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1
Smith, Gregor W. "A Dynamic Baumol-Tobin Model of Money Demand." Review of Economic Studies 53, no. 3 (July 1986): 465. http://dx.doi.org/10.2307/2297641.
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Gonen, Limor D., Michal Weber, Tchai Tavor, and Uriel Spiegel. "Holding Cash and Spontaneous Behavior: A Modification of the Baumol Equation." Review of European Studies 9, no. 1 (February 12, 2017): 209. http://dx.doi.org/10.5539/res.v9n1p209.
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During the decades following the presentation of the original Baumol equation (1952) the role of holding cash was significantly changed. The original Baumol equation considered the two elements of (i) the value of transactions, positively affecting cash holding; and (ii) the interest rate, negatively affecting cash holding. A third element that was not considered is the economic behavioral aspect of the availability of money that may lead to spontaneous purchasing. This element reduces the inclination of customers towards holding cash.The present paper develops various kinds of loss functions due to spontaneous purchasing behavior and presents several different modified Baumol equations that are more reliable and realistic than the original Baumol equation.An important implication of our paper relates to the ineffectiveness of monetary policy. When the interest rate is very low, in the original Baumol model we approach the liquidity trap range in which monetary policy is ineffective. However, according to our new model the monetary policy still remains effective, even at low or zero interest rates. This is the case even in an environment in which the monetary policy seems to be totally inefficient, as we recently find in several industrial countries throughout the world. In some sense, this reminds us of the idea of an automatic stabilizer that supports fiscal policies. The new modified Baumol equation in the current paper reveals an automatic stabilizer which accelerates the effectiveness of monetary policy, and avoids the phenomenon of the liquidity trap, even in cases of zero interest rates.
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HARTWIG, JOCHEN. "TESTING THE BAUMOL-NORDHAUS MODEL WITH EU KLEMS DATA." Review of Income and Wealth 57, no. 3 (July 13, 2010): 471–89. http://dx.doi.org/10.1111/j.1475-4991.2010.00409.x.
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Kyer, Ben L. "A test of the baumol model of unbalanced growth." Atlantic Economic Journal 17, no. 3 (September 1989): 83. http://dx.doi.org/10.1007/bf02303188.
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Gonen, L. D., M. Weber, T. Tavor, and U. Spiegel. "A Modified Baumol Approach-Optimal Withdrawal and Holding of Cash Liquid Assets." Review of European Studies 8, no. 2 (March 9, 2016): 8. http://dx.doi.org/10.5539/res.v8n2p8.
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<p>Baumol developed an equation for the transaction demand for money. It is affected positively by cost per withdrawal and transaction value, and negatively by the interest loss from holding cash.</p><p>Our objective is to modify the Baumol equation by including another factor. The demand for money is also affected by the customer concern that holding a more available liquid asset encourages more spontaneous purchases with resulting losses in their real value. We develop a new theoretical model by adding to the original Baumol cash demand equation another demand for a deposit which has positive yield and is less liquid. Holding this deposit restrains some of the spontaneous purchases. This modified Baumol equation leads to the following new results: Customers withdraw cash more often; maintain, on average, a smaller cash balance and larger amount of less liquid assets; and reduce their spontaneous and “nonrational” purchases.</p>
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Brady, Stephan P., Peter F. Swan, and Richard R. Young. "Adapting Baumol’s inventory theoretic to landed cost decisions." Journal of Transportation Management 21, no. 1 (April 1, 2010): 62–73. http://dx.doi.org/10.22237/jotm/1270080300.
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Major U.S. corporations have been importers for over 200 years. A significant impetus for “offshoring” has been reducing costs—usually labor costs. Often, other costs were overlooked. There has been a growing disenchantment with sourcing goods overseas, especially when there may be domestic alternatives as other costs begin to dominate. Baumol and Vinod’s Inventory Theoretic model was useful in adding transportation considerations. However, Baumol leaves out several important costs that unless considered in offshoring decisions can lead to suboptimal solutions. This paper extends that model, providing a prescriptive model that could be operationalized by firms to evaluate offshore sourcing decisions.
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Romer, David. "A Simple General Equilibrium Version of the Baumol-Tobin Model." Quarterly Journal of Economics 101, no. 4 (November 1986): 663. http://dx.doi.org/10.2307/1884173.
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Sedaghat, Hassan. "Effects of temporal heterogeniety in the Baumol-Wolff productivity growth model." Economic Theory 15, no. 2 (March 1, 2000): 491–98. http://dx.doi.org/10.1007/s001990050025.
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Semat, Joshua, David Lowery, Suzanne Linn, and William D. Berry. "Baumol's cost disease and the withering of the state." Business and Politics 21, no. 1 (June 13, 2018): 53–85. http://dx.doi.org/10.1017/bap.2018.10.
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AbstractMost theories of government growth place nearly exclusive attention on real changes in public sector activity. Yet, much nominal post–WWII government spending growth was not in the form of the public sector doing more relative to the general economy (real growth), but in the form of government activities becoming relatively more expensive (cost growth). Baumol's (1967) “cost disease” model is our best guide to understanding cost growth, but over time, Baumol has offered conflicting hypotheses about how cost growth bears on real growth. Using 1947–2012 U.S. data, we test these hypotheses, along with a more novel expectation, by modifying Berry and Lowery's (1987b) econometric models of real growth in public purchases and transfers to consider the influence of government cost growth on real public domestic spending.
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Afangideh, Udoma Johnson, Tuwe Soro Garbobiya, Farida Bello Umar, Nuruddeen Usman, Victor Unekwu Ocheni, and Sanusi Muhammad Yakubu. "Asymmetric effects of exchange rate on money demand in Nigeria: evidence from the new broad money aggregate (M3)." African Journal of Economic and Management Studies 12, no. 3 (July 16, 2021): 470–85. http://dx.doi.org/10.1108/ajems-02-2021-0080.
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PurposeThis paper is focused on determining the asymmetric effects of exchange rate on money demand function in Nigeria.Design/methodology/approachIt employs the empirical model of Baumol–Tobin. Baumol (1952), which was founded on the opportunity and transaction cost of holding money. Monetary aggregates, M1, M2 and M3, are used for the real money balances based on the nonlinear Autoregressive Distributed Lag bound testing procedure.FindingsThe results indicate that the positive and negative partial sum of exchange rate changes differ in magnitude and size, supporting the hypothesis of asymmetric effects of exchange rate changes on the demand for money in Nigeria.Originality/valueThis is the first paper to consider the new broad money aggregate (M3).
