nep-hme New Economics Papers
on Heterodox Microeconomics
Issue of 2023‒10‒23
twenty papers chosen by
Carlo D’Ippoliti, Università degli Studi di Roma “La Sapienza”

  1. Between territorial matrix and sectoral issues: a socio-historical approach to the political work undertaken by French Basque worker cooperatives By Xabier Itçaina
  2. Economics and Nature: A Long-Neglected Combination By Anna Pettini
  3. Theorie der kapitalismusbedingten Finanzkrisen - Tractatus logico oeconomicus By Glötzl, Erhard
  4. Empowering communities with platform cooperatives: A catalyst for local development By OECD
  5. Repoliticising the Future of Work: Automation and the End of Techno-Optimism By Solange Vivienne Manche; Juan Sebastian Carbonell
  6. Comparing effects of price limit and circuit breaker in stock exchanges by an agent-based model By Takanobu Mizuta; Isao Yagi
  7. Platform cooperatives and employment: An alternative for platform work By OECD
  8. What is the social and solidarity economy? A review of concepts By OECD
  9. Examining psychology of science as a potential contributor to science policy By Arash Mousavi; Reza Hafezi; Hasan Ahmadi
  10. An Introduction to Complex Networks in Climate Finance By Alexander P. Kartun-Giles; Nadia Ameli
  11. Polluting for (Higher) Profits: Does an Economic Gain Influence Moral Judgment of Environmental Wrongdoings? By Gilles Grolleau; Luc Meunier; Naoufel Mzoughi
  12. The Problem of Domestic Work at the International Labour Organization By Chee, Liberty
  13. Garantir la soutenabilité d’un business model tout en freinant sa croissance : entre la recherche de cohérence et paradoxe By Ilana Bouhafs; Marine Boyaval
  14. VIX Fractal Compression Pattern and Markets Vulnerability: An Interdisciplinary Approach By Romain Bocher
  15. THE CONCEPT OF FREEDOM IN LIBERAL AND CONSERVATIVE POLITICAL THOUGHT AT THE TURN OF THE 19TH AND 20TH CENTURIES By Budraitskis, Ilya (Будрайтскис, Илья); Vanunts, Georgy (Ванунц, Георгий); Yegorova, A. (Егорова, А.); Zapolskaya, A. (Запольская, А.); Yudin, Grigory (Юдин, Григорий)
  16. Several questions about the ecological loss concept in the socio-economic context By La, Viet-Phuong
  17. Inequality and capabilities in an era of rising instability By Giovanni Andrea Cornia
  18. The social and solidarity economy as a partner along the refugee journey By OECD
  19. Towards a Theory of Maximal Extractable Value II: Uncertainty By Tarun Chitra
  20. Eco-innovations and Job Satisfaction: A Moderated Mediation Approach By Alice Falchi; Gilles Grolleau; Naoufel Mzoughi; Sanja Pekovic

  1. By: Xabier Itçaina (CED - Centre Émile Durkheim - IEP Bordeaux - Sciences Po Bordeaux - Institut d'études politiques de Bordeaux - UB - Université de Bordeaux - CNRS - Centre National de la Recherche Scientifique)
    Abstract: The article revisits the question of the territorial anchoring of cooperatives through an analytical framework that combines the regulationist approach and the sociology of political work. This general framing is put to the test through a case study of production cooperatives in the French Basque Country, considered as a social and economic movement aspiring to rebuild local development on a cooperative, territorial, and intersectoral basis. The visions of territorial development thus conveyed, however, are not static. Therefore, the article follows a socio-historical reading by distinguishing three sequences. The genesis of the movement, first, in the 1970s is characterized by its politicization since the founders of the SCOPs refer to a model of endogenous economic development, to the cross-border model of Mondragón, to territorial identity, and to inherited forms of cooperation. In a second phase, the movement slowed down due to some significant entrepreneurial failures in the 1980s and 1990s. Sectoral and market constraints put the cooperative model and inter-cooperation to the test. A third phase, starting in the 2000s, saw a redeployment of cooperatives within the framework of a broader spectrum of citizen mobilizations around the social and solidarity economy, but also around the ecological transition and the Basque language and culture, this redeployment coinciding with a substantial change in territorial governance. The concluding section looks at some general lessons on the territorial anchoring of cooperatives.
