Economics and Finance

1807 Submissions

[46] viXra:1807.0332 [pdf] submitted on 2018-07-20 05:58:48

Prospects for Digital Audio Broadcasting in South Africa

Authors: Bronwyn E Howell, Petrus H Potgieter
Comments: 6 Pages.

The authors submitted a comment to the Independent Communications Authority of South Africa (ICASA) in response to the call for comment in the Discussion Document on Digital Sound Broadcasting (DSB) that appeared in South Africa’s Government Gazette No. 41534 of 29 March 2018. Consequently, the second author made an oral submission at the public hearings on this issue at the ICASA premises in Sandton on 13 July 2018. In this document, we elaborate on the thinking in our submission in response to a request in this regard from Advocate Dimakatso Qocha, the Councillor who chaired the hearing. We still intend address ourselves only to Question 1 of the Discussion Document. Is there a need for the introduction of DSB technologies in South Africa? We are convinced that there is no compelling argument for the introduction of the technology in the way apparently requested by many in the industry. We do not however oppose the liberalisation of signal distribution or a technology (and content) neutral approach to spectrum management and tradeable broadcasting and spectrum rights. If these were introduced, broadcasters would be able to decide on a purely commercial basis when and if to introduce digital broadcasts and new entry to the market would be possible through the purchase of appropriate rights.
Category: Economics and Finance

[45] viXra:1807.0292 [pdf] submitted on 2018-07-18 04:15:41

Nextgen Capital Market Development

Authors: Solomon Budnik
Comments: 6 Pages.

The purpose of this project is to implement the numerical-quantum monetary system to reduce and restructure sovereign debts, secure capital values and mitigate investment risks by applying new scientific methods, and models to advance the development of capital markets and world economies. This paper demonstrates new monetary principles by elaborating new trends in capital economics with integrated mathematics and physics, enabling to devise disruptive inter-monetary mechanisms and implement the NextGen financial instruments described below
Category: Economics and Finance

[44] viXra:1807.0258 [pdf] replaced on 2018-07-24 10:11:40

Fifa World Cup and Gini Coefficient

Authors: Anindya Kumar Biswas
Comments: 17 Pages. expanded

In this paper we have found empirical evidence of a rising trend of lower Gini coefficient deciding the higher probability of winning of a country in a match in the FIFA World Cup. We have also studied the role of HDI in different stages of the football cup.
Category: Economics and Finance

[43] viXra:1807.0242 [pdf] submitted on 2018-07-12 06:26:19

Future Economics

Authors: Solomon Budnik
Comments: 5 Pages.

The purpose of this project is to promote the advance of the numerical-quantum economy and its progression to reduce sovereign debt, secure prosperity and mitigate the investment risks by applying new scientific methods, theories and models to analyze the current and future development of capital markets and world economies. This paper demonstrates new monetary principles, thus signifying new trends in capital economics with integrated mathematics and physics, enabling to predict the future economics based on new mechanisms described below.
Category: Economics and Finance

[42] viXra:1807.0086 [pdf] submitted on 2018-07-03 23:33:34

Leadership and Decision Making in Crisis in the Global Era: How Leadership Nowadays Can Encourage the Development of Business?

Authors: Evangelia Fragouli
Comments: 21 Pages. Published in The Hellenic Open Business Administration Journal; https://hobajournal.wordpress.com/

Leadership and decision making processes shape, influence and develop companies to gain competitive advantage, be profitable, promote sustainability and ultimately develop business. In the wake of globalisation, business are more susceptible to financial, legal, political, environmental, social and economic crises due to external and internal forces within and outside companies. The main objective of the research paper was to critically analyse the statement ‘Leadership & decision making in crisis in the global era: how leadership nowadays can encourage the development of business?’. An overview of leadership and decision making models applied in organizations are presented outlining challenges and issues that hinder business development. The study explores on the issues that might cause crisis in organizations and make leaders' decision making process more difficult. Moreover, it elaborates on the actions and the skills that a leader nowadays must acquire with the ultimate purpose to avoid future mistakes and develop organisations. A qualitative research methodology is applied based on critical literature review. The study concludes that the crises facing business discredit the current leadership practice, however they also provide a platform to formulate new paradigms to develop business. Keywords: Crisis, Leadership, Decision Making, Business JEL Classification: M0
Category: Economics and Finance

[41] viXra:1807.0085 [pdf] submitted on 2018-07-03 23:36:09

On Complex Dynamics of Regional Interaction

Authors: Georges Sarafopoulos
Comments: 11 Pages.

In this paper we consider the interaction between regions during the implementation of a reform on regional development through a discrete – time duopoly game with heterogeneous players. The existence and stability of equilibria of this system are studied. We show that a parameter of the system may change the stability of equilibrium and cause a structure to behave chaotically. For the low values of this parameter the game has a stable Nash equilibrium. Increasing these values, the Nash equilibrium becomes unstable, through period-doubling bifurcation. The complex dynamics, bifurcations and chaos are displayed by computing numerically Lyapunov numbers and sensitive dependence on initial conditions. Keywords: Regional Development, Institutional Reforms of Local Governments, Game Theory, Nash Equilibrium, Discrete Dynamical System; Chaotic Behavior. JEL Classification: C61, C72, R11
Category: Economics and Finance

[40] viXra:1807.0084 [pdf] submitted on 2018-07-03 23:38:08

Job Burnout and Motivation Among of Greek Bank Employees

Authors: Konstantinos Varsanis, Panagiotis Serdaris
Comments: 19 Pages. Published in The Hellenic Open Business Administration Journal; https://hobajournal.wordpress.com/

The present investigation aims to study the feelings of job satisfaction experienced by bank employees in Greece. In addition, it is studied how much the above feelings are affected by several demographic factors, like gender, age, educational level, years of experience in the specific institution, total years of experience and position held in the specific institution. The method which was preferred in the frame of the study was the quantitative research method. The tool which was used for the measurement of job satisfaction was the Employee Satisfaction Inventory, ESI, created by Koustelios, 1991. It included 24 questions, which measure six dimensions of job satisfaction: 1. Working conditions (5 items), 2. Earnings (4 items), 3. Promotions (3 items), 4. Nature of work (4 items), 5. Immediate superior (4 items) and 6. The institution as a whole (4 items) (total Chronbach’s α = 0.75). The responses were given in a five-level Likert scale: 1 = I strongly disagree, 5 = I strongly agree. The sample of the present study consisted of 230 employees of Greek banks and credit institutions. The results of the study showed that the feelings of job satisfaction experienced by Greek bank employees occur in quite high levels. Furthermore, it was found that job satisfaction is affected by several demographic characteristics, like age, gender, educational level and position held by the employee. However, further investigation should be carried out in the Greek population, so that the phenomenon of job satisfaction is well studied and promoted. Keywords: motivation, burnout, bank employees, Greece JEL Classification: J 21, J 24, J28, M 12, M54
Category: Economics and Finance

