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Met het huidige stochastische model dat we gebruiken sinds AG2014 kan, naast de sterfteprognose, ook de onzekerheid daarin worden weergegeven. In de afgelopen jaren is veel onderzoek gedaan en is het model verder verbeterd, waardoor een robuuster model is ontstaan. Met de publicatie van de Prognosetafel AG2022 presenteert het AG een inschatting van de verwachte ontwikkeling van de overlevingskansen en de levensverwachting in Nederland. Het resultaat is een prognose van de sterftekansen per leeftijd per toekomstig jaar voor mannen en vrouwen. De Prognosetafel AG2022 vervangt de Prognosetafel AG2020.

Met het huidige stochastische model dat we gebruiken sinds AG2014 kan, naast de sterfteprognose, ook de onzekerheid daarin worden weergegeven. In de afgelopen jaren is veel onderzoek gedaan en is het model verder verbeterd, waardoor een robuuster model is ontstaan. Met de publicatie van de Prognosetafel AG2022 presenteert het AG een inschatting van de verwachte ontwikkeling van de overlevingskansen en de levensverwachting in Nederland. Het resultaat is een prognose van de sterftekansen per leeftijd per toekomstig jaar voor mannen en vrouwen. De Prognosetafel AG2022 vervangt de Prognosetafel AG2020.

The quantification of longevity risk in a systematic way requires statistically sound forecasts of mortality rates and their corresponding uncertainty. Actuarial associations have a long history and continue to play an important role in the development, application and dispersion of mortality projections for the countries they represent. This paper gives an in depth presentation and discussion of the mortality projections as published by the Dutch (in 2014) and Belgian (in 2015) actuarial associations. The goal of these institutions was to publish a stochastic mortality projection model in line with both rigorous standards of state-of-the-art academic work as well as the requirements of practical work such as robustness and transparency. Constructed by a team of authors from both academia and practice, the developed mortality projection standard is a Li and Lee type multi-population model. To project mortality, a global Western European trend and a country-specific deviation from this trend are jointly modelled with a bivariate time series model. We motivate and document all choices made in the model specification, calibration and forecasting process as well as the model selection strategy. We show the model fit and mortality projections and illustrate the use of the model in several pension-related applications.

Testosterone, a steroid hormone, affects the ability of the prefrontal cortex to regulate the limbic system and therefore has been implicated in a wide range of social behaviors such as facing status challenges, aggression and dominance. Here we use a team-based status game to examine factors that determine the postgame testosterone (T) levels of participants who were on the winning or losing team in a status game. We focused on functional polymorphisms in 2 candidate genes, namely DRD4 and COMT because these genes are densely expressed in the prefrontal cortex and thus affect peoples’ self-regulation ability. Being on the winning team does not automatically lead to higher postgame T levels. Postgame T levels were affected by pregame T level and genetic makeup of the DRD4 gene variants for male and COMT gene variants for female participants, respectively. These findings remain robust when we controlled for contextual variables related to game play. Such insights, based on genetic markers, might motivate researchers in neuro-economics to look closer at neuro-biological mechanisms, specifically the prefrontal-limbic connectivity that modifies when people engage in status games.

The competitive threat of the Gulf carriers has been increasingly answered in Europe by protectionist measures. This policy was justified by allegations of unfair competition and an unlevel playing field. Indeed it is obvious that the playing field for the competition between European and Gulf carriers is unlevel. The main cause however, is the location of the Gulf carriers' home bases that enable them to develop long-haul hourglass hubs and to benefit from technological economies of scale of a modern long-haul wide-body fleet. In this respect, unit costs of for example Emirates are not unusual if one takes into account these network and fleet characteristics. The other way around, European carriers have to operate from hinterland hubs and are consequently confronted with costly short-haul feeder systems due to the location of their home bases in the European market. All in all, the unlevel playing field is primarily caused by Ricardian comparative advantages of States in the Gulf region. The playing field is further tilted by EU policy measures to the detriment of the European network carriers. The third and least important category of factors that also tilt the playing field emerges from the economic and institutional conditions in the Gulf States. In contrast with the European approach these conditions work in the Gulf carriers' favour. Protectionist measures in Europe are primarily justified by this third and least important category.

Rapportages die worden voorzien van een accountantsverklaring zijn onderworpen aan strenge kwaliteitseisen. Datzelfde geldt voor de controle- en samenstelprocessen als zodanig. Kwaliteit gaat echter over meer dan procedures en standaarden. Een accountantskantoor heeft diverse stakeholders die elk hun eigen perceptie en oordeel over kwaliteit hebben. Zij beoordelen de kwaliteit van het kantoor op geheel andere gronden dan bijvoorbeeld de toetsingseisen van de Nederlandse Beroepsorganisatie van Accountants (NBA). In dit artikel ontwikkelen we het begrip ‘organisatiekwaliteit' voor mkb-accountantskantoren en maken daarbij onderscheid naar vier typen stakeholders: de vennoten, de accountants, de ondernemers en de ‘gebruikers' van de rapportages. Daarmee krijgt het management handvatten om de kwaliteit van de organisatie te verbeteren en indirect ook de kwaliteit van rapportages en controle- en samenstelprocessen. We beschrijven verschillende benaderingen om daar invulling aan te geven.

