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1
Authors: Stefan Zeranski, Ibrahim E. Sancak
Published: Feb 2021
Authors: Stefan Zeranski, Ibrahim E. Sancak
Published: Feb 2021
Abstract The U.S. financial markets faced an unprecedented rapid decline and recovery on May 6, 2010, known as the May 6 flash crash. Roughly one trillion $ market value in less than thirty minutes vanished with the biggest one-day point decline in the history of the DJIA at the time. Since the market events took place in electronic markets, and algorithmic trading and high-frequency trading, parts of FinTech, played significant roles, we handle the May 6 flash crash from the FinTech, SupTech, and financial supervision perspectives. With the flashback method, we analyzed the reactions of market participants, media, and two financial supervisors, the SEC, and the CFTC, to the market crash. We find that the technological imbalance between financial markets or institutions and their supervisors drove the markets in uncertainty, hence in a fear and panic environment. Since the imbalance has not diminished yet, the same risks still exist. As a remedy, we introduce a new concept and model with a well-functioning SupTech system to cope with the May 6 type FinTech crises.
1
Authors: Ina Rissanen, Leena Ala-Mursula, Iiro Nerg, Marko Korhonen
Published: Feb 2021
Authors: Ina Rissanen, Leena Ala-Mursula, Iiro Nerg, Marko Korhonen
Published: Feb 2021
Abstract Background Productivity costs result from loss of paid and unpaid work and replacements due to morbidity and mortality. They are usually assessed in health economic evaluations with human capital method (HCM) or friction cost method (FCM). The methodology for estimating lost productivity is an area of considerable debate. Objective To compare traditional and adjusted HCM and FCM productivity cost estimates among young stroke patients. Methods The Northern Finland Birth Cohort 1966 was followed until the age of 50 to identify all 339 stroke patients whose productivity costs were estimated with traditional, occupation-specific and adjusted HCM and FCM models by using detailed, national register-based data on care, disability, mortality, education, taxation and labour market. Results Compared to traditional HCM, taking into account occupational class, national unemployment rate, disability-free life expectancy and decline in work ability, the productivity cost estimate decreased by a third, from €255,960 to €166,050. When traditional FCM was adjusted for occupational class and national unemployment rate, the estimate more than doubled from €3,040 to €7,020. HCM was more sensitive to adjustments for discount rate and wage growth rate than FCM. Conclusions This study highlights the importance of adjustments of HCM and FCM. Routine register-based data can be used for accurate productivity cost estimates of health shocks.
1
Authors: Amelia Mutter, Harald Rohracher
Published: Feb 2021
Authors: Amelia Mutter, Harald Rohracher
Published: Feb 2021
The choice of fuels has frequently been at the center of debates about how a future low-carbon mobility system can be achieved. This paper introduces two visions of biogas fuels and electricity using material from interviews and documents in Swedish transport. These visions are analyzed as interrelated sociotechnical imaginaries. To better understand the way visions of biogas and electric vehicles (EVs) dynamically shape and condition each other, four dimensions of sociotechnical imaginaries are further developed: spatial boundedness, temporality, coherence and contestation, and the socio-material relations they are associated with. Imaginaries of biogas and EVs differ with respect to these characteristics. The biogas imaginary is made up of locally bounded visions of the desirable future, showing how imaginaries can be fragmented and contested, often because of their embeddedness in local socio-material systems of resource use. This local boundedness is exemplified by contrasting cases of contested biogas imaginaries in the Swedish municipalities of Linköping and Malmö. The imaginary of EVs, in contrast, is more uniform nationally and even influenced by international expectations that in the future vehicles will be shared, electric, and autonomous. The qualities of these imaginaries shape the way they interrelate and coevolve as sociotechnical changes of the transport system unfold.
1
Authors: Arianna Beatriz Hernández Veitia, Alessandro Gentile, Idalberto Herrera Moya
Published: Feb 2021
Authors: Arianna Beatriz Hernández Veitia, Alessandro Gentile, Idalberto Herrera Moya
Published: Feb 2021
En Cuba los jóvenes son actores fundamentales en las cooperativas agrarias para la sostenibilidad alimentaria en el ámbito local. Sin embargo, en algunas provincias rurales de la isla la implementación de las estrategias para el desarrollo rural alcanza resultados limitados en cuanto a la participación juvenil en el sector cooperativo agrario. En la presente investigación se analiza la participación de los jóvenes en las cooperativas agrarias a partir del caso de estudio del municipio de Cifuentes, en la provincia de Villa Clara: se establecieron tres índices sintéticos para dar cuenta de una baja participación juvenil en ese territorio, con causas que incluyen las tensiones generacionales en el seno de las mismas cooperativas, el surgimiento de nuevas fuentes locales de empleo más atractivas económicamente para los jóvenes, el envejecimiento poblacional y la movilidad hacia otros sectores productivos del país. A partir de estas evidencias, en el artículo se indican algunas estrategias para impulsar la participación juvenil en las cooperativas agrarias y así fomentar un desarrollo rural sostenible.