[39] viXra:1807.0083 [pdf] submitted on 2018-07-03 23:39:52

Managing Crisis or Crisis in Crisis Management? the Influence of Crisis on Greek and Foreign Companies that Operate in Greece

Authors: Evangelia Fragouli, Maria Kolonia
Comments: 41 Pages. Published in The Hellenic Open Business Administration Journal; https://hobajournal.wordpress.com/

The austerity packages that have been implemented in Greece since 2010 have been a factor causing political and social turbulence in the country. The present study investigates the influence of crisis on companies that operate in Greece and examines how this has been managed till now. An empirical study to a sample of employees working in Greek and foreign companies that operate in Greece demonstrates the preparedness or lack of preparedness of these companies and the implementation of possible crisis management plans and policies during the Greek economic crisis. The findings indicate that most of the Greek companies were not prepared and do not manage the crisis successfully. Foreign companies have managed the stressful situation more successfully. The paper suggests that crisis management requires strategic actions to be taken towards a desirable resolution to the problem. Managers have to develop organizational systems and be able to detect early warning signals and enable them to be better prepared for crisis events. This study has also shown that a crisis in managing crisis situation is possible to happen, when companies and corporate management teams do not develop crisis management plans on time. Keywords: crisis, management, leadership, business, influence, planning JEL Classification: M0
Category: Economics and Finance

[38] viXra:1807.0082 [pdf] submitted on 2018-07-03 23:41:59

On the Evolution of Institutional Reforms in a Region: a Bounded Rational Approach

Authors: Georges Sarafopoulos
Comments: 9 Pages. Published in The Hellenic Open Business Administration Journal; https://hobajournal.wordpress.com/

The paper considers the evolution of institutional reforms in a region during the implementation of a reform, on regional development. In previous work (Sarafopoulos and Ioannidis, 2014) we examined the evolution of the reforms on a region through a difference equation and we demonstrated that the slope of the tax function may change the stability of equilibrium and cause a structure to behave chaotically. In this article we show that by introducing a new parameter we can control the previous instability. For values of the slope which in the previous case created instability resulting a stable equilibrium. But also we prove that the new parameter generates instability and chaos. For some values of this parameter there is a locally stable equilibrium which is the value that maximizes the profit function of the local government. Increasing these values, the equilibrium becomes unstable, through period-doubling bifurcation. The complex dynamics, bifurcations and chaos are displayed by computing numerically Lyapunov numbers and sensitive dependence on initial conditions. Keywords:Regional Development, Institutional Reforms of Local Governments, Difference Equation, Equilibrium, Stability, Chaotic Behavior. JEL Classification: C61, C62, D42
Category: Economics and Finance

[37] viXra:1807.0081 [pdf] submitted on 2018-07-03 23:44:33

Museum Atmospherics: a Marketing and an Interpretive Tool

Authors: Kali Tzortzi
Comments: 11 Pages. Published in The Hellenic Open Business Administration Journal; https://hobajournal.wordpress.com/

In the competitive leisure marketplace, in which museums play a key role, architecture can add value to their experience and contribute to their ‘differential advantage’. Increasingly museum buildings are being addressed in the marketing literature not only as influencing the positive image of visitors and their intention to revisit, but also as affecting their experience of the museum display. This paper aims to further this idea and explore how the building’s physical and spatial form can add new dimensions to the meaning-making of the museum. Literature from different fields is brought together in the first part of the paper and the key concepts of museum atmospherics and the related model of servicescape are discussed as the theoretical background for this exploration. The paper takes as case studies two European museums which present aspects of the city’s history and share in common the character of their buildings as landmarks, their innovative spatial design, and the sensory qualities of their architecture. It shows how in both cases the museum’s powerful narrative is not in the discursive dimension of the experience of the exhibits, but in the holistic experience of the spatial setting, which visitors are invited to explore, with affective as well as cognitive outcomes. Through the analysis, the paper brings to the surface common paired themes between consumption and museum settings, such as atmosphere and tangible product, spatial layout and functioning, physical environment and distinctiveness, rational and embodied. Keywords: museum architecture; marketing; atmospherics; servicescape; spatial layout JEL Classification: M39
Category: Economics and Finance

[36] viXra:1807.0080 [pdf] submitted on 2018-07-03 23:45:53

Study on Expressway Marketization in China

Authors: Hongqian Feng, Xiaojun Guo
Comments: 9 Pages. Published in The Hellenic Open Business Administration Journal; https://hobajournal.wordpress.com/

Expressway is the national traffic artery and one of the monopoly basic industries, promoted the development of the economy. Expressway operation is in the initial stage, the country has long been dominated by the operation and management, has been followed by the pace of the times and slowly changing.With the development and accomplishment of Market Economy, many new forms continue to emerge: Expressway and Bridge toll, Sino foreign joint ventures, paid transfer, joint ventures, BOT model etc. But the operation of the expressway is still state-owned in China. Government-oriented operating mode have its advantages, but more disadvantages as well such as high operation cost, low efficiency, rent-seeking and expansion issues also can not be ignored. Therefore, through the analysis of expressway history and its present situation, comparing the advantages and disadvantages between the state-owned expressway operating mode and that of the marketization, we conclude that expressway in China is facing operation mechanism reform and its marketization is imperative. Keywords: Expressway, Marketization, Operation mode JEL Classification: R40, R49
Category: Economics and Finance

[35] viXra:1807.0079 [pdf] submitted on 2018-07-03 23:47:22

Male-Female Wage Differentials: Discrimination or Quality Differentials?

