environmental regulation industrial innovation and green development of chinese manufacturing based on an extended cdm model abstract as for the academics and policymakers more attention has been given to the issue on how to drive green development of the manufacturing through regulations and innovations we construct the extended crepon duguet mairesse cdm model and employ the panel data of chinese manufacturing industries during 2003 2014 to examine the effects of environmental regulation on industrial innovation and green development the findings reveal that 1 in the long term environmental regulation has crowded out r d investment 2 environmental regulation has inhibited patent outputs so that the weak version of porter hypothesis is not underpinned 3 in the short term environmental regulation has promoted the improvements of labor productivity energy efficiency and environmental efficiency in the manufacturing industry excluding green total factor productivity gtfp whereas in the long term environmental regulation only has increased energy efficiency while it has obstructed labor productivity which provides no support for the strong version of porter hypothesis 4 different innovation outputs have distinct influences on labor productivity energy efficiency environmental efficiency and gtfp finally this paper provides pertinent policy implications

a theory of voting equilibria a voting equilibrium arises when the voters in an electorate acting in accordance with both their preferences for the candidates and their perceptions of the relative chances of various pairs of candidates being in contention for victory generate an election result that justifies their perceptions voting equilibria always exist and the set of equilibria can vary substantially with the choice of voting system we compare equilibria under the plurality rule approval voting and the borda system we consider a candidate positioning game and find that the plurality rule imposes little restriction on the position of the winning candidate in three candidate races while approval voting leads to a winner positioned at the median of the voter distribution we contrast campaign activities intended to influence voter preferences with activities meant to influence only perceptions of candidate viability

unanimous rules in the laboratory we study the information aggregation properties of unanimous voting rules in the laboratory in line with theoretical predictions we find that majority rule with veto power dominates unanimity rule we also find that the strategic voting model is a fairly good predictor of subject behavior finally we exploit a framing effect to study how the presence of less sophisticated agents affects veto s welfare properties

do voters vote ideologically abstract in this paper we address the following question to what extent is the hypothesis that voters vote ideologically i e they always vote for the candidate who is ideologically closest to them testable or falsifiable we show that using data only on how individuals vote in a single election the hypothesis that voters vote ideologically is irrefutable regardless of the number of candidates competing in the election on the other hand using data on how the same individuals vote in multiple elections the hypothesis that voters vote ideologically is potentially falsifiable and we provide general conditions under which the hypothesis can be tested

stimulating different types of eco innovation in the uk government policies and firm motivations in this paper we adopt a recent oecd framework and examine the role of external policy tools and internal firm specific factors for stimulating three different types of eco innovations that range on a spectrum of lower to higher technological and environmental impacts end of pipeline pollution control technologies integrated cleaner production technologies and environmental r d using a novel firm level dataset from a defra survey we estimate a tobit model which provides empirical evidence showing that these eco innovations are motivated by different external policy tools and internal firm specific factors our findings indicate that end of pipeline technologies and integrated cleaner production technologies are mainly driven by equipment upgrade motives with a view of improving efficiency while environmental regulations are effective in stimulating the end of pipeline technologies and environmental r d interestingly alongside government induced regulations we find that market factors mainly motivated by cost savings are effective in driving environmental r d finally iso14001 certification is effective in strengthening the positive impact of environmental management systems on both end of pipeline technologies and environmental r d while csr policies have no significant impact on motivating any of the eco innovations

a theory of strategic voting in runoff elections abstract this paper analyzes the properties of runoff electoral systems when voters are strategic a model of three candidate runoff elections is presented and two new features are included the risk of upset victory in the second round is endogenous and many types of runoff systems are considered three main results emerge first runoff elections produce equilibria in which only two candidates receive a positive fraction of the votes second a sincere voting equilibrium does not always exist finally runoff systems with a threshold below 50 percent produce an ortega effect that may lead to the systematic victory of the condorcet loser jel c72 d72

a theory of participation in elections we analyze a model of participation in elections in which voting is costly and no vote is pivotal ethical agents are motivated to participate when they determine that agents of their type are obligated to do so unlike previous duty based models of participation in our model an ethical agent s obligation to vote is determined endogenously as a function of the behavior of other agents our model predicts high turnout and comparative statics that are consistent with strategic behavior jel d72

