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on Regulation |
| By: | Cave, Martin; Shortall, Tony |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:itse25:331257 |
| By: | Gannon, John PL |
| Abstract: | The integration of artificial intelligence (AI) into pricing systems has heightened longstanding concerns about tacit collusion, particularly in structurally concentrated sectors like telecommunications. While competition authorities struggle with doctrinal limits around algorithmic coordination, this paper argues that sectoral regulators, such as in telecommunications, are well placed to respond. Furthermore, rather than expanding direct oversight of AI tools, regulators should adopt a posture of focal point disruption: strategically examining how regulation itself influences the predictability, observability, and dimensionality of competition. Drawing on coordination theory and recent merger jurisprudence, the paper identifies existing rules, such as those governing offer presentation, personalization limits, and product standardisation, that may inadvertently entrench collusive equilibria. In AI-mediated environments, these effects can be magnified. The paper proposes practical criteria for regulatory design that preserve asymmetries, support selective transparency, and reintroduce unpredictability into market interactions. Rather than waiting for general competition law to evolve, sector-specific regulators must actively assess whether their frameworks stabilize tacit alignment. The aim is not to constrain innovation but to ensure that regulatory architecture does not inadvertently make collusion easier in the age of AI while maximizing the benefits it might bring to competition. This approach offers a flexible, forward-looking alternative to AI-specific regulation or contorted competition law of uncertain effect, grounded in structural awareness and anticipatory governance. |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:itse25:331270 |
| By: | Chiara Fusar Bassini; Jacqueline Adelowo; Priya L. Donti; Lynn H. Kaack |
| Abstract: | In auction markets that are prone to market power abuse, preventive mitigation of bid prices can be applied through automated mitigation procedures (AMP). Despite the widespread application of AMP in US electricity markets, there exists scarce evidence on how firms strategically react to such price-cap-and-penalty regulation: when the price cap rarely leads to penalty mitigation, it is difficult to distinguish whether AMP are an effective deterrent or simply too lax. We investigate their impact on the bids of generation firms, using 2019 data from the New York and New England electricity markets (NYISO, ISO-NE). We employ a regression discontinuity design, which exploits the fact that the price cap with penalty is only activated when a structural index (e.g., congestion, pivotality) exceeds a certain cutoff. By estimating the Local Average Treatment Effect (LATE) of screening activation, we can causally identify successful deterrence of anti-competitive behavior. Around 30-40% of the analyzed bidders per market exhibit a significant strategic response - corresponding to a decrease in maximum bid prices of 4-10 $/MWh to avoid the penalty. However, there is significant heterogeneity between firms, and the regulatory impact on the overall market is not statistically detectable, suggesting lax mitigation thresholds. Using a merit-order simulation, we estimate the welfare impact of more stringent thresholds to lie between 350 and 980 thousand dollars of increased buyer surplus per mitigated hour, with the associated number of mitigated hours being below 33 hours/year. Our results motivate the empirical calibration of mitigation thresholds to improve the efficiency of AMP regulation. |
| Date: | 2025–11 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2511.20812 |
| By: | Castells, Pau; Zagdanski, Jakub |
| Abstract: | We investigate the economic justification for market-based payments from large internet traffic generators (LTGs) to network operators and internet service providers (ISPs) to support network investments, connectivity, and digital society objectives. Our analysis addresses ongoing debates about the LTG-ISP relationship. First, we confirm that traffic volume significantly influences network costs, countering claims to the contrary. Second, we frame telecommunications as a two-sided market where consumers access content and content providers reach consumers via networks, with payment structures varying based on market dynamics, as seen in other two-sided markets. We argue that extending incentives for efficient network use solely to consumers is ineffective due to their limited control over data consumption and transmission. In contrast, LTGs possess the technical expertise and capability to manage data flows, including optimizing their services' traffic generation, making them better candidates for such incentives. Despite this, market-based payment solutions have not gained traction. We identify regulatory constraints, such as net-neutrality rules, universal service obligations, and peering/interconnection regulations, as key factors reducing network operators' bargaining power. This asymmetry hinders their ability to negotiate agreements that effectively incentivize LTGs to use networks efficiently, limiting the adoption of such payment models. |
