scholarly journals Growth and long-run sustainability

2021 ◽  
pp. 1-22
Author(s):  
Robert D. Cairns ◽  
Vincent Martinet
Keyword(s):  
Investment Decisions ◽  
Current Level ◽  
Nonrenewable Resource ◽  
Allocation Mechanism ◽  
Utility Level ◽  
Canonical Models ◽  
Development Path ◽  
Long Run ◽  
Resource Allocation Mechanism ◽  
Over Time

Abstract From any state of economic and environmental assets, the maximin value defines the highest level of utility that can be sustained forever. Along any development path, the maximin value evolves over time according to investment decisions. If the current level of utility is lower than this value, there is room for growth of both the utility level and the maximin value. For any resource allocation mechanism (ram) and economic dynamics, growth is limited by the long-run level of the maximin value, which is an endogenous dynamic sustainability constraint. If utility reaches this limit, sustainability imposes growth to stop, and the adoption of maximin decisions instead of the current ram. We illustrate this pattern in two canonical models, the simple fishery and a two-sector economy with a nonrenewable resource. We discuss what our results imply for the assessment of sustainability in the short and the long run in non-optimal economies.

scholarly journals A Central Element of Europe’s Football Ecosystem: Competitive Intensity in the “Big Five”

2021 ◽  
Vol 13 (6) ◽  
pp. 3097
Author(s):  
Fabio Wagner ◽  
Holger Preuss ◽  
Thomas Könecke
Keyword(s):  
Big Five ◽  
Central Element ◽  
Quantitative Approach ◽  
Competitive Intensity ◽  
Entrepreneurial Ecosystems ◽  
Long Run ◽  
The Future ◽  
European Football ◽  
Over Time

This study perceives professional European football as one of the most relevant event-related entrepreneurial ecosystems (EEs) worldwide. It also identifies a healthy sporting competition in the five most popular European football leagues (Spain, England, Germany, Italy, and France), the “big five,” as a key pillar for the functioning of this ecosystem. By applying a quantitative approach, competitive intensity (CI) is measured for all big five leagues for 21 seasons (1998/99 to 2018/19). The chosen method does not only convey an overall indication of the competitive health of the entire league but also provides detailed information on the four important sub-competitions (championship race, qualification for Champions League or Europa League, and the fight against relegation). In all five leagues, seasonal CI tends to decrease over time, and especially over the last decade. The main reason is a decline in the intensity of the championship race while all other sub-competitions show relatively robust CI values. Overall, it can be concluded that the competitive health of the big five is intact, but the dwindling CI of the championship races can harm the EE of professional European football in the long run. Accordingly, it should be closely monitored in the future.

scholarly journals An Efficient Resource Allocation Mechanism for LTE–GEPON Converged Networks

2013 ◽  
Vol 22 (3) ◽  
pp. 437-461 ◽  
Author(s):  
Chathurika Ranaweera ◽  
Elaine Wong ◽  
Christina Lim ◽  
Ampalavanapillai Nirmalathas ◽  
Chamil Jayasundara
Keyword(s):  
Resource Allocation ◽  
Allocation Mechanism ◽  
Efficient Resource ◽  
Resource Allocation Mechanism

Excess Volatility in Bitcoin: Extreme Value Volatility Estimation

2021 ◽  
pp. 227797522098768
Author(s):  
Parthajit Kayal ◽  
G. Balasubramanian
Keyword(s):  
Investment Decisions ◽  
Extreme Value ◽  
Time Varying ◽  
Price Changes ◽  
Volatility Estimation ◽  
Policy Choices ◽  
Rolling Window ◽  
Excess Volatility ◽  
High Volatility ◽  
Over Time

This article investigates the excess volatility in Bitcoin prices using an unbiased extreme value volatility estimator. We capture the time-varying nature of the excess volatility using bootstrap, multi-horizon, sub-sampling and rolling-window approaches. We observe that Bitcoin price changes are almost efficient. Although Bitcoin prices exhibit high volatility and show signs of excess volatility for a few periods, it is decreasing over time. After controlling for the outliers, we also notice that the Bitcoin market shows signs of increasing maturity. Overall, Bitcoin prices show a sign of increasing efficiency with decreasing volatility. Our findings have implications for investors making investment decisions and for regulators making policy choices.

Long-Run Effects in Dynamic Systems: New Tools for Cross-Lagged Panel Models

2021 ◽  
pp. 109442812199322
Author(s):  
Ali Shamsollahi ◽  
Michael J. Zyphur ◽  
Ozlem Ozkok
Keyword(s):  
Recent Work ◽  
Dynamic Systems ◽  
Quantitative Methods ◽  
Simulated Dataset ◽  
Impulse Responses ◽  
Panel Models ◽  
Long Run ◽  
Short Run ◽  
User Friendly ◽  
Over Time

Cross-lagged panel models (CLPMs) are common, but their applications often focus on “short-run” effects among temporally proximal observations. This addresses questions about how dynamic systems may immediately respond to interventions, but fails to show how systems evolve over longer timeframes. We explore three types of “long-run” effects in dynamic systems that extend recent work on “impulse responses,” which reflect potential long-run effects of one-time interventions. Going beyond these, we first treat evaluations of system (in)stability by testing for “permanent effects,” which are important because in unstable systems even a one-time intervention may have enduring effects. Second, we explore classic econometric long-run effects that show how dynamic systems may respond to interventions that are sustained over time. Third, we treat “accumulated responses” to model how systems may respond to repeated interventions over time. We illustrate tests of each long-run effect in a simulated dataset and we provide all materials online including user-friendly R code that automates estimating, testing, reporting, and plotting all effects (see https://doi.org/10.26188/13506861 ). We conclude by emphasizing the value of aligning specific longitudinal hypotheses with quantitative methods.