Authors: Dimitrios A. Giannias
Comments: 11 Pages. Published in The Hellenic Open Business Administration Journal; https://hobajournal.wordpress.com/

This paper presents a quality theory for labor that is offered for obtaining estimates of the demand for labor quality and testing whether there is feminist wage discrimination and whether labor quality depends on sex. The approach is instructive for understanding the workings of a hedonic labor market framework, offers closed form solutions, and allows the introduction of nonlinearities in the analysis. Keywords: hedonic pricing, quality differentials, product quality, labor quality, equilibrium model JEL Classification: J2, J3, D11
Category: Economics and Finance

[34] viXra:1807.0078 [pdf] submitted on 2018-07-03 23:48:59

A Perspective on the Anti-Corruption Accumulated Fund System: an Example of Jiangmen City in China

Authors: Nuan Lu, Wanxian Li
Comments: 11 Pages. Published in The Hellenic Open Business Administration Journal; https://hobajournal.wordpress.com/

This paper attempts to analyze the questions about the AAFS (anti-corruption accumulated fund system) of Jiangmen and corresponding constructive solutions. Especially, it investigates the content of the AAFS of Jiangmen City. The main finding is that there are four questions about the AAFS of Jiangmen city, such us fairness, impartiality, rationality and effectiveness. The paper suggests that in China, to develop the AAFS, the government should guide the public to face the AAFS squarely, enhance public participation and perfect relevant supporting systems. Keywords: anti-corruption accumulated fund system, Jiangmen city, anti-corruption JEL Classification: H4
Category: Economics and Finance

[33] viXra:1807.0077 [pdf] submitted on 2018-07-03 23:51:07

Monitoring Balanced Development: the Case of Post-Socialist Countries

Authors: Dimitrios Giannias, George Giannias
Comments: 33 Pages. Published in The Hellenic Open Business Administration Journal; https://hobajournal.wordpress.com/

This paper presents an index based methodology which is offered for analysing interregional differences, identifying suitable combination of policies, investigating ex-post whether there is progress towards convergence and balanced development, and suggesting possible changes in the allocation of funds by international organisations. The objective is to operationalize aspects of development and to show how these can be integrated into practical decision-making and analysis. As an illustration, the methodology is applied the case of the post-socialist countries of the Former Soviet Union (FSU). Keywords: balanced development, post-socialist countries JEL Classification: O10, O20, O40, O50, D10
Category: Economics and Finance

[32] viXra:1807.0076 [pdf] submitted on 2018-07-03 23:52:47

Study on the Supervision Mechanism of Public Policy Implementation in China

Authors: Wang Xin, Li Wanxian
Comments: 7 Pages. Published in The Hellenic Open Business Administration Journal; https://hobajournal.wordpress.com/

The analysis of public policy is a dynamic process, which includes public policy constituting, implementing and so on. Before the mid 1970s, the majority of experts and scholars were more concerned about the public policy formulation, but in practice, people gradually found the effect of public policy implementation. The latest study on public policy implementation turns to the supervision mechanism in order to strengthen the healthy, high efficient public policy implementation and combating corruption. Therefore, by reviewing the past literature on the supervision mechanism of public policy implementation and analyzing the dilemmas that China is facing, conclusions and countermeasures are discussed. Keywords: Public policy implementation; supervision mechanism; Policy analysis. JEL Classification: H00
Category: Economics and Finance

[31] viXra:1807.0075 [pdf] submitted on 2018-07-03 23:55:07

Implementation of Public Policy on the Di@vgeia (Clarity) Program in Greece: a Pure Bottom up Organizational and Procedural Model

Authors: Vasiliki Ntalakou
Comments: 15 Pages. Published in The Hellenic Open Business Administration Journal; https://hobajournal.wordpress.com/

Greek Public Policy on the di@vgeia (Clarity) program is based on Law 3861/2010 which was issued in June 2010. Although the agenda setting and formulation stages of this specific public policy were not affected by the economic crisis policy discourse, through its implementation stage it is perceived as a core initiative for fighting corruption and enhancing transparency on public spending and public administration activity in general. Di@vgeia initiative is conceived as a unique case of implementation success in Greece. This paper attempts to analyze the core characteristics of the program that form the bottom-up approach in the implementation stage. Especially, it investigates the implementation of the program which was based on a project management model consisting of a network of action and result - oriented management teams, one in each public agency (Project Task Forces). At the same time, the legislation provides that the core responsibility for uploading every act on the internet relies on the person or administrative body who is responsible for issuing it. This means that any administrative official on whatever level of administrative structure (e.g. ministry, local authority, legal entity etc) that has the authority to issue an act, is also responsible for assessing, based on a series of criteria, whether the document should be uploaded or not. Once the document is uploaded on the internet, every citizen can have a clear picture and opinion on the administrative action of the specific body or person. The main finding is that the bottom–up approach on implementing this specific public policy results in a maximum accountability of administrative officials on the quality of the documents, their formal characteristics and the administrative processes followed. The paper suggests that this model is also performed in other similar public policy initiatives relating to great horizontal public administration involvement. Keywords: Public policy cycle; Public policy implementation; Policy change; Bottom up approach; Di@vgeia (clarity) project;Street level bureaucrats JEL Classification: H11, KO, L880
Category: Economics and Finance

[30] viXra:1807.0074 [pdf] submitted on 2018-07-03 23:56:48

Environmentally Optimal Local Water Markets

Authors: Dimitrios A. Giannias
Comments: 27 Pages. Published in The Hellenic Open Business Administration Journal; https://hobajournal.wordpress.com/

A model is presented that incorporates water quantity and quality aspects and a market based system is developed to characterize optimum water allocations between two regions or countries or among users within a region. A methodology is developed to compute the market water quantity and quality price that would prevail in a local market and the methodology is illustrated using the water allocation problem between Greece and Bulgaria concerning Nestos river. Keywords: optimal allocation, water market, water quality JEL Classification: Q58, D1, D2
Category: Economics and Finance

[29] viXra:1807.0073 [pdf] submitted on 2018-07-03 23:58:34

A Survey on the PUBLIC’S Smoking and Smoking Control in Handan City, China

Authors: Yang Mengjie, Wanxian Li
Comments: 9 Pages. Published in The Hellenic Open Business Administration Journal; https://hobajournal.wordpress.com/

Smoke control is a worldwide trend and smoking prohibition in public places has aroused widespread attention, but China is the country with biggest tobacco production and consumption. Therefore smoke control in China is more difficult than any other country in the world. With the method of observing smoking in bus stop, express railway, some hospitals and restaurants, this paper analyses the reasons of smoking, and puts forward the corresponding countermeasures and suggestions for promoting and protecting the public health. Keywords: Public places; Smoking; smoke control, Smoking prohibition; Measures; Public health JEL Classification: H00
Category: Economics and Finance

[28] viXra:1807.0072 [pdf] submitted on 2018-07-04 00:01:22

Literature Review on Urban Integration of the Rural Workers in China

Authors: Yawei Song, Wanxian Li
Comments: 9 Pages. Published in The Hellenic Open Business Administration Journal; https://hobajournal.wordpress.com/