| Keywords: | Telecommunications economics, Large traffic generators (LTGs), Internet service providers (ISPs), Two-sided markets, Interconnection agreements |
| JEL: | L96 L51 L13 O33 D62 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:itse25:331256 |
| By: | Jamison, Mark A. |
| Abstract: | This paper suggests that antitrust authorities should focus on harmful competitive advantages. These are largely Porterian and Smithian advantages created by firms seeking to disadvantage rivals, governments inadvertently hindering competition, and governments protecting favored stakeholders and partisans without corresponding improvements in economic efficiency. The proposed approach is intended to enable antitrust to get to the heart of market power rather than address symptoms, address market power concerns in dynamic situations, and to make up for antitrust's tendency to ignore competition problems created by governments. This approach would reorient some antitrust resources away from investigating and prosecuting cases and towards investigations that identify problems and develop solutions before harms occur. |
| Keywords: | antitrust, market definition, competitive advantage, regulation |
| JEL: | K21 L12 L22 L4 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:itse25:331279 |
| By: | Ciriani, Stéphane; Jeanjean, François |
| Abstract: | The Draghi (2024) Report defines clear policies to restore the competitiveness of the EU through raising investment in innovation. The Report proposes "New EU Telecom Act" to update merger control through considering both static and dynamic effects rather than just static market shares or Herfindahl Index (HHI). Some authors have argued that Draghi's view on the consolidation's effects on investment is flawed. This article provides a review of the literature on the impact of mergers and mobile market concentration on price, investment, and quality. It also provides evidence that the evolution of mobile markets during the two last decades have changed the ways that mergers affect competition. It provides policy makers with relevant insights to form their views on the desirability of consolidation in the European wireless markets, in a context where the need for a new approach to mergers in the telecom sector has been outlined in the Draghi's report. |
| Keywords: | Competition, Investment, Telecom, Market structure, Mergers |
| JEL: | D25 D43 K21 L40 L51 L63 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:itse25:331262 |
| By: | Földes, Gábor |
| Abstract: | EU Digital Decade 2030 connectivity targets require from operators to provide full broadband fixed and mobile population-based coverage. There is a common agreement on detected investment GAP, however the resolution plans are diverging. In order to stimulate investments, operators argue for more cooperation (horizontal mergers) among operators to improve economies of scale, while regulators advocate for more competition to force investment race. The aim of the paper to focus on how economies of scale can be improved by a horizontal merger and what size of the risk may occur from constrained competition that partially may offset efficiency benefits at total social welfare level. The research question is set to understand and identify root causes in the differences of consumer price, operator investment and service quality assessments related 4 to 3 (mobile) mergers in the EU. The methodology of the paper is that based on qualitative research on competition policy aspects initiates snowballing approach for systematic literature review and critical assessment of academic papers applying quantitative researches on Europe-wide and decades-long database for regression and DiD (Difference in Differences Model) Fixed panel model analysis. The hypothesis is that the differences in findings of quantitative models might be more transparent and understandable if relevant modelling assumptions and data specifications are explicitly expressed on which scenario the finding is relevant and valid. The novelty of the paper is to attempt to set-up an apple-to-apple comparison of different quantitative models, by adding validity criteria and the relevance of the sample-based finding for the whole data population. |
| Keywords: | telecom mobile operators, horizontal mergers, competition, consumer prices, 5G network investments |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:itse25:331269 |
| By: | Sutherland, Ewan |