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Zhang, Yang You. "Analysis of Computer Reliability and Simulation of Optimization Algorithm Based on Baumol Model." Applied Mechanics and Materials 608-609 (October 2014): 231–35. http://dx.doi.org/10.4028/www.scientific.net/amm.608-609.231.
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With the rapid development of economy, computer technology with the advantages of real-time performance, and high efficiency has been rapidly applied in the field of financial management. The construction of financial management system, which is of digitization and informationization, becomes more and more comprehensive. How to determine the "optimal cash holdings" is the key and difficult decision for financial management in modern enterprises. This paper firstly discusses the development status of modern computer financial management technology, and then makes comparative analysis of the existing four kinds of optimal cash holdings models. On this basis, it has constructed the optimal cash holdings model with Baumol by the aid of computer technology, and the model has been carried out computer simulation and analysis in this paper. The results show that the constructed optimal cash holdings model can help enterprise finance make reasonable decision, which is very helpful to improve the efficiency of financial management.
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Vuorensyrjä, Matti. "Work and Labor in Slow-Progressive Sectors of the Economy." Nordic Journal of Working Life Studies 3, no. 1 (January 1, 2013): 95. http://dx.doi.org/10.19154/njwls.v3i1.2522.
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In the late 1960s, William Baumol demonstrated that structurally unbalanced growth, with the associated cost disease phenomenon, can be expected to have some very particular effects on work and labor in slow-progressive sectors of the economy: performing arts, health care, education, and law enforcement. Specifically, there will be downward pressure on the rate of growth of unit wages and upward pressure on the rate of growth of productivity in these sectors. In the long run, the effects of cost disease are potentially damaging for work and labor in some of the key human service occupations in the public sector. In this interdisciplinary paper, we put forward a simple model, which reconstructs and renews the model discovered by Baumol in 1967. Our model makes only a minor modification to Baumol’s original cost disease model, but the implications of this modification are noteworthy. They are also largely unexplored in empirical research. In this paper, we search for empirical traces of the effects of cost disease on work and labor. We use earlier economic and social scientific research literature on inter-industry wage differences and on time pressure, and we analyze differences in work orientations with the help of the ISSP Work Orientations III data set. Our empirical findings are early and rough intimations. However, they do give preliminary support to the propositions of the paper. The observed changes in employment, wages, and experienced time pressure all correspond to what we would expect on the basis of the cost disease hypothesis. The same applies to the observed differences in the structure of incentives across different occupational groups. The paper is not empirically conclusive, but we see it as a basis for interesting further research.
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AHALYA, R., and R. RAMANATHAN. "ENDOGENIZING CONSUMPTION DECISION IN THE FRENKEL–JOVANOVIC STOCHASTIC MODEL OF MONEY HOLDING." Annals of Financial Economics 11, no. 03 (September 2016): 1650015. http://dx.doi.org/10.1142/s2010495216500159.
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It is shown that the stochastic model of transaction and precautionary demand for money developed by Frenkel and Jovanovic can be made general even within the purview of their restricted treatment of the problem of estimation of optimal money holdings. While all the predecessor models on optimal money holdings assume the consumption decision to be an exogenous factor outside the realm of the model, the present treatment endogenizes the consumption decision by including an additional decision-dependent parameter in the very structure of the generalized model. In our model, it has been found that contrary to the Baumol–Tobin and Frenkel–Jovanovic models, the interest elasticity is positive when the consumption decisions are endogenous.
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Romer, David. "The monetary transmission mechanism in a general equilibrium version of the baumol-tobin model." Journal of Monetary Economics 20, no. 1 (July 1987): 105–22. http://dx.doi.org/10.1016/0304-3932(87)90060-2.
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Guo, Kaiming, Jing Hang, and Se Yan. "Determinants of China’s structural change during the reform era." China Political Economy 1, no. 1 (June 4, 2018): 100–119. http://dx.doi.org/10.1108/cpe-09-2018-007.
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Purpose Economic theories on structural change focus on factors such as fluctuations in relative prices and income growth. In addition, China’s reform and opening up has also been accompanied by increasing openness, significant fluctuations in investment rates, and frictions in the labor market. Existing literature lacks a unified theoretical framework to assess the relative importance of all these determinants. The paper aims to discuss these issues. Design/methodology/approach To incorporate all of the potential determinants of China’s structural change, the authors build a two-country four-sector neoclassical growth model that embeds the multi-sector Eaton and Kortum (2002) model of international trade, complete input-output structure, non-homothetic preference and labor market frictions. The authors decompose the sectoral employment shares into six effects: the Baumol, Engel, investment, international trade, factor intensity and labor market friction effects. Using the data of Chinese economy from 1978 to 2011, the authors perform a quantitative investigation of the six determinants’ effects through the decomposition approach and counterfactual exercises. Findings Low-income elasticity of demand, high labor intensity, and the existence of the switching costs are the reasons for the high employment share in the agricultural sector. Technological progress, investment and international trade have comparatively less influence on the proportion difference of employment in the three sectors. Originality/value Therefore, to examine the impact on China’s structural change, in addition to Baumol effect and the Engel effect, it is also necessary to consider the impact of three more factors: international trade, investment and switching costs. Therefore, the authors decompose the factors that may influence China’s structural change into the Baumol, Engel, investment, international trade, factor intensity effect and switching cost effects. The authors evaluate these six effects using the decomposition approach and counterfactual exercises.
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Burakov, N. A., and O. A. Slavinskaya. "Theoretical Regulations and Institutional Features of Financing Arts." Finance: Theory and Practice 22, no. 6 (December 26, 2018): 25–38. http://dx.doi.org/10.26794/2587-5671-2018-22-6-25-38.
