-making autonomy; Willingness-to-pay Highlights * Spouses in low-income societies engage in division of labor. * Improved cookstoves benefit women more than men. * Women are willing to pay more for improved cookstoves than men. * Men dominate household decision-making. Abstract We use a field experiment to identify how differences in preferences and spousal influence result in low willingness to pay (WTP) for technologies that can benefit all household members. We create income-earning opportunities to empower households and conduct an actual stove purchase experiment to elicit their WTP for fuel, time, and indoor air pollution-reducing improved cookstoves. The decision to buy the stove was randomly assigned to either wives, husbands, or couples using either individually or jointly earned income. Experimental results suggest that wives, who often are responsible for cooking and collecting fuelwood, are willing to pay 57% more than husbands and 39% more than couples. Wives who made the stove purchase decision alone using the income they earned alone are willing to pay 67% more than husbands who made the purchase decision alone. We also find that couples' WTP is similar to that of husbands, implying that husbands dominate joint decisions. A follow-up survey conducted 15 months after the stove purchase shows that the treatments do not affect stove use. Our findings highlight the importance of considering the division of labor, preference difference, and spousal influence within the household when promoting the adoption of new household technologies. Improving access to cash for poor women would likely enable them to make decisions consistent with their preferences. Author Affiliation: (a) University of Gothenburg, Vasagatan 1, Box 600 405 30, Gothenburg, Sweden (b) ECRC, Vasagatan 1, Box 600 405 30, Gothenburg, Sweden * Corresponding author. Article History: Received 19 March 2021; Revised 16 January 2023; Accepted 24 January 2023 (footnote)[white star] Yonas Alem (Lead Author) is a Senior Research Fellow and Director of Academic Programs at the Environment for Development (EfD), School of Business, Economics and Law, University of Gothenburg; his email address is yonas.alem@gu.se. Sied Hassen is a post-doctoral researcher at the Environment and Climate Research Center of the Policy Studies Institute (PSI), Addis Ababa, Ethiopia; his email address is seidy2004@gmail.com. Gunnar Köhlin is Director of EfD at the School of Business, Economics, and Law at the University of Gothenburg; his email address is gunnar.kohlin@gu.se. We thank the editor (Laura Schechter), an anonymous associate editor, and two anonymous reviewers for helpful inputs, which significantly improved the paper. We also extend our gratitude to Cyndi Berck, the late Peter Berck, Randall Bluffstone, Fredrik Carlsson, Haileselassie Medhin, Alemu Mekonnen, Subhrendu Pattanayak, Dale Whittington, Thomas Sterner, Simon Schürz, Måns Söderbom, Roberto Weber, seminar participants at the Department of Economics, University of Gothenburg (Gothenburg, Sweden), participants in the Economic Sciences Association annual conference (Bergen, Norway), and participants at the Nordic Conference in Development Economics (Copenhagen, Denmark) for helpful comments on earlier versions of the paper. Financial support from the Swedish International Development Cooperation Agency (Sida) through the Environment for Development (EfD) is gratefully acknowledged. All correspondence to Yonas Alem, yonas.alem@gu.se. All errors and omissions are ours. Byline: Yonas Alem [yonas.alem@economics.gu.se] (*,a), Sied Hassen (b), Gunnar Köhlin (a)

Keywords Cooperation; Social identity; Noisy identity; Pure altruism; Prisoners' Dilemma Highlights * This paper studies a model where players want to cooperate only with ingroups due to pure altruism. * Identity is noisy, so players may end up benetting an outgroup or hurting an ingroup. * When players interact at least twice, there is more cooperation with more noise than without, even if cost is high. * With noisy identity, repetition unlocks welfare gains that are not pos- sible without noise. * Making outgroups easier to recognize can make interactions more unso- ciable. Abstract When meeting a random stranger, it can be difficult to recognize who is like you (ingroup) and who is not (outgroup). I construct a model to explore how noise in detecting whether the other player is an ingroup or an outgroup impacts overall cooperation in strategic interactions. When the game is repeated, noisy identity can generate welfare gains that are not possible with perfect recognition by encouraging players to cooperate in all periods except the last one, regardless of how they identified the opponent. Importantly, noisy identity can sustain additional cooperation even when the potential cost of doing so is high. This result is largely driven by the level of noise in detecting who is an outgroup, whereas the role in recognizing an ingroup is less prominent. Author Affiliation: Department of Economics, University of Memphis, 427 Fogelman Admin Building, Memphis, Tennessee 38152, United States * Corresponding author. Article History: Received 29 April 2022; Revised 2 January 2023; Accepted 8 January 2023 (footnote)1 The author has benefited from insightful comments from John Nachbar, David Levine, Yuri Khoroshilov and three anonymous referees. This research did not receive any specific grant from funding agencies in the public, commercial or not-for-profit sectors. The current version of this work stems from an earlier presented working paper entitled Kin Targeted Altruism with Noise. All errors are my own. Byline: Carmen Astorne [cmstrnfg@memphis.edu] (*,1)

This paper studies market segmentation that arises from the introduction of rent control. When a part of the market remains unregulated, theory predicts an increase of free-market rents due to the misallocation of households to dwellings. To document this mechanism empirically, we study a large-scale policy intervention in the German housing market. We isolate the misallocation mechanism by exploiting temporal variation in treatment dates in an event study design. We find a robust positive spillover effect of rent control on free-market rents. Moreover, mobility of renters living in rent-controlled units decreased. [91 words] Author Affiliation: (a) Institute for Employment Research Nürnberg (IAB Nürnberg), Regensburger Str. 104, 90478 Nürnberg, Germany (b) German Institute for Economic Research (DIW Berlin), Germany, Leuphana University Lueneburg, Germany (c) London School of Economics, Department of Geography and Environment * Corresponding author. Article History: Received 12 November 2021; Revised 3 November 2022; Accepted 5 November 2022 (footnote)[white star] We thank the anonymous reviewers for their careful reading of the manuscript and their comments and suggestions. We further thank seminar participants at the Spatial Dimensions of Inequality Workshop at ZEW Mannheim, the Economic Geography Workshop at the University of Jena, the V Workshop on Urban Economics at IEB, the SERC workshop at LSE, the annual meetings of Verein für Socialpolitik 2017, Urban Economics Association 2017, Royal Economic Society 2018, European Urban Economics Association 2018, AEA at ASSA 2019, the ESCP-TAU-UCLA Housing Conference Madrid 2019, and the Affordable Housing Workshop at Bank of Spain 2019. We are grateful for valuable comments and suggestions from Gabriel Ahlfeldt, Guillaume Chapelle, Jeffrey Cohen, Paul Cheshire, Richard Green, Christian Hilber, Mathias Hoffmann, Tim McQuade, Henry Overman, Christopher Palmer, Gary Painter, Johannes Rincke, Andrés Rodríguez-Pose, Tuukka Saarimaa, Kurt Schmidheiny, Olmo Silva, Nitzan Tzur, and Matthias Wrede. Part of this research was conducted while Andreas Mense was a Visiting Fellow at LSE. Andreas Mense thanks the London School of Economics for its hospitality. An earlier version of this paper circulated under the name Empirics on the Causal Effects of Rent Control in Germany. Byline: Andreas Mense [andreas.mense@iab.de] (a,c), Claus Michelsen [cmichelsen@diw.de] (b,*), Konstantin A. Kholodilin [kkholodilin@diw.de] (b)

Keywords Gun violence; Cost of crime; House prices; Offender registry; Revealed preferences; Willingness to pay Abstract This paper estimates the effects of crime risk on housing values. To estimate the causal effects, we rely on the introduction of the gun offender registry in Baltimore City, Maryland, that discloses the residences of ex-gun offenders to the public. Specifically, we exploit the changes in perceived crime risk after ex-gun offenders move into the neighborhoods. Our most conservative estimates indicate that houses within 0.1 miles from ex-gun offenders' residences experience an 8.0% decline in value ($12,632) after these ex-gun offenders move in. Additional results suggest that homeowners are responding out of fear of victimization as we do not observe significant increases in crimes following the relocation of ex-gun offenders into the neighborhoods. Author Affiliation: (a) Nanyang Technological University, Singapore (b) Georgia State University, Georgia * Corresponding author. Article History: Received 13 January 2021; Revised 25 November 2022; (footnote)[white star] We would like to thank the editor, Stuart Rosenthal, and the two anonymous referees for their useful comments to improve the paper. We would also like to express our gratitude to Baltimore Police Department for allowing access to the Baltimore gun offender registry. This paper is previously circulated as 'The cost of gun crime: evidence from Gun Offender Registry on housing values'. Byline: Cheng Keat Tang [c.k.tang@ntu.edu.sg] (*,a), Thao Le [tle116@gsu.edu] (b)

Keywords Storms; India; Firms; Capital Abstract The number and strength of climate-change-related disasters is increasing, and developing countries are bearing most of the brunt. In this paper we study how firms react to tropical cyclones in India. Using a panel of manufacturing firms between 1995 and 2006 and cyclone data from the National Oceanic and Atmospheric Administration, we find that the average cyclone destroys 2.2% of a firm's fixed assets and decreases its sales by 3.1%. The impacts of the average cyclone are temporary and disappear after one year. Focusing on the heterogeneity of these results by firm and industry quality, we also find that capital and sales reallocate toward better-performing industries. Within industry, firm quality only matters for the response of sales. Author Affiliation: (a) Department of Economics, Université de Sherbrooke, 2500 Blvd de l'Université, Sherbrooke, Q.C., Canada (b) CIREQ, CIRANO, and GREDI, Canada (c) Department of Economics, University of Bern, Schanzeneckstrasse 1, Bern 3001, Switzerland (d) Department of Economics, Ryerson University, 350 Victoria Street, Toronto, ON M5B 2K3, Canada (e) European Department, International Monetary Fund, 1900 Pennsylvania Ave NW, Washington, DC, United States * Corresponding author at: Department of Economics, Université de Sherbrooke, 2500 Blvd de l'Université, Sherbrooke, Q.C., Canada. Article History: Received 24 November 2021; Revised 18 November 2022; (footnote)[white star] We owe a big debt of gratitude to two anonymous referees for their valuable feedback, and especially the Editor, Edward Glaeser for his guidance and comments that significantly improved the paper. We are grateful to the Social Sciences and Humanities Institutional Grant at Ryerson University, the Groupe de Recherche en Economie et Développement International (GREDI), the Social Sciences and Humanities Research Council (SSHRC, grant number 039367), and the Swiss National Foundation (SNF, grant number 100018_192553) for their financial support. We thank, without implicating them, Sylvie Berthelot, Antoine Gervais, Julien Martin, Brandon Schaufele, Eric Strobl, and seminar participants at the World Bank, South Asian University, Université du Québec à Montréal, Université de Rennes 1, the 15th Annual Conference on Economic Growth and Development (New Delhi), the European Economic Association Meeting 2020, and the Meeting of the Association of Environmental and Resource Economists (AERE) 2021 for helpful comments and suggestions. Angélique Bernabe, Yira Constantin Dembélé, Boubacar Diop, and Moise Nken provided outstanding research assistance. The views expressed in this paper do not necessarily represent the views of the IMF, its executive board, or IMF management. Byline: Martino Pelli [Martino.Pelli@USherbrooke.ca] (a,b,*), Jeanne Tschopp [jeanne.tschopp@unibe.ch] (c), Natalia Bezmaternykh [natalia.bezmaternykh@ryerson.ca] (d), Kodjovi M. Eklou [keklou@imf.org] (e)

