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on Project, Program and Portfolio Management |
| By: | Joshua S. Gans |
| Abstract: | This paper examines how entrepreneurs strategically design experiments to convince venture capitalists (VCs) to fund their projects when investors interpret data through heterogeneous statistical frameworks. Drawing on Liang (2021)'s model of games with incomplete information played by statistical learners, we translate her abstract theoretical framework into a practical venture capital setting. We characterise how entrepreneurs balance funding plausibility against equity dilution by strategically choosing experiments along two critical dimensions: sample size (precision) and dimensionality (breadth of metrics). Our analysis reveals that for genuinely high-quality projects, increased precision helps by forcing VC beliefs to converge toward true quality. For low-quality projects, funding depends on preserving disagreement through sparse, high-dimensional experiments. The entrepreneur's optimal design depends critically on their prior beliefs: confident entrepreneurs choose high-precision, low-dimensional experiments that minimise equity dilution, while uncertain entrepreneurs opt for sparse, high-dimensional experiments that maximise the probability some VC will hold sufficiently optimistic beliefs. The framework provides a rigorous foundation for understanding how entrepreneurs and investors can rationally disagree when observing identical evidence, with significant implications for strategic information design in entrepreneurial settings. |
| JEL: | D83 G24 L26 |
| Date: | 2025–08 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:34085 |
| By: | Antonova, Katya; Peicheva, Miroslava; Ivanova, Pavlina; Koleva, Velina; Velcheva, Bilyana; Nacheva, Radka; Drab-Kurowska, Anna; Budziewicz-Guźlecka, Agnieszka; Velikova, Tihomira; Samarova, Kristina; Dimitrova, Elitsa; Yordanov, Aleksandar; Rodrígues, Margarida María Mendes |
| Abstract: | The project "Impact of Digitalization on Innovative Approaches in Human Resource Management" has an interdisciplinary nature and is based on scientific knowledge in the field of management science, economics, computer science and psychology. Relevance and significance of the project: Its relevance stems from the rapid changes generated by globalization and the convergence of the world through information technologies. The significance of the project is based on the need to prove the logical connection "digitalization - innovative approaches to human resource management" in modern organizations. Project objective: The objective set by the scientific team is to study the impact of digitalization on innovative approaches to human resource management in various sectors, including to analyse the digital accessibility of people with disabilities to the workplace. Scientific approaches: To achieve the research goal, a set of scientific approaches are used, allowing for a holistic view of the research problem, as well as its individual elements. The scientific team, with its different and specific expertise, relies on the application of the interdisciplinary approach, which, together with the systematic one, will contribute to the development of the author's research methodology, as well as specific conceptual models and new knowledge. |
| Keywords: | Human Resource Management, Artificial Intelligence, Biometric Technologies, Digital Transformation, Green Competence |
| JEL: | M12 M15 M53 M54 O15 |
| Date: | 2025–06 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:125151 |
| By: | Freddy Jesús Acosta Padilla (Universidad de los Andes) |
| Abstract: | La tasa social de descuento es un parámetro para valorar y comparar los costos y beneficios económicos intertemporales de proyectos, programas o políticas públicas (PPP). En Colombia, la tasa oficial fue estimada por Piraquive et al. (2018) a partir de Harberger (1969a). Dicha estimación no incorpora de forma explícita el riesgo de los PPP. Algunos presentan baja exposición al riesgo, mientras que otros son riesgosos porque sus beneficios se correlacionan con el ciclo económico. Este estudio propone un modelo para estimar una Tasa Social de Descuento Ajustada por Riesgo (TSDAR) para Colombia según el grado de exposición de un PPP al ciclo económico. El modelo se calibra utilizando datos de cuentas nacionales y se contrasta con el trabajo de Harberger (1969a). Se encuentra que la TSDAR aumenta con el riesgo y la aversión a éste, pero puede mostrar una trayectoria decreciente en escenarios de bajo crecimiento y alta aversión al riesgo. Para 2025, un PPP cuyos beneficios evolucionan con el ciclo económico debe evaluarse con tasas que van desde 4.95 %–6.09% en el año 1 a 5.85 %–7.07% al año 30, en lugar de 9 %.<p> Abstract The social discount rate is a parameter used to assess and compare the intertemporal economic costs and benefits of projects, programs, or public policies (PPPs). In Colombia, the oficial rate was estimated by Piraquive et al. (2018), drawing on the framework of Harberger (1969a). That estimate does not explicitly incorporate the risk inherent in PPPs. Some exhibit Iow exposure to risk, whereas others are riskier because their benefits are correlated with the economic cycle. This study proposes a model to estimate a Risk-Adjusted Social Discount Rate (TSDAR) for Colombia based on the extent to which a PP P is exposed to the economic cycle. The model is calibrated using national accounts data and is compared with the work of Harberger (1969a). The results indicate that the TSDAR increases with risk and risk aversion, but may follow a declining trajectory under scenarios of Iow growth and high risk aversion. For 2025, a project whose benefits are correlated with the economic cycle should be appraised using discount rates ranging from 4.95 % 6.09 % in year one to 5.85%—7.07% in year thirty, rather than the oficial rate of 9 %. |
| Keywords: | Tasa Social de Descuento, Aversión al riesgo, Inversión Pública |
| JEL: | D81 H43 H54 |
| Date: | 2025–08–04 |
| URL: | https://d.repec.org/n?u=RePEc:col:000089:021462 |
| By: | Sherry, Maeve; Kassian, Jonathan |
| Abstract: | The Biodiversity Net Gain (BNG) legislation came into effect in England from February 2024 and represents a significant shift in planning regulations. Now that the legislation exists – and a new government is in place – this policy report presents the case for integrating BNG and natural flood management to enhance urban resilience, including integration of BNG funding with local authorities’ natural flood risk management projects. This can best be achieved through appropriate policy measures, better leveraging of insurance underwriting solutions, and research and collaboration. The report sets out recommendations for national government, local authorities, the insurance sector and others, intended to help amplify the legislation’s impact. |
| JEL: | F3 G3 E6 |
| Date: | 2024–11–21 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:129057 |
| By: | Di Cataldo, Marco; Renzullo, Elena |
| Abstract: | The EU Cohesion Policy, with its capacity to shape the socio-economic development of European regions and cities, also holds the potential to influence the political preferences of citizens. While existing research has explored the effects of EU funding on national electoral outcomes, its impact on local elections remains underexamined, overlooking the inherently territorial nature of Cohesion Policy and the crucial role local policy-makers play in its activation and implementation. This study leverages detailed administrative data on European development projects to examine how EU funds affect political support for incumbent local politicians in Italy. It analyses the relationship between the inflow of European funds and the electoral support for Italian mayors, considering different project types that reflect the mayors’ ability to attract European funds. The findings demonstrate that Cohesion Policy significantly shapes local voting behaviour. Larger, more visible projects significantly increase the likelihood of mayoral re-election. Moreover, municipalities experiencing faster economic growth, where EU projects contribute to public service improvements, witness the strongest electoral gains for incumbents. These results highlight the critical importance of project design, visibility, and effectiveness in determining the political consequences of EU redistributive policies. |
| Keywords: | EU cohesion policy; incumbent re-election; political preferences; redistribution; local voting behaviour |
| JEL: | D72 I38 H70 R58 |
| Date: | 2025–06–27 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:128651 |