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The authors have analyzed organizations of the performing arts sector, one of the classic key benefits in the economy. The empirical research has been based on the economic pattern of “cost disease”. A unique statistical database has been compiled on the basis of the information database of the Federal State Statistics Service and the Ministry of culture of the Russian Federation. The research presents the Baumol’s indices calculations updated in 2001–2015. There have been confirmed such symptoms of Baumol’s cost disease as: labor productivity in cultural organizations lagging behind the average regional rate, super-inflationary growth for ticket prices in theaters, and catch-up wage growth in the theater in relation to the average wage level in the region. The author’s approach to the analysis of the Baumol’s cost disease is a modification of the overall Baumol index as a replacement for the income deficit indicator for the share of expenses covered by budget funds. New results have been obtained for estimating the income deficit and the share of expenditures covered by public funding by using the panel data model and quantile regression. The practical value of this research is the systematization of budgetary and extra-budgetary support for cultural organizations. New institutions of financial support such as the institute of participatory budgeting and the institution of individual budget allocations have been suggested to create favorable environment for the development of cultural organizations
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Alcouffe, Alain, and David le Bris. "Technical Progress and Structural Change in Jean Fourastié’s Theory of Development." History of Political Economy 52, no. 1 (February 1, 2020): 101–33. http://dx.doi.org/10.1215/00182702-8009547.
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The social scientist Jean Fourastié introduced his model of economic development in a book published in 1949. He based his analysis on a statistical series he had collected, which established two principles: technical progress is not uniformly distributed across industries (it is higher in manufacturing industry than in services) and human demand for both agricultural and manufactured goods does not grow continuously and may be saturated. These two principles allowed him to propose a model which attempted to predict the high growth observed after World War II (a period that he later called the Glorious Thirty) as well as the following rise of services, leading to a new era of stagnation at the turn of the millennium. His model emphasizes the role of technical progress while growth models focus on capital and labor. Fourastié’s work was initially reviewed by sociological and economic scholars interested in structural changes. As high-level advisor for various French governments and a bestselling author, Fourastié remained at the margin of the economic profession. However, an important legacy is the concept of cost disease developed by William Baumol, which is one implication of Fourastié’s more general model.
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Rogalska, Elżbieta. "Enterprise the view of managerial theories of the firm." Oeconomia Copernicana 5, no. 1 (March 31, 2014): 153–74. http://dx.doi.org/10.12775/oec.2014.009.
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The dominant role of corporations in modern economy and observed widespread oligopolization are the sources of practical need for the theoretical concept of the enterprise explaining the operations of large companies, with a particular focus on their primary objectives and aims, and the role they play in the markets. In this paper three concepts of the enterprise are discussed that take into account the changing conditions of the company. All the discussed concepts were formulated based on the managerial theory approach: the model of an enterprise that maximizes the sustainable growth rate of R. Marris, the model of an enterprise that maximizes revenue from the sales of W.J. Baumol and the model of O.E. Williamson that describes the preferences of managers in discretionary decision- making process. The aim of the publication is to present the managerial theory of the firm, which is alternative to traditional neoclassical concept of enterprise, their critical evaluation and an indication of application possibilities.
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Ficbauer, David. "Specifics of financial management of holdings when managing cash-flow." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 58, no. 6 (2010): 673–80. http://dx.doi.org/10.11118/actaun201058060673.
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Concentration and cooperation belong to the main attributes of the modern business life. Business competition makes the start of a new business more difficult. Just the moment of concentration and cooperation can make the break to the new business easier. This can be achieved by including new businesses into holding companies. Basically there are two ways how to do a business. These depend on whether company carries out many lines of business or on the amount of asset. The first way is to cover everything with one enterprise and thus to create one accounting unit. The second way is based on a foundation of a holding structure with subsidiaries and the holder on the top. In fact holding is a specific way how to cover business by many subsidiaries.The goal of this article is to describe specifics of a financial management of holdings when managing cash-flow. The focus is on reasons of holding structure and usage of both theoretical and other models of managing cash such as Baumol model, Miller-Orr model and Beránek model. As transfers within the holding organization belong to the main advantageous of holding, the way how to transfer finance from one subsidiary to other or from subsidiary to holder or reversely is handled here.
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Camagni, Roberto. "Agglomeration, Hierarchy, Urban Rent and the City." SCIENZE REGIONALI, no. 3 (October 2009): 127–50. http://dx.doi.org/10.3280/scre2009-003007.
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- (Paper first received, July 2009; in final form, September 2009) The paper fucuses on Italian contributions in the field of urban economics, mainly from a theoretical and empirical point of view. The Italian tradition is characterized by a constant conceptualization effort of the city as a socio-economic archetype, an original historical organizational model of labor, activities and society; the approach generally merges mainstream, mainly neoclassical, tools with more heterodox, evolutionary but also classical economic concepts. In more specific fields, relevant advances were achieved in the theorization, measurement and simulation of optimal city size; in the interpretation of the urban crisis ŕ la Baumol, considering inter-sectoral but also inter-regional exchange relationships; in the analysis of urban forms and their impact on sustainability and social welfare; in dynamic modelling of the urban hierarchy and the theorization of city-networks, based on the advantages of synergy and division of labour; on a proper understanding of territorial competitiveness and the nature of urban land rent.Keywords: urban economics, competitiveness, urban land rent, agglomerationJEL Classification: R12, R14, R15
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Campbell, Noel, and Marcus Witcher. "Political entrepreneurship: Jefferson, Bayard, and the election of 1800." Journal of Entrepreneurship and Public Policy 4, no. 3 (November 2, 2015): 298–312. http://dx.doi.org/10.1108/jepp-01-2014-0004.
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Purpose – The purpose of this paper is to demonstrate that an implication of Holcombe’s (2002) model is a “revolution trap.” This paper extends Holcombe’s model adding Klein’s concept of entrepreneurship as judgment concerning the use of heterogeneous political capital. The authors use the case of the USA presidential election of 1800 to demonstrate the utility of the extension, and to discuss how political entrepreneurship served to prevent a revolution trap. The political entrepreneurship of 1800 established the precedent of peaceful transition of power in the USA, which opened the door to the rapid economic development of the early nineteenth century. Design/methodology/approach – This is a historical case study using letters, newspapers, pamphlets, and other pieces of empirical evidence to highlight an important moment of political entrepreneurship. Findings – Many contemporary observers predicted that the USA would devolve into continuous revolution, which the authors argue Holcombe’s (2002) model predicts. However, political entrepreneurship ended the revolutionary period in the former British North America. Moreover, the political entrepreneurship ending the election crisis established the precedent of peaceful political succession. This precedent comparatively elevated the returns of productive, market entrepreneurship (Baumol, 1990). As a result, the USA experiences a prolonged period of entrepreneurially driven economic growth. Originality/value – To the authors knowledge, no one has developed the implication of a “revolution trap” from Holcombe’s (2002) model, nor has anyone applied Klein’s (2008) model to extend Holcombe’s model of political entrepreneurship. Although the disputed presidential election of 1800 has been extensively researched, no one has analyzed the election and its resolution from the perspective of political entrepreneurship.