Keywords Tax enforcement; Tax evasion; Local taxes; Tax progressivity Highlights * I study the impact of stricter tax enforcement on local taxes set by Italian municipalities. * I take advantage of cross-municipality variation in stricter tax enforcement generated by the Ghost Buildings Program. * Stricter tax enforcement raises statutory tax progressivity on both income and property tax rates. * Larger tax collections increase public spending. Abstract In contexts with weak enforcement, the threat of tax evasion may constrain policy makers' power to set tax policies optimally. This paper studies whether stricter tax enforcement affects the tax schedule set by local governments. I take advantage of an Italian policy that generated cross-municipality variation in the scope for tackling income and property tax evasion through stricter tax enforcement. Combining an event-study design with municipality-level panel data on statutory tax rates, I show that stricter tax enforcement tips the balance in favor of higher marginal tax rates for middle and top incomes, while the poor benefit of a lower marginal tax rate. The tax hike is larger in places with higher pre-program inequality and where intrinsic tax compliance attitudes are weaker. As a result of higher tax revenue, municipalities hire more workers and raise public spending. These results suggest that tax enforcement policies have not only the power to foster tax capacity, but also to enhance the ability to pursue redistributive policies. Author Affiliation: University of Lausanne, Department of Economics and Business, Switzerland Article History: Received 22 April 2022; Revised 23 January 2023; Accepted 23 January 2023 (footnote)[white star] I would like to thank the editor, Ricardo Perez-Truglia, for his guidance and three anonymous reviewers for their helpful comments. The paper also benefited from discussions and comments from Mike Brewer, Marius Brülhart, Ben Meiselman, Andreas Mueller, Alari Paulus, Morten Ravn, Emmanuel Saez, Ugo Troiano and participants at TARC Conference (University of Exeter, April 2019), Shadow Economy Conference (University of Trento, July 2019), NTA Conference (Tampa, November 2019), University of Essex (February 2020), IIPF virtual Conference (August 2020), EEA virtual Congress (August 2020), SIEP Conference (September 2021) for providing constructive comments. Thanks also to Franco Maggio and Giovanni Reina from the Internal Revenue Agency (Agenzia delle Entrate) and Pasquale Recano from the Ministry of Interior (Ministero dell' Interno) for data assistance. All errors are mine. Byline: Enrico Rubolino [enrico.rubolino@unil.ch]

Keywords Measuring sentiment; Machine learning; Earnings calls; 10-Ks; WSJ Abstract Our paper relies on stock price reactions to colour words, in order to provide new dictionaries of positive and negative words in a finance context. We extend the machine learning algorithm of Taddy (2013), adding a cross-validation layer to avoid over-fitting. In head-to-head comparisons, our dictionaries outperform the standard bag-of-words approach (Loughran and McDonald, 2011) when predicting stock price movements out-of-sample. By comparing their composition, word-by-word, our method refines and expands the sentiment dictionaries in the literature. The breadth of our dictionaries and their ability to disambiguate words using bigrams both help to colour finance discourse better. Author Affiliation: (a) University of Colorado Boulder, United States (b) Southern Methodist University, United States (c) Norwegian School of Economics, Norway * Corresponding author. Article History: Received 9 December 2021; Revised 15 November 2022; Accepted 17 November 2022 (footnote)[white star] Dimitris Papanikolaou was the editor for this paper. We thank Simona Abis (discussant), Will Cong, Tony Cookson, Gerard Hoberg (discussant), Byoung-Hyoun Hwang (discussant), Jim Martin, David Stolin (discussant), Chenhao Tan, and Brian Waters for comments on an early draft, as well as seminar participants at Indiana University, INSEAD, the CU Boulder CS-NLP lab, the CU Boulder Finance division, the FutFinInfo webinar, NHH Finance brown bag, the 2021 FMA conference, the 2021 SFS Cavalcade, The Third Toronto Fintech Conference, the 2020 European Finance Association meetings, and the Michigan State University Fall 2019 conference. This work utilized the RMACC Summit supercomputer, which is supported by the National Science Foundation (Awards ACI-1532235 and ACI-1532236), the University of Colorado Boulder, and Colorado State University. The Summit supercomputer is a joint effort of the University of Colorado Boulder and Colorado State University. Byline: Diego García [http://leeds-faculty.colorado.edu/garcia/] (*,a), Xiaowen Hu [https://www.smu.edu/cox/Our-People-and-Community/Faculty/Xiaowen-Hu] (b), Maximilian Rohrer [https://www.maxrohrer.com] (c)

Keywords Unique equilibrium; Constant relative risk aversion; Higher-order price effect; Quasi-convex demand; Law of demand Highlights * This paper investigates the uniqueness of equilibrium in the economy with heterogenous CRRA preferences. * Individual demand has a unique inflection point at which the income effect maximally dominates the substitution effect. * Equilibrium prices exist in the price range determined by individuals' autarkic economies and two representative-agent economies. * Equilibrium uniquely exists if each individual demand is locally convex at the upper bound of the equilibrium price range. * Aggregate demand may have multiple inflection points, which can lead to multiple equilibria. Abstract This paper investigates the uniqueness of equilibrium in the economy where agents have preferences with possibly distinct levels of relative risk aversion. Equilibrium prices exist in a price range determined by micro and macroeconomic information. Macroeconomic information is inferred from two representative-agent economies, which provide lower and upper bounds on aggregate demand, respectively. Analysis of the first and second-order price effects shows that individual demand has a unique inflection point at which the income effect maximally dominates the substitution effect. In contrast, aggregate demand may have multiple inflection points, which creates multiple equilibria. Sufficient conditions for the uniqueness of equilibrium are characterized by the local behavior of individual demand at the inflection point. They require that aggregate demand must have no more than two inflection points in the equilibrium price range. The result of this paper sheds light on the Sonnenschein-Mantel-Debreu theory that has negative implications for the uniqueness of equilibrium. Author Affiliation: School of Business, Ajou University, 206 World cup-ro, Yeongtong-gu, Suwon 16499, South Korea Article History: Received 6 January 2021; Revised 24 December 2022; Accepted 4 January 2023 Byline: Dong Chul Won [dcwon@ajou.ac.kr]

Keywords Dominant strategy mechanism design; Contingent delegation; Adaptation; Coordination Abstract This paper investigates a two-agent mechanism design problem without transfers, where the principal must decide one action for each agent. In our framework, agents only care about their own adaptation, and any deterministic dominant incentive compatible decision rule is equivalent to contingent delegation: the delegation set offered to one agent depends on the other's report. By contrast, the principal cares about both adaptation and coordination. We provide sufficient conditions under which contingent interval delegation is optimal and solve the optimal contingent interval delegation under fairly general conditions. Remarkably, the optimal interval delegation is completely determined by combining and modifying the solutions to a class of simple single-agent problems, where the other agent is assumed to report truthfully and choose his most preferred action. Author Affiliation: (a) Department of Economics, Yale University, United States of America (b) China Center for Economic Research, National School of Development, Peking University, China (c) Guanghua School of Management, Peking University, China * Corresponding author. Article History: Received 15 June 2021; Revised 5 October 2022; Accepted 24 December 2022 (footnote)[white star] We thank the editor, Tilman Börgers, an associate editor, and three anonymous referees for their insightful comments and suggestions, which have greatly improved the paper. We are very grateful for helpful comments from Dirk Bergemann, Marina Halac, Johannes Hörner, Matthew Knudson, Heng Liu, and Shuo Liu. We also thank the seminar participants at Peking University, Yale, YES at Columbia, CCER Summer Institute, and the 2022 Conference on Mechanism and Institution Design for helpful comments. Ju Hu and Xi Weng acknowledge the financial support of the NSFC (Grant Nos. 72273007, 71973002, 72192843 and 72225001). This work was also supported by Ant Group. The authors are listed in alphabetical order and contribute equally to the article. All remaining errors are ours. Byline: Tan Gan [tan.gan@yale.edu] (a,*), Ju Hu [juhu@nsd.pku.edu.cn] (b), Xi Weng [wengxi125@gsm.pku.edu.cn] (c)

Keywords Rational inattention; Spectral analysis; Foresight Abstract This paper solves a dynamic rational inattention problem by formulating it in the frequency domain. The main result is a rational inattention version of the classical Wiener-Kolmogorov filter. This filter permits an infinite-dimensional state vector, provides a new line of attack for obtaining closed-form solutions, and can be implemented numerically using a simple iterative algorithm. The frequency-domain approach also sheds new light on why rational inattention produces forward-looking behavior: inattentive agents are willing to accept more uncertainty about the timing of disturbances in exchange for less uncertainty about fluctuations at the most important frequencies. Author Affiliation: Department of Economics, Duke University, 419 Chapel Drive, Durham, NC 27708, United States of America Article History: Received 30 December 2021; Revised 23 December 2022; Accepted 30 December 2022 (footnote)[white star] I would like to thank Hassan Afrouzi, Anna Bykhovskaya, Ryan Chahrour, Victoria Kostina, Andrea Lanteri, Andrew Patton, Galen Reeves, and Mirko Wiederholt for helpful comments, Ian Lee for research assistance, and the Pinetops Foundation for financial support during part of the time this paper was being written. Byline: Kyle Jurado [kyle.jurado@duke.edu]