    Abstract: El artículo retoma la cuestión del anclaje territorial de las cooperativas a través del prisma de un marco analítico que cruza la sociología del trabajo político y el enfoque regulacionista "meso". Este marco general se pone a prueba a partir de un estudio de caso de las cooperativas de producción (SCOP) en el País Vasco francés, consideradas como un movimiento social y económico que aspira a refundar el desarrollo local en clave cooperativa, territorial e intersectorial. Sin embargo, las visiones de desarrollo territorial así transmitidas no son estáticas. Proponemos, por tanto, una lectura socio-histórica del mismo distinguiendo tres secuencias. La génesis del movimiento, por un lado, se caracteriza en los años 70 por su politización, aludiendo los fundadores de las SCOP a un modelo de desarrollo económico endógeno, al modelo transfronterizo de Mondragón, a la identidad territorial y a los registros heredados de cooperación. En una segunda fase, el movimiento experimentará una desaceleración debido a algunos fracasos empresariales. Las limitaciones sectoriales y de mercado ponen entonces a prueba el modelo cooperativo y la inter-cooperación. Una tercera fase, a partir de la década de 2000, supuso un redespliegue de las cooperativas en el marco de un espectro más amplio de movilizaciones ciudadanas en torno a la economía social y solidaria pero también a la transición ecológica, el euskera y la cultura, coincidiendo este redespliegue con un cambio sustancial de ordenamiento territorial. La sección final revisa algunas lecciones generales sobre el anclaje territorial de las cooperativas.
    Abstract: L'article revisite la question de l'ancrage territorial des coopératives au prisme d'un cadre d'analyse croisant la sociologie du travail politique et l'approche régulationniste « méso ». Ce cadrage général est mis à l'épreuve à partir d'une étude de cas portant sur les coopératives de production (SCOP) du Pays basque français, considérées comme un mouvement social économique aspirant à refonder le développement local sur une base coopérative, territoriale et intersectorielle. Les visions du développement territorial ainsi véhiculées ne sont cependant pas statiques. Nous en proposons dès lors une lecture sociohistorique en distinguant trois séquences. La genèse du mouvement, d'une part, se caractérise dans les années 1970 par sa politisation, les fondateurs des SCOP se référant à un modèle de développement économique endogène, au modèle transfrontalier de Mondragón, à l'identité territoriale et à des registres hérités de coopération. Dans une deuxième phase, le mouvement connaitra un ralentissement dû à quelques échecs entrepreneuriaux. Les contraintes sectorielles et marchandes mettent alors à l'épreuve le modèle coopératif et l'inter-coopération. Une troisième phase, à compter des années 2000, voit un redéploiement des coopératives dans le cadre d'un spectre élargi de mobilisations citoyennes autour de l'économie sociale et solidaire mais aussi de la transition écologique, de la langue et de la culture basques, ce redéploiement coïncidant avec un changement substantiel de la gouvernance territoriale. La section conclusive revient sur quelques enseignements à portée générale concernant l'ancrage territorial des coopératives.
    Keywords: workers cooperatives, territorial anchoring, politicization, identity, territorial governance, cooperativas de producción, anclaje territorial, politización, identidad, gobernanza territorial, coopératives de production, ancrage territorial, politisation, identité, gouvernance territoriale
    Date: 2023–07–07
  2. By: Anna Pettini
    Abstract: The intersection of Economics and Nature has long been overlooked, but recent events have shed new light on their interconnectedness. This paper explores this relationship, focusing on the impact of economic cycles and the role of GDP as a measure of economic success. The paper highlights the historically dominant role of GDP, tracing its origins from Simon Kuznets’ report in the 1930s to the present. It considers the rise of quantitative growth as a paradigm and its influence on economic policy, including the neo-liberal perspective that prioritises private market initiative. The paper concludes by exploring the potential for change in the aftermath of the syndemic crisis, and argues for a move away from GDP-centred measurements towards indicators that are fully researched and ready to use.