Previous research has suggested a positive association between testosterone (T) and entrepreneurial behavior in males. However, this evidence was found in a study with a small sample size and has not been replicated. In the present study, we aimed to verify this association using two large, independent, population-based samples of males. We tested the association of T with entrepreneurial behavior, operationalized as self-employment, using data from the Rotterdam Study (N=587) and the Study of Health in Pomerania (N=1697). Total testosterone (TT) and sex hormone-binding globulin (SHBG) were measured in the serum. Free testosterone (FT), non-SHBG-bound T (non-SHBG-T), and the TT/SHBG ratio were calculated and used as measures of bioactive serum T, in addition to TT adjusted for SHBG. Using logistic regression models, we found no significant associations between any of the serum T measures and self-employment in either of the samples. To our knowledge, this is the first large-scale study on the relationship between serum T and entrepreneurial behavior.

This article studies the effects of income taxation on enforcement of business regulations. The key result is that income taxation makes it less socially costly to enforce the law and therefore allows the attainment of a higher level of deterrence. The explanation for this result is that income taxation reduces the gains businesses derive from violating the law, but it does not affect, at least not to the same extent, the feasible fine. This result is true, regardless of whether fines are deductible for tax purposes or not, as long as the probability and magnitude of fines optimally reflect tax rules and tax rates, as this article argues they should do. However, if the probability and magnitude of fines do not change in response to income tax changes, disallowing deductions for fines, which is the prevailing tax rule in many jurisdictions, is socially desirable for sufficiently low tax rates or tax rate changes.

Subjective well-being (SWB) is a major topic of research across the social sciences. Twin and family studies have found that genetic factors may account for as much as 30–40% of the variance in SWB. Here, we study genetic contributions to SWB in a pooled sample of ≈11,500 unrelated, comprehensively-genotyped Swedish and Dutch individuals. We apply a recently developed method to estimate “common narrow heritability”: the fraction of variance in SWB that can be explained by the cumulative additive effects of genetic polymorphisms that are common in the population. Our estimates are 5–10% for single-question survey measures of SWB, and 12–18% after correction for measurement error in the SWB measures. Our results suggest guarded optimism about the prospects of using genetic data in SWB research because, although the common narrow heritability is not large, the polymorphisms that contribute to it could feasibly be discovered with a sufficiently large sample of individuals.

This paper aims to provide an analysis of the existing security system at European airports. At first, the security is defined and the considerations of the air passenger security on the ground and in the air are discussed. Subsequently, current aspects shaping the European aviation security policy are introduced. The analysis of stakeholders and their roles in aviation security is presented. The passengers’ perspective is of special focus. Next, security measures such as physical security measures and personnel are presented while specific issues such as technology deployment, standards and passenger acceptance are discussed in the European context. New concept for security is introduced. The analysis conducted leads us to the conclusions. The existing security system at European airports is rather reactive than proactive. The new concepts rely heavily on technological developments while it is crucial to increase the focus on intelligence gathering and passenger experience. Based on the identified gaps in the existing literature, further research should focus on CBA of European aviation security system as well as human drivers of (in)security.

Neuronal nicotinic acetylcholine receptor (nAChR) genes (CHRNA5/CHRNA3/CHRNB4) have been reproducibly associated with nicotine dependence, smoking behaviors, and lung cancer risk. Of the few reports that have focused on early smoking behaviors, association results have been mixed. This meta-analysis examines early smoking phenotypes and SNPs in the gene cluster to determine: (1) whether the most robust association signal in this region (rs16969968) for other smoking behaviors is also associated with early behaviors, and/or (2) if additional statistically independent signals are important in early smoking. We focused on two phenotypes: age of tobacco initiation (AOI) and age of first regular tobacco use (AOS). This study included 56,034 subjects (41 groups) spanning nine countries and evaluated five SNPs including rs1948, rs16969968, rs578776, rs588765, and rs684513. Each dataset was analyzed using a centrally generated script. Meta-analyses were conducted from summary statistics. AOS yielded significant associations with SNPs rs578776 (beta = 0.02, P = 0.004), rs1948 (beta = 0.023, P = 0.018), and rs684513 (beta = 0.032, P = 0.017), indicating protective effects. There were no significant associations for the AOI phenotype. Importantly, rs16969968, the most replicated signal in this region for nicotine dependence, cigarettes per day, and cotinine levels, was not associated with AOI (P = 0.59) or AOS (P = 0.92). These results provide important insight into the complexity of smoking behavior phenotypes, and suggest that association signals in the CHRNA5/A3/B4 gene cluster affecting early smoking behaviors may be different from those affecting the mature nicotine dependence phenotype. © 2013 WILEY PERIODICALS, INC.