Keywords Rational inattention; Information acquisition; DDM models Abstract Decisions take time, and the time taken to reach a decision is likely to be informative about the cost of more precise judgments. We formalize this insight using a dynamic model of optimal evidence accumulation. We provide conditions under which the resulting belief dynamics resemble either diffusion processes or processes with large jumps. We then consider the in which discounting effects are small relative to the opportunity cost of time, and show that the state-contingent choice probabilities predicted by our model are identical to those predicted by a static rational inattention model, providing a micro-foundation for such models. In the diffusion case, our model provides a normative foundation for a variant of the drift-diffusion model from mathematical psychology. Author Affiliation: (a) Stanford University, United States of America (b) Columbia University, United States of America * Corresponding author. Article History: Received 25 March 2020; Revised 13 January 2023; Accepted 16 January 2023 (footnote)[white star] The authors would like to thank Mark Dean, Sebastian Di Tella, Mira Frick, Xavier Gabaix, Matthew Gentzkow, Mike Harrison, Emir Kamenica, Divya Kirti, Jacob Leshno, Stephen Morris, José Scheinkman, Ilya Segal, Ran Shorrer, Joel Sobel, Miguel Villas-Boas, Ming Yang, and participants at the Cowles Theory conference, 16th SAET Conference, Barcelona GSE Summer Conference on Stochastic Choice, Stanford GSB research lunch, 2018 ASSA meetings, UC Berkeley theory seminar, and UC San Diego theory seminar for helpful discussions on this topic, Tianhao Liu and Oliver Xie for excellent research assistance, and the NSF (grant no. 1426168) for research support. We would particularly like to thank Philipp Strack and Doron Ravid for discussing an earlier versions, and Simon Kelly for sharing data from . We would also like to thank the editor (Pietro Ortoleva), associate editor, and six anonymous referees for their constructive feedback. Portions of this paper circulated previously as the working papers 'Rational Inattention with Sequential Information Sampling,' 'Rational Inattention in Continuous Time,' and 'Information Costs and Sequential Information Sampling,' and appeared in Benjamin Hébert's Ph.D. dissertation. All remaining errors are our own. Byline: Benjamin Hébert [bhebert@stanford.edu] (a,*), Michael Woodford [mw2230@columbia.edu] (b)

Keywords Shadow economy; Business cycles; DGE models; Institutions Abstract We use a two-sector dynamic deterministic general equilibrium model that specifically accounts for trends among time-series variables to estimate the size of the shadow economy for the 50 U.S. states from 1999 to 2019, following Solis-Garcia and Xie (2018, 2022). This paper improves on existing measures of the state-level shadow economy (such as the multiple indicators, multiple causes (MIMIC) methodology by Wiseman (2013a)). In particular, this new measure is based on theoretical foundations, extends the previous measure to include the Great Recession, includes dollar value estimates of the shadow economy, and produces considerably more variation over time and across states. Furthermore, we explore determinants of this new shadow economy measure using a panel vector autoregressive model and find that, on average, states with higher levels of economic freedom, lower regulatory barriers, and larger real GDP have smaller shadow economies. States with bigger governments, on average, have larger shadow economies, and the effect of corruption on shadow economic activity is non-linear, with a positive initial and subsequent negative impact. Author Affiliation: (a) Dickinson College, United States of America (b) Eastern Michigan University, United States of America (c) Macalester College, United States of America * Corresponding author. Article History: Received 2 September 2022; Revised 14 December 2022; Accepted 15 December 2022 (footnote)1 Contributed equally to the paper. Byline: Emily C. Marshall (a,1), James Saunoris [jsaunori@emich.edu] (b,*,1), Mario Solis-Garcia (c,1), Trang Do (a)

Keywords Swiss franc peg; Exchange rate regime; Exchange market pressure; Central bank solvency; Central bank capital Highlights * We model a central bank implementing a peg to prevent its currency from appreciating * We show how negative equity concerns can make a central bank exit such a peg early * We build an exchange market pressure model fitting to the Swiss central bank reality * We estimate counterfactuals on the SNB financial loss had it broken its peg later * The ECB QE policy would have made a later regime shift result in a negative equity Abstract We analyze how financial constraints can weigh on a central bank's decision to exit a temporary currency peg, such as the one put in place in Switzerland between 2011 and 2015. We show that negative equity or insolvency concerns can force a central bank to exit such a peg earlier than it would have done absent such concerns. We detail under which conditions such reasoning can apply for a traditional inflation-averse central bank. We then build an exchange market pressure model fitting with current peg reality to forecast both the central bank future bond holdings under a peg as well as its future losses. Applying our model to the Swiss franc peg, we show that negative equity concerns could have motivated the Swiss central bank early and puzzling peg exit in 2015, thereby providing a potential explanation for the 'Frankenshock'. ECB QE policy appears as a potential key driver of this decision. Author Affiliation: (a) University of Minho, NIPE, Portugal (b) Université de Poitiers, CRIEF, Department of Economics, France * Corresponding author. Article History: Received 24 November 2022; Revised 8 December 2022; Accepted 16 December 2022 (footnote)[white star] We thank Ricardo Reis for useful comments and for having motivated this paper, Peter Stella for fruitful interactions on the topic addressed in this paper, Christian Bordes, Franc Klaassen and Olivier Blanchard for helpful discussions on the EMP model built in this paper, Christiaan Van der Kwaak (who contributed to the beginning of this paper), Quentin Vandeweyer, Anne-Gaël Vaubourg, Miklos Vari, Matthieu Picault, Sophie Brana, Jean-Bernard Chatelain and Thomas Renault, as well as Rolf Poulsen and his co-authors for providing us with their data. We thanks the participants to AFSE 2016, INFER 2017, and Crief conferences for useful comments and suggestions. This paper is financed by National Funds of the FCT -- Portuguese Foundation for Science and Technology within the project UIDB/03182/2020. Byline: Julien Pinter [julien.pinter@gmail.com] (a,*), Marc Pourroy [marc.pourroy@univ-poitiers.fr] (b)

Keywords Bailout; Contagion; Financial regulation; Monetary policy Abstract This paper uses a theoretical model to analyze the optimal combination of monetary response (lowering of interest rates) and fiscal bailouts in preventing bank failures and financial contagion. I show that the optimal way of rescuing failing banks is to combine the two. This is because lower interest rates reduce the size of the bailout required to rescue failing banks as they reduce the cost for banks to raise and retain deposits. The main result of the paper is that banks are willing to monitor their investments more closely when they anticipate a monetary response in addition to bailouts in case of a banking crisis. Additionally, capital requirements such as the Basel Accords do not always incentivize banks to monitor their investments if there is a potential contagion from unhealthy to healthy banks. Author Affiliation: Department of Economics and Finance, Eastern Connecticut State University, 227E Communications Building, Eastern Connecticut State University, Willimantic, CT 06226, United States Article History: Received 8 March 2022; Revised 25 December 2022; Accepted 28 December 2022 (footnote)1 I would like to thank Karl Shell, Yu Zhang, Brendan Cunningham, and my colleagues at Eastern Connecticut State University for their helpful comments and suggestions. I would also like to acknowledge the funding and support from the Department of Economics and Finance at Eastern Connecticut State University . Byline: Khai Zhi Sim [simk@easternct.edu] (1)

Keywords Endogenous economic policy; Political economy; Institutions; Interest groups; Economic development Abstract This paper uses a political economy perspective to study the endogenous formation of economic policies and its interplay with political institutions. This paper provides a novel view that both the institutions and economic development status are essential factors in endogenously determining economic policies. The model aims to explain both the differences in the degree of adopting industrial policies as well as the differences in the types of industrial policies being implemented. Using a concise framework with two country-specific characteristics, the baseline model can capture three main types of industrial policy platforms of interest. In a country where voters' political awareness is positively skewed and press freedom is relatively low, pro-heavy industry policies would be present most of the time; South Korea is representative of this type of countries. In a country where voters' political awareness is positively skewed and press freedom is relatively high, there is usually an active industrial policy, though the target of the policy changes over time. Specifically, the policy is favoring the industry of which the industry-specific TFP is relatively high; Japan is representative of this type of countries. In a country where voters' political awareness is negatively skewed and press freedom is relatively high, there is usually no active industrial policy; the U.S. is representative of this type of countries. Author Affiliation: Institute of Economics, Academia Sinica, 128 Academia Road, Section 2, Nangang, Taipei 115, Taiwan Article History: Received 6 September 2022; Revised 27 December 2022; Accepted 28 December 2022 (footnote)[white star] I thank Jang-Ting Guo, Chien-Chiang Wang, Ping Wang, and audiences at Academia Sinica and the CEANA annual conference for comments. Errors are my own. Financial support from Ministry of Science and Technology in Taiwan (MOST 106-2410-H-001-104-MY2) is gratefully acknowledged. Byline: Wan-Jung Cheng [wjcheng@econ.sinica.edu.tw]

Keywords Wealth inequality; Monetary policy; State dependence Abstract We provide evidence that higher wealth inequality between households is associated with stronger real effects of monetary policy. First, we use state-dependent local projections to show that the US and the UK exhibited stronger real effects of monetary policy in times of higher wealth inequality. Second, we measure wealth inequality within US states and document that economic activity responds more strongly to interest rate changes in states where wealth is distributed more unequally. Third, we show that ECB monetary policy has stronger real effects in Euro Area countries with higher wealth inequality. Author Affiliation: (a) University of Konstanz, Department of Economics, Germany (b) Deutsche Bundesbank, Germany * Corresponding author. Article History: Received 8 June 2022; Revised 21 October 2022; Accepted 3 November 2022 (footnote)[white star] We thank Klaus Adam, Matthias Gnewuch, Tom Krebs, Matthias Meier, Daniel Runge and participants at the Mannheim Macro Seminar, the EEA Annual Congress 2018, and the International Congress CEF 2018 for useful comments and discussions. The views expressed in this paper are those of the authors. They do not necessarily coincide with the views of the Deutsche Bundesbank or the Eurosystem. This paper uses data from the Eurosystem Household Finance and Consumption Survey. The results published and the related observations and analysis may not correspond to results or analysis of the data producers. This paper is based on Chapter 2 of A. Matusche's dissertation 'Essays on Macroeconomic Policy' and on Chapter 2 of J. Wacks' dissertation 'Essays on Macroeconomics and Inequality', both written at the University of Mannheim. J. Wacks gratefully acknowledges funding by the foundation 'Geld und Währung, Germany'. Both authors gratefully acknowledge funding by the Graduate School of Economic and Social Sciences at the University of Mannheim . Byline: Alexander Matusche [alexander.matusche@uni-konstanz.de] (a), Johannes Wacks [johannes.wacks@bundesbank.de] (b,*)