    Keywords: critical deceleration theory, nature, GDP, beyond-GDP indicators
    JEL: I31 O10 D00
    Date: 2023
  3. By: Glötzl, Erhard
    Abstract: 1. the real economy does not grow exponentially in mature economies, but only approximately linearly. The reasons for this are: - the increasing saturation tendency of demand because of increasingly fulfilled basic needs and increasing inequality of distribution, - declining rates of investment in productive capital (because of saturation and because of the possibility of investing in non-productive financial capital), and - a declining capital efficiency. 2. capital assets, on the other hand, lead to positive feedbacks via capital incomes and thus to the approximately exponential growth of capital assets and capital incomes. Capital income grows at the expense of labor income. In particular, the sum of debts and credits also grows approximately exponentially, because creditors have both the interest and the power to enforce this growth of the sum of credits and debts in a money economy. The possibility of expanding consumer credit to the state and to private individuals also plays an important role. These developments are reinforced by political-economic-institutional power relations. 3. Ultimately, however, because of their exponential growth, in contrast to the merely linear growth of the real economy, the creditors' credit balances lose their real-economy coverage and thus their intrinsic value. As a result, the economy as a whole is bankrupt, as it were, like an individual company that cannot service its debts. In a crisis triggered by this, debts and credit balances are partially reset. 4. In order to prevent an economic system with positive feedbacks from capital incomes from becoming unstable, negative feedbacks through capital taxes, a productivity-oriented wage policy and a regulation of power relations to such an extent that capital incomes do not grow faster than GDP are necessary above all.
    Keywords: Finanzkrise, Kapitalismus, Finanzmärkte, exponentielles Wachstum Kapitaleinkommen, lineares Wachstum BIP, 1. Hauptsatz der Ökonomie, 2. Hauptsatz der Ökonomie, Ohn-macht der Schuldner, Macht der Gläubiger, Eurokrise, Leistungsbilanz Unterschiede, Um-verteilungsgewinne
    JEL: A13 E19 E30 E44 E60 F02 F40 F62 G01 G18 H12 H25 H63 P10
    Date: 2023–06–01
  4. By: OECD
    Abstract: This policy paper explores the contribution of platform cooperatives to local development as an alternative model to conventional digital platforms. It considers their role in reducing potential negative effects of the digital transition on local communities and places, as well as the new opportunities they present to provide greater quality of life for local residents. The paper introduces the main features of platform cooperatives, explores their contributions to local development and identifies the challenges to their emergence and expansion. It then provides policy orientations that could support the development of platform cooperatives and enhance their contributions to local development.This paper was produced as part of the OECD Global Action on Promoting Social and Solidarity Economy Ecosystems, funded by the European Union’s Foreign Partnership Instrument.
    Keywords: cooperative, local development, non-profit, social and solidarity economy, social economy, social enterprise, social entrepreneurship, social innovation
    JEL: L33 L31
    Date: 2023–10–04
  5. By: Solange Vivienne Manche (CAM - University of Cambridge [UK]); Juan Sebastian Carbonell (IDHES - Institutions et Dynamiques Historiques de l'Économie et de la Société - UP1 - Université Paris 1 Panthéon-Sorbonne - UP8 - Université Paris 8 Vincennes-Saint-Denis - UPN - Université Paris Nanterre - UEVE - Université d'Évry-Val-d'Essonne - CNRS - Centre National de la Recherche Scientifique - ENS Paris Saclay - Ecole Normale Supérieure Paris-Saclay)
    Abstract: This review article of Aaron Benanav's Automation and the Future of Work (2020) and Jason Smith's Smart Machines and Service Work (2020) reads both works as an effort to repoliticise the question of unemployment, which has too often been ascribed to technological innovation, especially by proponents of automation theory. It places their works within current debates surrounding the question of automation and its political reverberations across the political spectrum. In the end, we show that the shortcomings of automation discourse reside in their economic analyses of the future of work and employment and that automation theorists encourage a depoliticisation of the question of employment through technocracy, while Benanav and Smith open the way for thinking about the future of work as a collective and social endeavour.