Social integration refers to the individual integrated into a social group, and complied with the social groups and social rules and eventually reduced the possibility of alienation. The new generation of rural migrant workers in China is generally born after 1980s, their age above 16, the young labor force whose household registration belonged to rural areas while working in the urban districts. Compared with the traditional rural migrant workers, the new generation has both subjective and objective advantages and are more easier to integrate into the city, With the continuous progress of urbanization in China, the problems of rural migrant workers has become the focus of attention. Summaries and comments are given toward the past research, and some creative ideas are also discussed. Keywords:urbanization, migrant, rural-worker, labor, integrate, city JEL Classification: L
Category: Economics and Finance

[27] viXra:1807.0071 [pdf] submitted on 2018-07-04 00:03:03

Regional Analysis of Standards of Living and Inequalities in Greece and the Allocation of eu Funding

Authors: George Giannias
Comments: 38 Pages. Published in The Hellenic Open Business Administration Journal; https://hobajournal.wordpress.com/

Regional indices get special attention because of their all inclusive nature which focuses on variables that are able to describe a region and indicate the level of its development. An analysis of consumer’s decision making indicates that the weights used for the regional variables considered and included in the index should not vary across regions. Given this, a regional index is computed for the 10 major regions of Greece assuming that all variables incorporated in it are equally weighted. The values of all variables considered are scaled from 0 - 100, so that the index is independent of units of measurement. According to the adapted regional index, the Athens Region is on the top of the ranking followed by Crete, Macedonia, Thessalia, Aegean Islands, Thrace, Peloponnisos, Sterea Ellada and Evia, Ionian Islands, and Epirus. A comparison of the regional indices with the per capita European Union funding indicates that the allocation of funds supports the integration process within Greece. Finally, an analysis of the actual versus the planned spending of the European Union funding indicates the low project management capabilities of the local (regional) administration in all cases. Keywords: standards of living, inequalities, European Union funding JEL Classification: R50
Category: Economics and Finance

[26] viXra:1807.0070 [pdf] submitted on 2018-07-04 00:05:28

The Aftermath of the “SICKLE-to-TIE” Process in Greece: What do Merchandise Export Trends Suggest?

Authors: Dimitrios KARKANIS
Comments: 49 Pages. Published in The Hellenic Open Business Administration Journal; https://hobajournal.wordpress.com/

The weak industrialization process of the Greek economy was reflected through the rapid transition from the formerly dominant agricultural production (the “sickle”) to the expansion of the service sector (the “tie”), mainly in terms of sectoral labor distribution during the last decades. This paper highlights the individual components of the recent upward trend regarding the Greek merchandise exports, through a stepwise decomposition of the total merchandise export value to those regarding the main exported products. This in turn leads to the identification of recent export growth prospects for more sophisticated manufactured products, related to the country’s weak industrial base. Keywords: Greece, Merchandise exports, Manufacturing trade, Agri-food exports, Global economic crisis JEL Classification: F10, F44, Q17
Category: Economics and Finance

[25] viXra:1807.0069 [pdf] submitted on 2018-07-04 00:08:04

A Time Series Analysis of the Nexus Between Macroeconomic Fundamentals and Stock Prices in Nigeria

Authors: Amassoma Ditimi, Bolarinwa Ifeoluwa
Comments: 35 Pages. Published in The Hellenic Open Business Administration Journal; https://hobajournal.wordpress.com/

Since macroeconomic fundamentals have been found to play a vital role for changes in the economy of a country. Consequently, the onus is on the appropriate regulatory authorities to take measures in making amendments in these policies to put the economy on the right development track. The aim of this study is to use time series analysis to empirically showcase the nexus between macroeconomic fundamentals and stock prices in Nigeria. The method used for this study was the Co-integration test and the EGARCH technique to estimate the possible influence of the selected macroeconomic fundamentals on stock prices. Volatility was captured by using quarterly data and estimated using GARCH (1,1) respectively. The study found there is a positive relationship between macroeconomic factors and stock prices in Nigeria. Therefore, the study recommends that the Federal authority should put in place policy measures that will enable the exchange rate to be relatively stabilized. This is because empirical evidence from studies has shown that exchange rate affects stock market prices. In addition, the government authority should ensure an enabling environment that would build the mindset of institutional investors in the Nigerian stock market due to the existence of information asymmetry problems among potential investors. Key words: Time series Model, Stock Market, EGARCH, Macroeconomic Policy, Nigeria, Financial Market, E-views, Macroeconomic impact JEL Classification: C11, C87, E61, F62, O55, G12
Category: Economics and Finance

[24] viXra:1807.0068 [pdf] submitted on 2018-07-04 00:10:18

The Volatility of Market Risk in Vietnam Listed Consumer Good Company Groups During and After the Financial Crisis 2007-2009

Authors: Dinh TRAN NGOC HUY
Comments: 32 Pages. Published in The Hellenic Open Business Administration Journal; https://hobajournal.wordpress.com/

This study estimates market risk of total 228 listed companies in Viet Nam consumer good industry during the financial crisis period 2007-2009. Firstly, we found out in the research sample that there are 86% of firms, of total listed firms, with beta values lower than (<) 1, meaning with lower risk, and the systemic risk is acceptable. Secondly, there are 14% among total 228 listed firms, whose beta values higher than (>) 1, meaning having stock returns fluctuating more than the market benchmark. Thirdly, among three (3) groups, the systemic risk in the material and consumer good industry is the smallest, shown by estimated values of equity and asset beta mean, and asset beta variance in the wholesale and retail industry is the smallest. Finally, this paper generates some analytical outcomes that enable companies and government to have more evidence in establishing their policies in investments and in governance Keywords: equity beta, financial structure, financial crisis, risk, asset beta, consumer good industry JEL Classification: G010, G100, G390
Category: Economics and Finance

[23] viXra:1807.0028 [pdf] submitted on 2018-07-01 23:09:59

Anticipatory Shock in the Global Economy

Authors: Miguel A. Sanchez-Rey
Comments: 1 Page.