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Aristiyowati, Endah Siska, and Telisa Aulia Falianty. "PERANAN PERKEMBANGAN INOVASI FINANSIAL SISTEM PEMBAYARAN DALAM MEMPENGARUHI PERMINTAAN UANG DI INDONESIA." EKUITAS (Jurnal Ekonomi dan Keuangan) 2, no. 3 (August 6, 2019): 404–26. http://dx.doi.org/10.24034/j25485024.y2018.v2.i3.128.
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This paper examines the dynamic interaction between financial innovation development in the payment system to money demand function especially for currency and narrow money, from 2007-2017 using Indonesia monthly data. This research based on Baumol (1952) and Tobin (1956) and Lippi and Secchi (2009) theory which stated that improvement of technology in the payment system will lead to a decrease in transaction demand for money. From estimation result using Vector Error Correction Model (VECM) method, study reveals that tremendous development in the payment system on the last eleven years i.e Real Time Gross Settlement, Clearing, Automatic Teller Machine (ATM)atauDebit Card, Credit Card and electronic money using several proxies, such as using transaction value (with and without clearing), total transaction value, transaction volume, ratio of financial innovation in the payment system to Gross Domestic Product (GDP), broad money (M2) to narrow money (M1) ratio, ratio of financial innovation in the payment system to narrow money (M1) will decrease currency and narrow money (M1). Analysis of the financial innovation in the payment system role in affecting money demand (currency and narrow money) is very important so that money demand function is not misspesificied and in determining monetary policy has considered the development of payment system technology.
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Geradin, Damien. "Standardization and Technological Innovation: Some Reflections on Ex-ante Licensing, FRAND, and the Proper Means to Reward Innovators." World Competition 29, Issue 4 (December 1, 2006): 511–33. http://dx.doi.org/10.54648/woco2006038.
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In today’s technology-driven world, industry standardization, device interoperability, and product-compatibility have become critical to promoting innovation and competition. Under the current system applied in most standard-setting organizations (SSOs), firms holding patents that they deem essential to a standard considered by an SSO commit to license these patents on fair, reasonable and non-discriminatory (FRAND) terms. This system, which has allowed standardization to proceed in a wide range of sectors, is currently under attack by firms suggesting that it may lead to opportunistic behaviour on the part of essential patent holders. Proposals have thus been made in a variety of fora to replace the current FRAND regime. They include the development of a regime of ex ante auctions run by SSOs, which would allow SSO members to choose among the various bids made by essential patent holders (the Swanson-Baumol model) or a system of joint negotiations by essential patent holders and standard implementers of licensing terms. Proposals have also been made by some members of ETSI that its current IPR policy be revised in order to introduce the principles of “aggregated reasonable terms” and “proportionality” into the definition of FRAND. This paper argues that these proposals are flawed because they are based on a series of misconceptions. Their implementation would also be highly impractical, raise antitrust concerns, and harm innovation.
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Soukal, Ivan. "THE DEFENSE OF PRICE DISCRIMINATION IN NETWORK AND INFORMATION GOODS MARKETS." E+M Ekonomie a Management 24, no. 4 (December 2021): 39–55. http://dx.doi.org/10.15240/tul/001/2021-4-003.
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It is not uncommon that articles focused on consumer-price interaction in the network and information goods market swiftly condemn price discrimination as an obfuscation, on-purpose price complexity, or market failure. The reason is a general neoclassical rule of an efficient market where prices are set at marginal cost with no price discrimination. However, the matter is more complicated. This review provides authors an overview of why, where, and which type of price discrimination should be viewed by different optics. Goods such as software, cell carrier services, electronic newspapers subscription, electric energy supply, payment accounts, books, copyrighted content streaming, etc, cannot be treated like manufactured goods. The reasons are specific conditions – substantial and/or repeated fixed/sunk cost, economies of scale, and demand heterogeneity. Recognized economist W. J. Baumol described marginal cost set prices under these conditions as an ‘economic suicide’. Reviewed articles showed that firms are forced to adopt price discrimination in order to recover their costs and to serve more consumer segments. Reviewed authors provided facts to support the use of multipart tariffs, dynamic pricing, versioning, bundling, and Ramsey pricing. These conclusions are used for suggestions on how several studies of information and network goods should be modified. Modifications are related mostly to model assumptions and pricing conclusions. I argue that, in the case of information and network goods, there is justified price discrimination. Hence, there is a certain justified level of price complexity that has to be accepted and not taken as automated evidence of inefficiency, market power, and consumer exploitation.
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Mueser, Daniela, and Peter Vlachos. "Almost like being there? A conceptualisation of live-streaming theatre." International Journal of Event and Festival Management 9, no. 2 (June 4, 2018): 183–203. http://dx.doi.org/10.1108/ijefm-05-2018-0030.