why vote for losers voting theory generally concludes that in first past the post elections all votes should go to effective candidates duverger s law and parties should adopt a similar platform median voter theorem however such predictions are not always met in practice we show why divergence and vote dispersion is a natural outcome when a parties are opportunistic b there is uncertainty on the position of the median voter and c elections are repeated voting for losers increases the informational content of elections and may induce mainstream parties to relocate towards extremists as a result to maximize their probability of being elected they do not adopt median

the effect of green investment on corporate behavior this paper explores the effect of exclusionary ethical investing on corporate behavior in a risk averse equilibrium setting while arguments exist that ethical investing can influence a firm s cost of capital and so affect investment no equilibrium model has been presented to do so we show that exclusionary ethical investing leads to polluting firms being held by fewer investors since green investors eschew polluting firms stock this lack of risk sharing among non green investors leads to lower stock prices for polluting firms thus raising their cost of capital if the higher cost of capital more than overcomes a cost of reforming i e a polluting firm cleaning up its activities then polluting firms will become socially responsible because of exclusionary ethical investing a key determinant of the incentive for polluting firms to reform is the fraction of funds controlled by green investors in our model empirically reasonable parameter estimates indicate that more than 20 green investors are required to induce any polluting firmss to reform existing empirical evidence indicates that at most 10 of funds are invested by green investors

information aggregation rationality and the condorcet jury theorem the condorcet jury theorem states that majorities are more likely than any single individual to select the better of two alternatives when there exists uncertainty about which of the two alternatives is in fact preferred most extant proofs of this theorem implicitly make the behavioral assumption that individuals vote sincerely in the collective decision making a seemingly innocuous assumption given that individuals are taken to possess a common preference for selecting the better alternative however in the model analyzed here we find that sincere behavior by all individuals is not rational even when individuals have such a common preference in particular sincere voting does not constitute a nash equilibrium a satisfactory rational choice foundation for the claim that majorities invariably do better than individuals therefore has yet to be derived

multicandidate elections aggregate uncertainty in the laboratory the rational voter model is often criticized on the grounds that two of its central predictions the paradox of voting and duverger s law are at odds with reality recent theoretical advances suggest that these empirically unsound predictions might be an artifact of an arguably unrealistic assumption the absence of aggregate uncertainty about the distribution of preferences in the electorate in this paper we propose direct empirical evidence of the effects of aggregate uncertainty in multicandidate elections adopting a theory based experimental approach we explore whether aggregate uncertainty indeed favors the emergence of non duverger s law equilibria in plurality elections our experimental results support the main theoretical predictions

toward a new conception of the environment competitiveness relationship accepting a fixed trade off between environmental regulation and competitiveness unnecessarily raises costs and slows down environmental progress studies finding high environmental compliance costs have traditionally focused on static cost impacts ignoring any offsetting productivity benefits from innovation they typically overestimated compliance costs neglected innovation offsets and disregarded the affected industry s initial competitiveness rather than simply adding to cost properly crafted environmental standards can trigger innovation offsets allowing companies to improve their resource productivity shifting the debate from pollution control to pollution prevention was a step forward it is now necessary to make the next step and focus on resource productivity

the paradox of sustainable innovation the eroom effect moore s law backwards innovation has been widely acknowledged as a key mechanism for addressing sustainable development concerns however less attention has focused on downstream commercialization challenges such as achieving increasingly complex and stringent regulatory approval such challenges may hinder the development of more sustainable technologies especially those coming from smaller or publically funded institutes as well they may obstruct the development of applications that could provide societal benefits but may only have limited commercial viability due to small market niches or applicability to customers with limited financial means we explore this apparent paradox using the concept of the eroom effect moore s law backwards i e where improved price performance due to technological advances are outweighed by increasing costs of regulatory approval and other commercialization costs we illustrate this phenomenon with two cases of publically funded institutes one developing transgenic cotton and the other lignin transformation technology that can replace petroleum based feedstocks in a number of industrial applications we discuss the unintended consequences of the eroom effect and conclude with implications for industry policy and ngos

