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Fabian Herweg, Daniel Müller and Philipp Weinschenk

A consumer’s evaluation of a product often depends on the choice context. Specifically, the choice context influences which of a product’s attributes the consumer perceives as outstanding, i.e., salient. This chapter is devoted to a particular model of context-dependent choice, the model of salient thinking introduced by Bordalo et al. (2013) and its application to models of industrial organization. We first restate the model’s main implications for consumer behavior. Thereafter, we address how a profit-maximizing firm responds to its consumers’ choice behavior being context dependent. To this end we present a streamlined model of market competition when consumers are salient thinkers, which allows us to synthesize several important implications of context-dependent choice for market outcomes that have been discussed in the literature. Furthermore, within this model we develop novel insights regarding how firms can benefit from manipulating consumers’ choice context by offering decoy goods. Finally, we survey the extant applications of the theory of salient thinking to models of industrial organization, discuss the empirical evidence in support of the theory of salient thinking, and outline avenues for future research.

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Pascal Gielen

This chapter outlines an artistic biotope on the basis of theoretical and empirical cultural-sociological research. The biotope is an ideal-typical abstraction of four domains, derived from in-depth interviews, panel discussions and surveys within creative professions from various disciplines (architecture, visual art, dance, theatre, film). In order to build a long-term artistic career, it turns out that one needs to achieve a balance between four domains within the biotope: the domestic domain, that of one’s peers, the market and the civil domain. This chapter traces how these domains were and are institutionally protected, mostly on a national level. During the twentieth century, this institutional security was transformed under the influence of artistic, economic and political globalization, which has put pressure on the balance within the artistic biotope. For Europe, this evolution was reinforced by a European Union policy that takes the global free market logic as its primary base to construct a unified ‘monotopic’ identity. Relying on still ongoing empirical research, hypotheses are formulated, as tentative conclusions, about new collective organizational forms _ the so-called institutions of the commons _ which in future may help to restore the balance within the biotope, and which could at the same time help the European Union to construct a more open and heterotopic identity.

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Pauline Westerman

Chapter 8 examines the relation between outsourced law and the Rule of Law. The latter is taken in the most minimal sense of the word, as being guided by rules. It is argued that the idea of a rule as both general in scope and constant in time is no longer cherished as an ideal. Instead, differentiated and flexible forms of regulation are called for which more adequately respond to specific needs and circumstances. However, this does not imply that the ideal of the Rule of Law in the broad sense of the word, as encompassing human rights, is abandoned. Instead we see that such rights are often reformulated as ends to be pursued which then form the starting-point – as aspirational norms – for outsourced legislation and regulation. Finally, attention is paid to the particular way in which the Rule of Law has turned into an export-product, a goal in itself the realisation of which is outsourced to the governments of other – fragile – countries.

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James Pamment and Andreas Åkerlund

Cultural diplomacy builds on two things: the idea of national cultures and the existence of nation states. Their roots go back into the nineteenth century when modern nation-states were established in the wake of the French revolution. With this came the notion of national identity as something to be protected and managed by the state. National unity over identity and culture has been an important feature of modern nation-states. The idea of using culture as a diplomatic tool, to influence foreign publics through diffusing knowledge about countries’ values, arts, language and so forth, has this understanding of nation as well as culture as a prerequisite. This also turns culture into a subfield of international relations, since diplomacy then also uses culture as part of its toolkit. The notion that national culture is under attack, or worse, faces extinction through the impact of other cultures, also builds on the concept of national culture as an important part of identity, both individual and of the nation itself; hence the need for cultural security.

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Chiara Amalfitano

Chapter 3 deals with the case-law developed by the ECJ in the field of fundamental rights protection since the entry into force of the Lisbon Treaty. It analyses those judgments where written (i.e. the Charter of Fundamental Rights) and unwritten (i.e. general principles) sources of law have been interpreted and applied in parallel, or at least where they could be so interpreted and applied. The chapter moves on to consider cases where the ECJ could have invoked alternatively or jointly both sources in ensuring the protection of fundamental rights but instead chose self-restraint by refusing to use them as standards of constitutionality, thus sometimes denying the protection of certain rights. Lastly, the chapter analyses cases in which the ECJ, also by virtue of the homogeneity clause of the Charter (Article 52(3)), could have set a higher standard of protection than that set by the ECtHR but decided not to. Keywords: Case Law of Court of Justice of the European Union after the Lisbon Treaty; Court of Justice and General Principles on the Protection of Fundamental Rights; Court of Justice and the Charter of Fundamental Rights of the European Union