Keywords Divisia aggregates; Flexible functional forms; Normalized quadratic system Abstract This paper uses neoclassical demand theory to calculate the welfare costs of inflation. It considers the demand interactions between money, consumption goods, and leisure, relaxes the assumption of fixed consumer preferences, and addresses the inter-related problems of estimation of money demand functions, instability of money demand relations, and monetary aggregation. It makes full use of the relevant economic theory and econometrics and generates inference in terms of long-run welfare costs of inflation that is internally consistent with the data and models used. Author Affiliation: (a) Department of Economics, University of Calgary, Calgary, Alberta T2N 1N4, Canada (b) Department of Economics, Lakehead University, Thunder Bay, Ontario P7B 5E1, Canada * Corresponding author. Article History: Received 22 May 2022; Revised 31 October 2022; Accepted 13 December 2022 (footnote)[white star] We would like to thank the Editor, William Lastrapes, and an anonymous referee for comments that greatly improved the paper. Byline: Apostolos Serletis [Serletis@ucalgary.ca] (a,*), Libo Xu (b)

Keywords DSGE model; Yield curve; Housing; Regime switching; Nominal rigidities; Adjustment costs Abstract The slope of the yield curve has long been found to be a useful predictor of future economic activities, but the relationship is unstable. One change we have identified in this paper is that, between the early 1990s and the collapse of the housing market in 2007, movements at the long end of the yield curve have an increase in predictive power. We use a medium-scale DSGE model with a housing sector and a yield curve as a guide to find out the sources of such change. The model implies that an increase in the short-term interest rate and a decrease in the long-term interest rate have different impacts on the economy, and to use the slope as a predictor one needs to distinguish movements at the two ends of the yield curve. Based on simulated data from the model, we find that nominal wage rigidities and the capital adjustment costs are closely related to the predictive power of the yield curve. This result is further confirmed with actual data. Author Affiliation: (a) Department of Economics and Finance, University of Texas at El Paso, United States of America (b) Department of Economics, Virginia Tech, United States of America * Corresponding author. Article History: Received 17 December 2021; Revised 28 July 2022; Accepted 14 November 2022 (footnote)[white star] The authors would like to thank Dr. Marco Del Negro for his valuable comments on an earlier version of this paper. We are also grateful for the insightful comments and suggestions made by the Editor, Dr. David VanHoose, and three anonymous referees. Byline: Xiaojin Sun [xsun3@utep.edu] (a), Kwok Ping Tsang [byront@vt.edu] (b,*)

Keywords Long-term uncertainty; Prediction interval; Unobserved components; State-space models Abstract We propose a practical approach to measuring the uncertainty of long-term economic projections. The presented method quantifies the uncertainty of economic variables by using simulations from a multivariate unobserved components model in which variables are formulated as sums of stationary and nonstationary components. The method captures the correlations between both the stationary and nonstationary components of the variables and offers a seamless analysis of short- and long-term uncertainty. Experiments on artificial data demonstrate that, despite its simplicity, the method performs fairly well compared with alternative methods in terms of long-term predictive accuracy and coverage. Author Affiliation: (a) Congressional Budget Office, Washington, DC 20515, United States of America (b) International Monetary Fund, Washington, DC 20431, United States of America * Corresponding author. Article History: Received 14 October 2022; Revised 24 December 2022; Accepted 28 December 2022 (footnote)[white star] The views expressed here should not be interpreted as CBO's. The views expressed in this paper are those of the authors and do not necessarily represent the views of the IMF, its Executive Board, or IMF management. We are grateful to Bruce E. Hansen of the University of Wisconsin, Lars Hansen of the University of Chicago, Ulrich Müller of Princeton University, James Stock of Harvard University, and David Wilcox of the Peterson Institute for International Economics for valuable comments. We also benefited greatly from comments by William Lastrapes, Molly Dahl, Mark Doms, Wendy Edelberg, John Kitchen, Jeffrey Kling, Rebecca Lanning, Julie Topoleski, Jeffrey Werling, and members of CBO's staff. An earlier working paper version was circulated under the title 'Quantifying the Uncertainty of Long-Term Economic Projections' (CBO Working Paper, 2022-07). Byline: Ufuk Devrim Demirel [devrimd@cbo.gov] (a,*), James Otterson [jotterson@imf.org] (b)

Keywords Entrepreneurship research; Literature review; Bibliometrics; Bibliographic coupling analysis (BCA); Social network analysis (SNA); Bibliometrix Highlights * In this paper, we apply bibliometric methods to analyze and characterize the research on entrepreneurship. * 5,393 papers containing 470,262 cited references were analyzed. * 16 different research fronts were identified through BCA and SNA. * The paper provides a visualization of current research in the field. * The results also identify the most active and influential authors, institutions, articles, and journals in the field. Abstract Entrepreneurship is a highly dynamic and fast-growing academic research field with a long intellectual tradition. It attracts scholars with different backgrounds and theoretical frameworks, and with different levels of analyses and methodological orientations. But where is the field headed next? What is going on in entrepreneurship research? The purpose of this paper is to take stock of the current research in the field, to map it using bibliometric methods and social network analysis (SNA), and to offer directions for future research. Bibliographic coupling analysis (BCA) is used in this study, due to its ability to unveil current trends and future priorities as they are reflected at the forefront of research (i.e., active research fronts). Data were collected from the WoS, comprising 5,393 peer-reviewed journal articles published in 273 journals and containing 470,262 cited references. The results provide an overall perspective of the research in the field, identifying 16 different research fronts. We believe that this study significantly contributes to the entrepreneurship field by revealing the advancement of the literature and some of the most active research fronts in this domain, providing insights not previously fully grasped or evaluated by previous literature reviews. Author Affiliation: Department of Management, University of Alicante, P.O. Box 99, ES E-03080 Alicante, Spain * Corresponding author. Article History: Received 16 June 2022; Revised 22 December 2022; Accepted 26 December 2022 Byline: Francisco García-Lillo [f.garcia@ua.es] (*), Pedro Seva-Larrosa, Eduardo Sánchez-García

Keywords Digital servitization; Industry 4.0; Digital technologies; Product-service systems; Business model innovation; Systematic literature review Highlights * Industry 4.0 enable firms to transition from servitization to digital servitization. * Firms need to build different dynamic capabilities (DCs) for the transition. * The study identifies and maps the DCs and microfoundations to guide the transition. * The study identifies the key challenges and enablers for the transition. * The study proposes an integrated framework with DCs, key challenges, and enablers. Abstract Many manufacturing companies are adopting servitization as a competitive business strategy to offer product-service combinations. The ongoing shift to digitalization and Industry 4.0 provides novel opportunities and benefits to industrial firms in this regard, and researchers termed the adoption of digital technologies to servitization as 'digital servitization'. In order to successfully transition towards digital servitization, fundamental reconfiguration of resources, organizational structures, work practices, infrastructure, culture, etc. are required. Hence, this paper performs a systematic literature review on prior studies covering dynamic capabilities for servitization and digital servitization. The purpose is to identify and compare the dynamic capabilities needed to facilitate a transition from 'traditional' servitization to digital servitization. In doing so, this paper presents an integrated framework of dynamic capabilities to enable digital servitization, providing 22 micro-foundations for servitization and digital servitization, as well as the key challenges and enablers related to the transition from one to the other. Abbreviations DC, Dynamic capability; RBV, Resource-based view; SLR, Systematic literature review Author Affiliation: (a) Digital and Circular Industrial Services Research Group, School of Innovation, Design and Engineering, Mälardalen University, Box 325, 631 05 Eskilstuna, Sweden (b) Department of Management and Law, University of Rome Tor Vergata, 00133 Rome, Italy (c) School of Social Sciences, Södertörns University, 141 89 Huddinge, Sweden * Corresponding author. Article History: Received 17 June 2022; Revised 5 January 2023; Accepted 7 January 2023 Byline: Koteshwar Chirumalla [koteshwar.chirumalla@mdu.se] (a,*), Luna Leoni [luna.leoni@uniroma2.it] (b), Pejvak Oghazi [pejvak.oghazi@sh.se] (c)

Keywords Crowdfunding; Backer-venture relationship; Psychological ownership; Psychological disownership; Qualitative research; Netnography Highlights * Targets of backers' PO are an amalgam of the product, creator(s), and fellow backers. * Backers' feelings of PO are not static but can evolve and change over time. * Backers can feel psychological disownership (PD) in response to a perceived violation. * Routes to PO and PD are developed in this paper inductively though netnography and interviews. * Backers of non-equity crowdfunding projects can come to feel psychological ownership (PO) Abstract Crowdfunding backers can develop psychological connections with reward-based crowdfunded ventures and provide product development feedback, brand evangelism, and legitimacy, before, during, and after crowdfunding campaigns. Yet how backers form psychological connections to ventures and how these connections change over time remains understudied. Through netnographic inquiry of 3,759 comments from 828 backers on the Oculus Kickstarter forum and interviews with 19 backers, this paper shows how backers come to feel a sense of psychological ownership through investment of self, feelings of efficacy, and intimate knowing. The paper then advances this line of inquiry by theoretically and empirically developing psychological disownership, which entails backers disavowing a once psychologically owned target in response to a perceived violation. Psychological disownership manifests through breach of trust, disillusionment, loss of identity, and loss of efficacy. Finally, the paper offers several avenues for future research on backer-venture relationships in crowdfunding and actionable insights for crowdfunding project creators. Author Affiliation: (a) Management & Entrepreneurship Department, Sawyer Business School, Suffolk University, 73 Tremont St. Boston, MA 02108, USA (b) Sprott School of Business, Carleton University, 125 Colonel By Drive, 5054 Nicol Building, Ottawa, ON K1S 5B6, Canada (c) Marketing Department, Sawyer Business School, Suffolk University, 73 Tremont St., Boston, MA 02108, USA * Corresponding author. Article History: Received 4 February 2022; Revised 19 August 2022; Accepted 10 January 2023 (footnote)1 All authors contributed equally. Byline: M. Nesij Huvaj [mnhuvaj@suffolk.edu] (a,1,*), Aron Darmody [arondarmody@cunet.carleton.ca] (b,1), Robert S. Smith [rssmith@suffolk.edu] (c,1)