    Keywords: Automation, future of work, precarity, sociologie, stagnation, technological unemployment
    Date: 2022
  6. By: Takanobu Mizuta; Isao Yagi
    Abstract: The prevention of rapidly and steeply falling market prices is vital to avoid financial crisis. To this end, some stock exchanges implement a price limit or a circuit breaker, and there has been intensive investigation into which regulation best prevents rapid and large variations in price. In this study, we examine this question using an artificial market model that is an agent-based model for a financial market. Our findings show that the price limit and the circuit breaker basically have the same effect when the parameters, limit price range and limit time range, are the same. However, the price limit is less effective when limit the time range is smaller than the cancel time range. With the price limit, many sell orders are accumulated around the lower limit price, and when the lower limit price is changed before the accumulated sell orders are cancelled, it leads to the accumulation of sell orders of various prices. These accumulated sell orders essentially act as a wall against buy orders, thereby preventing price from rising. Caution should be taken in the sense that these results pertain to a limited situation. Specifically, our finding that the circuit breaker is better than the price limit should be adapted only in cases where the reason for falling prices is erroneous orders and when individual stocks are regulated.
    Date: 2023–09
  7. By: OECD
    Abstract: Platform cooperatives refer to cooperatives that are directly owned and managed by their members and that use websites and/or mobile apps to sell goods and/or services. They have emerged in large part as alternatives to digital labour platforms to promote better working conditions with evidence of significant growth in recent years.This paper provides an overview of employment in platform cooperatives and offers insights on their distinctive features. In particular, it provides i) insights on working conditions associated with such platforms; ii) an overview on the challenges they face in creating jobs as well as scaling up, developing and expanding their activity; and iii) policy recommendations and examples of policy actions that could help policy makers best support them to generate work opportunities and enhance job quality.This paper was produced as part of the OECD Global Action on Promoting Social and Solidarity Economy Ecosystems, funded by the European Union’s Foreign Partnership Instrument.
    Keywords: cooperative, local development, non-profit, social and solidarity economy, social economy, social enterprise, social entrepreneurship, social innovation
    JEL: L33 L31
    Date: 2023–09–30
  8. By: OECD
    Abstract: Produced as part of the OECD Global Action on Promoting Social and Solidarity Economy Ecosystems, funded by the European Union’s Foreign Partnership Instrument, this paper provides a framework to clarify the core notions of the social and solidarity economy, along with social economy, social enterprise, social innovation and other related notions. The objective is to explain what they are and understand how these notions have evolved in recent decades. It also aims to capture and document the great diversity within social and solidarity economy organisations in terms of purposes, legal entities, business models and practices to help better characterise the “population” of social and solidarity economy entities.
    Keywords: conceptual framework, cooperative, local development, non profit, social and solidarity economy, social economy, social enterprise, social entrepreneurship, social innovation
    JEL: L33 L31
    Date: 2023–09–28
  9. By: Arash Mousavi; Reza Hafezi; Hasan Ahmadi
    Abstract: The psychology of science is the least developed member of the family of science studies. It is growing, however, increasingly into a promising discipline. After a very brief review of this emerging sub-field of psychology, we call for it to be invited into the collection of social sciences that constitute the interdisciplinary field of science policy. Discussing the classic issue of resource allocation, this paper tries to indicate how prolific a new psychological conceptualization of this problem would be. Further, from a psychological perspective, this research will argue in favor of a more realistic conception of science which would be a complement to the existing one in science policy.