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Purpose The live streaming of theatrical performances to cinemas has become increasingly common in recent years. The practice offers potentially positive returns for audience reach, audience development, revenue streams and global cultural exchange (Cochrane and Bonner, 2014; Nesta, 2011; King, 2016). However, the conceptualisation of live performance transmissions remains under-explored. The purpose of this paper is to review critically selected literature on event experience and apply it to the growing practice of live-streaming theatre (LST). In doing so, the paper develops a new conceptual model that can be used to guide future research on audience expectations, motivations and experience of LST. Design/methodology/approach A comparative historic case study approach combines a structured review of relevant academic literature and industry sources. Theories of live cultural experience and authenticity are critically reviewed. The opportunities and threats of LST to performing arts companies are summarised. The approach considers cognitive, affective and behavioural factors in probing themes of audience awareness, perceptions, expectations and experience of LST. The paper uses these factors to develop an original conceptual model for LST. Findings The research finds that the practice of cinematic live transmission of performing arts challenges existing conceptual categories and marketing strategies. Fundamental events studies factors such as “attendance”, “authenticity” and “experience” are re-evaluated. The model suggests that despite improvements in digital technology traditional theatre and broadcasted theatre are two different experiences, not substitutes. Research limitations/implications As a conceptual paper, the results are subject to being tested in the field. The findings reveal implications for the evolving future of hybrid and mixed event experiences. The potential for LST screenings to attract new audiences requires further study. Practical implications The implications of the research reflect the changing business models and supply side dynamics of theatre production and touring. The results suggest that live streaming is of limited effectiveness in addressing the capacity limits of Baumol and Bowen’s (1966) “cost disease” in live arts performance. LST allows major brands to penetrate regional markets thereby potentially squeezing out smaller touring companies and restricting innovation. Social implications The findings reveal implications for the evolving future of hybrid and mixed event experiences. Originality/value The influence of digital technology on live arts experience is currently under-explored and under-theorised. This paper develops a new conceptual model that captures in greater detail than previously the various factors that may determine audience engagement with, and experience of, LST. The paper contributes to knowledge by expanding the discourse on the gaps between the competing aims of access and authenticity. The analysis expands the academic understanding of hybrid and virtual event experiences.
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Trequattrini, Raffaele, Rosa Lombardi, and Fabio Nappo. "The corporate governance of financial-stock management: Utility function, motivation and management culture." Corporate Ownership and Control 8, no. 1 (2010): 569–79. http://dx.doi.org/10.22495/cocv8i1c5p7.
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With the rise of managerial capitalism, the utility function of managers has undergone some changes compared to that theorized by the economic doctrine and detectable in profit maximization. Later theories, such as those of Marris, Baumol, Williamson, linked to the development of managerial capitalism have emphasized that the management function is polymorphous and multi-oriented and the goals of top management are not always aligned with those of the owners. In recent years, the claim of the equity-management has allowed not only the return of shareholders in corporate governance, but also the affirmation of maximizing the market value of company shares as a new target of managers. In this view, the interests of managers are converging with those of the owner-investors; the capital and the maximization of profit are the centre of attention and value of company shares in a short period. This gives rise to a degenerative phenomenon of the entrepreneurial paradigm represented by irresponsible operations in finance exclusively linked to short-term and not to the values and expectations of corporate stakeholders. The action of the managers, according to the principal-agent theory generates a strong conflict in relationships with stakeholder groups that are rarely considered in spite of the maximization of the interests of shareholders. This contribution, in light of the above considerations, aims to analyze the utility function of managers in the modern capitalist system, in order to identify a theoretical reference model based on alternative motivations with respect to the source of the social phenomenon of irresponsibility or forms of insincere social responsibility that mask the real objective of maximizing profit. The analysis within large corporations, starting with the conceptualization of the principal-agent theory can be used to analyze not only the theoretical model of reference for the corporate governance, but also to understand which factors have led to inefficiency and which are the ones that represent the indispensable basis. We conclude by saying that the managerial utility function should not disregard from the strategy of sincere social responsibility, from the perspective of evaluating business strategies of medium- long term, from the achievement of a congruous profit and from the satisfaction of corporate stakeholders needs in different levels.
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Robertson, Peter, Jingdong Yuan, and Harsha Konara Mudiyanselage. "China, India and the contest for the Indo-Pacific." Indian Growth and Development Review 13, no. 2 (November 1, 2019): 289–317. http://dx.doi.org/10.1108/igdr-06-2019-0055.
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Purpose The purpose of this paper is to describe how China’s rapid growth and increasing resource dependence have changed its relationship with India and their respective defense strategies. In particular, we consider China's Belt and Road Initiative, India's “Act East” policy and the strategic and economic value of the Indian Ocean and South China Sea regions. Design/methodology/approach The authors find no econometric evidence of interactions between China and India’s military spending using a Richardson-Baumol arms race model. Likewise, in a cross-county panel data study of military spending, they find that China’s military spending has no independent effect on military spending in other countries. The authors also show that once wage costs and other sources of military inflation are accounted for, the pattern of real defense spending growth is much less intense than is suggested by nominal data. Nevertheless, they show that China has been undertaking intense military modernization with rapidly rising capital-labor ratios in its defense spending. Findings The authors find little evidence of a traditional arms race, but also show that China, and to a lesser extent India, have been realigning their military capabilities to these new security risks while maintaining overall military burden on the economy. Research limitations/implications Econometric analysis is limited by data availability and is necessarily historical, whereas the security situation is very fluid and may change in the short term. Practical implications The paper identifies factors that are likely to influence China and India's attitudes to defense spending in the coming years. Social implications The paper finds that there is not an arms race in the traditional sense but may be an arms race in terms of new technologies and military modernization. Originality/value This is a very much underexplored topic in economics. The authors take an interdisciplinary approach showing how economics tools can be used to help understand this important issue in international relations.
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Kirugumi, Gitonga Jason. "Firm Characteristics and Working Capital Financing Adopted by Non-Financial Firms Listed at Nairobi Securities Exchange, Kenya." Journal of Finance and Accounting 6, no. 2 (May 22, 2022): 41–62. http://dx.doi.org/10.53819/81018102t5063.
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The working capital requirement is critical to any organization. However, the working capital of numerous non-financial firms listed at NSE has been negative. Thus, the study examined the influence of firm characteristics on working capital financing. Precisely, the study examined the influence of firm size, asset tangibility, profitability and leverage on working capital financing. Five theories, namely, Baumol design, pecking order theory, trade-off concept, economies of scale theory and profit maximization theory, informed the study. The study employed an explanatory research design. The target population were 45 non-financial firms listed at NSE. The study carried out a census of all the firms. The research collected secondary panel data. The study period was between 2015 and 2019. The results from the model fitness showed that firm size (log of total assets), asset tangibility, profitability (ROA) and leverage explain 64.70% of the variations in the working capital financing of the non-financial firms. The correlation results showed that firm size measured through the log of total assets, asset tangibility and profitability were positively associated with working capital financing. In contrast, leverage was found to be negatively associated with working capital financing. The regression results showed that firm size, asset tangibility and profitability have a significant positive effect on working capital financing. However, the regression results revealed that leverage has a significant negative effect on working capital financing. The study recommended non-financial firms listed at NSE look for strategies that increase their assets. Enormous firms are expected to be more financially stable with more investments, thus reducing borrowing. In addition, the firms should look for ways to increase asset tangibility. The firms can invest in more assets such as plant and equipment, buildings, computer equipment, software, furniture, land, machinery, and vehicles. Moreover, the non-financial firms listed at NSE to look for strategies to reduce the leverage levels. External funding of the operations, such as debts, should be used if all the other internal financing options are exhausted. Keywords: Firm size, asset tangibility, profitability, leverage, working capital financing, non-financial firms listed at NSE, Kenya
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Mahon, Rianne. "Swedish Model Dying of Baumols? Current Debates." New Political Economy 12, no. 1 (March 2007): 79–85. http://dx.doi.org/10.1080/13563460601068768.