Keywords Digitalization; Customer journey; Touchpoints; Business-to-Business Abstract This paper explores the digitalization of business-to-business (B2B) customer journeys, which is recognized as a top research priority, but one that has not yet received substantial academic attention. Due to their complexity, customer journeys are particularly relevant in B2B settings, and this is further emphasized through the increasing use of digital technologies. This paper identifies three key dimensions of B2B customer journeys that are influenced by digitalization. These are the digitalization of touchpoints (i.e., adding digital touchpoints and transforming or facilitating touchpoints), the change of roles in digitalized journeys (i.e., introducing new roles, activating customers, and emphasizing collectivity), and the digitalization of the overall process (i.e., extending, enhancing, and supporting the process). The research is based on an in-depth case study of a B2B firm and four customers. Insights from the research add to the customer journey literature through the exploration of digitalized B2B customer journeys, providing guidance for academics and practitioners. Author Affiliation: Linköping University, 581 83 Linköping. Sweden * Corresponding author. Article History: Received 28 December 2021; Revised 28 December 2022; Accepted 31 December 2022 Byline: Lisa Lundin [lisa.lundin@liu.se], Daniel Kindström [daniel.kindstrom@liu.se] (*)

Keywords Business model design; Sharing economy; Fashion and accessories sharing; Qualitative-empirical research; Case studies; Customer research Abstract The sharing economy has become a major topic of interest for researchers during the last decade. Especially parts of the sharing economy such as carsharing or accommodation sharing and the design of business models firms employ in this realm have been widely analyzed. However, other parts of the sharing economy did by now not make their way into the spotlight of research. In this paper, the focus is set on the sharing of fashion and accessories. Against the background of a two-step multiple-case study based on interviews with representatives of 14 case firms as well as open interviews with 102 customers of these case firms, we uncover, characterize, and categorize the business model design employed by these firms and also gain insights into the customer perception of the established business model designs. The results show that the employed business models considerably differ in terms of the value proposition, but are very much alike related to value creation and especially value delivery as well as value capture. Furthermore, customers mainly base their decision on accepting a firm offering on the provided value proposition. Linking the main findings, this paper provides new and interesting insights into the aspect of trust in sharing-focused settings and the roles greenwashing and social washing play in this realm. Author Affiliation: (a) Rector & Distinguished Research Professor for Management, esp. Digital Business Models, media Akademie -- Hochschule Stuttgart (mAHS), Tuebinger Str. 12-16, D-70178 Stuttgart, Germany (b) Department of Economics and Social Sciences, Universitat Politècnica de València, Facultad de Administración y Dirección de Empresas, Camí de Vera S/N, 46022 Valencia, Spain (c) Department of Spanish and International Economics, University of Granada, Facultad de Ciencias Económicas y Empresariales, Campus Universitario de Cartuja, 18011 Granada, Spain * Corresponding author. Article History: Received 19 July 2022; Revised 23 December 2022; Accepted 30 December 2022 Byline: Sven M. Laudien [laudien@media-hs.de] (a,*), José Manuel Guaita Martínez [jogumar@esp.upv.es] (b), José María Martín Martín [martinmartin@ugr.es] (c)

Keywords Knowledge withholding; Knowledge hiding; Knowledge hoarding; Knowledge disengagement; Knowledge sharing hostility; Knowledge contribution loafing; Systematic literature review; Content analysis Abstract Knowledge withholding (KW) is a relatively recent multidimensional construct in the knowledge management literature. A diverse and polymathic series of studies has aimed to understand the conceptual and empirical inconsistencies associated with KW. Based on a systematic literature review, in this paper, we examine and discuss theoretical backgrounds, antecedents, consequents, and methodological choices related to KW research by reviewing papers published between 2000 and 2021. Results show differences between KW-related constructs, namely knowledge hiding and knowledge hoarding, offering an integrative view of the phenomena. Findings clarify differences between KW constructs. This paper also offers insight into future research directions related to KW by elaborating on identified inconsistencies and gaps. Our work contributions include an overview and clarification of the KW research agenda, proposing a comprehensive analytic framework that aims to guide future research and serve practical implications. Author Affiliation: (a) ADVANCE/CSG -- ISEG, Universidade de Lisboa, Portugal (b) Escola de Negócios, Pontifícia Universidade Católica do Rio Grande do Sul, Porto Alegre, Brazil * Corresponding author at: Rua Miguel Lupi, 20, 1200-725 Lisboa, Portugal. Article History: Received 11 June 2022; Revised 21 December 2022; Accepted 23 December 2022 Byline: Tiago Gonçalves [tiago.goncalves@aln.iseg.ulisboa.pt] (a,*), Carla Curado (a), Mírian Oliveira (a,b)

Keywords Moderated Regression Model; Main Effects; Interaction Effect; Simple Slopes; Cross-over Values Highlights * The interaction effect remains fixed in alternative moderated regression models (MRMs). In contrast, the main effects may change in alternative MRMs. * It is common to examine moderation effects with the interaction effect only, although the main effects include useful information. * This paper proposes a new MRM decomposing the main effects into orthogonal components and correlated components. * The two components allow one to interpret the main effects separated from the interaction effect and to assess the degree to which the main effects are correlated with the interaction effect. Abstract Previous research has used alternative moderated regression models (MRMs) (e.g., mean-centered MRM) to examine the interaction effect. The interaction effect remains fixed in alternative MRMs. In contrast, the main effects may change in alternative MRMs. Thus, it is common to examine moderation effects with the interaction effect only, although the main effects include useful information. This paper proposes a new MRM with which one can examine and interpret the main effects as well as the interaction effect meaningfully. The new MRM allows one to examine the effects of original predictors. Furthermore, it decomposes main effects into orthogonal components and correlated components. One may examine orthogonal components as the main effects separated from the interaction effect. In addition, one may examine correlated components to assess the degree to which the main effects are correlated with the interaction effect. Author Affiliation: (a) Department of Business Administration, Jeonbuk National University, South Korea (b) College of Business Administration, Seoul National University, 1 Gwanak-ro, Gwanak-gu, Seoul 08826, South Korea * Corresponding author. Article History: Received 21 May 2022; Revised 16 December 2022; Accepted 19 December 2022 (footnote)[white star] This research is supported by the Institute of Management Research at Seoul National University. Byline: Sang-June Park [psj@jbnu.ac.kr] (a), Youjae Yi [youjae@snu.ac.kr] (b,*)

Keywords COVID-19; Public health measures; Face masks; Regression discontinuity Abstract We quantify the effect of statewide mask mandates in the United States in 2020. Our regression discontinuity design exploits county-level variation in COVID-19 outcomes across the border between states with and without mandates. State mask mandates reduced new weekly COVID-19 cases, hospital admissions, and deaths by 55, 11, and 0.7 per 100,000 inhabitants on average. The effect depends on political leaning with larger effects in Democratic-leaning counties. Our results imply that statewide mandates saved 87,000 lives through December 19, 2020, while a nationwide mandate could have saved 57,000 additional lives. This suggests that mask mandates can help counter pandemics, particularly if widely accepted. Author Affiliation: International Monetary Fund. 700 19th St NW, Washington, DC 20431, United States * Corresponding author. Article History: Received 1 December 2021; Revised 14 October 2022; Accepted 22 December 2022 (footnote)[white star] The views expressed in this working paper are those of the authors and do not necessarily represent those of the IMF or IMF policy. The paper has benefited from very helpful discussions with John Bluedorn, Oya Celasun, Francesco Grigoli, Deniz Igan, Hans Henrik Sievertsen, and Yunhui Zhao. We are also grateful for useful suggestions from Ruchir Agarwal, Marcella Alsan, Philip Barrett, Michael Boerman, Petya Koeva Brooks, Kyle Butts, Francesca Caselli, Nigel Chalk, Paul Elger, Marta Giagheddu, Gita Gopinath, Divya Kirti, Rasmus Bisgaard Larsen, Koshy Mathai, Paolo Mauro, Mico Mrkaic, Christoph Rosenberg, Ippei Shibata, Antonio Spilimbergo, Rui Xu, participants in IMF seminars, and several anonymous referees. (footnote)1 Rui C. Mano and Niels-Jakob H. Hansen contributed equally to all aspects of this paper. Byline: Niels-Jakob H. Hansen [nhansen@imf.org] (*,1), Rui C. Mano [rmano@imf.org] (1)