Either way, an anticipatory shock.
Category: Economics and Finance

[22] viXra:1807.0024 [pdf] submitted on 2018-07-01 02:36:35

Personnel Work Time Management in Organization

Authors: Galina GAGARINSKAIA, Irina KUZNETCOVA, Aleksandr GAGARINSKII
Comments: 11 Pages. published in The UNIVERSITY WITHOUT BORDERS Journal of ECONOMICS & BUSINESS; https://universitywithoutborders.wordpress.com

The authors uncover socio-economic aspects of working time management, analyze social working conditions of employees in the organization, and also show socio-economic indicators and analyze the factors affecting the work time efficiency in the organization. The article provides a methodology for planning the number of employees by category depending on the time spent to manufacture the products. Presented are the results of surveying 84% of the total number of personnel in organizations (by the quota sample: status, age, sex), and the work time balance for an employee is created. Planned and actual number of the main staff categories in the organization is given.
Category: Economics and Finance

[21] viXra:1807.0023 [pdf] submitted on 2018-07-01 02:41:03

Selecting Various Industrial Competitors Affect the Risk Level of Viet Nam Stock Investment Industry

Authors: Dinh TRAN NGOC HUY
Comments: 23 Pages. Published in The UNIVERSITY WITHOUT BORDERS Journal of ECONOMICS & BUSINESS; https://universitywithoutborders.wordpress.com

Under a one factor model, this paperwork estimates the impacts of the size of firms’ competitors in the stock investment industry on the market risk level, measured by equity and asset beta, of 6 listed companies in this category. This study identified that the risk dispersion level in this sample study could be minimized in case the competitor size kept as current approximate size (measured by equity beta var of 0,034). Beside, the empirical research findings show us that equity beta min value decreases from 0,247 to 0,244 when the size of competitor doubles. Last but not least, most of beta values are acceptable. Ultimately, this paper illustrates calculated results that might give proper recommendations to relevant governments and institutions in re-evaluating their policies during and after the financial crisis 2007-2011.
Category: Economics and Finance

[20] viXra:1807.0022 [pdf] submitted on 2018-07-01 02:43:37

The Study of Consumer Preferences of Young Tourists

Authors: Leyla Hajiyeva
Comments: 17 Pages. Published in The UNIVERSITY WITHOUT BORDERS Journal of ECONOMICS & BUSINESS; https://universitywithoutborders.wordpress.com

For Azerbaijan which has taken a course on the development of the non-oil sector, tourism is the most preferable and promising sector of the economy. The favorable geographical location between Europe and Asia and the availability of necessary natural conditions contribute to the development of various types of tourism. Оne of them is youth tourism, the study of features of which is devoted to this article. А study of the needs and preferences of young tourists is aimed at identifying the main factors affecting their decision to travel. Studуing the peculiarities of the behavior of young people, tourist enterprises can develop the most appropriate marketing strategy for them.
Category: Economics and Finance

[19] viXra:1807.0021 [pdf] submitted on 2018-07-01 02:46:30

An Investigation of Financing Mechanisms of Renewable Energy and Energy Efficiency Projects in Jordan: a Review Pape

Authors: Ayman Abdalmajeed Ahmad Al-smadi
Comments: 23 Pages. Published in The UNIVERSITY WITHOUT BORDERS Journal of ECONOMICS & BUSINESS; https://universitywithoutborders.wordpress.com

The development of renewable energy and energy efficiency is crucial to Jordan’s current and future prosperity and there are substantial opportunities to pursue green growth. Despite the progress which has been made in this regard, there are some financial barriers that face this sector. These barriers concern the lack of familiarity of renewable energy and energy efficiency technologies and practices within banks. The government of Jordan is aware of these financial difficulties and that is why a fund of renewable energy and energy efficiency has been created to provide technical assistance to energy developers and financial institutions in addition to adopting a specific loan guarantee program to tackle the perceived risks that may face the financial institutions and to encourage these institutions to extend more credit facilities to this vital sector.
Category: Economics and Finance

[18] viXra:1807.0020 [pdf] submitted on 2018-07-01 03:10:04

The Value of Strategic Commitment in Mixed Duopoly Games with a Foreign Labor-Managed Firm

Authors: Kazuhiro OHNISHI
Comments: 17 Pages. Published in The UNIVERSITY WITHOUT BORDERS Journal of ECONOMICS & BUSINESS; https://universitywithoutborders.wordpress.com

This paper investigates an economy consisting of a state-owned firm and a foreign labor-managed firm. First, the paper considers a Cournot game where only the state-owned firm is allowed to offer lifetime employment as a strategic commitment, and demonstrates that there is a stable equilibrium which is profitable only for the state-owned firm. Next, the paper examines a Cournot game where only the foreign labor-managed firm can offer lifetime employment as a strategic commitment, and shows that there are two stable equilibria. The purpose of this study is to show the value of lifetime employment as a strategic commitment.
Category: Economics and Finance

[17] viXra:1807.0019 [pdf] submitted on 2018-07-01 03:12:21

Geopolitical Conditions in the Formation of Economic and Social Development in the Balkans

Authors: Miltiades KIPAS
Comments: 21 Pages. Published in The UNIVERSITY WITHOUT BORDERS Journal of ECONOMICS & BUSINESS; https://universitywithoutborders.wordpress.com

This paper aims at demonstrating the importance of infrastructures and geopolitical factors for the development of Balkan economies. The transition from the economy of central planning, as developed in the countries of Eastern Europe, to market economy essentially resulted in the replacement of economic and social structures dominant in these countries in the period 1945-1989. This transition was noticeably different from one country to another, despite the existence of some common features; such differences being determined by the particular character of these countries; their traditions; their infrastructures or their geopolitical position. Respective infrastructures also had to readjust to the new features of market economy, as, after all, it was the necessity of competitiveness itself that led these countries to develop infrastructures. In this framework, the development of infrastructures in the Balkans was an important feature in the period of their transition to market economy. Infrastructures are fundamental for the economic development of the Balkans; however, geopolitical factors also contributed to the development and growth of Balkan economies in direct relevance with the attitudes of potential investors in the respective markets.
Category: Economics and Finance

[16] viXra:1807.0018 [pdf] submitted on 2018-07-01 03:15:12

Trends and Calendar Effects in MALAYSIA’S Stock Market

Authors: Ayman Abdalmajeed Ahmad Al-smadi, Mahmoud Khalid Almsafir, Nur Hanis Hazwani Binti Husni
Comments: 17 Pages. Published in The UNIVERSITY WITHOUT BORDERS Journal of ECONOMICS & BUSINESS; https://universitywithoutborders.wordpress.com