In the traditional formulation of rent-seeking games, increasing returns to effort are characterized by an exponent r>1. However, when the value of the rent is normalized to 1, the players' effort levels A and B will typically be less than 1. Thus, when A1, the value of A r decreases as r increases, contradicting the interpretation of r>1 as representing increasing returns to effort. This apparent defect in the mathematization of the problem seems to suggest that a different interpretation of r is required whenever A

Anecdotal evidence often suggests that multinational enterprises (MNEs) operating in developing countries “exploit their multinationality” to avoid paying taxes to host governments. This article explores the concept of “responsible tax” as a corporate social responsibility (CSR) issue for MNEs, based on the notion that MNEs face considerable variation in the extent, monitoring, and application of tax laws internationally. This variation creates a “moral free space” as to which tax payments to make. Using firm-level data from three important sectors in India, the authors explore whether foreign MNE subsidiaries pay higher taxes than local firms, and whether, in the case of MNEs, there are differences between subsidiaries of MNEs with and without a reputation for CSR. The results show that MNEs pay considerably higher effective tax rates than do local firms, and MNE subsidiaries known for CSR pay more tax than do MNE subsidiaries less known for CSR. This set of findings suggests that MNEs operating in India see taxation in developing countries in relation to CSR.

This article presents an econometric analysis of the many data on the sealed-bid auction that sells mussels in Yerseke town, the Netherlands. The goals of this analysis are obtaining insight into the important factors that determine the price of these mussels, and quantifying the performance of an individual purchase manager. Besides a case-study, the article is a general study on the role of auctions in supply chains and on hedonic price factors.

We present a dynamic model of noncontractual litigation in which the parties’ decision whether to litigate depends on information produced by courts and, vice versa, the courts’ involvement in the lawmaking process depends on the cases proposed by the parties. Thereby, we integrate in one model the two main functions of the judiciary (adjudication and lawmaking) and study their interplay. Our model offers a dynamic, cyclical perspective on the evolution of the legal system over time and sheds new light on the causes for high litigation rates and on judge-made law versus statutes.

A crucial step in economic development is the depersonalization of business, which enables an enterprise to operate as a separate entity from its owners and managers. Until the emergence of a de iure depersonalization of business in the 19th century, business activities were eminently personal, with managing partners bearing unlimited liability. Roman law even restricted agency. Yet, the Roman legal system developed a form of de facto depersonalized business entity, where depersonalization was achieved by making the fulcrum of the business a non-person: the slave. Although radically different from a legal perspective, this format exhibited all the distinctive features of modern corporations, thereby providing for a functional equivalent of the modern corporate form. The development of the de iure format was hindered by strong cultural, technological and institutional constraints. In contrast, slave-run businesses exhibited features that were largely compatible with these constraints and emerged along the path of least resistance to legal change. The end of slavery and the fall of the Roman Empire closed off this alternative path of legal evolution; consequently, the modern corporate form could only appear once these constraints had been overcome.

We investigate the effects of decision aid reliability and pressure to perform on decision aid reliance. A total of 403 students took part in a four (pressures to perform: one through four) by five (decision aid reliability: 50%, 60%, 70%, 80% and 90%) between-participants experiment. We test two competing models of decision aid reliance behavior: pressure-induced rationality and pressure arousal theory. Additionally, we introduce a general model of reliance on a decision aid. We find that pressure arousal theory predominantly explains decision aid reliance behavior at all but the highest level of decision aid reliability tested in this study (90%). Our results indicate that there are reliance peaks across the reliability levels as more pressure to perform is applied, and that continually increasing pressures can eventually lead to decreased, rather than increased, reliance.

This study presents evidence from a field experiment on the prevalence of favoritism at school. Children compete in teams in a tournament in a real effort experiment with two rounds. They report which group member they prefer to do the task in the second round, providing them with a small privilege. Using information about their social network and their individual performance, we are able to identify the importance of friendship ties. We find that friendships are very important for all age groups. Performance is an important criterion for the older children, but not for the younger ones. While this suggests that the children favor their friends, we also find an offsetting effect: children who are favored increase their subsequent performance. This means that, what looks like favoritism ex ante, may actually maximize performance ex post.