| Abstract: | The 1979 Conservative Party manifesto omitted denationalisation. By 1983 the manifesto had the privatisation of BT as a central plank, but not sector regulation or corporate lobbying and litigation. Cable & Wireless, had already been sold, reversing the nationalisation of 1946 and echoing the privatisations of 1928 and 1938. It was dwarfed by the three tranches of BT shares, which helped popularise shareholding in the short term for the better off . Margaret Thatcher claimed privatisation was the "British cure". Yet where monopoly persisted or was turning slowly to oligopoly, it required a complex regulatory state to substitute for competition. Managing competition and the creative destruction of technological change had driven Derby and Disraeli to incorporate telegraphy into the state, and Baldwin to privatise parts of the Post Office. However, it was Thatcher who opened the way to the complexity of the regulatory state, with ever more QUANGOs. Since 2016, the UK has had four Conservative prime ministers, who inter alia have promised fibre and 5G to every home, but who faced a complex system of regulatory governance offering few easy interventions. They encouraged private equity investments in fibre, negotiated extended geographic coverage with mobile operators, and forced property owners to rent space for network equipment. Spurred on by the US, they banned Chinese equipment for national security reasons. The National Farmers' Union (NFU) had questioned Thatcher about the willingness of a commercial BT to provide service in rural areas, an issue that persists today, only partly resolved by state aid. Privatisation diffused into developed and developing economies. Yet it was never adopted alone, but only as part of a package with financialisation, liberalisation and regulation, while companies responded by developing skills in lobbying and litigation. The number of QUANGOs grows, despite occasional threats of bonfires. |
| Keywords: | Financialisation, Privatisation, Regulatory Governance, Telecommunications |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:itse25:331308 |
| By: | Jung, Juan; Aquije Ballon, Harry; Castells, Pau; Bahia, Kalvin |
| Abstract: | This research aims to identify the main drivers of Quality of Service (QoS) metrics for wireless telecommunications services, evaluating the impact that regulatory requirements have on mobile network quality. To answer our research question, we developed a panel consisting of a global sample of countries, compiling some of the most common QoS metrics for mobile broadband (such as download and upload speed, and latency), plus an extensive set of controls. Our empirical strategy consists in two-way fixed-effects (TWFE) models complemented with novel differences-in-differences techniques. The results suggest that the introduction of QoS regulations has not resulted in any positive effect for the performance of wireless telecommunications services. Instead, the results suggest that policymakers intending to maximize network performance should focus on other key areas such as spectrum availability, the introduction of the latest technological standards and expanded smartphone penetration. |
| Keywords: | mobile, internet, telecommunications, QoS, regulation |
| JEL: | L86 L96 D04 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:itse25:331283 |
| By: | Samaké, Said-Nour |
| Abstract: | This paper examines how the rise of Over-the-Top (OTT) or Content and Application Provider (CAP) services reshapes the revenue and investment behavior of telecommunications operators in mobile and fixed broadband markets. A micro-founded theoretical framework links OTT engagement to operators’ pricing and investment incentives, and the predictions are tested empirically using a multi-country quarterly panel (2017 Q3–2024 Q2) combining operator and application-level data. The empirical strategy combines multi-way fixed effects, shift-share instrumental variables (SSIV), and dynamic System GMM estimation to address endogeneity and persistence. Results show that greater OTT usage significantly lowers the average revenue per connection (ARPC) in mobile markets. As users access identical OTT platforms through any network, perceived differentiation between operators vanishes. Price competition intensifies under flat-rate plans, preventing operators from monetizing growing data traffic and leading to revenue dilution. In contrast, the effect on fixed broadband ARPU remains weak, reflecting cost-based pricing and utility-type demand. On the investment side, rising OTT traffic increase capital expenditure (CapEx) as operators expand network capacity. In European mobile markets, investment follows an inverted-U pattern with market concentration, peaking at intermediate levels. Revenue losses from OTT usage are also less pronounced in moderately concentrated markets but stronger in fragmented ones. Overall, OTT expansion erodes monetization while compelling operators to invest to sustain rising traffic. This structural tension exposes a trade-off between static efficiency, constrained by declining revenues, and dynamic efficiency, preserved through continued investment. Policy frameworks should balance competition, pricing flexibility, and value sharing between connectivity and content providers. |