reexamining the added worker effect i introduction the added worker effect refers to a wife entering the labor force when her employed husband becomes unemployed this labor supply response is a transitory method of intertemporally smoothing family income and consumption and is of interest to labor economists and to macroeconomists concerned with the labor force participation of married women over the business cycle the added worker effect is familiar in terms of the income and substitution framework of the labor supply model when family earnings fall as a result of the husband s unemployment the income effect influences the wife to increase her labor supply similarly the wife s reservation wage for market work falls when the husband s increased nonemployment time provides a substitute for her home production and she is more likely to join the labor force as an added worker the wife s reservation wage is also influenced by the degree of complementarity or substitutability of leisure time between the husband and the wife observing the net result of these three factors the existence and the magnitude of the added worker effect is an empirical question this paper expands on the conventional income and substitution explanations in order to emphasize how employment uncertainty and liquidity constraints influence the added worker effect in the context of a dynamic model of family labor supply an unanticipated unemployment spell by the husband and the resulting shift in the budget constraint will alter expectations of future unemployment probabilities which will cause the wife to revise her life cycle profile of current and future labor supplies the explanation of liquidity constraints as a cause of the added worker effect is discussed in much of the literature see mincer 1962 1966 killingsworth and heckman 1986 and rosen 1992 as stressed by lundberg 1985 anticipated unemployment should not produce an added worker effect unless credit constraints limit access to borrowing against future income explaining how the timing of labor supply could be affected by variations in family income mincer 1962 cites capital market imperfections as a reason why a transitory increase in labor force participation of the wife may well be an alternative to dissaving asset decumulation or increasing debt while the added worker effect is easily explained by theoretical models of family labor supply such as those sketched above or that presented by ashenfelter 1980 empirical work has failed to reach a consensus regarding its magnitude or even whether it exists 1 although heckman and macurdy 1982 and lundberg 1985 have shown that the added worker effect is small yet significant pencavel 1982 does not find an added worker effect once he controls for individual specific fixed effects and maloney 1987 1991 does not find any evidence of an added worker effect it is interesting to note the wide variety of data used in this literature heckman and macurdy use annual panel data lundberg uses monthly panel data constructed from quarterly interviews pencavel uses annual panel data constructed from quarterly interviews and maloney uses annual cross sectional data this paper is motivated both by the conflicting empirical work regarding whether or not the added worker effect exists and by the view that the added worker effect should be analyzed using panel data with a short recall period cross sectional microdata cannot adequately capture the intertemporal decisions of wives joining the labor force when their husbands become unemployed annual measures of labor supply are less than ideal for examining the added worker effect since short spells of unemployment by the husband in the preceding year are often forgotten see horvath 1982 and akerlof and yellen 1985 my purpose is to document the magnitude of the added worker effect using monthly longitudinal microdata from the current population survey cps

information aggregation and strategic abstention in large laboratory elections this paper compares strategic abstention in ad hoc committees versus standing committees ad hoc committees meet only once and then dissolve while standing committees the central finding from this study is that most of the predictions of swing voter curse theory hold up in large elections conducted under controlled laboratory conditions there is significant abstention and significant balancing of partisans by uniformed voters and vote balancing increases with the partisan imbalance elections with no partisan imbalance successfully aggregate information and lead to efficient outcomes consistent with swing voter curse theory this efficiency falls off as partisan imbalance increases but to a significantly greater extent than is predicted in equilibrium it is instructive to compare these findings in large elections with results from the elections reported in battaglini et al 2007 all of the qualitative results are the same concerning the comparative statics balancing and abstention one slight difference is that there was less irrational voting for in the small elections than in the large elections except for the 5 9 m 0 treatment where we observed 20 voting for in the small elections compared with 10 voting for in the large elections these differences were reflected in slightly different efficiency results between small and large elections with the comparisons mirroring the differences in voting for more irrational voting results in lower e ciency we conclude that this scaled up study successfully replicates the initial swing voter s curse experiment reported in battaglini et al 2007 obtaining very similar findings in laboratory committees that are three times the size of those in the original study the one caveat is that we found evidence of a slight increase in irrational nonequilibrium behavior voting for in the larger elections whether this trend would continue as election size is further scaled up is an open question a swing voter s curse environment