    Date: 2023–09
  10. By: Alexander P. Kartun-Giles; Nadia Ameli
    Abstract: In this perspective, we introduce recent research into the structure and function of complex investor networks supporting sustainability efforts. Using the case of solar, wind and hydro energy technologies, this perspective explores the complexity in low-carbon finance markets, defined as markets that direct capital flows towards low-carbon technologies, using network approaches to study their structure and dynamics. Investors are modeled as nodes which form a network or higher-order network connected by edges representing projects in which joint funding or security-related insurance was provided or other investment-related interaction occurred. We review the literature on investor networks generally, particularly in the case of complex networks, and address areas where these ideas were applied in this emerging field. The complex investor dynamics which emerge from the extant funding scenarios are not well understood. These dynamics have the potential to result in interesting non-linear behaviour, growth, and decline, which can be studied, explained and controlled using the tools of network science.
    Date: 2023–09
  11. By: Gilles Grolleau (ESSCA School of Management, France); Luc Meunier (ESSCA Research Lab - ESSCA - Ecole Supérieure des Sciences Commerciales d'Angers); Naoufel Mzoughi (ECODEVELOPPEMENT - Unité de recherche d'Écodéveloppement - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement)
    Abstract: Pollution is frequently "rationalized" by involved firms as a necessary bad to reach economic or social goals. Unfortunately, little is known about how external observers form moral judgment when confronted to such a dual output, precisely an economic or social gain (e.g., profits, job preservation) and an environmental harm. Using two experimental surveys, we fill this gap by inviting participants to judge the morality of two companies engaging in the same environmental wrongdoings (river pollution and deforestation) while varying the generated monetary gain. In the preliminary study, individuals perceive environmental degradations generating higher profits for the firm as more morally acceptable. In the main study, we used a multiple-item measure of behavioral intentions towards the firm and we analyzed potential moderating effects. The results are threefold: (i) the attitude towards the firm improves as the profit obtained by the firm increases, up to a tipping point; (ii) when the profit gained by the firm increases, environmentally-unconcerned (resp. concerned) individuals display more positive (resp. negative) attitude towards the firm; (iii) respondents thinking that the firm main objective should be only about profit and not social well-being express a more lenient judgment. We draw several policy and managerial implications.
    Keywords: deforestation, water pollution, outcome bias, moral judgment
    Date: 2023–11
  12. By: Chee, Liberty (Ca' Foscari University of Venice)
    Abstract: This paper examines the processes of attempting to set standards for one of the largest labour sectors in the world that employs women. It demonstrates how the International Labour Organization is a boundary organisation that co-produces hybrid knowledge about domestic work through the iterative engagement of experts, practitioners and laypersons. The paper offers problematisation as an approach with which to understand this process of knowledge production. I deploy problematisation in two senses - as a mode of analysis (an activity, method) and an object of inquiry (a problem). To problematise is to make something recognisable, thinkable and actionable. Problematisation is the constitution of an object of thought (here “domestic work”) through discourse (logos), techniques (techne) and action (praxis). Concretely, this means examining the truth claims made about what domestic work, the tools or instruments used to fortify these claims and calls for action. In its second sense, the problematisation of domestic work shows its evolution from a non-problem, to a problem of the law, and then of the economy.
    Date: 2023–09–28
  13. By: Ilana Bouhafs (LUMEN - Lille University Management Lab - ULR 4999 - Université de Lille); Marine Boyaval (University of Lille, LUMEN - Lille University Management Lab - ULR 4999 - Université de Lille)
    Abstract: The aims of this paper is to explore and understand the development models induced by alternative entrepreneurial projects, more specifically the paradoxes that arise from the opposition between the genesis of the entrepreneurial project oriented towards a non commercial goal and the unexpected development of it, leading entrepreneurs to constantly define and redefine the notion of growth of their entrepreneurial project, between sustainability, ethics, market interest and the desire to change things on a large scale. For this we have observed the mechanisms put in place by entrepreneurs to maintain sustainability within their project while supporting their growth-decay. We propose to deliver here the first results, focusing on the understanding of the modes of financing and development within the framework of social entrepreneurship in the textile sector.