Should states be liable towards individuals for failure to provide justice, good roads, or timely administrative decisions? In this article, we show that state liability can serve three different purposes, none of which implies that the state should be liable in tort, unless other specific conditions are met. One purpose is to provide incentives for state agencies and private individuals to act efficiently. Here, the effectiveness of liability depends on the channelling of incentives down the chain of command to the acting state employee. The second purpose of state liability is to remove incentives for private parties, when these incentives are distorted, as when compensating for wrongful conviction. The third aim of state liability is to allow a higher level of the administration to monitor the behaviour of a lower level. In this case, the judicial system and private parties are means towards the end of generating information about wrongful behaviour by public bodies and agencies. Within this framework, we discuss substantive and procedural aspects of state liability in torts. We provide an economic argument for court specialization in administrative law and explain why the different solutions around the world could be appropriate under local determinants. Résumé: Les Etats devraient-ils être tenus responsables envers les individus pour leurs manquements à assurer une bonne justice, des voiries en bon état, ou à rendre des décisions administratives dans des délais raisonnables? Dans cet article il est démontré que la responsabilité de l’Etat peut servir trois objectifs différents, aucun d’entre eux n’impliquant la responsabilité civile de l’Etat, excepté dans les cas où certaines conditions spécifiques sont réunies. L’un des objectifs est d’inciter les institutions de l’Etat et les individus à agir efficacement. Ici, une responsabilité effective dépend de la canalisation des motivations le long de la chaîne de prise de décisions jusqu’au fonctionnaire chargé d’agir. Le deuxième objectif de la responsabilité de l’Etat est d’éliminer toute incitation pour les personnes privées, lorsque leurs motivations sont perverties, comme dans le cas de compensation pour erreur judiciaire. Le troisième objectif de la responsabilité de l’Etat est de permettre à l’échelon supérieur de l’administration de superviser la conduite des échelons inférieurs. Dans ce cas, le système judiciaire et les parties personnes privées constituent des outils d’information sur le comportement fautif des institutions et services publics. Dans ce contexte, il est discuté les aspects matériels et procéduraux de la responsabilité civile de l’Etat. Cet article fournit un argument économique en faveur de cours et tribunaux spécialisés en droit administratif et envisage la possibilité d’adapter les différentes solutions appliquées dans le monde à des facteurs locaux.

We study the role of communication in a high stakes prisoner’s dilemma, using data from a television game show. 40 Percent of the players voluntarily promise to cooperate, and these players are 50 percentage points more likely to cooperate than players who do not volunteer a promise. However, promises that arise in response to an explicit question by the presenter of the show are uninformative about behavior. These results augment and qualify recent experimental findings on communication—people do not want to volunteer lies but may have no compunction in lying if they feel compelled to do so.

This paper reports the results of an individual real effort laboratory experiment where subjects are paid for measured performance. Measured performance equals actual performance plus noise. We compare a stable environment where the noise is small with a volatile environment where the noise is large. Subjects exert significantly more effort in the volatile environment than in the stable environment. This finding is in line with standard agency theory and contrasts the intuitive idea captured by a distinct element of expectancy theory that noisier performance measures would lower work motivation.

Do unfettered markets produce too many or too few entrepreneurs? Two seminal papers [Stiglitz and Weiss (1981) and de Meza and Webb (1987)] obtained ambiguous answers to this question based on different assumptions about the character of information asymmetries in credit markets. The present paper approaches the same question but using a labor market model in which income is determined by ability and individuals derive utility from income and occupational group status. Occupational group status for entrepreneurs depends on the average entrepreneurial income (due to ex post screening by banks), whereas status for wage employees depends on their own income and ability (due to ex ante screening by employers). Thus, individuals create externalities through their occupational choice. It is shown that there can be too many or too few entrepreneurs in equilibrium depending on the marginal returns to ability in entrepreneurship relative to paid employment; this enables the researcher to use independent evidence about occupational marginal returns to identify the relevant equilibrium likely to arise in practice, together with the likely appropriate policy responses. Based on this approach, we suggest that there may be too many (low ability) entrepreneurs in the USA.

How valuable are cognitive and social abilities for entrepreneurs’ relative to employees’ earnings? We answer three questions: (1) To what extent does a composite measure of ability affect an entrepreneur's earnings relative to wages earned by employees? (2) Do different cognitive abilities (e.g., math ability, language, or verbal ability) and social ability affect earnings of entrepreneurs and employees differently?, and (3) Does the balance in these measured ability levels affect an individual's earnings? Our (difference-of-difference) estimates of the returns to ability for spells in entrepreneurship versus wage employment account for selectivity into entrepreneurial positions insofar as they are determined by fixed individual characteristics. Our robust results provide the following answers to the three questions: General ability has a stronger impact on entrepreneurial incomes than on wages. Moreover, entrepreneurs and employees benefit from different sets of specific abilities: verbal and clerical abilities have a stronger impact on wages, whereas mathematical, social, and technical ability are more valuable for entrepreneurs. The balance in the various kinds of ability also generates a higher income, but only for entrepreneurs: This finding supports Lazear's Jack-of-all-Trades theory.