explaining procyclical male female wage gaps abstract our analysis based on the national longitudinal survey of youth for the 1978 1999 period concludes that men s greater representation in cyclical occupational groups such as craftsmen operatives and laborers more than accounts for the gap between men and women in the cyclicality of real wages

environmental innovations and profitability how does it pay to be green an empirical analysis on the german innovation survey much of the empirical literature analysing the relation between environmental innovation and competitiveness has focused on the question whether it pays to be green we differentiate between different types of environmental innovations which will be disentangled in those aiming at reducing the negative externalities and those allowing for efficiency increases and cost savings what we analyze is at first the extent to which these two typologies have impacts on firms profitability with opposite signs and secondly whether the motivations driving the adoption of those innovations make the difference in terms of economic gains we find empirical evidence that both the typology of environmental innovation and the driver of their adoption affect the sign of the relationship between competitiveness and environmental performance the empirical strategy is based on a sample of german firms and makes use of a merge of two waves of the mannheim innovation panel in 2011 and 2009 that allow overcoming some endogeneity issues which may arise in a cross section setting

assessing the relationship between economic and ecological performance distinguishing system levels and the role of innovation in this article we critically discuss the different perspectives that are currently in use for assessing the relationship between ecological and economic performance based on a review of the literature we propose that research up till now has made use of four distinct system boundaries the firm markets production and consumption systems and economic systems making these boundaries explicit is helpful in interpreting the mixed results that have been obtained we describe the consequences of the choice for each of these system boundaries and look at implications for innovation we also argue that the production and consumption system boundary offers potential for further advances in the field and deserves more attention in future research

firm technological trajectory as a driver of eco innovation in young small and medium sized enterprises abstract few studies have focused on green innovation in young small and medium sized enterprises instead research tends to focus on large companies with formal research and development departments studying the influence of the firm s current technological strategy as well as the regulatory framework as a key driver of eco innovation this paper proposes that the combination of a firm s technological trajectory and its current research and development strategy are key determinants of eco innovation the authors investigate these relationships with panel data on 212 young firms in spain analysing their innovation strategy and behaviour during their first 10 years of activity the results show that the firms cluster into four technological trajectories but only market oriented innovators engage significantly more in eco innovation these firms are characterized by a high use of formal appropriability mechanisms market opportunity recognition arising from cooperation and high knowledge cumulativeness this paper sheds light on whether and the extent to which a firm s technological trajectory is a driver of eco innovation it confirms that firms that search for opportunities and have a continuous collaboration with market players are more prone to develop eco innovations additionally it shows that path dependence occurs in the development of eco innovations in that a highly developed innovation capacity leads to additional green innovation in the future the findings indicate that young small firms need to develop innovation capabilities that also enable them to adopt advanced technology before striving to become greener the paper concludes that policies designed to stimulate cooperative networking with other market players an upgrading of technological capabilities and the adoption of new technologies are all desirable because they contribute to improving the environmental impact of firms innovations

learning about voter rationality we model the accountability relationship between voters and politicians to clarify what can and can t be learned about voter rationality from existing evidence from the behavior literature we make two key points first we show that evidence on the electoral consequences of natural disasters and economic shocks typically interpreted as evidence for voter irrationality is consistent with a canonical model with rational voters second we show that the evidence on the electoral consequences of disaster response typically interpreted as evidence for voter rationality is consistent with the same model with irrational voters hence neither body of evidence can adjudicate between rational and irrational voting behavior we also derive new hypotheses that can better guide future empirical work attempting to assess voter rationality

the dynamics of dual job holding and job mobility this article concerns dual job holding and its link to job mobility we present evidence from u s data on patterns of dual job holding hours changes and job mobility we find that workers move into and out of second jobs frequently that these movements are associated with large changes in work hours and that hours constraints may prompt workers to take second jobs second we review theories of dual job holding and present a stochastic dynamic model of dual job holding and job mobility in which decisions to take second jobs and or change main jobs are made simultaneously