Keywords Marijuana; Cannabis; Marijuana legalization; Opioid deaths; Medical marijuana; Recreational marijuana Abstract Many states have legalized marijuana over the last two decades, initially for medical purposes and more recently for recreational consumption. Despite prior research, it remains unclear how these policies are related to rates of opioid-involved overdose deaths, which have trended rapidly upwards over time. We examine this question in two ways. First, we replicate and extend previous investigations to show that the prior empirical results are frequently fragile to the choice of specifications and time periods, and probably provide an overly optimistic assessment of the effects of marijuana legalization on opioid deaths. Second, we present new estimates suggesting that legal medical marijuana, particularly when available through retail dispensaries, is associated with higher opioid mortality. The results for recreational marijuana, while less reliable, also indicate that retail sales may be correlated with greater death rates relative to the counterfactual of no legal cannabis. A likely mechanism for these effects is the emergence of illicit fentanyl, which has increased the riskiness of even small positive effects of cannabis legalization on the consumption of opioids. Author Affiliation: (a) Department of Economics, University of Virginia, United States (b) Frank Batten School of Leadership & Public Policy, University of Virginia and National Bureau of Economic Research, 235 McCormick Road, Charlottesville, VA 22903-4893, United States * Corresponding author. Article History: Received 13 September 2022; Revised 2 January 2023; Accepted 4 January 2023 (footnote)[white star] We thank Arnold Ventures for financial support, the authors of some papers we replicate for providing us with data, Ashley Bradford, David Bradford and Rosalie Pacula for advice and guidance on marijuana legalization policies, and Bradley Katcher for research assistance. We also thank participants of the 5th Annual Caribbean Health Economics Symposium, the 2022 American Economic Association annual meeting, and workshop participants at George Mason University, Monash University, the University of Sydney, and the University of Wisconsin for helpful comments on earlier versions of this paper. Ruhm has served as a plaintiff's consultant and Mathur has provided support to defendants in ongoing opioid litigation. Neither role was related to any aspect of this study. The views expressed herein are those of the authors only. Byline: Neil K. Mathur (a), Christopher J. Ruhm [ruhm@virginia.edu] (b,*)

Keywords Covid-19; Public investment; Growth; Debt; Fiscal policy; Human capital; Labor markets; Welfare Abstract We analyze the medium-term macroeconomic impact of the Covid-19 pandemic and associated lock-down measures on low-income countries. We focus on the impact of the degradation of health and human capital caused by the pandemic and its aftermath, exploring the trade-offs between rebuilding human capital and the recovery of livelihoods and macroeconomic sustainability. A dynamic general equilibrium model is calibrated to reflect the structural characteristics of vulnerable low-income countries and to replicate key dimensions of the Covid-19 shock. We show that absent significant and sustained external financing, the persistence of loss-of-learning effects on labor productivity is likely to make the post-Covid recovery more attenuated and more expensive than many contemporary analysis suggests. Author Affiliation: (a) Department of Economics, Indiana University, United States of America (b) Department of International Development, University of Oxford, United Kingdom (c) Institute for Capacity Development, International Monetary Fund, United States of America (d) Strategy, Policy, and Review Department, International Monetary Fund, United States of America; FERDI, France * Corresponding author. Article History: Received 12 June 2022; Revised 10 December 2022; Accepted 16 December 2022 (footnote)[white star] We thank Mariya Brussevich, Cedric Okou, Roberto Perrelli, Yuan Xiao and colleagues in the Research and Fiscal Affairs departments of the IMF for useful comments. We are also grateful to the Editor and two anonymous referees for their thoughtful comments. The research underpinning this paper was supported by the IMF-FCDO Macroeconomic Research in Low-Income Countries project (Project ID: 60925). The views expressed in this paper are those of the authors and do not necessarily represent the views or policy of the IMF or the UK FCDO. Byline: Edward F. Buffie [ebuffie@indiana.edu] (a), Christopher Adam [christopher.adam@qeh.ox.ac.uk] (b), Luis-Felipe Zanna [fzanna@imf.org] (c), Kangni Kpodar [kkpodar@imf.org] (d,*)

Keywords Business recovery; COVID-19; Research and development; Entrepreneurship and innovation; Digitalization Highlights * COVID-19 accelerated EIDaD initiatives without going through the regular R&D process. * Rethink R&D efficiency: Was investment really efficient during all these years? * Requestion R&D lifecycle between reactive vs proactive actions. * Redefine R&D strategic planning: long-term vs forced short-term COVID-19 actions. * EIDaD and R&D early indicators can be used to facilitate better long-term decisions. Abstract Greening, Digitizing and Redefining Aims in an Uncertain and Finite World: the triad facing the world in the immediate future as climate change, pandemic, digitization and the scramble for energy resources mark the challenges of an uncertain and finite world. Purpose Keeping in line with previous research on the social, commercial, and industrial impacts of the COVID-19 pandemic, this paper has a dual objective: to extend the analysis in a common time frame by exploring additional indicators based on existing data sources and to analyse the relationships between EIDaD and R&D, comparing the pre- and post-COVID-19 scenarios. Methodology Numerous primary data sources within multiple available databases were studied, such as the EU dataset. These sources provide a range of indicators which, despite the scarcity of available literature, facilitate an empirical approach involving the quantitative analysis of the information they contain. A set of subsequent correlation analyses during Pre-COVID-19, COVID-19 and Post-COVID-19 were elaborated in order to explore the possible relationships between selected variables. Structure Previous research has shown that the IDR dataset facilitates the identification of early indicators of EIDaD and the expansion of EIDaD-related early indicators to key business ratios. This in turn allows comparisons between EIDaD and R&D to offer additional insight into how organizations can change the approach of their R&D and investment initiatives from reactive to proactive. Findings This paper sheds light on how R&D investments impact EIDaD initiatives and strongly suggests that organizations rethink how they approach entrepreneurship, innovation, digitization and digital transformation, using early indicators to facilitate better long-term decisions. Originality This paper shows that certain pre-pandemic strategic activities, such as R&D investments, may have influenced the behaviour of businesses, customers and society during the pandemic, and how wealth and economic value can be generated in a post-pandemic environment in the framework of a new economic model. Practical implications Organizations that succeed during a pandemic will serve as leadership models for the next generation of businesses, shaping the future of society as a whole. When early R&D investments bring about changes in the metrics that influence the recovery from the impact of a pandemic, they enhance the growth that can create jobs and offer new business opportunities in the new digital context. Author Affiliation: Department of Business Administration, Universidad de Alcalá, Plaza de la Victoria s/n, 28802, Alcalá de Henares, Spain * Corresponding author. Article History: Received 7 July 2022; Revised 14 December 2022; Accepted 15 December 2022 Byline: Antonio de Lucas Ancillo [antonio.lucas@uah.es] (*), Sorin Gavrila Gavrila [sorin.gavrila@uah.es]

Keywords Logistics; Pickup and delivery; Transshipments; Time windows; Mixed-integer linear programming Highlights * This paper addresses the pickup and delivery problem with transshipments (PDP-T) and the pickup and delivery problem with time windows and transshipments (PDPTW-T). * We make revisions and modifications to two state-of-the-art models. * We present a new model and generate several benchmarks for future comparison. * The solvable scale is increased significantly by using the new model. * Computational time is reduced by 96% and 40% for PDP-T and PDPTW-T, respectively. Abstract The pickup and delivery problem with transshipments (PDP-T) is generalized from the classical pickup and delivery problem (PDP) by allowing the transfer of requests between vehicles. After considering the time window constraints, the PDP-T is further generalized to the pickup and delivery problem with time windows and transshipments (PDPTW-T). In this paper, we review two state-of-the-art models for the PDP-T and PDPTW-T. We point out the possible issues existing in the models and provide our revisions. In addition, we develop a new mixed-integer linear programming formulation to solve the PDP-T and PDPTW-T. The performance of the proposed model is evaluated by solving 340 generated PDP-T instances and 360 open-access PDPTW-T instances. Computational results show that the proposed model outperforms the existing models in terms of solution quality and computing time. PTP-T instances with up to 25 requests and 2 transfer stations are solved to optimality by using the proposed model. As a comparison, the best-known benchmarks in the literature are instances with 5 requests and 1 transfer station. In addition, the computing time is significantly reduced. In our experiments, the average computational time for solving PDP-T is reduced by 96%. For PDPTW-T instances, the solvable scale is increased from 3 requests and 4 transfer stations to 5 requests and 4 transfer stations. The average computing time is reduced by 40%. Author Affiliation: Department of Industrial and Systems Engineering, The University of Tennessee, Knoxville, Knoxville, TN 37996, United States * Corresponding author. Article History: Received 16 September 2021; Accepted 31 May 2022 Byline: Zefeng Lyu, Andrew Junfang Yu [ajyu@utk.edu] (*)

Keywords Supply chain management; Private labels; National brands; e-tailer; Sourcing strategy Highlights * This paper fills a research gap by thoroughly studying whether an e-tailer should introduce a private label (PL) product. * If yes, when should the e-tailer manufacture it in-house or outsource if from a national brand (NB) or another third-party manufacturer? * It shows the e-tailer would charge the highest agency fee and provide the highest service level when sourcing from the NB manufacturer * It shows that there is always a sourcing strategy that can benefit the NB manufacturer and the e-tailer. * It shows the robustness of the analytic findings by considering model extensions. Abstract Many electronic retailers (e-tailers) have introduced private labels (PLs). Although there is a vast literature on modeling pricing and e-tailers' operational issues, research on PL sourcing has been lacking. This paper seeks to fill this gap by investigating an e-tailer (she) who can manufacture her PL in-house or source it from an external third-party manufacturer or a national brand manufacturer (he). The e-tailer simultaneously sells the PL directly and the product of the national brand (NB) manufacturer with agency selling. Furthermore, she provides consumer service for both products. Our analysis leads to the following major results. First, the e-tailer would charge the highest agency fee and provide the highest service level when sourcing from the NB manufacturer. Second, the PL sourcing preference of the e-tailer mainly depends on the production cost and consumer service sensitivity. In contrast, the profit of the NB manufacturer is influenced primarily by the consumer preference for PL and the sourcing strategy of the e-tailer. Third, there is always a PL sourcing strategy that can benefit the NB manufacturer and the e-tailer. Our model extensions explore how price elasticity, product quality, consumer loyalty, and exogenous fees affect our main results, which are shown to be robust. Author Affiliation: (a) School of Economic and Management, University of Electronic Science and Technology of China, China (b) School of Business Administration, Faculty of Business Administration, Southwestern University of Finance and Economics, China (c) Lazaridis School of Business and Economics, Wilfrid Laurier University, Canada * Corresponding author. Article History: Received 8 November 2021; Accepted 12 May 2022 Byline: Hengyu Li (a), Huangen Chen (b), Junwu Chai [chaijw@uestc.edu.cn] (a,*), Victor Shi (c)