    Abstract: Ce travail vise à explorer et comprendre les modèles de développement induits par des projets entrepreneuriaux dits alternatifs, plus spécifiquement les paradoxes éventuels entre genèse projet entrepreneurial relativement orienté vers un but non-lucratif et le développement parfois inattendu de celui-ci. Celles-ci amènent les entrepreneurs à constamment définir et redéfinir la notion de croissance de leur projet entrepreneuriaux, entre durabilité, éthique, dynamiques de marché et volonté de changement structurel de la société Nous proposons ici de délivrer les premiers résultats d'une étude de ces paradoxes. Nous avons à cette occasion observé les mécanismes mis en place par les entrepreneurs sociaux du secteur textile pour penser un mode de développement et des modes de financement compatibles avec la soutenabilité de leur business model.
    Keywords: Entrepreneuriat alternatif, Entrepreneuriat social, croissance, business model soutenable
    Date: 2022–11–17
  14. By: Romain Bocher (NN Investment Partners)
    Abstract: Between two significant implied volatility spikes, the CBOE VIX index tends to gradually converge towards a form of relative equilibrium, as if driven by stabilizing forces. Such fractal compression patterns can be analyzed with regards to investors behavioral biases, highlighting critical zones in which the stock market becomes vulnerable to even small shocks.
    Keywords: Implied Volatility, Options, Self-organized Criticality, Behavioral Finance
    Date: 2022
  15. By: Budraitskis, Ilya (Будрайтскис, Илья) (The Russian Presidential Academy of National Economy and Public Administration); Vanunts, Georgy (Ванунц, Георгий) (The Russian Presidential Academy of National Economy and Public Administration); Yegorova, A. (Егорова, А.) (The Russian Presidential Academy of National Economy and Public Administration); Zapolskaya, A. (Запольская, А.) (The Russian Presidential Academy of National Economy and Public Administration); Yudin, Grigory (Юдин, Григорий) (The Russian Presidential Academy of National Economy and Public Administration)
    Abstract: The subject of our research is the evolution of the concept of "freedom" in liberal political thought at the end of the 19th century – first half of the 20th century, as well as its influence on further academic discussions of "freedom" as a concept. Our main sources, therefore, are the texts by liberal, conservative as well as left-wing theorists of the period in question (Isaiah Berlin, Carl Schmitt, Edmund Burke, Max Weber, Joseph Schumpeter, Walter Benjamin) and their interconnections with the subsequent development of the liberal tradition (Jurgen Habermas, Hannah Arendt) as well as its critics (Giorgio Agamben, Judith Butler). The aim of the project was to confirm our basic hypothesis that the key transformation of the concept of "freedom" in political and social thought takes place at the turn of the 19th and 20th centuries – this was the moment when liberal doctrines took shape, in which collective freedom gave way to individual freedom. Thus, our project had three objectives: 1) to trace the transformation of the notion of freedom in the liberal tradition of the late nineteenth and early twentieth centuries, 2) to identify lines of criticism of individual freedom in conservative and leftist thought of the early twentieth century, 3) to analyze the current crisis of liberalism related to the non-democratic basis of actual political representation and to show how the notion of freedom formed in early twentieth century liberal theory has affected the institutions of modern liberal democracy. The relevance of the research is determined by the deepening crisis of liberalism in our days and the pursuit of programmatic alternatives to liberal democratic institutions. Through an analysis based primarily on the "history of concepts" method, we have described the contradictions in liberal thought associated with the form of the democratic process and its elitist content. The scientific novelty of this study lies in the fact that, for the first time in domestic political theory, an attempt was made to examine the key category of "freedom" in the liberal tradition in a broad historical and theoretical context, which made it possible to identify its contemporary understanding. We conclude that this anti-democratic and anti-egalitarian element of the liberal tradition has common origins with the conservative critique of democracy of the early to mid-20th century. Since the Russian Federation's policy documents (in particular, the National Security Strategy) pay considerable attention to rethinking the relationship between individual freedoms and securing the collective freedom of the Russian people in the face of external challenges, the practical recommendation of the study is to further develop an original historical and theoretical concept of freedom that meets the contemporary conditions of our country.