the cyclicality of real wages within employer employee matches using data from the panel study of income dynamics the author examines the cyclicality of wages within employer employee matches for the years 1970 91 recent research on wage cyclicality has suggested that wages are very procyclical tending to rise and fall with economic upturns and downturns even for workers who remain with the same employer the author finds however that the evidence for wage procyclicality within the matches he examines is rather weak except for the small group of workers who were paid by piece rate or commissions despite having acyclical wage rates men who were paid hourly had earnings movements that were very procyclical salaries exhibited little cyclicality but salaried workers who had income sources from bonuses commissions or overtime had procyclical earnings the results suggest that the increasing prevalence of incentive based pay will increase the procyclicality of wages within matches

product innovation in response to environmental standards and competitive advantage a hedonic analysis of refrigerators in the japanese retail market abstract the purpose of this study is to determine whether environmentally friendly attributes that are innovated in response to environmental standards contribute to creating a competitive advantage because manufacturers of products with only commoditized value cannot achieve a competitive advantage they need to add differentiated value including environmentally friendly attributes through product innovation in this situation environmental standards have a potential to encourage them to undertake product innovation thus this study analyzes not only whether a product with environmentally friendly attributes that reflect environmental standards receives a price premium but also whether product commoditization that is associated with drastic price declines has occurred for the product the methodology for these analyses is a hedonic price regression using data for refrigerators sold in the japanese retail market during 1998 2012 the main findings are as follows first the fundamental value of refrigerating has been drastically commoditized in the last 15 years second products that are chlorofluorocarbon free and energy consumption efficient reflecting environmental standards have a price premium third the price premium for each attribute has specific trends during the period these findings support the view that a product s environmentally friendly attributes that reflect environmental standards more or less compensate for the commoditized value through the price premium therefore product innovation in response to environmental standards helps create a competitive advantage especially where product commoditization has occurred

the swing voter s curse in the laboratory this paper reports the first laboratory study of the swing voter s curse and provides insights on the larger theoretical and empirical literature on pivotal voter models our experiment controls for different information levels of voters as well as the size of the electorate the distribution of preferences and other theoretically relevant parameters the design varies the share of partisan voters and the prior belief about a payoff relevant state of the world our results support the equilibrium predictions of the feddersen pesendorfer model and clearly reject the notion that voters in the laboratory use naive decision theoretic strategies the voters act as if they are aware of the swing voter s curse and adjust their behavior to compensate while the compensation is not complete and there is some heterogeneity in individual behavior we find that aggregate outcomes such as efficiency turnout and margin of victory closely track the theoretical predictions

voting as communicating this paper develops a model where voters trade off two different motives when deciding how to vote they care about current decision making they are strategic but they also care about communicating their views about their most preferred candidate so as to influence future elections by influencing other voters opinion and or party positioning in effect voters in this model are intermediate between strategic and sincere voters of conventional models in elections with more than 2 candidates this allows us to better investigate the relative efficiency of various electoral systems our main conclusion is that since voting is used as a communication device electoral systems should be designed to facilitate efficient communication e g by opting for 2 round systems rather than 1 round systems

an experimental study of jury decision rules we present experimental results on groups facing a decision problem analogous to that faced by a jury we consider three treatment variables group size three or six number of votes needed for conviction majority or unanimity and pre vote deliberation we find evidence of strategic voting under the unanimity rule a large fraction of our subjects vote for a decision analogous to conviction even when their private information indicates a state analogous to innocence this is roughly consistent with the game theoretic predictions of feddersen and pesendorfer although individual behavior is explained well by the game theoretic model there are discrepancies at the level of the group decision contrary to feddersen and pesendorfer in our experiments there are fewer outcomes analogous to incorrect convictions under unanimity rule than under majority rule in the case of no deliberation we simultaneously account for the individual and group data using quantal response equilibrium