I present a framework of banking in which banks’ main role is to monitor their borrowers. Within this framework I analyze the benefits of diversification and the threats of systemic risk and inter-bank competition. Diversification improves banks’ monitoring incentives. High systemic risk not only hampers banks’ monitoring incentives, but also makes diversification less effective. I also show that competition lowers monitoring incentives. I match the insights of the analysis with the abundant literature on the role of banks on the asset-side and provide some implications for recent developments in banking. Keywords Diversification - Systemic risk - Bank regulation

This paper studies the use of discretionary rewards in a finitely repeated principal-agent relationship with moral hazard. The key aspect is that rewards have informational content. When the principal obtains a private subjective signal about the agent's performance, she may pay discretionary bonuses to provide credible feedback to the agent. In accordance with the often observed compression of ratings, we show that in equilibrium the principal communicates the agent's interim performance imperfectly, i.e., she does not fully differentiate good and bad performance. Furthermore, we show that small rewards can have a large impact on the agent's effort, provided that the principal's stake in the project is small.Keywords: Discretionary rewards; Feedback; Self confidence; Subjective performance; Moral hazard

In this paper we analyse two ways in which liability can be reduced: caps (the judgment proof problem), and proportional reductions (the disappearing defendant problem). We show that these two problems have different incentive effects and hence yield dissimilar levels of social welfare. Moreover, when they occur simultaneously they may have offsetting effects. We also show that the negligence rule with cause-in-fact may yield lower (rather than higher) levels of social welfare than strict liability. Finally, we analyse the optimal setting of the negligence standard. Our model encompasses different precaution technologies as well as monetary v. non-monetary precautions.

In this paper, we argue that social decision-making is subject to a fundamental conflict between consistency and completeness. We show that a consistent welfarist method of policy assessment, that is, one that never violates the Pareto principle, may be incomplete in the sense that it is incapable of providing a solution to important social welfare problems. Legal policy consequences are discussed.

Alphabetical name ordering on multi-authored academic papers, which is the convention in economics and various other disciplines, is to the advantage of people whose last name initials are placed early in the alphabet. Professor A, who has been a first author more often than Professor Z, will have published more articles and experienced a faster productivity rate over the course of her career as a result of reputation and visibility. Authors know that name ordering matters and take ordering seriously. Several characteristics of an author-group composition determine the decision to deviate from the default alphabetical name order to a significant extent.

Many studies in the entrepreneurship literature are motivated by the statement that entrepreneurship has important economic value, for instance, in terms of productivity and growth, employment generation or, innovation. This claim is often substantiated by a reference to (at most) one or two studies finding supporting evidence. However, whether the cited reference was one of the few out of many studies that "happened" to find supportive evidence is not yet clear. This paper examines to what extent recent empirical evidence can collectively and systematically substantiate the claim that entrepreneurs cause important economic benefits. Hence, a systematic review is provided that answers the question: What is the contribution of entrepreneurs to the economy in comparison to non-entrepreneurs? We study the relative contribution of entrepreneurs to the economy based on four measures that have most widely been studied empirically. Hence, we answer the particular question: What is the contribution of entrepreneurs to (i) employment generation and dynamics, (ii) innovation, and (iii) productivity and growth, relative to the contributions of the entrepreneurs’ counterparts, i.e., the "control group?" A fourth type of contribution studied is the role of entrepreneurship in increasing individuals’ utility levels. Based on 57 recent studies of high quality that contain 87 relevant separate analyses, we conclude that entrepreneurs have a very important -- but specific -- function in the economy. They engender relatively much employment creation, productivity growth and produce and commercialize high quality innovations. They are more satisfied than employees. More importantly, recent studies show that entrepreneurial firms produce important spillovers that affect regional employment growth rates of all companies in the region in the long run. However, the counterparts cannot be missed as they account for a relatively high value of productivity and growth, a less volatile and more secure labor market, higher paid jobs and a greater number of innovations and they have a more active role in the adoption of innovations.

In its landmark ruling in Illinois Brick Co. v. Illinois, the U.S. Supreme Court restricted standing to sue for recovery of damages suffered from a breach of federal antitrust law to direct purchasers only. Even though typically antitrust injury is, at least in part, passed on to firms lower in the production chain and ultimately to consumers, Illinois Brick is binding precedent in a majority of states. In this paper, we draw attention to a strategic abuse of the rule as a shield against antitrust damages claims. We show that Illinois Brick facilitates upstream firms in engaging horizontally in a collusive arrangement, allowing them to focus concealed vertical side-payments to discourage civil action on their direct purchasers only. Downstream firms are passed part of the upstream cartel profits through a symmetric rationing of their inputs at low prices. This `Illinois Wall' arrangement sustains collusion in the production chain to the detriment of consumers and reducing total welfare. The more competitive the up- and downstream industries otherwise are, the more scope there is for the arrangement. Illinois Walls are shown to be resilient to entry, as well as to variations in the legal system. Several recent U.S. cartel cases display some of their symptoms, suggesting that the abuse of Illinois Brick is a reality in U.S. industry.