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Bezerra de Assumpção, Márcio. "Os efeitos da CPMF sobre a procura por moeda –." Revista Dissertar, no. 3 (October 1, 2002): 34–39. http://dx.doi.org/10.24119/16760867ed02207.
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Este artigo é uma tentativa de analisar os efeitos provocados pela introdução da CPMF sobre a intermediação financeira. Trata-se de uma investigação que emprega o modelo Baumol-Tobin, seguindo Santomero (1974). O estudo, após discorrer sobre as origens do modelo de estoque e as particularidades consideradas em Santomero (1974), mostra que o tributo provocou desintemediação financeira.
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Bagamery, Bruce D. "ON THE CORRESPONDENCE BETWEEN THE BAUMOL-TOBIN AND MILLER-ORR OPTIMAL CASH BALANCE MODELS." Financial Review 22, no. 2 (May 1987): 313–19. http://dx.doi.org/10.1111/j.1540-6288.1987.tb00768.x.
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Sasaki, Hiroaki. "Endogenous phase switch in Baumol's service paradox model." Structural Change and Economic Dynamics 23, no. 1 (March 2012): 25–35. http://dx.doi.org/10.1016/j.strueco.2011.09.002.
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Polo-Otero, Jose Luis, Jose Luis Ramos Ruiz, Paulo Rebolledo del Toro, Gustavo Jesus Rodriguez Albor, and José Luis Moreno-Cuello. "¿Son las regulaciones empresariales generadoras de emprendimientos?" Contaduría y Administración 65, no. 2 (August 23, 2019): 162. http://dx.doi.org/10.22201/fca.24488410e.2020.1578.
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Este artículo presenta la relación entre las regulaciones empresariales y los volúmenes de emprendimiento en 63 países, utilizando datos de los estudios <em>World Bank</em> <em>Doing Business (WBDB)</em> y <em>Global Entrepreneurship Monitor (GEM).</em> De los resultados del modelo, se concluye que las complejidades administrativas de crear una empresa no están relacionadas con los niveles de emprendimientos, coincidiendo con los hallazgos obtenidos por Baumol (1990) y Capelleras et al. (2008), que establecen que las regulaciones no afectan los volúmenes de emprendimientos, sino únicamente su distribución entre empresas formales e informales. Adicionalmente a lo anterior, el nuevo hallazgo de este artículo se centra en separar las variables explicativas de control desde el ámbito de la oferta y demanda del emprendimiento, lo que permitió confirmar lo expuesto por <em>Baumol (1990) </em>y<em> Capelleras et al (2008)</em>, entre otros autores.
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Crosta, Facundo, Rocío Navaridas, and Lara Robla Vilá. "Gasto público en salud: envejecimiento, tecnología, crecimiento y no observables." Económica 67 (December 29, 2021): 019. http://dx.doi.org/10.24215/18521649e019.
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Este documento establece que un modelo sencillo con efectos idiosincráticos por país, basado en ingresos, envejecimiento y una tendencia creciente de costos, posee gran capacidad explicativa del gasto público real por persona. Se extiende el ejercicio a tres niveles regionales: el mundo y regiones, América Latina y Argentina, durante 2000-2015. En este último caso, puede concluirse que el envejecimiento se asocia a los gastos incurridos previo al fallecimiento y una baja relevancia de “Enfermedad de costos” de Baumol.
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Coleman, Nicholas. "A Comment on “Employee Tenure and Economic Losses in Wrongful Termination Cases”." Journal of Forensic Economics 26, no. 1 (December 1, 2015): 85–93. http://dx.doi.org/10.5085/0898-5510-26.1.85.
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Abstract In the April 2013 issue of the Journal of Forensic Economics, Charles L. Baum II develops a model to estimate the annual probability of a worker remaining with a particular employer and applies his results to estimates of economic losses resulting from wrongful termination. Baum's adjustment for job survival is based only on forecast experience in the job held at the time of the termination. This method seems inconsistent with Baum's own findings that early years in any job are associated with much higher hazard rates. In this comment we apply Baum's survival coefficients in a model that incorporates the probability of termination and survival in both the original job and the replacement job.
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Hartwig, Jochen. "What drives health care expenditure?—Baumol's model of ‘unbalanced growth’ revisited." Journal of Health Economics 27, no. 3 (May 2008): 603–23. http://dx.doi.org/10.1016/j.jhealeco.2007.05.006.
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Estañol, Montserrat, Ángel Varela-Vaca, María Gómez-López, Ernest Teniente, and Rafael Gasca. "Reasoning on the usage control security policies over data artifact business process models." Computer Science and Information Systems, no. 00 (2021): 61. http://dx.doi.org/10.2298/csis210217061e.
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The inclusion of security aspects in organizations is a crucial aspect to ensure compliance with both internal and external regulations. Business process models are a well-known mechanism to describe and automate the activities of the organizations, which should include security policies to ensure the correct performance of the daily activities. Frequently, these security policies involve complex data which cannot be represented using the standard Business Process Model Notation (BPMN). In this paper, we propose the enrichment of the BPMN with a UML class diagram to describe the data model, that is also combined with security policies defined using the UCONABC framework annotated within the business process model. The integration of the business process model, the data model, and the security policies provides a context where more complex reasoning can be applied about the satisfiability of the security policies in accordance with the business process and data models. To do so, we transform the original models, including security policies, into the BAUML framework (an artifact-centric approach to business process modelling). Once this is done, it is possible to ensure that there are no inherent errors in the model (verification) and that it fulfils the business requirements (validation), thus ensuring that the business process and the security policies are compatible and that they are aligned with the business security requirements.
