Search results for "Yardstick"
showing 10 items of 12 documents
Reforms and decentralization: friends or foes
2013
Systemic concerns about markets, capitalism and the role of the state in the economy are salient again. Relatively large-scale reforms of economic and social arrangements are seriously considered. Historical experience suggests that reforms of that kind are sometimes associated with important changes in institutional arrangements pertaining to political decentralization. To explore the relationship between economic reforms and decentralization, the paper argues that a reform has two dimensions. It is a process and it is a design. The organization of the paper is inspired by that distinction. For economists, it seems natural to reason in terms of design -- that is, to perceive reform as the …
Political Yardstick Competition and Corporate Governance in the European Union
2006
http://www.dur.ac.uk/john.ashworth/EPCS/Papers_and_Authors.php; The question whether regulatory competition in the area of company law could take place in the European Union (EU) in a way similar to the form it takes in the United States (the Delaware phenomenon) is topical because of some recent judgments of the European Court of Justice (Centros) and documents and projects produced by the European Commission. That question is typically discussed, however, as if voters did not count and as if competition among governments was exclusively based on the mobility of firms across jurisdictions. But intergovernmental competition can also take the form of yardstick, or relative performance, compe…
Decentralization as an incentive scheme when regional differences are large
2010
It has been suggested that large regional differences could be an obstacle to that part of the political accountability of office-holders which is based on yardstick competition among governments. The paper addresses that question and concludes that the obstacle is not too serious in general. The second part of the paper is devoted to the persistent economic underperformance of some regions in countries such as Germany, Italy and (with regard to regions overseas) France. How is it that the mechanism of yardstick competition induces a convergence of economic performance among European Union member countries, even those particularly poor initially, but fails to induce all the underperforming …
Scaling properties of topologically random channel networks
1996
Abstract The analysis deals with the scaling properties of infinite topologically random channel networks (ITRNs) fast introduced by Shreve (1967, J. Geol. , 75: 179–186) to model the branching structure of rivers as a random process. The expected configuration of ITRNs displays scaling behaviour only asymptotically, when the ruler (or ‘yardstick’) length is reduced to a very small extent. The random model can also reproduce scaling behaviour at larger ruler lengths if network magnitude and diameter are functionally related according to a reported deterministic rule. This indicates that subsets of rrRNs can be scaling and, although rrRNs are asymptotically plane-filling due to the law of la…
Decentralization and growth: what if the cross-jurisdiction approach had met a dead end?
2013
International audience; The relationship between decentralization and economic growth is generally studied from a perspective stressing universal or quasi-universal regularities across jurisdictions. That approach has generated many insights but seems to reach its limits. The paper explains why it allows contrasting positions with regard to the benefits of decentralization even among proponents of free and competitive markets. And it seems from the empirical literature that no robust and economically significant cross-jurisdiction relation between decentralization and economic performance or growth, except perhaps their independence, has been found. The absence of a relation valid across ju…
Horizontal Competition Among Governments
2005
Governments situated on the same level of a multi-level governmental system compete with each other as well as with those placed higher or lower. This paper is concerned with horizontal competition only. It discusses both competition based on the mobility of agents (individuals, business firms, or factors) and competition related to the circulation of information. With regard to the first kind, it focuses on the capacity that governments keep to decide their policies and compete in spite of the mobility of agents. Some attention is also given to the implications of some non-standard assumptions about the underlying political setup. The discussion of information-based competition includes th…
The new role of the corporate and functional strategies in the tourism sector: Spanish small and medium-sized hotels
2005
This article aims at establishing the presence or lack of possible relationships between the existence of a logical global strategy definition in Spanish small and medium-sized hotels and its links with functional or department strategies involving four areas – marketing, technology, human resources and finance. Results show that there is a relationship between enterprise size – using business turnover as a yardstick – and the proper definition of technology, human resources and finance functions. There is also a relationship between enterprise size, determined by the number of employees, and an adequate definition of corporate strategy and technology and human resources department function…
Horizontal competition in multilevel governmental settings
2013
28 pages; Governments situated on the same level of a multi-level governmental system compete with each other as well as with governments placed higher or lower. This paper is concerned with horizontal competition only. It discusses both competition based on the mobility of agents and competition based on comparisons of performance across jurisdictions - i.e., yardstick competition. With regard to the first kind, the focus is on the capacity of governments and voters to decide policies in spite of the mobility of agents. Some attention is also given to non-standard mechanisms in which mobility is manipulated so as to change the structure of the electorate. The paper considers two forms of h…
How significant is yardstick competition among governments? Three reasons to dig deeper
2013
22 pages; The significance of yardstick competition among governments is now confirmed with regard to fiscal variables. This is an important result but the significance of the mechanism must also be sought in a context broader than that of fiscal federalism and without limitation to relations and processes fully observable. Three points are made. Even in the case of governments trying to mimic each other over a single variable, additional variables are involved in an important way. Yardstick competition can be latent without being ineffective. Its major effect, then, is to set bounds to the choices that office-holders could think of making. Finally, the mechanism is a hidden albeit essentia…
Designing Guarantee Options in Defined Contribution Pension Plans
2015
The shift from defined benefit (DB) to defined contribution (DC) is pervasive among pension funds, due to demographic changes and macroeconomic pressures. In DB all risks are borne by the provider, while in plain vanilla DC all risks are borne by the beneficiary. For DC to provide income security some kind of guarantee is required. A minimum guarantee clause can be modeled as a put option written on some underlying reference portfolio of assets and we develop a discrete model that optimally selects the reference portfolio to minimise the cost of a guarantee. While the relation DB-DC is typically viewed as a binary one, the model can be used to price a wide range of guarantees creating a con…