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Chiara Amalfitano

Chapter 4 focuses on the role that general principles of law could or should play today beside and beyond the Charter of Fundamental Rights. The interpretation and application of the general principles does not necessarily evolve in parallel with the Charter provisions. According to Article 6(3) TEU, these principles may also have an independent meaning and an autonomous legal life, i.e. not linked to the Charter, thus contributing to the evolution of the Union’s acquis Moreover, the analysis shows that, despite the Lisbon Treaty and regardless of the Charter’s homogeneity clause (Article 52(3)), even the existing general principles can continue to guarantee the specificities of the EU by allowing the Court to shape the ECHR provisions according to the particular needs of the EU system. The last part of the chapter addresses this conservative function of general principles, verifying whether they could protect the autonomy of the EU legal order even if the EU acceded to the ECHR. Keywords: The Role of General Principles on the Protection of Fundamental Rights (Non-Written Law) after the Lisbon Treaty; Complimentary Function of the Non-Written Law; Conservative Function of the Non-Written Law; General Principles on the Protection of Fundamental Rights and the Evolution of the EU acquis

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Keun-Wook Paik

Since May 2014, when the Power of Siberia (POS) 1 gas deal was announced, much western media coverage has been focused on the delay of POS 1 development. However, it is safe to say that there is no change of fundamentals of Sino-Russian oil and gas cooperation. Unlike the ESPO (Eastern Siberia-Pacific Ocean) oil line which started its operation in 2009 and made Russia a swing supplier between European and Asian markets, POS 1 line is still under construction and even after completion it will not make Russia a swing supplier. Nonetheless, the impacts of Sino-Russian gas cooperation cannot be underestimated as POS 1 development is only the start of the expanding gas sector cooperation. Another important factor that will affect Sino-Russian gas cooperation is the success of Yamal LNG development. Without the provision of loan for gas, there was not guarantee of the success of Yamal LNG. Importantly, Yamal LNG is set to open a new chapter in Russia’s Arctic onshore gas development in the coming decade and China’s role as the strategic investor and gas market provider will play a pivotal role. As China’s gas expansion in the coming years and decades will continue, China is determined to diversity the pipeline gas and LNG supply sources. Time will tell how important a role Sino-Russian gas co-operation will play in China’s gas expansion.

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Charles Goodhart

In the aftermath of the financial crisis financial stability considerations have become more prominent in central banks’ policies and require substantial discretion in their implementation. We argue that transparency can serve as an instrument for central banks to balance the conflicting interests of different stakeholders and manage market participants’ expectations, explain their strategy and report on its implementation progress and receive comments and feedback by stakeholders. In view of the increasingly contested concept of central banks’ independence, we show that increasing and institutionalizing ex ante and ex post transparency on policy decisions and their implementation strengthen central banks’ accountability as a key ingredient and prerequisite for their independence. Finally, we hold that central banks’ new responsibilities for financial stability call for the development of a more comprehensive and inclusive approach given their strong impact on private actors and their linkages with other policy fields and governmental agencies.

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Cristiano Antonelli and Claudio Fassio

This chapter investigates the heterogeneity of the sources of external knowledge and identifies their differentiated effects on process and product innovations. Upstream vertical sources of external knowledge from suppliers exert a strong and positive role on the introduction of process innovations, while horizontal and downstream vertical sources stemming from competitors and customers respectively have stronger effects on the introduction of product innovations. The evidence supports the hypothesis that matching of sources of external knowledge and types of innovation is necessary to implement successful innovation strategies.

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Giancarlo Frosio

Where the short life of the author-centred system envisioned by the Enlightenment and Romantic revolution is highlighted. To motivate distributors to bear the enormous costs of national and, later, worldwide dissemination of intellectual works, legislative bodies granted them large monopolistic rights, whose scope was constantly expanded through the last two centuries. In the era of the expensive distributor, the author became merely a fig leaf around rights needed by high-capital distributors. Much of the present copyright law is, therefore, distributor centred, rather than author centred. The critique at hand – a critique of the present distributor-centred copyright system – begins with the analysis of several factors leading to the enclosure of the public domain, such as copyright extension and expansion, technological enclosure and contractual enclosure. The road to propertization made the copyright’s paradox unsustainable by privileging protection and hindering access.