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Akhurst, Darren J., Graham B. Jones, Malcolm Clark, and David McConchie. "Phosphate Removal from Aqueous Solutions using Neutralised Bauxite Refinery Residues (Bauxsol™)." Environmental Chemistry 3, no. 1 (2006): 65. http://dx.doi.org/10.1071/en05038.
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Environmental Context.Eutrophication of freshwater and marine ecosystems is a global problem, which is frequently linked to high phosphorus concentrations. The present study investigated the use of Bauxsol™, a modified bauxite refinery residue, to remove dissolved phosphate from water, and has shown that it can be used as a cost-effective adsorbent for treating phosphate-contaminated waters. The results provide water and environmental managers with a new technique for decreasing the phosphate loads in water and wastewater. Environmental benefits include improved water quality, minimisation of excessive plant growth, including potentially toxic blue green algae, and the utilisation of an industrial residue for environmental remediation. Abstract.Phosphate (PO43–) removal by Bauxsol™, a neutralised bauxite refinery residue, was investigated as a function of time, pH, ionic strength, adsorbent dosage, competing ions, and initial phosphate concentration. The results of adsorption and desorption studies indicate that adsorption of PO43– by Bauxsol™ is based on a ligand-exchange mechanism, although the low reversibility pH-independent desorption observed in acid-treated Bauxsol™ indicates a dominance of chemisorption. It was shown that PO43– adsorption onto both Bauxsol™ and acid-treated Bauxsol™ followed a Langmuir isotherm model, with adsorption capacities of 0.21 and 0.48 mmol g−1 at pH 9.0 and 5.2 respectively. Adsorption of PO43– by Bauxsol™ increased with decreasing pH, with maximum adsorption efficiencies obtained at pH 5.2 ± 0.1 (the lowest pH investigated), higher Bauxsol™ to initial phosphate concentration ratios, and increased time. Studies of the effects of competing ions on the adsorption of PO43– by Bauxsol™ indicated that adsorption decreased in the presence of HCO3− ions, whereas SO42–and Cl− ions had little effect, and Ca2+ and Mg2+ ions increased adsorption. These findings suggest that Bauxsol™ could be used as an efficient low-cost adsorbent for treating phosphate-contaminated waters.
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Kim, Kyu-Sik. "A Discussion for the Application of Christian Meta-Cognitions in the Epstein and Baucom’s Couple Counseling Model." Theology and Praxis 48 (February 28, 2016): 147–70. http://dx.doi.org/10.14387/jkspth.2016.48.147.
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Atanda, Akinwande, Andrea Kutinova Menclova, and W. Robert Reed. "Is health care infected by Baumol's cost disease? Test of a new model." Health Economics 27, no. 5 (February 9, 2018): 832–49. http://dx.doi.org/10.1002/hec.3641.
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Herscovici, Alain. "Economic Growth, Technical Progress and Labor Productivity." International Journal of Innovation in the Digital Economy 2, no. 1 (January 2011): 35–47. http://dx.doi.org/10.4018/jide.2011010103.
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The debate on deindustrialization assumes that domestic industry is a leading sector and produces positive externalities for the whole economy. This paper will partially refute this. Since the early 1990’s, most developed and emerging economies have been subjected to two paradoxes: the paradox of Solow, which calls into question the relationship between ICT investment and productivity gains, and the paradox of Gordon, showing that productivity gains in the ICT sector do not propagate to all other sectors. These paradoxes lead one to question the linear nature of the kaldorian cumulative mechanisms. Following both a theoretical and an empirical approach, such relationships are analyzed from the viewpoint of the various models of unbalanced growth built by Baumol. The author will highlight the limits of such models and provide elements for an alternative explanation. Ultimately, the real problem is to investigate the economic nature and the role that services and forms of intangible capital play in the new dynamic of growth.
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Herrero, Marta. "Encounters with Postmodern Art: Zygmunt Bauman, Sociology and Art." Irish Journal of Sociology 14, no. 1 (May 2005): 131–40. http://dx.doi.org/10.1177/079160350501400108.
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This article sets Bauman's arguments on postmodern art against current debates in the sociology of arts, particularly in the so-called ‘production of culture’ approach, and its notion of ‘art worlds’. It will argue that they offer two contradicting analytical positions on what constitutes art, which are, in principle, reductionist. However, they also help shed new light on a methodological model to understand ‘cultural practice’ in so-called postmodern art communities. The article is divided into three parts. First, it discusses Bauman's definitions of postmodern art; second, it re-contextualises Bauman's arguments within the production of culture approach. Third, it compares Bauman's notion of postmodern community with Becker's art worlds.
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Platonova, E., and K. Sokolov. "On Function of Genre Citation in Mongolia by F. Svarovsky." Bulletin of Science and Practice 6, no. 6 (June 15, 2020): 318–22. http://dx.doi.org/10.33619/2414-2948/55/42.
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Reminiscences from The Wonderful Wizard Of Oz by L. F. Baum’s in Mongolia by Fyodor Svarovsky’s could not be considered as direct citations or adoption. The fairytale implication acts as a model for parable-like allegorical style of the poem.
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Chen, Hao. "Location Problem of Distribution Center Based on Baumer Walvar Model: Taking Jiaji Logistics as an Example." Open Journal of Business and Management 07, no. 02 (2019): 1042–52. http://dx.doi.org/10.4236/ojbm.2019.72070.
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Mithas, Sunil, Charles F. Hofacker, Anil Bilgihan, Tarik Dogru, Vanja Bogicevic, and Ajit Sharma. "Information technology and Baumol's cost disease in healthcare services: a research agenda." Journal of Service Management 31, no. 5 (June 16, 2020): 911–37. http://dx.doi.org/10.1108/josm-11-2019-0339.