    Keywords: democracy, conservatism, politics, freedom, republicanism, liberalism, neoliberalism, political theology, political subject, political sphere
    JEL: B10 B30
    Date: 2021–11–12
  16. By: La, Viet-Phuong
    Abstract: Several questions about the ecological loss concept in the socio-economic context.
    Date: 2023–09–10
  17. By: Giovanni Andrea Cornia
    Date: 2023
  18. By: OECD
    Abstract: Produced as part of the OECD Global Action “Promoting Social and Solidarity Economy Ecosystems” funded by the European Union, this paper explores the role of the social and solidarity economy (SSE) in implementing and complementing public systems for refugee protection, reception and integration. In particular, it reviews the different activities SSE entities can deploy in support of forcibly displaced populations, asylum seekers and refugees, along their journey from origin through to destination countries. Finally, it offers some policy considerations on how the SSE can help national and local governments identify win-win solutions for refugee and host communities.
    Keywords: asylum seekers, cooperative, forced displacement, local development, non profit, refugees, social and solidarity economy, social economy, social enterprise, social entrepreneurship, social innovation
    JEL: F22 J15 J61 L33 L31
    Date: 2023–10–04
  19. By: Tarun Chitra
    Abstract: Maximal Extractable Value (MEV) is value extractable by temporary monopoly power commonly found in decentralized systems. This extraction stems from a lack of user privacy upon transaction submission and the ability of a monopolist validator to reorder, add, and/or censor transactions. There are two main directions to reduce MEV: reduce the flexibility of the miner to reorder transactions by enforcing ordering rules and/or introduce a competitive market for the right to reorder, add, and/or censor transactions. In this work, we unify these approaches via \emph{uncertainty principles}, akin to those found in harmonic analysis and physics. This provides a quantitative trade-off between the freedom to reorder transactions and the complexity of an economic payoff to a user in a decentralized network. This trade off is analogous to the Nyquist-Shannon sampling theorem and demonstrates that sequencing rules in blockchains need to be application specific. Our results suggest that neither so-called fair ordering techniques nor economic mechanisms can individually mitigate MEV for arbitrary payoff functions.
    Date: 2023–09
  20. By: Alice Falchi (ESSCA Research Lab - ESSCA - Ecole Supérieure des Sciences Commerciales d'Angers); Gilles Grolleau (ESSCA School of Management, France); Naoufel Mzoughi (ECODEVELOPPEMENT - Unité de recherche d'Écodéveloppement - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Sanja Pekovic (UCG - University of Montenegro)
    Abstract: Does adopting eco-innovations lead to more satisfied employees? Eco-innovations have the potential to enhance (and sometimes decrease) the job satisfaction of employees for several reasons, such as their positive effects on performances and wages, contribution to the well-being of others, or increased alignment between employees' and company values. We examine empirically the relationship between eco-innovations and job satisfaction on a large number of observations using a moderated mediation model. We posit that the effect of adopting eco-innovations is mediated by job recognition, while the effect of the latter is moderated by job insecurity. Our structural equation modeling findings based on a sample of 5384 respondents show that (i) eco-innovations do not directly lead to increased job satisfaction, (ii) job recognition mediates positively the relationship between the adoption of eco-innovations and job satisfaction, and (iii) job insecurity moderates negatively the positive mediating effect between the adoption of eco-innovations and job satisfaction.
    Keywords: eco-innovations, job satisfaction, moderated mediation, structural equation modeling, well-being.
    Date: 2023–12–31

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