Investing can help a person's wealth to generate more, and investing in stock is proven as one of the most profitable forms of available investment. The benefits gained in stock broking are immediate Buy/Sell which investor can sell part of their investment any time and at low transaction cost. However, investing in stock will require investor to observe the market, as market can be a volatile place and investor need to acquire knowledge of what they actually are doing. This study will discuss the price trends over the year, and how it will get affected by the seasonality in Malaysia, which also known as the calendar effects. The factor to be investigated in this study is the price on holiday’s season, the January effect or any other monthly seasonality. The daily price of KPJ Healthcare Berhad for the year 2011 is the sample was chosen in this study. Further this study, data used is derived from the weak-form efficient markets hypothesis, which is the price history and case study. Regression method is used in this study in order to help achieving the findings. This should be a continuous study, and adding on more other factors, such as wars and economic crises, and traders, investors and other speculators.
Category: Economics and Finance

[15] viXra:1807.0017 [pdf] submitted on 2018-07-01 03:17:08

A Review of Vietnam Tourism Development Policy

Authors: Nguyen Hoang Hien
Comments: 15 Pages. Published in The UNIVERSITY WITHOUT BORDERS Journal of ECONOMICS & BUSINESS; https://universitywithoutborders.wordpress.com

Tourism is one of the largest and the fastest growing economic sectors in the world. In many developing countries, tourism is considered a strategic economic sector, as this is one of the important sources of foreign exchange. Tourism creates business, trade and investment opportunities for the economy and protects the heritage and cultural values of the nation. Moreover, the tourism industry is labor intensive, tourism development can create jobs in society. And finally, tourism is a smoke-free industry, so it’s development does not affect the environment and it is likely to stimulate economic growth. In Vietnam, the tourism industry has exploded since the early 2000s, with the rapid growth of both international and domestic tourists. The Vietnamese government regards tourism as a spearhead economic sector, and the development of tourism can promote economic development. Therefore, Vietnam has had many policies for tourism development in the past two decades. This paper looks at the development of Vietnam's tourism sector in the period 2000-2016, analyzes Vietnam's policies for tourism, compares them with policies of other regional countries such as Thailand and Malaysia in order to find the solutions for Vietnam tourism development.
Category: Economics and Finance

[14] viXra:1807.0016 [pdf] submitted on 2018-07-01 03:27:40

Complexity in a Monopoly Market with Non Linear Demand and Cost Functions

Authors: Georges Sarafopoulos
Comments: 11 Pages. Published in The Hellenic Open Business Administration Journal; https://hobajournal.wordpress.com/

In this paper the equilibrium state of a bounded rational monopolist model is studied. It is assumed that the entire demand and cost functions are nonlinear. The equilibrium of the model is equal to the level of price that maximizes profits, as can be seen in the classical microeconomic theory. However, complex dynamics can arise and the stability of equilibrium state is discussed. The complex dynamics, bifurcations and chaos are displayed by computing numerically Lyapunov numbers and sensitive dependence on initial conditions.
Category: Economics and Finance

[13] viXra:1807.0015 [pdf] submitted on 2018-07-01 03:30:35

Is Hedge Funds Declared Strategy Compatible with What Actually Data Say?

Authors: Theodosios PALASKAS, Chrysostomos STOFOROS
Comments: 25 Pages. Published in The Hellenic Open Business Administration Journal; https://hobajournal.wordpress.com/

Constructing a diversified hedge funds portfolio is very much associated with the degree of complementarity/substitutability of alternative fund strategies/styles, which are self declared by fund managers. To this extend, an obvious and important question related to the safe pick by investors of a specific fund strategy is: ‘if and to what extend the fund managers declared strategy and its investment style are compatible with what actually their performance states?’. If yes, then the investors’ decision making is well informed, otherwise they run to risk of constructing a homogeneous rather than heterogeneous portfolio of funds. The purpose of this paper is, by utilizing clustering techniques -k-means and two-step -, to identify the compatibility between managers self-declaration of fund strategy/style and what the data actually reveal. The framework used is based on data driven classification, covering 2,853 hedge funds of all strategies and styles for the period 2000-2009 with monthly returns, standard deviations, skewness, kurtosis and % of positive months as inputs. The results suggest that both, k-means and two-step clustering, produce similar outcomes and that all funds strategies and styles are classified in eight clusters. Moreover, the results indicate that, other than convertible arbitrage, emerging markets and event driven fund strategies, which are mainly classified in one cluster, none of the other hedge fund strategies appear as a homogeneous category. The latter suggests that investors should be very careful when building up their portfolio of hedge funds because the self-declaration of fund managers’ strategy could be misleading.
Category: Economics and Finance

[12] viXra:1807.0014 [pdf] submitted on 2018-07-01 03:34:03

Job Satisfaction and Demofraphic Characteristics of Greek Bank Employees

Authors: Dimitrios Belias, Athanasios Koustelios, Maria Koutiva, Labros Sdrolias, Nikolaos Kakkos, Konstantinos Varsanis
Comments: 27 Pages. Published in The Hellenic Open Business Administration Journal; https://hobajournal.wordpress.com/

The present investigation aims to study the feelings of job satisfaction experienced by bank employees in Greece. In addition, it is studied how much the above feelings are affected by several demographic factors, like gender, age, educational level, years of experience in the specific institution, total years of experience and position held in the specific institution. The method which was preferred in the frame of the study was the quantitative research method. The tool which was used for the measurement of job satisfaction was the Employee Satisfaction Inventory, ESI, created by Koustelios, 1991. It included 24 questions, which measure six dimensions of job satisfaction: 1. Working conditions (5 items), 2. Earnings (4 items), 3. Promotions (3 items), 4. Nature of work (4 items), 5. Immediate superior (4 items) and 6. The institution as a whole (4 items) (total Chronbach’s α = 0.75). The responses were given in a five-level Likert scale: 1 = I strongly disagree, 5 = I strongly agree. The sample of the present study consisted of 230 employees of Greek banks and credit institutions. The results of the study showed that the feelings of job satisfaction experienced by Greek bank employees occur in quite high levels. Furthermore, it was found that job satisfaction is affected by several demographic characteristics, like age, gender, educational level and position held by the employee. However, further investigation should be carried out in the Greek population, so that the phenomenon of job satisfaction is well studied and promoted.
Category: Economics and Finance

[11] viXra:1807.0013 [pdf] submitted on 2018-07-01 03:36:43

Inventory Holding and International Mixed Duopoly

Authors: Kazuhiro Ohnishi
Comments: 19 Pages. Published in The Hellenic Open Business Administration Journal; https://hobajournal.wordpress.com/