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PurposeThis paper advances a research agenda for service researchers at the intersection of healthcare and information technologies to improve access to quality healthcare at affordable prices. The article reviews key trends to provide an agenda for research focusing on strategies, governance and management of key service processes.Design/methodology/approachThis paper synthesizes literature in information systems, service management, marketing and healthcare operations to suggest a research agenda. The authors draw on frameworks such as the interpretive model of technology, technology acceptance model, assemblage theories and Baumol's cost disease to develop their arguments.FindingsThe paper situates strategy-related service management questions that service providers and consumers face in the context of emerging healthcare and technology trends. It also derives implications for governance choices and questions related to that.Research limitations/implicationsThe paper discusses service management challenges and concludes with an agenda for future research that touches on governance and service management issues.Practical implicationsThis paper provides implications for healthcare service providers and policymakers to understand new trends in healthcare delivery, technologies and facilities management to meet evolving customer needs.Social implicationsThis paper provides implications for managing healthcare services that touch on many social and societal concerns.Originality/valueThis conceptual paper provides background and review of the work at the intersections of information systems, marketing and healthcare operations to draw implications for future research.
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Dembek, Agata. "O obecności ideału romantyczności we współczesnych związkach miłosnych." Kultura i Społeczeństwo 55, no. 1 (January 18, 2011): 147–66. http://dx.doi.org/10.35757/kis.2011.55.1.8.
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Love and models of loving relationships constitute an important field of analysis for the contemporary sociology of individuals. Models of loving also illustrate the wide changes that have taken place in the culture of Western individualism and in the predominant value system. Some critics of this culture, like Zygmunt Bauman or Ulrich Beck, argue that romantic love has become outdated and has been replaced by relationships treated instrumentally by lovers, and managed with the rules which resemble the logic of the market. This paper contains a comparison of the romantic love code and Giddens’ confluent love code. By demonstrating the similarities and differences between them, the author answers the question about the influence of the romantic ideal on the contemporary model of love and relationships. She argues that the confluent love code includes many romantic elements, adapted to the cultural reality of the new middle class. Other elements, incompatible with values of this culture, are subjected to processes of commodification and used by consumers’ market.
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Dimitrienko, Yury I., Michael P. Gordin, Elena A. Gubareva, and Anna E. Pichugina. "Blended Learning on Mathematical Analysis in Nomotex Digital Learning System." ITM Web of Conferences 35 (2020): 03005. http://dx.doi.org/10.1051/itmconf/20203503005.
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The paper discusses the methodology and technology of teaching the discipline «Mathematical Analysis» using the new Digital Learning System Nomotex (the Nomotex DLS), developed at the Department of «Computational Mathematics and Mathematical Physics» Bauman Moscow State Technical University (BMSTU). A new conceptual model for conducting lectures and practical classes in blended learning is presented. Examples of interactive computer visualization of some mathematical concepts within the discipline «Mathematical analysis» are presented.
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Oliveira, Paulo Roberto, Hellen Taynan Cavalcanti, and Anete Alberton. "COMUNIDADE DA MODERNIDADE LÍQUIDA E COCRIAÇÃO DE VALOR NA RESPONSABILIDADE SOCIAL CORPORATIVA." Revista de Gestão Social e Ambiental 14, no. 2 (February 10, 2021): 20–36. http://dx.doi.org/10.24857/rgsa.v14i2.2225.
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Este ensaio teórico tem o objetivo de desenvolver um primeiro esforço de pesquisa no sentido de apontar e demonstrar a semelhança entre os elementos da comunidade de Bauman e os diálogos virtuais de Responsabilidade Social Corporativa. Exploramos o conceito de comunidade identificando conexões com o sentido de cocriação de valor na RSC no modelo de Korschun e Du. Propomos um diálogo entre tais áreas, focando especificamente nas comunidades virtuais. Pelos conceitos expostos, discutimos que a comunidade se torna um lugar comum ao diálogo para cocriação de valor. Tal discussão promove questionamentos, reflexões e identifica um campo possível para estudos futuros. Por tratar de temas emergentes na academia, esse trabalho se destaca pela originalidade capaz de contribuir para o avanço nos estudos na administração, unindo aspectos da RSC ao sentido de comunidade, numa perspectiva sociológica. Suportamos teoricamente uma possível conexão entre a comunidade de Bauman e o sentido de comunidade nos diálogos virtuais nas comunidades de RSC, de modo que os dois elementos agem como se houvesse a presença de laços entre eles. Esse respaldo se dá pela visão de Bauman a respeito do sentido de comunidade impulsionado pela comunicação. Nesse contexto, os estudos de Granovetter nos auxiliam ao indicar que os laços em redes sociais são elementos capazes de contribuir para a coesão social.
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Bednarz, Arkadiusz, and Wojciech Zbigniew Misiolek. "Numerical and Experimental Assessment of the Effect of Residual Stresses on the Fatigue Strength of an Aircraft Blade." Materials 14, no. 18 (September 14, 2021): 5279. http://dx.doi.org/10.3390/ma14185279.
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The work presents the results of numerical fatigue analysis of a turbine engine compressor blade, taking into account the values of initial stresses resulting from surface treatment-shot-peening. The values of the residual stresses were estimated experimentally using X-ray diffraction. The paper specifies the values of the residual stresses on both sides of the blade and their reduction due to cutting through the blade-relaxation. The obtained values of the residual stresses were used as initial stresses in the numerical fatigue analysis of the damaged compressor blade, which was subjected to resonant vibrations of known amplitude. Numerical fatigue ε-N life analysis was based on several fatigue material models: Manson’s, Mitchell’s, Baumel-Seeger’s, Muralidharan-Manson’s, Ong’s, Roessle-Fatemi’s, and Median’s, and also on the three models of cyclic hardening: Manson’s, Xianxin’s, and Fatemi’s. Because of this approach, it was possible to determine the relationship between the selection of the fatigue material ε-N model and the cyclic hardening model on the results of the numerical fatigue analysis. Additionally, the calculated results were compared with the results of experimental research, which allowed for a substantive evaluation of the obtained results. These results are of great scientific and practical importance. The problem of determining the fatigue life of blades with defects operating under resonance vibrations is one of the original tasks in the field of fracture mechanics and experimental mechanics. The results obtained are of great importance in the aviation industry and can be used during engine maintenance and inspections to assess the suitability of blades with defects in terms of the needs of further work. This aspect of engineering maintenance is of great importance from the aircraft safety point of view.
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Dequan, Zheng, and Ding Yunlong. "Study on the Effect of Rising Service Employment on Productivity Growth in China: A Test of Baumol’s Model." Journal of Applied Sciences 14, no. 5 (February 15, 2014): 482–88. http://dx.doi.org/10.3923/jas.2014.482.488.
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