moonlighting over the business cycle i introduction during economic downturns employment levels fall unemployment rates increase and real wages drop as such real wages are considered somewhat procyclical yet very little is known about the cyclicality of multiple job holding from a graphical analysis of national time series moonlighting data during the 1960s and 1970s stinson 1987 finds evidence of large increases in moonlighting during expansionary periods likewise partridge s 2002 findings support the possibility of procyclical multiple job holding yet the popular media and employment think tanks discuss moonlighting as a by product of financial pressures 1 furthermore the idea that individuals may hold multiple jobs during an economic downturn in order to supplement family income is consistent with the so called added worker effect in the labor economics literature why should we care about the cyclicality of multiple job holding in the economy there are numerous reasons first moonlighting has played and can be expected to continue to play a visible role in the u s workforce the moonlighting rate was 5 2 as of 1970 with 7 0 of male workers and 2 2 of female workers holding multiple jobs this moonlighting rate remained practically unchanged over the course of the next 30 yr yet its gender incidence did fluctuate in particular the female moonlighting rate grew over the past several decades from the above listed 2 2 in 1970 to 3 8 in 1980 and to 5 9 in 1991 and exceeded the male rate for the first time in 1995 6 5 vs 6 3 in may 2007 the moonlighting rate was still similar to the moonlighting rate in 1970 i e 5 3 although now females are much more likely to moonlight than men with rates of 4 9 vs 5 7 2 considered over the course of an entire year vs at a point in time an even larger percent age of workers hold second jobs in this regard paxson and sicherman 1996 p 357 note that approximately 20 of male workers and 12 2 of female workers hold second jobs in any given year 3 as these numbers suggest moonlighting is a substantively important labor market phenomenon however it is much understudied in fact our review of the literature to follow will show that only a handful of research papers have studied this phenomenon thus our primary motivation for writing the paper is to shed light on a poorly understood yet numerically important feature of the labor market a second reason for examining the cyclicality of multiple job holding is the potential importance of moonlighting in facilitating labor supply adjustments during temporary economic downturns or upturns 4 through a description of moonlighters our analysis will shed light on how workers respond to fluctuations in job opportunities across the business cycle macroeconomists and labor micro economists have long studied employment cyclicality in an attempt to improve the explanations of the changing composition of the labor force over business cycles for example the added and discouraged worker effects 5 third as one part of the broader picture of economic cyclicality our study fits nicely into the ongoing debate concerning the cyclicality of real wages 6 considerable research effort has been devoted to understanding the nature of real wage fluctuations across business cycles yet these studies are muddied by a glossing lack of distinction between workers average real wages across all jobs and their wages in the primary job alone understanding the role that moonlighting may play in employment cyclicality may inform the debate concerning the measurement of real wages when studying real wage cyclicality a final and policy relevant motivation for this research refers to the structure of employment taxes affecting secondary jobs as explained by anderson and meyer 2003 unemployment insurance ui payroll taxes are highly regressive in large part because benefits are structured in the same way

expert information and majority decisions this paper shows theoretically and experimentally that hearing expert opinions can be a double edged sword for collective decision making we present a majoritarian voting game of common interest where committee members receive not only private information but also expert information that is more accurate than private information and observed by all members in theory there are bayesian nash equilibria where the committee members voting strategy incorporates both types of information and access to expert information enhances the efficiency of the majority decision however there is also a class of potentially inefficient equilibria where a supermajority always follow expert information and the majority decision does not aggregate private information in the laboratory the majority decisions and the subjects voting behaviour were largely consistent with those in the class of inefficient equilibria we found a large efficiency loss due to t he presence of expert information especially when the committee size was large we suggest that it may be desirable for expert information to be revealed only to a subset of committee members

redefining innovation eco innovation research and the contribution from ecological economics while innovation processes toward sustainable development eco innovations have received increasing attention during the past years theoretical and methodological approaches to analyze these processes are poorly developed against this background the term eco innovation is introduced in this paper addressing explicitly three kinds of changes towards sustainable development technological social and institutional innovation secondly the potential contribution of neoclassical and co evolutionary approaches from environmental and innovation economics to eco innovation research is discussed three peculiarities of eco innovation are identified the double externality problem the regulatory push pull effect and the increasing importance of social and institutional innovation while the first two are widely ignored in innovation economics the third is at the least not elaborated appropriately the consideration of these peculiarities may help to overcome market failure by establishing a specific eco innovation policy and to avoid a technology bias through a broader understanding of innovation finally perspectives for a specific contribution of ecological economics to eco innovation research are drawn it is argued that methodological pluralism as established in ecological economics would be very beneficial for eco innovation research a theoretical framework integrating elements from both neoclassical and evolutionary approaches should be pursued in order to consider the complexity of factors influencing innovation decisions as well as the specific role of regulatory instruments and the experience gathered in ecological economics integrating ecological social and economic aspects of sustainable development is highly useful for opening up innovation research to social and institutional changes 2000 elsevier science b v all rights reserved