| Keywords: | Telecommunication, Two-sided market, Big Tech, CAP, OTT |
| JEL: | D71 L51 K23 L86 L93 O32 O33 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:itse25:331303 |
| By: | Jull, Kenneth; Bismarji, Anna-Gabriella |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:itse25:331282 |
| By: | Jamison, Mark A. |
| Abstract: | Social media content moderation has stirred controversies for a number of years, resulting in calls for regulation. Proposals include reforming Section 230, regulating social media as public utilities or as common carriers, and imposing transparency standards. A proper regulatory framework should protect social media platforms' (SMP) First Amendment rights, allow users their freedom of speech, and protect business viability. A regulatory solution might be to offer an incentive or require an SMP to offer a public portal in addition to its moderated portal. Users could access all content that is allowable under the First Amendment, including content the SMP doesn't allow on its moderated portal. The public portal would allow users and SMPs freedom of speech and allow SMPs to retain current business models. |
| Keywords: | platform, common carrier, free speech, regulation, social media, public portal |
| JEL: | K24 L51 L86 L94 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:itse25:331280 |
| By: | Kristina Pitman (Department of Economics and Business, Colorado School of Mines); Ben Gilbert (Department of Economics and Business, Colorado School of Mines) |
| Abstract: | In recent years, fossil fuel power plants have increasingly adjusted their operations to balance variability in renewable output. These balancing activities alter plant emissions in ways that may not be evenly distributed. We capture the distribution of the effect of exogenous wind and solar variation on emissions from criteria pollutants across fossil fuel plants. Most plants experience a small reduction in emissions in response to variation in renewable output. However, a minority of outlier plants change their emissions output significantly, with responses that maybe either positive or negative. Positive emissions responses are driven by increases in fuel intensity or emissions rates for some plants, particularly in response to solar variation. We find that outlier plants are more likely to be in smaller Balancing Authorities, without access to electricity markets, and with higher shares of wind and solar output. The socioeconomic characteristics of communities hosting outlier power plants depend on whether the plant is wind- or solar-responsive. Notably, communities with higher asthma incidence, which are more sensitive to pollution, experience the most extreme negative emissions responses to wind, but the most extreme positive emissions responses to solar. |
| Keywords: | renewable energy, thermal power plant operations, emissions, electricity sector, ramping behavior, distributional impacts |
| JEL: | L1 L2 L94 Q Q42 Q52 |
| Date: | 2025–11 |
| URL: | https://d.repec.org/n?u=RePEc:mns:wpaper:wp202501 |
| By: | Herrero, Teresa; Navio-Marco, Julio; Bujidos-Casado, María; Mendieta-Aragón, Adrian |
| Abstract: | Extending and upgrading communication networks in rural areas is particularly challenging, due to the difficulties to recover the substantial investments it requires. Scholar and policymakers have identified mobile infrastructures as the most viable solution for these regions, owing to their flexibility and lower deployment costs. Techno-economic assessments supporting these recommendations typically rely on bottom-up demand models, with population as the primary input variable. In contrast to this traditional approach, our study shifts the focus to other variables that are highly relevant for mobile service providers: the number of fixed wireless access (FWA) subscriptions, customers' mobility patterns, and the spatiotemporal dynamics of communication services usage. We analyzed voice and broadband traffic data from all sites operated by a Spanish mobile service provider across different time frames, alongside data on FWA subscriptions per site and the number of mobile visitors per municipality. We began with a descriptive analysis of available data, segmented by municipality size, which revealed the unique characteristics of communication services usage in rural areas. These insights informed the development of both linear and non-linear demand models aimed at identifying the most influential variables driving communications demand at the municipal level. The results underscore the crucial role of non-resident users and FWA services in shaping demand—and, by extension, in guiding infrastructure investment decisions. |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:itse25:331275 |
| By: | Deshpande, Advait |