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Authors: Ramya Ravi, Manthan D. Janodia
Published: Feb 2021
Authors: Ramya Ravi, Manthan D. Janodia
Published: Feb 2021
Abstract In recent years, there is a great emphasis on transferring inventions and technologies originating from academia to industry through technology transfer/licensing or commercialization. The efforts of the Government of India (GOI) aim to create socially useful innovation through university-industry technology transfer. The objective of the study is to examine and understand enabling factors and barriers for technology transfer among Indian universities. The study covers three key aspects: (1) the awareness and practice of patents and research commercialization among Indian academia, (2) comprehending strategies adapted to commercialize research activities, and (3) barriers in university-industry technology transfer (TT). This paper is an attempt to answer the research question whether current dynamics within Indian universities create an environment for enabling knowledge transfer/commercialization and propose plausible suggestions to enable academia-industry technology transfer. A self- assessed structured methodology is contemplated and applied. Convenience sampling methods were adopted. Administrators of 25 universities overseeing research and development activities/patent cell/incubation cell or industrial collaboration of universities were approached to participate in the study. Indian universities are categorized as (i) public funded universities and (ii) private institutes for the purpose of the study. It is interesting to understand that public funded universities have an advantage in terms of receiving funds and licensing the research to potential industrial partners. The authors further conclude that research undertaken in academia is far from the demands of the industry. Even though the relevant supporting system for enhancing university-industry collaboration is in place, such as establishing technology transfer office (TTO) in the university, they hardly channelize the resources for socially useful innovation. It is important for Indian academia to undertake commercially viable research for the benefit of society.
1
Authors: Yannick Hoga
Published: Feb 2021
Authors: Yannick Hoga
Published: Feb 2021
Abstract Empirical evidence for multivariate stock suggests that there are changes from asymptotic independence to asymptotic dependence and vice versa. Under asymptotic independence, the probability of joint extremes vanishes, whereas under asymptotic dependence, this probability remains positive. In this paper, we propose a dynamic model for bivariate extremes that allows for smooth transitions between regimes of asymptotic independence and asymptotic dependence. In doing so, we ignore the bulk of the distribution and only model the joint tail of interest. We propose a maximum-likelihood estimator for the model parameters and demonstrate its accuracy in simulations. An empirical application to losses on the CAC 40 and DAX 30 illustrates that our model provides a detailed description of changes in the extremal dependence structure. Furthermore, we show that our model issues adequate forecasts of systemic risk, as measured by CoVaR. Finally, we find some evidence that our CoVaR forecasts outperform those of a benchmark dynamic t-copula model.returns
1
Authors: Zhen Yu, Zheng Liang, Peiyi Wu
Published: Feb 2021
Authors: Zhen Yu, Zheng Liang, Peiyi Wu
Published: Feb 2021
Abstract With the rise of artificial intelligence (AI), data are widely viewed as the “new oil”. However, data substantially differ from conventional resources in the sense that they are important not only for production but also for knowledge development and public policymaking. This article explores whether and how data reshape government–industry–university relations in the era of AI. Taking China’s AI innovation system as a case, this article investigates the dynamics of actor relations in the business subsystem, knowledge subsystem, and regulatory subsystem. The change of the fundamental input from physical resources to virtual data in AI innovation systems has significantly transformed the relations among industry, state, and academia, and digital platforms are playing an increasingly important role in business value creation, knowledge generation, and regulation formation due to their control of valuable data and frontier expertise in the context of uncertainty.
1
Authors: Jeanne Oui
Published: Feb 2021
Authors: Jeanne Oui
Published: Feb 2021
Since the 2000s, European open data policies have given a strong boost to commercial meteorology by giving free access to weather observations and models produced by public organizations. This article examines the efforts and challenges met by a French company that developed an offer of weather services based on the commodification of both open weather data and local observations produced by low-cost stations used by farmers. However, the paper shows that such commercialization of stations’ data is hampered both by their material friction with the weather infrastructure and by an economic friction related to data’s heterogeneous valuations. As solving the economic friction generated by data’s valuation is the priority of commercial meteorologists, they finally differentiate their offer using simulated weather data produced by computing models. Finally, the paper claims that the commercial process inherent to the use of this other type of data subordinates weather science to a logic of services: when designing a service for agriculture, the company considered that simulated data were more suited to digital farm advising services. In the end, it is the capacity of weather data to be integrated into private services and tools that valuate them as suited to guide farming practices.
1
Authors: Marcia C. Inhorn, Daphna Birenbaum-Carmeli, Ruoxi Yu, Pasquale Patrizio
Published: Feb 2021
Authors: Marcia C. Inhorn, Daphna Birenbaum-Carmeli, Ruoxi Yu, Pasquale Patrizio
Published: Feb 2021
The newest innovation in assisted reproduction is oocyte cryopreservation, more commonly known as egg freezing, which has been developed as a method of fertility preservation. Studies emerging from around the world show that highly educated professional women are turning to egg freezing in their late thirties to early forties, because they are still searching for a male partner with whom to have children. For these women, egg freezing may be a new “hope technology” for future romance; but it may also be a “technology of despair,” as women navigate the ends of a failing relationship. Based on the largest ethnographic study to date, undertaken with 150 women who froze their eggs for nonmedical reasons in the United States and Israel, we examine egg freezing at the end of romance. Relationship dissolution—involving divorce, separation, broken engagements, and relationship breakups from men who are unfaithful, controlling, rejecting, uncommitted, or unready for fatherhood—is one of the major pathways to egg freezing. When such relationship dissolution ruptures a woman’s reproductive life course, egg freezing may become a “technology of repair,” allowing women to find new strengths and opportunities as well as new visions for the future.
1
Authors: Marvin Schütt
Published: Feb 2021
Authors: Marvin Schütt
Published: Feb 2021
Abstract This article presents a meta-analysis based on 727 estimates from 83 hedonic pricing studies to provide new insights on the effects of waste sites on residential property values. Relative to previous meta-analyses on this subject, estimates are corrected for publication bias and the ability of the meta-regression model to produce reliable benefit-transfer estimates is assessed. Proximity to severely contaminated waste sites has a supremely negative impact on residential property values, whereas on average the distance from non-hazardous waste sites has no effect. Correcting for publication bias has a sizeable impact, reducing the average effect size by up to 38%. Benefit-transfer errors based on the meta-regression model are fairly large and, in line with the broader literature, outperform simple value transfer when the underlying data sample is heterogeneous.
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