Keywords Data envelopment analysis; Business partnerships; Inverse DEA; Strategic alliances; Decision making units Highlights * Defines various types of strategic alliances and partnerships between different decision making units. * Develops novel data envelopment analysis models for business partnerships. * Guides partners on how redistributing inputs and outputs could improve their efficiency score. * Helps partners to use each other's resources in order to reach target efficiency. Abstract Strategic alliances and partnerships including mergers and acquisitions have been a growing trend in many industries in the past decades. There are many studies in the literature emphasizing the importance of business partnerships. However, literature on partnership optimization is quite limited. This paper defines various types of strategic alliance collaborations and partnerships between different decision making units (DMUs) and develops data envelopment analysis (DEA) models to guide partners on how redistributing their inputs and outputs could enhance their performance. The results of this study are useful for companies considering strategic alliances and partnerships to improve competitiveness. An application in banking is used to highlight the advantages of the proposed method in this paper. Author Affiliation: Faculty of Business, University of New Brunswick, Saint John NB E2K 5E2, Canada * Corresponding author. Article History: Received 30 October 2021; Accepted 17 May 2022 (miscellaneous) Edited by Prof. Mike Yearworth Byline: Gholam R. Amin [gamin@unb.ca] (*), Mustapha Ibn Boamah [mboamah@unb.ca]

Keywords Data envelopment analysis; Meta-frontier; Technology gap; Technology switcher; Technology club Highlights * We extend the concept of meta-frontier when technology switchers are considered. * We quantify the impacts of the switchers on inefficient behavior and technology gap. * We define the concepts of efficiency and technology gap switcher effects. * The number of technologies can change over time. * We provide an application to technology clubs using country data. Abstract The concept of meta-frontier has been proposed in order to deal with group heterogeneity among entities for nonparametric efficiency analysis. In brief, the meta-frontier is defined as the envelopment of the group-specific frontiers and naturally allows one to distinguish inefficiency from technology gap. While this concept has demonstrated its usefulness for empirical studies and been extended in several directions, two major shortcomings are the fixed number of groups and the static allocation of entities across groups. This is particularly problematic when dealing with panel data. In this paper, we extend the meta-frontier approach when technology switchers are considered, and quantify the impacts of the switchers on inefficient behavior and technology gap. We demonstrate the usefulness of our new methodology with the case of the technology clubs in the world economy. Author Affiliation: HEC Liège, Université de Liège, Belgium Article History: Received 28 December 2020; Accepted 19 May 2022 (footnote)[white star] We thank the Editor Robert Graham Dyson and the three anonymous referees for their comments that substantially improved the paper. Byline: Barnabé Walheer [barnabe.walheer@uliege.be]

Keywords Vehicle routing problem; Informative path planning; Orienteering problem; Covering tour problem; Close-enough vehicle routing Highlights * This paper introduces a unified definition of the concept of spatial coverage in routing and path planning and introduces a categorization scheme of related problems. * Unified mathematical models highlight similarities and show differences between models developed in different communities such as Robotics and Operations Research. * The overview simplifies the search for similar problems and suitable modeling variants and solution methods and bridges the gap between disciplines. Abstract Routing and path planning problems that involve spatial coverage have received increasing attention in recent years in different application areas. Spatial coverage refers to the possibility of considering nodes that are not directly served by a vehicle as visited for the purpose of the objective function or constraints. Despite similarities between the underlying problems, solution approaches have been developed in different disciplines independently, leading to different terminologies and solution techniques. This paper proposes a unified view of the approaches: Based on a formal introduction of the concept of spatial coverage in vehicle routing, it presents a classification scheme for core problem features and summarizes problem variants and solution concepts developed in the domains of operations research and robotics. The connections between these related problem classes offer insights into common underlying structures and open possibilities for developing new applications and algorithms. Author Affiliation: (a) FZI Research Center for Information Technology, Haid-und-Neu-Str. 10-14, Karlsruhe D-76131, Germany (b) TU Dortmund University, Leonhard-Euler-Straße 5, Dortmund D-44227, Germany * Corresponding author. Article History: Received 15 July 2021; Accepted 13 February 2022 (footnote)1 ORCID: https://orcid.org/0000-0003-0670-6269 (footnote)2 ORCID: https://orcid.org/0000-0001-6380-1348 Byline: Katharina Glock [kglock@fzi.de] (1,a), Anne Meyer [anne2.meyer@tu-dortmund.de] (*,2,b)

Keywords Game theory; Simple games; Set-weighted games; Cover problem; Cooperative generating functions Highlights * A decomposition theorem of set-weighted games is proved. * Set-weighted games class is closed under the operations of union and intersection. * Cooperative generating functions for power indices are found. Abstract The cover of a transport, social, or communication network is a computationally complex problem. To deal with it, this paper introduces a special class of simple games in which the set of minimal winning coalitions coincides with the set of least covers. A distinctive feature of such a game is that it has a weighted form, in which weights and quota are sets rather than real numbers. This game class is termed set-weighted games. A real-life network has a large number of least covers, therefore this paper develops methods for analyzing set-weighted games in which the weighted form is taken into account. The necessary and sufficient conditions for a simple game to be a set-weighted game were found. The vertex cover game (Gusev, 2020) was shown to belong to the set-weighted game class, and its weighted form was found. The set-weighted game class has proven to be closed under operations of union and intersection, which is not the case for weighted games. The sample object is the transport network of a district in Petrozavodsk, Russia. A method is suggested for efficiently deploying surveillance cameras at crossroads so that all transport network covers are taken into account. Author Affiliation: HSE University, Russian Federation Article History: Received 16 November 2021; Accepted 13 May 2022 Byline: Vasily V. Gusev [vgusev@hse.ru]

Keywords Combinatorial optimization; Discounted knapsack problem; Fixation; Dynamic programming; Instance generator Highlights * Heuristic and exact fixation rules are introduced to strengthen dynamic programming. * Instances from the literature are solved by the proposed approach very easily. * Harder instances for exact methods are generated to justify the use of heuristic. Abstract In this paper we consider the discounted 0--1 knapsack problem (DKP), which is an extension of the classical knapsack problem where a set of items is decomposed into groups of three items. At most one item can be chosen from each group and the aim is to maximize the total profit of the selected items while respecting the knapsack capacity constraint. The DKP is a relatively recent problem in the literature. It was considered in several recent works where metaheuristics are implemented to solve instances from the literature. In this paper we propose a two-phase approach in which the problem is reduced by applying exact and / or heuristic fixation rules in a first phase that can be viewed as a preprocessing phase. The remaining problem can then be solved by dynamic programming. Experiments performed on available instances in the literature show that the fixation techniques are very useful to solve these instances. Indeed, the preprocessing phase greatly reduces the size of these instances, leading to a significant reduction in the time required for dynamic programming to provide an optimal solution. Then, we generate a new set of instances that are more difficult to solve by exact methods. The hardness of these instances is confirmed experimentally by considering both the use of CPLEX solver and our approach. Author Affiliation: (a) Univ. Polytechnique Hauts-de-France, LAMIH, CNRS, UMR 8201, Valenciennes F-59313, France (b) INSA Hauts-de-France, Valenciennes F-59313, France * Corresponding author. Article History: Received 7 March 2021; Accepted 22 April 2022 (footnote)1 'Professeur émérite' - Now retired. Byline: Christophe Wilbaut [christophe.wilbaut@uphf.fr] (*,a,b), Raca Todosijevic [raca.todosijevic@uphf.fr] (a,b), Saïd Hanafi [said.hanafi@uphf.fr] (a,b), Arnaud Fréville (1,a)

Keywords Queueing; Active queue management; Random early detection; Renovation Highlights * Renovation with delay can achieve goals common for traditional AQMs. * In single-server queues delayed renovation can show similar performance as RED-type AQMs. * Too large regular delay threshold diminishes the potential of the renovation. Abstract This paper is devoted to the performance evaluation of the finite--capacity single-server queue with Poisson input and general service times, which is equipped with the novel queue-control mechanism -- called renovation with delay. Renovation implies that each customer, when leaving the system upon its service completion, may also remove customers waiting in the queue. The number of customers to be removed is selected each time independently of the previous decisions and probabilistically based on the given probability distribution. The renovation with the delay considered in this paper means that the system must accumulate the (known) fixed number of service completions before the next renovation can be triggered. First in the literature numerical evidence is given, that the long-run performance of the system with such delayed renovation mechanism can be similar to that of the systems with the well-known active queue management mechanisms such as random early detection, at least in its basic version. The key stationary performance characteristics reported are the loss probability and the mean number of customers in the system. The unified analytical framework for the computation of the key performance characteristics, which is of independent interest, is also developed. Author Affiliation: Federal Research Center 'Computer Science and Control' of the Russian Academy of Sciences, 44-2 Vavilov Str., Moscow 119333, Russian Federation * Corresponding author. Article History: Received 28 October 2020; Accepted 28 May 2022 Byline: Mikhail Konovalov [mkonovalov@ipiran.ru], Rostislav Razumchik [rrazumchik@ipiran.ru] (*)

Keywords Indigenous; Pragmatic; Belonging; Colonialism; Indigenous knowledge Abstract This paper will argue that there are pragmatic reasons to further cooperation between Indigenous peoples and space agencies, exemplified by Navajo-NASA cooperation. These pragmatic reasons rest upon an argument from belonging: space expansion involves a series of multi-generation projects. The significance of our contributions to these project will depend upon the actions of other generations who are unlikely to accept goals which are idiosyncratic, rather than drawing upon some deeper human concern with space. Such concern can be informed through Indigenous inclusion. The paper will remain officially neutral about a broader range of discourses concerning land rights, sovereignty, and attempts to situate dissent as resistance to colonial settler states. It will, however, presuppose a broad sympathy with Indigenous predicaments and group survival. The approach will be pragmatic in the sense that three nonarbitrary constraints/adequacy conditions will have to be met: (i) the overall approach must be geared to policy discussions rather than counterculture; (ii) Indigenous knowledge must be acknowledged as more than ecological, in order to be relevant to the matter at hand; and (iii) the practical role assigned to Indigenous peoples must be significant and distinctive. The overall aim is to explain that there is at least one important practical advantage of extending and deepening Indigenous inclusion. Author Affiliation: Cosmological Visionaries Project, Department of Theology and Religious Studies, King's College London, UK Article History: Received 22 July 2021; Revised 19 May 2022; Accepted 13 September 2022 Byline: Tony Milligan [Anthony.milligan@kcl.ac.uk]