| Abstract: | With the emergence of generative Artificial Intelligence (AI) tools (including large language models) in the popular discourse, the debate on managing, governing, and regulating the impacts of AI on society has grown considerably. In part due to the unique breadth of AI's impacts and its varying implications for the various strata of human workforce, and society, approaches to AI regulation appear to diverge significantly. This combination of scale and potential disruption has caught the attention of regulators worldwide, with China, European Union (EU), and the United States of America (USA) as the forerunners in the regulatory activity. The aim of this paper is to examine the current state-of-play vis-à-vis regulatory approaches to AI and related technologies in China, EU, and the USA. The paper draws on documentary sources and peer-reviewed literature to examine the political and market dynamics at work, the policy pathways, including the processes, the decision-making approaches, and the intended outcomes of these regulatory and legislative approaches. The findings suggest that China's state-directed approach is aimed at integration of technical oversight, social harmony, and the growth of its sovereign AI capabilities. The EU's approach is a comprehensive, risk-based regulatory framework for AI building on its strengths in exporting technology-related rule-making. The USA's approach to AI regulation is decentralised with multi-agency legislation targeting specific AI applications and outcomes while retaining its advantages in AI innovation. The findings are expected to be of interest to academics, researchers, and key stakeholders from government, industry, and the third sector actively engaged in regulation and governance of AI. |
| Keywords: | AI regulation, AI policy, China, European Union, Technology policy, USA |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:itse25:331266 |
| By: | Howell, Bronwyn E.; Potgieter, Petrus H. |
| Abstract: | The exhaustion principle, or first-sale doctrine, limits copyright holders' control after the authorised sale of a tangible copy, enabling resale, lending, and preservation. In digital markets, however, this principle has largely become irrelevant, as distribution models now rely on licences that prevent secondary use. This paper examines how the disappearance of copyright exhaustion affects four key digital markets – books, music, video, and software – along six dimensions: access, preservation, privacy, transactional clarity, user innovation, and platform competition. Drawing on a structured review of legal and economic literature, it assesses both the erosion of these benefits and possible remedies, including forward-and-delete technologies, common law exhaustion, relaxed anti-circumvention rules, and enhanced fair use provisions for libraries. The study argues that digital distribution has shifted the balance of rights too far towards copyright holders and that differentiated regulatory reforms may be needed to restore a socially beneficial equilibrium that preserves both market efficiency and user rights. |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:itse25:331276 |
| By: | Maryam Farboodi; Nima Haghpanah; Ali Shourideh |
| Abstract: | We study how a monopolist’s use of consumer data for price discrimination affects welfare. To answer this question, we develop a model of market segmentation subject to residual uncertainty. We fully characterize when data usage monotonically increases or decreases welfare or when the effect is non-monotone. The characterization reduces the problem to one with only two demand curves, and gives a condition for the two-demand-curves case that highlights that information affects welfare in three distinct ways. In the non-monotone case, we provide tight bounds on the welfare effects of information and identify the best local direction for providing additional information. |
| JEL: | D42 D83 L12 L15 |
| Date: | 2025–11 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:34514 |
| By: | Ioannou, Nikos; Kokkinis, Dimitris; Katsianis, Dimitris; Varoutas, Dimitris |
| Abstract: | The strategic decision to build a private 5G network or buy a 5G network slice from a telecom operator presents a critical techno-economic dilemma for industries requiring advanced automation solutions that rely on connectivity infrastructure. This study addresses this decision by conducting a comparative techno-economic analysis specifically targeting three distinct 5G industry vertical scenarios: a seaport (outdoor), an automotive factory (indoor), and a power plant campus (hybrid indoor and outdoor). The modeling of the scenarios is based on data from real-world deployments and industry benchmarks and is used by the technoeconomic bottom-up model to estimate the economic impact of 5G RAN slicing and 5G private network deployments per scenario, emphasizing metrics such as Capital Expenditure (CAPEX), Operational Expenditure (OPEX) and Net Present Value (NPV) of costs. The results show that RAN slicing can reduce CAPEX by 33–68% and OPEX by 12–51% compared to private 5G deployments, primarily through macro-site reuse and shared resources but at the expense of customization and the highest isolation and security levels, which can greatly reduce the potential cost savings. This study identifies which industries benefit from the customization and control offered by owning infrastructure and which industries can scale and deploy more efficiently via slicing arrangements, offering organizations actionable insights to align their strategic connectivity decisions with financial resources, operational priorities, and technical needs. |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:itse25:331278 |