This paper delineates the specialty field of forensic industrial organization (IO) as the application of theoretical and empirical industrial organization economics in the legal process of competition law enforcement. Four stages of that process that can benefit from forensic IO techniques are distinguished: detection and investigation; case development; decision-making and litigation; and remedies, sanctions, and damages. We survey the use of economics in such aspects as identifying potential forms of anticompetitive behavior, screening markets for competition law violations, determining causality, advising on appropriate remedies, and assessing antitrust damages. The paper discusses the role of expert economic witnesses in competition cases. It calls for an organization of forensic IO within the context of existing forensic institutes.

PurposeThis paper sets out to present a detailed empirical investigation of the entrepreneurial intentions of business students. The authors employ the theory of planned behaviour (TPB), in which intentions are regarded as resulting from attitudes, perceived behavioural control, and subjective norms.Design/methodology/approachThe methodology used was a replication study among samples of undergraduate students of business administration at four different universities (totaln=1,225). Five operationalisations of intentions are used as well as a composite measure. Prior to the main study, qualitative research conducted at two other universities (totaln=373) was held to operationalise the components of the TPB.FindingsThe results show that the two most important variables to explain entrepreneurial intentions are entrepreneurial alertness and the importance attached to financial security.Research limitations/implicationsVarious research design features are used that result in better and more detailed explanations of entrepreneurial intentions.Practical implicationsShould one want to stimulate entrepreneurship in educational or training settings, then this paper's results provide guidance. Several suggestions are offered on how entrepreneurial alertness can be improved and financial security concerns can be reduced.Originality/valueThe study provides detailed and solid results on entrepreneurial intentions which are positioned in the career literature.

Purpose The paper provides an overview of research published in the innovation and operations management (IOM) literature on 15 methods for cost management in new product development, and it provides a comparison to an earlier review of the management accounting (MA) literature (Wouters & Morales, 2014). Methodology/approach This structured literature search covers papers published in 23 journals in IOM in the period 1990–2014. Findings The search yielded a sample of 208 unique papers with 275 results (one paper could refer to multiple cost management methods). The top 3 methods are modular design, component commonality, and product platforms, with 115 results (42%) together. In the MA literature, these three methods accounted for 29%, but target costing was the most researched cost management method by far (26%). Simulation is the most frequently used research method in the IOM literature, whereas this was averagely used in the MA literature; qualitative studies were the most frequently used research method in the MA literature, whereas this was averagely used in the IOM literature. We found a lot of papers presenting practical approaches or decision models as a further development of a particular cost management method, which is a clear difference from the MA literature. Research limitations/implications This review focused on the same cost management methods, and future research could also consider other cost management methods which are likely to be more important in the IOM literature compared to the MA literature. Future research could also investigate innovative cost management practices in more detail through longitudinal case studies. Originality/value This review of research on methods for cost management published outside the MA literature provides an overview for MA researchers. It highlights key differences between both literatures in their research of the same cost management methods.

In this lightning talk we present a new initiative at the Netherlands eScience Center (NLeSC) that aims to measure software impact, recognizing software as research output.

This paper presents a general rent-seeking model in which participants decide on entry before choosing their levels of efforts. The conventional wisdom in the rent-seeking literature suggests that the rent dissipation increases with the number of potential participants and with their pro- ductivity of effort. In this paper, we show that this result of the rent- seeking literature is far from general and applies only when participants are relatively weak and enter the game with certainty. In the presence of strong competitors, the expected total dissipation actually decreases, since participation in the game is less frequent. We further consider the impact of competitors' exit option, distinguishing between "redistributive rent-seeking"and "productive rent-seeking" situations. In redistributive rent-seeking, no social loss results from the fact that all competitors exit the race. In productive rent-seeking, instead, lack of participation creates a social loss (the "lost treasure" effect), since valuable rents are left unex- ploited. We show that the lost-treasure effect perfectly counterbalances the reduction in rent dissipation due to competitors' exit. Hence, unlike redistributive rent-seeking, in productive rent-seeking the total social loss remains equal to the entire rent even when parties grow stronger or the number of players increases.

PurposeInteroperability standards are a crucial aspect in the development of B2B e‐business. The aim of this paper is to understand how standardisation evolves by analysing the interplay between activities and stakeholders within the process. Unlike most of the IS research that focuses on the underlying technologies within standards, this study explores the standardisation processes and the interaction between the different participants.Design/methodology/approachThis issue was explored with a case study of the standardisation activity in the Port Community of Barcelona. The primary source of data was semi‐structured interviews with members of the standardisation committee, direct observation in meetings and related documentation. Data coding and analysis, using qualitative methods, proceeded in parallel with data collection.FindingsThe analysis reveals critical success factors in the urgency perceived by the dominant stakeholder and the inclusion of a workgroup manager. Also the workgroup manager can have a significant positive impact by focusing on sense‐making activities during the first steps of the process.Research limitations/implicationsThe study is based on a single organisation and a largely retrospective analysis of two standardisation exercises.Originality/valueThis paper contributes significantly to the literature on vertical B2B standardisation by combining process theories and stakeholder analysis approaches. It demonstrates greater insight into managing successful standards initiatives by taking this holistic approach to the research.