Keywords Yield curve; Government bonds; Country equity indexes; Interest rates; International stock markets; Asset pricing; Return predictability; The cross-section of stock returns Abstract Interest rate changes typically affect equity values. However, if investors react slowly, the repricing may stretch over time. Using a century of data from sixty countries, we demonstrate that past interest rate changes predict the cross-section of equity returns worldwide. The quintile of stock markets with the highest change in government bond yields underperforms the countries with the lowest change by 0.76% per month. The phenomenon is distinctly robust and cannot be explained by known risk factors. Furthermore, the low correlation with other return patterns paves the way for effective country allocation strategies. Author Affiliation: (a) Montpellier Business School, 2300, avenue des Moulins Cedex 4, Montpellier 34185, France (b) Department of Investment and Capital Markets, Institute of Finance, Poznan University of Economics and Business, Al. Niepodleglosci 10, Poznan 61-875, Poland (c) Nusret Cakici, Gabelli School of Business, Fordham University, 45 Columbus Avenue, Room 510, New York, NY 10023, USA (d) Robert Bianchi, Griffith Business School, Griffith University, 170 Kessels Road, Nathan, QLD 4111, Australia (e) Huaigang Long, School of Finance, Zhejiang University of Finance and Economics, 18 Xueyuan Street, Hangzhou, Zhejiang 310018, China * Corresponding author at: Montpellier Business School, 2300, avenue des Moulins Cedex 4, Montpellier 34185, France. Article History: Received 23 June 2022; Revised 3 November 2022; Accepted 5 January 2023 (footnote)* The authors are grateful to David Y. Aharon, Claudiu Albulescu, Nick Baltas, Demir Bektic, Debojyoti Das, Ender Demir, John Fan, Allaudeen Hameed, Fabian Hollstein, Wenjin Kang, Andreas Karathanasopoulos, Renatas Kizys, Frank Weikai Li, Gilbert Nartea, Isaac Otchere, Peter Pope, Krishna Reddy, Wael Rouatbi, Panagiotis Tzouvanas, Zaghum Umar, Mehmet Umutlu, Tingxi Zhang, and Yifeng Zhu whose constructive comments and suggestions have significantly improved the quality of the paper. Furthermore, we thank participants at the 31st EBES Conference, the 27th Annual Conference of the Multinational Finance Society, and the 2020 World Finance Conference for valuable feedback on the earlier versions of the paper. All remaining errors (if any) are the responsibilities of the authors. Adam Zaremba acknowledges the support of the National Science Center of Poland [grant no. 2019/33/B/HS4/01021]. Byline: Adam Zaremba [a.zaremba@montpellier-bs.com] (a,b,*), Nusret Cakici (c), Robert J. Bianchi (d), Huaigang Long (e)

Keywords artificial intelligence; big data; Cyber-Communism; economic calculation; Ludwig von Mises Abstract In his 1920 essay 'Economic Calculation in the Socialist Commonwealth,' Ludwig von Mises argued that economic calculation is impossible in a socialist system absent private property and exchange in the means of production. Without the social appraisement process by which the actions of consumers and entrepreneurs produce a money price structure, the commensurate cardinal numbers necessary to engage in capital accounting are not available. We argue that any claims regarding how advances in computer technology can solve the problem of economic calculation are based on an insufficient understanding of Mises' original argument. We restate Mises' argument in consideration of recent developments in big data and artificial intelligence and argue that Mises' original argument concerning the impossibility of economic calculation absent the institutional prerequisites of private property and monetary exchange in goods of all orders remains unrefuted. Author Affiliation: (a) George Mason University (b) Montreat College * Corresponding author: Article History: Received 13 July 2022; Revised 8 December 2022; Accepted 13 December 2022 (footnote) The authors would like to thank participants of the February 2022 Modern Computing and Economic Calculation Online Papers Workshop, generously hosted by the Institute for Humane Studies, as well as two anonymous referees for valuable feedback. Karras would also like to thank Daniel B. Klein, Erik W. Matson, and participants of the spring 2022 George Mason University Adam Smith Program Research Workshop for their helpful comments on an earlier version of this paper. Byline: Karras J. Lambert [klamber7@gmu.edu] (a,*), Tate Fegley [tate.fegley@montreat.edu] (b)

Keywords Inequality; Socioeconomic status; Conspicuous consumption; Veblen goods; Access to credit Abstract The quest for status is a powerful motivator, but does it affect inequality? This paper presents a novel lab experiment that was designed and conducted to identify the relationship between conspicuous consumption, access to credit, and inequality. We report four main findings: First, consumption increases when it is 'conspicuous' (i.e., is both observable and signaling ability). Second, costly borrowing increases when consumption is conspicuous. Third, the increase in costly borrowing is driven by those at lower income levels. Finally, in the presence of conspicuous consumption, access to credit exacerbates inequality. Author Affiliation: (a) University of East Anglia, UK (b) International Monetary Fund, USA * Corresponding author. Article History: Received 10 March 2022; Revised 22 October 2022; Accepted 5 December 2022 (footnote)1 We are extremely grateful for support from Katarina Dankova, Phoebe Melvin, and James Merewood. This research is funded by the World Bank's Strategic Research Programs (TF0A1139). We thank Rabah Arezki, Leonardo Bursztyn, Bob Cull, Laura Harvey, Steffen Huck, Philip Keefer, Martin Kanz, Boon Han Koh, Erzo Luttmer, Vijayendra Rao, Roman Sheremeta, Editor Daniel Houser, an Associate Editor, two anonymous reviewers, and participants at the Center for Behavioral and Experimental Social Science seminar series at the University of East Anglia, the EasternArc Experimental Workshop at the University of Essex, and the Applied Development Economics seminar series at the Lahore School of Economics for thoughtful comments and suggestions. The views expressed in this paper are those of the authors and do not necessarily represent the views of the IMF, its Executive Board, or IMF Management. Byline: Sheheryar Banuri [s.banuri@uea.ac.uk] (a,*), Ha Nguyen (b,1)

Keywords Self-regulation; Goal-directed behavior; Systematic literature review; TCCMP; Public policy-making; Future research agenda Abstract The act of self-regulation, also referred to as self-control, is antithesis to profligacy. Self-regulation is central to human behavior and is the core of a well-functioning society. Although self-regulation as a research topic has been well-researched, systematic literature reviews on this domain are rare. To the best of the authors' knowledge, this article is one of the first to present a systematic literature review on self-regulation and goal-directed behavior. The authors compiled a study pool of 78 papers over a period of 1990--2021. This study complements the Theory, Characteristics, Context, and Methodology (TCCM) framework, and presents the TCCMP framework to provide public policy recommendations. Further, the authors extract seminal models in the self-regulation literature to re-integrate them into contemporary marketing research. Through the insights gained from the literature review, this paper presents suggestions for public policies, and develops a detailed research agenda. Author Affiliation: (a) Linnaeus University, Sweden (b) University of Nicosia, Cyprus * Corresponding author. Article History: Received 2 May 2022; Revised 28 October 2022; Accepted 2 November 2022 Byline: Soniya Billore [soniya.billore@lnu.se] (a,*), Tatiana Anisimova [tatiana.anisimova@lnu.se] (a), Demetris Vrontis [vrontis.d@unic.ac.cy] (b)

Keywords e-WOM; Fake online review; Fake review production strategy; Online review writer; Review fraud; Review writing Highlights * This paper examines the fake review writing process as a function of cognitive style. * Three fake review production strategies: systematic, expedited and direct-drafting. * Three cognitive style archetypes among spammers: planners, holists and laggards. * The systematic strategy was mostly followed by planners. * The direct-drafting strategy was widely employed by both holists and laggards. Abstract Extending the literature that has, thus far, mostly focused on the detection of fake online reviews, this paper explores a more fundamental yet hitherto-unanswered question: How do people go about creating fake reviews in the first place? To delve deeper, it further investigates the role of individuals' cognitive style--the way one gathers, processes, structures, and applies information. While cognitive style was measured using a quantitative scale, a qualitative approach was adopted to explore fake review production strategies. Fifty participants imagined that they had been hired by a marketing agency to write fake reviews, completed the writing task, shared their experiences, and then filled out a cognitive style questionnaire. Writing fake reviews involved four stages: gathering information, assimilating information, drafting the fake review, and finalizing the fake review production. Through a cognitive lens, the paper uncovers three fake review production strategies and explains why someone would adopt a certain strategy. Author Affiliation: (a) School for Business and Society, University of York, York, England, UK (b) Wee Kim Wee School of Communication and Information, Nanyang Technological University, Singapore * Corresponding author at: School for Business and Society, University of York, Church Lane Building, York Science Park, York YO10 5ZF, England, UK. Article History: Received 6 September 2021; Revised 30 November 2022; Accepted 1 December 2022 Byline: Snehasish Banerjee [snehasish.banerjee@york.ac.uk] (a,*), Alton Y.K. Chua (b)

Keywords Entrepreneurship; Crowdfunding; Policy; Business policy; Economy; Legislature; Semantic analysis Abstract Public policies originate in different fields. Multiple stakeholders may be involved in their development and may exert an influence at different stages of the policymaking process. This paper analyzes how legislators discuss crowdfunding policies in Spain in the initial stages of the policymaking process. The paper analyzes the discussion of crowdfunding in the lower and upper houses of Spanish parliament over the last five legislatures (2011--2021). Semantic analysis was carried out. The corpus was defined based on the official government website, where all crowdfunding policymaking initiatives are registered. The most relevant and frequent combination of crowdfunding phenomena was related to start-ups and entrepreneurship. This research provides insights into the business areas where crowdfunding has been discussed in parliamentary sessions. Although this study focuses on Spain, the semantic analysis is broad enough to generalize the results to other countries in future research. The study sheds light on a novel area of research on perceptions toward crowdfunding. This study can help in creating persuasive messages and a secure ecosystem to attract investors and funding on crowdfunding platforms. Author Affiliation: ESIC Business & Marketing School, Spain ESIC University, Spain * Corresponding author at: ESIC Business & Marketing School, Spain. ESIC University, Spain Article History: Received 8 July 2022; Revised 2 December 2022; Accepted 5 December 2022 Byline: José-Miguel Berné-Martínez [josemiguel.berne@esic.edu] (*), Enrique Planells-Artigot, Arturo Ortigosa-Blanch