| By: | Reed, David P.; Schnitzer, Jason; Sekar, Dhanavikram |
| Abstract: | This paper presents a novel longitudinal analysis of U.S. broadband performance trends from 2011 to 2023 using the Measuring Broadband America (MBA) dataset created and managed by the Federal Communications Commission. By systematically analyzing over a decade of actual user measurements, we quantify the evolution of key performance indicators including download and upload speeds, latency under load, along with their interquartile ranges (IQRs), providing the most comprehensive, empirically grounded portrait of broadband quality change available in the US to date. For example, we document the cumulative annual growth rates (CAGR) of median broadband service download speed of 20% (1.6 Mbps) for DSL, 30% (22 Mbps) for Cable, and 28% (28 Mbps) for Fiber systems between 2011 - 2023. Notably, between 2020 through July 2023, the CAGR in download speed for Fiber increased to 40% (73 Mbps) for Fiber. Our analysis indicates there may be some increase IQR for downstream and upstream speed across all DSL, Cable, and Fiber technologies over the 13-year study, meaning that there may have been an increase in the variability of broadband speeds across the middle 50% of users in the MBA program. We discuss the policy implications of these and other findings and make a concluding argument that as the FCC's MBA program was sunset in 2023, there is a strong need for the creation of a new open data platform to ensure that future broadband policy remains transparent, data-driven, and accountable. This study's data products and software artifacts are available to the research community at https://github.com/UCBoulder/bclear/tree /main. |
| Keywords: | Broadband performance measurement, Internet performance measurement, broadband speed, broadband latency, longitudinal data analysis, Digital Divide |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:itse25:331298 |
| By: | C. Lanier Benkard; Nathan H. Miller; Ali Yurukoglu |
| Abstract: | De Loecker et al. (2020) (DEU) estimate that markups increased significantly in the United States from 1955 to 2016. We find this result is sensitive to unreported sample restrictions that drop 27% of the available observations. Applying the methodology as described in the article to the full sample, markup increases are more muted until late in the sample period, and are almost entirely driven by Finance and Insurance firms. If these firms are removed, markup increases are modest. We conclude that the DEU methodology and data, as they are described in the article, do not support the conclusion that broad-based increases in market power have occurred in recent decades. |
| JEL: | D22 L1 L40 |
| Date: | 2025–11 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:34513 |
| By: | Fernández, Francisco J.; Vásquez-Lavín, Felipe; Rivera, Diego; Hernández, Francisco; Bopp, Carlos; Campos-Requena, Nélyda; Ponce, Roberto D. |
| Abstract: | A tariff is a crucial tool for managing rural water supply services. It helps cover the costs of operation, maintenance, and repair, ensuring the sustainability of these services. Unfortunately, due to suboptimal tariff structures, rural water systems lack the financial liquidity to handle unforeseen events. This puts them in a difficult position, especially with the increasing water demand and resource scarcity driven by climate change. Therefore, adjusting the current tariff settings is necessary to achieve financial and operational sustainability, balancing cost recovery with other social, economic, and environmental objectives. This study aims to determine how pricing components, such as fixed charges and variable costs, influence consumer acceptability of different tariff systems. Using a choice experiment, we evaluated Chilean rural water consumers' preferences for different tariff schemes. The results show that individuals are highly conservative regarding the price structure. Participants preferred maintaining existing tariffs, consistently favoring the status quo over alternative tariff structures. Significantly, the likelihood of selecting a new tariff structure is influenced more by alterations in the variable component than by changes in the fixed price of water. These findings provide valuable insights for achieving a balanced and sustainable approach to rural water management and help policy designs. |
| Keywords: | Community/Rural/Urban Development, Consumer/Household Economics, Demand and Price Analysis |
| Date: | 2024–07–26 |
| URL: | https://d.repec.org/n?u=RePEc:ags:iaae24:344377 |