This article identifies the conditions under which potentially insolvent injurers over-invest in precaution. We show that this may happen only with respect to precautionary measures that reduce the probability of the accident. No such result occurs if precaution only reduces the magnitude of the harm. Contrary to the literature, we find that over-precaution may also occur when precaution is non-monetary. The reason being is that over-precaution can not only be due to the implicit precaution-subsidy effect (the fact that care-taking reduces the injurer’s exposure to liability when precaution is monetary) but also to a substitution effect between precaution that reduces the probability of accidents and precaution that reduces the magnitude of the harm. Finally, we find that when the injurer’s wealth is sufficiently low, precautions may actually be lower when they are monetary than when they are non-monetary, despite the implicit precaution subsidy in the former case.

‘Van buiten naar binnen!’ Ik voeg er maar een uitroepteken aan toe. Ten slotte heb ìk die titel niet bedacht, maar FINAD-bestuurslid Arie Brienen. Ik heb het over het ‘Rapport van de Commissie Gover nance NIVRA’ (Het Nederlands Instituut van Registeraccountants), dat werd gepubliceerd in november 2008, met als enthousiaste ondertitel ‘Naar een nieuwe governance van het NIVRA’. De redactie van Maandblad voor Accountancy en Bedrijfseconomie vroeg mij om naar aanleiding van dit rapport in te gaan op het begrip ‘pluriformiteit’. Dat is interessant. Terecht meende de redactie dat dit begrip in het rapport aan de orde zou komen. We lezen daarover in hoofdstuk 3 ‘Dilemma’s’, paragraaf 3.2, onder het kopje ‘Eenheid of verscheidenheid’: ‘Het NIVRA is in het verleden gekarakteriseerd als een “pluriforme” organisatie. Pluriform betekent dat de leden verschillende beroepen uitoefenen. Dat brengt met zich mee dat er tussen de leden uiteenlopende, soms zelfs tegenstrijdige belangen kunnen ontstaan. Constant ligt er druk op het NIVRA om de verscheidenheid te respecteren en zelfs te formaliseren, bijvoorbeeld door verschillende groepen leden eigen bevoegdheden en eigen budgetten te geven. Aan de andere kant wil het NIVRA met één mond namens alle RA’s (kunnen) spreken. Het dilemma dat zich aandient is de keuze tussen eenheid of verscheidenheid.’

The Airports Commission was set up by the Government of the United Kingdom in 2012 to take an independent look at the UK’s future airport capacity needs. It has been tasked with setting out the nature, scale, and timing of steps needed to maintain the UK’s status as an international hub for aviation, alongside recommendations for making better use of the UK’s existing runway capacity by the end of 2013; and setting out recommendations on how to meet any need for additional airport capacity in the longer-term by the summer of 2015. In December 2013 the Commission published its Interim Report, which included a short-list of three options for increasing the UK’s aviation capacity in the long-term: two at Heathrow and one at Gatwick. To determine which alternative would provide the largest benefits to passengers, freight businesses and the UK economy overall it is important to understand how airlines are likely to respond to increased runway capacity. This report examines the likely responses from airlines in all segments of the market: the local hub carrier, BA, other network airlines, short and long haul low-cost carriers and charter airlines. It identifies the main drivers of airline behaviour and considers the possible influence of changes to existing business models and the introduction of new types of aircraft, such as the Boeing Dreamliner and Airbus A350. The report develops six sets of responses, three following expansion of Gatwick and three following expansion of Heathrow, to test the likely evolution of the market. As the future of the highly dynamic aviation market is uncertain, it checks the resilience of each across five different scenarios of how the global aviation sector may develop in the future. The analysis maps the implications for connectivity and potential benefits to the consumer through airline competition and relieving congestion at airports and reducing the associated economic rents.

How employees spend their work time can have important consequences for organizations. Although some research has examined the relationship between human resource management (HRM) and employee absence, we know less about whether HRM also affects employees' time allocation at work. This study examines the role of perceived HRM and psychological processes in explaining employee absence and time allocation in the form of time spent on core task and contextual activities. Besides an avoidance mechanism, linking perceived FIRM to absence via lower satisfaction, we propose an approach mechanism linking perceived HRM to time spent on task and contextual activities via satisfaction and willingness to exert extra effort. A study among 1,626 employees of a Dutch governmental organization supports the proposed model. Refereed/Peer-reviewed

Albeit the relevance of property rights is well known, their determinants are still poorly understood. When property is fully protected, some buyers with valuation higher than that of original owners are inefficiently excluded from trade due to transaction costs. When protection of property is weak, low-valuation buyers inefficiently expropriate original owners. The trade-off between these two misallocations implies that property rights will be stronger the more dispersed buyers' preferences are. This prediction survives when original owners have higher political influence on institutional design, and is consistent with novel data on the rules regulating adverse possession of personal and real property and government takings of real property in 125 jurisdictions.