sustainable innovations in the corporate sector the empirical evidence from ibex 35 firms abstract sustainable innovation practices those which simultaneously contribute to environmental social and economic value creation have drawn increased attention from academics industry leaders and policy makers around the globe there is a general agreement that innovation is a very important part of the puzzle in achieving long term sustainability thus a critical question to be answered is what factors actually differentiate and appear to contribute to sustainable innovations si at the firm level this paper addresses the question by examining empirical evidence from the ibex 35 companies from the years 2010 2015 our results obtained from multivariate regression model indicate that the intensity of a firm s si activity is strongly and statistically significantly associated with the sector in which a given firm operates with a rising level of environmental footprint acting as a stimulant for innovation additionally firms characterized by higher net profit margins and returns on equity were also much more likely to introduce sis the findings also suggest that factors like size and age of a given company as well as level of competition in a sector in which it operates are not significant predictors for the implementation of sustainable innovations overall this study contributes to our understanding of the main characteristics of companies active in the area of si

moonlighting multiple motives and gender differences this paper examines the incidence and reasons for moonlighting with a focus on gender differences the study specifies and estimates a bivariate probit model of labour supply and the decision to hold more than one job it is found that the factors leading men and women to moonlight are similar a wage decomposition analysis reveals that 93 percent of the differential between male and female moonlighters wages is not explained by differences in characteristics and little connection is found between an individual s human capital and their moonlighting wage finally it is found that moonlighters are less likely to report their income

relationships between eco innovation and financial performance evidence from publicly traded companies in poland and hungary while the analysis of the linkages between eco innovative activities and financial performance is a popular topic in the existing body of literature many questions about these relationships especially in transition economies in central and eastern europe cee remain unanswered in this paper we explore four types of eco innovation product process market and sources of supply and their impact on accounting based measurers of financial performance using the data on polish and hungarian publicly traded companies from the years 2006 2013 our results indicated that eco innovators were generally characterized by higher returns on assets and equity and lower earnings retention additionally companies that introduce eco innovation were also significantly larger more likely to face lower financial risk exposure and more likely to possess greater free cash flow than conventional firms the findings suggest that strong asset and financial capabilities are relevant pre conditions for the development of eco innovativeness and that there is a need for environmental policy to create clear incentives for smes to increase activities in that area overall this study extends the understanding of financial performance implications of innovation by focussing on the area of environmental innovation

on the theory of strategic voting many analyses of plurality rule elections predict the complete coor dination of strategic voting and hence support for only two candidates here i suggest that stable multi candidate support will arise in equilibrium a group of voters must partially coordinate behind one of two challenging candidates in order to dislodge a disliked incumbent in a departure from existing models the popular support for each challenger is uncertain this support must be inferred from the private observation of informative signals such as the social communication of pref erences throughout the electorate or the imperfect observation of opinion polls the uniquely stable voting equilibrium entails only limited strategic voting and hence incomplete coordination this is due to the surprising presence of negative feed back an increase in the degree of strategic voting by others reduces the incentives for an individual to vote strategically the incentive to vote strategically is lower in relatively marginal elections after controlling for the distance from contention of a trailing preferred challenger a calibration of the model applied to the uk general election of 1997 is consistent with the impact of strategic voting and the reported accuracy of voters understanding of the electoral situation it suggests that nearly 50 seats may have been lost by the conservative party due to strategic voting 1 plurality rule elections and strategic voting 1 1 strategic voting and duverger s law plurality rule elections where the winner is the candidate who receives the largest number of votes are vulnerable to strategic voting a voter might well switch away from her preferred candidate and toward a perceived leader in the hope of exerting a greater influence over the outcome of the election this phenomenon has long been the focus of both economic and political scientific study in an influential essay riker 1982b cited droop s 1871 eloquent exposition of the strategic voting problem 1 i oer my grateful thanks to the many friends colleagues seminar participants referees and editors who have oered insightful comments during the long gestation of this paper its antecedents and companion work special thanks go to steve fisher whose empirical analysis of strategic voting raised many of the questions that i seek to answer in this paper and to chris wallace this particular paper brings together much of the analysis previously circulated in the papers a new theory of strategic voting strategic voting under the qualified majority rule and idiosyncrasy information and the impact of strategic voting

