A RETROSPECTIVE STUDY ON THE INFLUENCE OF A STATE PARK-LAKE ON LAND VALUE,FROM THE TIME OF LAND ACQUISITION TO RESERVOIR FILLING

A new multiple purpose park-lake facility is being developed in the sub urbanrural fringe of the Philadelphia, Pennsylvania metropolitan region. This study assesses the impact of the new park-lake upon surrounding land values in order to provide information for improved planning and decision making in such a context. The investigation covers the period from the time of land acquisition to that of near-completion of dam construction. The results of the study provide a “baseline” from which it will later be possible to assess changes in land values as the park-lake becomes fully operational as a major public recreational facility. Two geographic zones of impact on surrounding land value are identified by the analysis, and variations in the impact of the park-lake over time are identified. The importance of these new findings to public organizations involved in recreational decision making is discussed and areas for future research are suggested.     

The asymmetric impact of the pandemic crisis on interest rates on public debt in the Eurozone

The outbreak of Covid-19 has played the role of a ‘game changer’ in the way countries of the Eurozone have faced the economic consequences of the pandemic crisis. This paper investigates what has happened to the interest rates of the sovereign bond in selected countries of the Eurozone during 2020. While the pandemic crisis can be interpreted as a symmetric shock, we found some important asymmetric consequences both in the sovereign bond market and the credit default swap market. Even though the European Central Bank (ECB) has played a fundamental role in easening tensions, especially with the announce of the Pandemic Emergency Purchase Programme (PEPP), countries with a higher pre-Covid level of the debt-to-GDP ratio have been found to undergo a significant jump in interest rates and a greater perceived risks of default. Important policies implications emerge in relation to the future role of the ECB.     

YOUR LANGUAGE OR MINE? THE NONCOMMUNICATIVE BENEFITS OF LANGUAGE SKILLS

Do languages matter beyond their communicative benefits? We explore the potential role of preferences over the language of use, theoretically and empirically. We focus on Catalonia, a bilingual society where everyone is fully proficient in Spanish, to isolate linguistic preferences from communicative benefits. Moreover, we exploit the language‐in‐education reform of 1983 to identify the causal effects of language skills. Results indicate that the policy change has improved the Catalan proficiency of native Spanish speakers, which in turn increased their propensity to find Catalan‐speaking partners. Hence, the acquisition of apparently redundant language skills has reduced endogamy. (JEL C26, C78, I28, J12, J15, Z13)     

From communism to market: business models and governance in heritage conservation in Poland

The paper focuses on the effect of business model and governance changes on conservation and access outcomes in three heritage sites in Poland: Ksiaz Castle, the Shrine of Our Lady of Grace Abbey and the Jelenia Gora Valley historic palaces. It argues that the interplay between business model and governance led by relevant political, administrative and economic changes has an impact on which historic buildings are conserved for future generations, in what form, and with which functions. Findings from the case studies allow us to design three ideal business models for the management of heritage sites. The paper also explores implications for management research regarding business model and public sector change.

     

A note about calibrated prediction regions and distributions

In this work we address the problem of the construction of prediction regions and distribution functions, with particular regard to the multidimensional setting. Firstly, we define a simple procedure for calculating the predictive distribution function which gives improved prediction limits. Secondly, with a multivariate generalization of a result presented in Ueki and Fueda (2007), we propose a method for correcting estimative prediction regions, to reduce their coverage error to the third-order accuracy. The improved prediction regions and the associated distribution functions are easy to calculate using a suitable bootstrap procedure. Examples of application are included, showing the good performance of the proposed method, even if we consider an approximated model for prediction purposes.     

Ambiguity in the Small and in the Large

This paper considers local and global multiple‐prior representations of ambiguity for preferences that are (i) monotonic, (ii) Bernoullian, that is, admit an affine utility representation when restricted to constant acts, and (iii) locally Lipschitz continuous. We do not require either certainty independence or uncertainty aversion. We show that the set of priors identified by Ghirardato, Maccheroni, and Marinacci's (2004) “unambiguous preference” relation can be characterized as a union of Clarke differentials. We then introduce a behavioral notion of “locally better deviation” at an act and show that it characterizes the Clarke differential of the preference representation at that act. These results suggest that the priors identified by these preference statements are directly related to (local) optimizing behavior.     

Social media teams as digital vanguards: the question of leadership in the management of key Facebook and Twitter accounts of Occupy Wall Street,Indignados and UK Uncut

Recent protest movements such as Occupy Wall Street in the US, the indignados/15M movement in Spain, and UK Uncut have witnessed the rise of social media teams, small activist groups responsible for managing high-visibility and collective activist social media accounts. Going against dominant assertions about the leaderless character of contemporary digital movements, the article conceptualises social media teams as ‘digital vanguards’, collective and informal leadership structures that perform a role of direction of collective action through the use of digital communication. Various aspects of the internal functioning of vanguards are discussed: (a) their formation and composition; (b) processes of internal coordination; (c) struggles over the control of social media accounts. The article reveals the profound contradiction between the leadership role exercised by social media teams and the adherence of digital activists to techno-libertarian values of openness, horizontality, and leaderlessness. The espousal of these principles has run against the persistence of power and leadership dynamics leading to bitter conflicts within these teams that have hastened the decline of the movements they served. These problems call for a new conceptual framework to better render the nature of leadership in digital movements and for new political practices to better regulate the management of social media assets.