Remembering the commons and reinvigorating them

The Routledge Handbook of Food as a Commons proposes a normative view of what food ought to be, in the process highlighting instances where and when that potential has been actualized. Food currently is an object to sell and extract private value rather than social sustenance. This book proposes that food be reconceptualized against its long liberal and recent neoliberal history as property, making a persistent argument about decommodifying food in 24 detailed chapters. It is in re-commoning that the more than two dozen authors of the book--many of them leaders in their field--find better, alternative ideas about the right to food, global public good, food justice, and food sovereignty. They highlight how food as a commodity is currently characterized by its tradable features (appearance, calorie, price, packaging, purchasing power, taste, etc.), thereby denying its non-economic values. It asks two central questions: what would good policies look like if we build on the assumption that food should be the commons, and how do we get there?

Private Value Takeover Auctions with Toeholds: An Experimental Study

This paper presents the results of an experimental study of takeover auctions with toeholds. Consistent with the theory, we find a positive effect of toeholds on bidding. Such an effect, however, is of a lower magnitude and the bidding premium function has an opposite slope than the theory predicts, which can be attributed both to risk aversion and subjects’ tendency to think of their bids in relative terms. Consistent with the theory we find no cross-bidder toehold effect, however, such a result is inconsistent with the observed bidding function if people expect their opponents to behave the same way as they do.

Patent Value and Survival of Patents

This study investigated the effect of patent value on the renewal (survival) of patents. The private value of patents can be one of the main pillars sustaining a firm’s value, and the estimation of the value may contribute to the strategic management of firms. The current study aimed to confirm the recent research findings with survival analysis, focusing on the more homogeneous patent data samples. In this study, a dataset is constructed from a cohort of 6646 patents from the 1996 and 1997 application years, using patent data from the European Patent Office (EPO). We found that the family size and non-patent backward citations exhibited profound impacts on patent survival. This result is in line with numerous studies, indicating the positive impact of science linkages in the biotechnology and pharmaceutical fields. It was also found that the effect of the ex-post indicator is not as strong as the ex-ante indicators, like traditional family size and backward citations. In short, the family size matters most for the survival of patents, according to the current research.

Real and Private-Value Assets

Real and private-value assets—defined here as the sum of real estate, infrastructure, collectibles, and noncorporate business equity—compose an investment class worth an estimated $84 trillion in the U.S. alone. Furthermore, private values can affect pricing in many other financial markets, such as that for sustainable investments. This paper introduces the research on real assets and private values that can be found in this special issue. It also reviews recent advances and highlights new research directions on a number of topics in the real assets space that we believe to be particularly important and exciting.