stability and coordination in duverger s law a formal model of preelection polls and strategic voting this paper investigates the dynamics of the wasted vote phenomenon and duverger s law i construct a theoretical model in order to consider how preelection polls serve to inform the electorate about the relative chances of the candidates and how that information acts over time to decrease the support of the trailing candidate the results shed light on how public opinion polls can aggregate information in the electorate and coordinate voters on the viable candidates in the election specifically i show that in a bayesian game model of strategic voting there exist non duvergerian equilibria in which all three candidates receive votes in the limit these equilibria require extreme coordination however and any variation in beliefs leads voters away from them to one of the duvergerian equilibria thus non duvergerian equilibria are unstable while two party equilibria are not in addition i describe how preelection polls provide information to voters about the viability of candidates and can thus be used by voters to coordinate on a duvergerian outcome

economic theories of voter turnout i the voting paradox why would the rational individual bother to spend time and resources to become well informed go to the polls on the election day and maybe even wait in a queue why would a rational voter vote downs 1957 ii the paradox of indeterminacy if they vote why do they care who they vote for kirchgassner 1992 kirchgassner and pommerehne 1993 iii the paradox of ignorance to the extent that information is costly the rational voter must be ignorant about relevant aspects of his decision making downs 1957

rational choice theory and the paradox of not voting at least since downs s 1957 seminal work an economic theory of democracy rational choice theorists have appreciated the paradox of not voting in a large election the probability that an individual vote might change the election outcome is vanishingly small if each person only votes for the purpose of influencing the election outcome then even a small cost to vote like a minor schedule conflict or mildly bad weather should dissuade anyone from voting yet it seems that many people will put up with long lines daunting registration requirements and even the threat of physical violence or arrest in order to vote given the central place of voting within political economy the lack of an adequate rational choice model of large elections with costly voting presents an obvious problem for the most part theorists have bypassed the turnout problem either by eliminating voters as strategic actors or by assuming that the decision to vote is independent of other strategic choices the problem with the first approach is that the empirical literature on voting behavior provides considerable evidence of apparently strategic behavior in primary elections there is evidence that voters condition their vote choice on the viability of candidates abramson aldrich paolino and rohde 1992 in a seminal and comprehensive study cox 1997 shows that voting patterns and election outcomes are broadly consistent with patterns of behavior predicted by strategic voting models for example under plurality rule in which the candidate with the most votes wins the election

inferring strategic voting we estimate a model of strategic voting and quantify the impact it has on election outcomes because the model exhibits multiplicity of outcomes we adopt a set estimator using japanese general election data we nd a large fraction 75 3 80 3 of strategic voters only a small fraction 2 4 5 5 of whom voted for a candidate other than the one they most preferred misaligned voting existing empirical literature has not distinguished between the two estimating misaligned voting instead of strategic voting accordingly while our estimate of strategic voting is high our estimate of misaligned voting is comparable to previous studies

the corporate social performance financial performance link strategic managers are consistently faced with the decision of how to allocate scarce corporate resources in an environment that is placing more and more pressures on them recent scholarship in strategic management suggests that many of these pressures come directly from sources associated with social issues in management rather than traditional arenas of strategic management using a greatly improved source of data on corporate social performance this paper reports the results of a rigorous study of the empirical linkages between financial and social performance corporate social performance csp is found to be positively associated with prior financial performance supporting the theory that slack resource availability and csp are positively related csp is also found to be positively associated with future financial performance supporting the theory that good management and csp are positively related 1997 by john wiley sons ltd