An Evaluation of Mono-product Economies & examining the sine qua non for diversification - In West Asian Region

2021 ◽  
Vol 2 (2) ◽  
Author(s):  
Sushmita .
Keyword(s):  
Nuclear Energy ◽  
Renewable Energy Sources ◽  
The West ◽  
Capitalist System ◽  
Asian Region ◽  
Long Run ◽  
Asian Economies ◽  
On Line ◽  
Mode Of Development ◽  
Over Time

The discovery of oil in West Asia has contributed to its integration into the international capitalist system. The mono-commodity, oil, has brought tremendous wealth to West Asia. But a rising population and an ever growing demonstration effect, has caused imports to grow exorbitantly, with oil prices expected to fall, depicted explicitly by recent oil price drop, also over time as interest in climate change increases after RIO-20, and more options of renewable energy sources coming on line like Gas, Solar Energy, wind power and nuclear energy etc. the rentier mode of development followed by west Asian economies is clearly unsustainable. Further the oil producing nations are so over-specialized that they do not possess the necessary flexibility to shift their resources from one sector to another, or to develop substitution if and when the need arises. Moreover, the ability of oil producing countries to respond to deliberate or accidental economic measures taken abroad is limited. This paper theoretically analyses the standing of the West Asian mono product economies, their specific traits, benefits and disbenefit of current condition and looks into the case for diversification of West Asian Region. As diversification is a sine qua non in long Run for the sustainability of the West Asian economies.

scholarly journals Modeling a holonic agent based solution by Petri nets

2012 ◽  
Vol 9 (3) ◽  
pp. 1287-1305 ◽  
Author(s):  
Carlos Pascal ◽  
Doru Panescu
Keyword(s):  
Resource Allocation ◽  
Petri Nets ◽  
Petri Net ◽  
Coordination Mechanisms ◽  
Allocation Mechanism ◽  
Simulation Experiments ◽  
Agent Based ◽  
Manufacturing Execution Systems ◽  
Resource Allocation Mechanism ◽  
Manufacturing Execution

One of the key design issues for distributed systems is to find proper planning and coordination mechanisms when knowledge and decision capabilities are spread along the system. This contribution refers holonic manufacturing execution systems and highlights the way a proper modeling method - Petri nets - makes evident certain problems that can appear when agents have to simultaneously treat more goals. According to holonic organization the planning phase is mainly dependent on finding an appropriate resource allocation mechanism. The type of weakness is established by means of the proposed Petri net models and further proved by simulation experiments. A solution to make the holonic scheme avoid a failure in resource allocation is mentioned, too.

scholarly journals Cross-Correlations in Meat Prices in Brazil: A Non-Linear Approach Using Different Time Scales

Economies ◽  
2021 ◽  
Vol 9 (4) ◽  
pp. 133
Author(s):  
Derick Quintino ◽  
José Telo da Gama ◽  
Paulo Ferreira
Keyword(s):  
Time Scales ◽  
Cross Correlation ◽  
Positive Association ◽  
Recent Period ◽  
Linear Approach ◽  
Long Run ◽  
Short Run ◽  
Cross Correlations ◽  
Over Time ◽  
Different Time Scales

Brazil is one of the world’s largest producers and exporters of cattle, chicken and swine. Therefore, co-movements of Brazilian meat prices are important for both domestic and foreign stakeholders. We propose to analyse the cross-correlation between meat prices in Brazil, namely, cattle, swine and chicken, including also in the analysis information from some commodities, namely maize, soya beans, oil, and the Brazilian exchange rate. Our sample covers the recent period which coincided with extensive macroeconomic and institutional changes in Brazil, from 2011 to 2020, and is divided in two periods: (i) presidential pre-impeachment (P1), occurring in August 2016, and; (ii) post-impeachment (P2). Our results indicate that in P1, only the prices of swine and chicken showed a positive and strong correlation over time, and that cattle showed some positive correlation with chicken only in the short run. In P2, there was also a positive and consistent correlation between swine and chicken, and only a positive association with swine and cattle in the long run. For more spaced time scales (days), the changes in the degree of correlation were significant only in the long run for swine and cattle.

scholarly journals On the evolution of corruption patterns in the post-communist countries

Equilibrium ◽  
2015 ◽  
Vol 10 (1) ◽  
pp. 33 ◽  
Author(s):  
Andrzej Cieślik ◽  
Łukasz Goczek
Keyword(s):  
Transition Probability ◽  
Transition Probability Matrix ◽  
Markov Transition Probability ◽  
Long Run ◽  
Markov Transition ◽  
Corruption Index ◽  
Communist Countries ◽  
Control Of Corruption ◽  
Over Time

In this paper, we study the evolution of corruption patterns in 27 post-communist countries during the period 1996-2012 using the Control of Corruption Index and the corruption category Markov transition probability matrix. This method allows us to generate the long-run distribution of corruption among the post-communist countries. Our empirical findings suggest that corruption in the post-communist countries is a very persistent phenomenon that does not change much over time. Several theoretical explanations for such a result are provided.

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