This paper considers a two-period international mixed duopoly model in which a domestic state-owned welfare-maximizing public firm and a foreign profit-maximizing private firm are allowed to hold inventories as a strategic device. In the first period, each firm simultaneously and independently chooses how much it sells in the current market and the level of inventory it holds for the second-period market. By holding inventory, a firm can change the competitive environment in the second period. The paper demonstrates that inventories are used by the domestic state-owned public firm to achieve a collusive outcome.
Category: Economics and Finance

[10] viXra:1807.0012 [pdf] submitted on 2018-07-01 03:39:52

Tourist Destination Marketing and Measurement of Tourist Satisfaction: the Case of Santorini Island

Authors: Theodossiou George, Thanou Eleni, Kallivokas Dimitrios
Comments: 19 Pages. Published in The Hellenic Open Business Administration Journal; https://hobajournal.wordpress.com/

The present paper is the first of a series of research papers that aims to investigate the structure and quality of the "Greek touristic product" in the context of a global competitive industry, identifying strengths and weaknesses and proposing appropriate marketing responses. The paper focuses on Santorini island, 16th tourist destination in Europe, examining the degree of satisfaction of the island's visitors. The research is based on primary data, collected through a questionnaire addressed to departing tourists who had spent at least 5 days on the island and had stayed in a tourist accommodation unit. The sample was compiled with the multistage random sampling method. A number of hypotheses were tested in order to investigate differentiations in tourist satisfaction responses among country of origin, income, age, individual or agency travel and type of accommodation used. Our findings indicate an overall high level of satisfaction in most areas. The highest ratings were associated with private sector offerings (hotels, restaurants, friendliness/attitude of the local residents) against lower ratings received on public infrastructure items. Lastly, the responses were analyzed with the SPSS statistical package, using mainly the t-tests to discover statistically significant variations in the responses of different sub-groups of our sample. The main difference was found among those that stayed in hotel rooms vs. staying in rented rooms/ apartments, with the former belonging to higher income groups and expressing higher satisfaction both for their accommodation as with other aspects of the tourist product. The conclusion is that Santorini's tourist product is best suited to those with higher holiday budget, and marketing efforts as well as improvement of the tourist experience offering must continue to focus on this segment in order to maximize both tourist satisfaction and the sector's income.
Category: Economics and Finance

[9] viXra:1807.0011 [pdf] submitted on 2018-07-01 03:46:49

Institutional Reforms in a Region: on the Complexity of Their Evolution

Authors: Georges Sarafopoulos, Panagiotis G. Ioannidis
Comments: 11 Pages. Published in The Hellenic Open Business Administration Journal; https://hobajournal.wordpress.com/

The paper considers the evolution of institutional reforms in a region during the implementation of a reform, on regional development. For this purpose we use a difference equation. The existence and stability of equilibria are studied. We show that the slope of the tax function may change the stability of equilibrium and cause a structure to behave chaotically. For some values of this parameter there is a locally stable equilibrium which is the value that maximizes the profit function of the local government. Decreasing these values, the equilibrium becomes unstable, through period-doubling bifurcation. The complex dynamics, bifurcations and chaos are displayed by computing numerically Lyapunov numbers and sensitive dependence on initial conditions.
Category: Economics and Finance

[8] viXra:1807.0010 [pdf] submitted on 2018-07-01 03:48:29

The Hellenic Internal Security System in Combating Organized Crime. the Case of the Hellenic Coast Guard

Authors: Tryfon KORONTZIS
Comments: 27 Pages. Published in The Hellenic Open Business Administration Journal; https://hobajournal.wordpress.com/

Organized crime has a global character and is one of the most serious threats in the modern societies for decades. This phenomenon because of the characteristics that govern modern societies and economies, namely globalization, transnational flows, reduction of distances due to the technology evolution has taken international dimensions. These evolutions help the development of international profitable illegal activities. Organized Criminal Groups (OCG) are operating simultaneously in more than one countries internationalizing with that way crime, making difficult and painful its effective and comprehensive combat. Besides the international character of modern organized crime, an additional problem is the modernization of mode and methods of action that are used by criminal groups.
Category: Economics and Finance

[7] viXra:1807.0008 [pdf] submitted on 2018-07-01 03:52:52

Reputation Risk Management (RRM) in the Petroleum Industry: the Role of Corporate Social Responsibility

Authors: Evangelia FRAGOULI
Comments: 21 Pages. Published in The Hellenic Open Business Administration Journal; https://hobajournal.wordpress.com/

The petroleum industry is institutionally complex and its operations are integrated across the entire supply chain. In case of accidents, there are always major economic losses and serious environmental consequences which can damage the reputation of the companies. This makes reputation risk management very important. As a policy strategy, CSR plays significant role in shaping the perceptions of stakeholders about the activities of companies, hence has the potential of protecting companies against reputational risks. This study aims to critically examine the role CSR plays in Reputation Risk Management in the petroleum industry. It investigates and critically analyses Reputation Risk Management policies and the influence CSR initiatives have on stakeholders. After a general background introduction to the petroleum industry, it discusses the nature of reputation and reputation risk management, highlighting the existence of policy issues and the approach adopted in managing reputation risk in the petroleum industry. Reputation is driven by regulatory compliance, strong financial performance, employees and customer satisfaction, good corporate governance and leadership. The study shows that CSR as a policy strategy plays a significant role in RRM. In this regard, the study concludes that CSR initiatives can positively influence the desire to manage the reputation of companies in the petroleum industry. The study recommends CSR as a holistic approach capable of building an everlasting reputation for companies within and outside the petroleum industry.
Category: Economics and Finance

[6] viXra:1807.0007 [pdf] submitted on 2018-07-01 03:56:16

Financial Banking Supervision: a View of an Updated Secondary Research the Greek Reality

Authors: Anastasia Kopaneli
Comments: 18 Pages. Published in The Hellenic Open Business Administration Journal; https://hobajournal.wordpress.com/