This study examines the sophistication of rating agencies in incorporating managerial risk-taking incentives into their credit risk evaluation. We measure risk-taking incentives using two proxies: the sensitivity of managerial wealth to stock return volatility (vega) and the sensitivity of managerial wealth to stock price (delta). We find that rating agencies impound managerial risk-taking incentives in their credit risk assessments. Assuming other things equal, a one standard deviation increase in vega (delta) will lead to an approximately one-notch (two-notch) rating downgrade. In addition, we evaluate the significance of credit ratings in the design of CEO compensation. Our findings suggest that rating-troubled firms will gear down managerial incentives of risk seeking. In particular, other things equal, a rating downgrade to the lower edge of the investment category (i.e., BBB-) in the immediate prior year will bring about an approximately 51 percent reduction of vega incentive from options newly granted to the CEO in the current year. However, we find no evidence that firms' rating concerns significantly affect delta. Given the significance of credit ratings in the marketplace and their close connection to accounting, the findings of the current study advance our understanding, not only of how sophisticated rating agencies are in incorporating forward-looking information (i.e., vega and delta) into risk assessments, but of how influential the raters are in changing firms' compensation policies. The findings also have implications on the role of accounting in constraining excessive managerial risk taking with improved disclosures on managerial compensation. © CAAA.

This article shows how asymmetric information shaped slavery by determining the likelihood of manumission. A theoretical model explains the need to offer positive incentives to slaves working in occupations characterized by a high degree of asymmetric information. As a result, masters freed (and, more generally, rewarded) slaves who performed well. The model's implications are then tested against the available evidence: both in Rome and in the Atlantic world, slaves with high asymmetric information tasks had greater chances of manumission. The analysis also sheds light on the master's choices of carrots versus sticks and of labor versus slavery.“Whatever work he does beyond what is sufficient to purchase his own maintenance can be squeezed out of him by violence only.”Adam Smith,The Wealth of Nations1“[N]or because they are slaves do they less than free men need the lure of hope and happy expectation.”Xenophon,The Economist2

In this conceptual paper we elaborate on the replication of innovation in professional service firms (PSFs). We do this by integrating literature streams on replication, knowledge sharing, productization of services and management of PSF’s. First we discuss the object of replication in order to analyze what might be leveraged and replicated. Then we address the various levels of replication (individual, team, area, firm) and reflect on the limitations and managerial challenges in the process of replication. Then we discuss various replication strategies and tactics in PSF’s. Finally we develop a framework for describing and analyzing replication and illustrate the framework with three recent case studies on different professional service firms.

In the domain of safety and security specialized organizations often have to collaborate on an occasional basis with other organizations to head challenges that none of the partners can head (as easily) on its own. Such collaborations are temporal and often virtual in nature. One emerging perspective to study such collaborations is that of transactive memory systems (TMS). TMS are cognitive systems collaborating people develop to facilitate knowledge transfer and to contribute to people’s abilities to coordinate specialized knowledge. Developing an effective TMS may result in new organizational capabilities and services, while failure to do so is a known barrier to distributed team success. Addressing several gaps in TMS literature, in this dissertation the structure, functioning, and emergence of TMS are being explored of temporary and geographically distributed collaborations at intra-organizational level.

The Dutch East India Company (VOC) is generally viewed as the first modern corporation, yet its 1602 charter did not introduce all features of legal personality. A detailed historical analysis reveals how its statute proved inadequate to sustain the massive military investment needed to secure a strong trade position in Asia. In response, legal innovations were introduced in the subsequent twenty years. In 1612, state intervention overruled shareholder rights and created capital lock-in. The associated loss of control by shareholders was ultimately compensated by long-term profits, as the escalated commitment to Asia allowed the VOC to outperform its competitors. Once capital became permanent, VOC directors needed and gained the final corporate feature of general limited liability in 1623. We argue that this transition could be achieved while preserving private interests because the Dutch Republic’s limited form of government protected long term private capital, while autocratic colonial powers maintained a royal monopoly on colonial trade. The English East India Company adopted the much-admired Dutch model only half a century later, as the crown became subject to parliamentary control. By then the Dutch grip on South-East Asia had become entrenched, leading its competitors to focus elsewhere.

Economic variables such as income, education, and occupation are known to affect mortality and morbidity, such as cardiovascular disease, and have also been shown to be partly heritable. However, very little is known about which genes influence economic variables, although these genes may have both a direct and an indirect effect on health. We report results from the first large-scale collaboration that studies the molecular genetic architecture of an economic variable-entrepreneurship-that was operationalized using self-employment, a widely-available proxy. Our results suggest that common SNPs when considered jointly explain about half of the narrow-sense heritability of self-employment estimated in twin data (σg (2)/σP (2) = 25%, h (2) = 55%). However, a meta-analysis of genome-wide association studies across sixteen studies comprising 50,627 participants did not identify genome-wide significant SNPs. 58 SNPs with p