Financial Banking Supervision is widely recognized as an extremely necessary process throughout the years in the last decades. To begin with, it refers to a Preventive Control and to Supervision as well, with a central aim of «preventing» the Financial Banking Sector – in fact and more specifically, Financial Banking Supervision is related to a chain of rules set, mainly by, the Bank of International Settlements (BCBS-BASEL, BIS) in collaboration with the Central Bank in each country-member so that a Monetary and Financial Stability is achieved nationally and globally too (BCBS October 2013, Jorion 2002, Singleton 2011). This article presents the fundamentals of Financial Banking Supervision together with the updated statistical data taken from valid and reliable sources and organizations. In line with the above, the objectives are specific: •To make the reader concentrate on the fundamentals of Financial Banking Supervision. •To make the reader see the relation between the classic literature of Finance and Banking Supervision and the Updated Statistical Data. •To make the reader see the Greek reality. So, it is clear, that the results are based upon comparisons between theory and practice in a continuous way. Thus, the Methodological Conceptual Framework is based upon classic literature of Finance and Banking while updated statistical data is used as well (as Financial Banking Supervision is in a continuous advancement taking into serious consideration all the issues of the National and the Global Economy, especially in nowadays). The used data concerns the Global and the Greek Reality (http://www.bankofgreece.gr) as shown in Figures 1,2,3,4 and in Table 1.
Category: Economics and Finance

[5] viXra:1807.0006 [pdf] submitted on 2018-07-01 04:05:15

Health Care Services in Public Hospitals in Region of Eastern Macedonia and Thrace-Greece

Authors: Giannoula FLOROU, Vasileios AGGELIDIS, Christos BATZIOS, Anastasios KARASAVVOGLOU, Ioannis PETASAKIS, Persefoni POLYCHRONIDOU
Comments: 25 Pages. Published in The Hellenic Open Business Administration Journal; https://hobajournal.wordpress.com/

The economic crisis which has plagued the economies of Southern Europe the last five years, and its unforeseen adverse effects on socio-economic indicators of our country, still constitute an evolving and up to date phenomenon, enhancing a range of other issues, including that of providing health care services to the citizens. In this context, this paper focuses on the investigation of the basic features of hospitalization in patients who received health care services in hospitals in the Region of Eastern Macedonia and Thrace, during the period 2005-2011. The analysis was based on data drawn from the official statements of the public hospitals of “Kavala”, “Drama”, “Komotini”, “Xanthi”, “Alexandroupolis” and “Didimotichon”, and refer to key variables, such as the “number of inpatient”, the “sex of patients”, the “clinic/department of hospitalization”, the “duration of hospitalization”, the “insurance organization”, the “the rate of plenitude of clinic”, etc. From the statistical analysis and the evaluation of data the current situation is outlined, with regard to the health care services provided by the central health care units in the Region of Eastern Macedonia and Thrace, over time and cross section, and useful results emerge which can also serve as the basis for more rational planning and decision making.
Category: Economics and Finance

[4] viXra:1807.0005 [pdf] submitted on 2018-07-01 04:06:36

The Museum Visitor as Consumer

Authors: Kali Tzortzi
Comments: 21 Pages. Published in The Hellenic Open Business Administration Journal; https://hobajournal.wordpress.com/

This paper takes as its starting point the idea that in museums the consumers are the visitors, and that, with the growing prevalence of the marketing approach and greater competition for audience, it is increasingly significant for museums to understand visitors’ reactions to the exhibitions they offer. There has been a long debate as to how to organize exhibitions, but there is no standard method for assessing their effectiveness, though a variety of evaluative techniques have been applied, from interviews and questionnaires through to observation of behaviour. Here we argue that important keys to visitors’ reactions are reflected in observable and quantifiable aspects of their behaviours, including the precise ways in which they move through the exhibition spaces and view exhibits. The key innovation of the research lies in relating these quantifiable patterns to museum intent, meaning how architects and curators seek to shape visitor experience and understanding through spatial design and display narrative. In this paper, we take four case studies of museums with different exhibition concepts and layouts, and show that empirical evidence of different patterns of movement and viewing can lead to deeper understanding of visitors’ responses, and allow more informed choices in designing consumer-centred museums.
Category: Economics and Finance

[3] viXra:1807.0004 [pdf] submitted on 2018-07-01 04:08:34

Partial Privatization in International Mixed Duopoly with Price Competition

Authors: Kazuhiro Ohnishi
Comments: 21 Pages. Published in The Hellenic Open Business Administration Journal; https://hobajournal.wordpress.com/

This paper examines privatization policy in a price-setting mixed duopoly where a domestic public firm competes against a foreign private firm. The domestic government chooses the degree of privatization to maximize domestic welfare. The paper considers two games: Bertrand-Nash competition and Stackelberg competition with the domestic firm being the leader. The paper shows that neither full nor partial privatization is optimal in the two international mixed duopoly games with price competition.
Category: Economics and Finance

[2] viXra:1807.0003 [pdf] submitted on 2018-07-01 04:11:11

Structure and Agency in Entrepreneurial Intention in the Midst of Crisis: Understanding the Profiles of Aspiring Greek Small Entrepreneurs in the Agro-Food Sector

Authors: Philippos PAPADOPOULOS, Christos BAKOUROS, Anisa BELLOU
Comments: 23 Pages. Published in The Hellenic Open Business Administration Journal; https://hobajournal.wordpress.com/

This paper investigates the usefulness of Margaret Archer’ model in explaining entrepreneurial intention in the Greek agro-food sector. The empirical study was prompted by the salience of both entrepreneurship and the specific sector in current public discourse. The findings of the study suggest that the typology can be used to gain insights into significant aspects of the topic and highlights the need to avoid linear causal schemata and adopt a more holistic approach in researching entrepreneurial intention. Further more, the limitations of a quantitative methodology were revealed, and the consequent need to rely on in-depth qualitative interviews in order to gain a “think picture” of entrepreneurial conduct.
Category: Economics and Finance

[1] viXra:1807.0002 [pdf] submitted on 2018-07-01 04:13:28

Interaction of Local Governments: a Dynamic Approach with Homogeneous Players

Authors: Georges Sarafopoulos
Comments: 11 Pages. Published in The Hellenic Open Business Administration Journal; https://hobajournal.wordpress.com/

In this paper we point to the difficulty of applying concepts of microeconomic theory (competition between products and firms) at the political level (competition between regions). To emphasize this difficulty we present a model of competition between two local governments in order to show complexity and non-predictability. We consider the interaction between local governments during the implementation of a reform on regional development through a discrete – time duopoly game where the players have homogeneous expectations. The existence and stability of equilibria of this system are studied. We show that a parameter of the system may change the stability of equilibrium and cause a structure to behave chaotically. For the low values of this parameter the game has a stable Nash equilibrium. Increasing these values, the Nash equilibrium becomes unstable, through period-doubling bifurcation. The complex dynamics, bifurcations and chaos are displayed by computing numerically Lyapunov numbers and sensitive dependence on initial conditions.
Category: Economics and Finance