We analyze the labor market for painters in Baroque Rome using unique panel data on primary sales of still lifes, portraits, genre paintings, landscapes and figurative paintings. In line with the traditional hierarchy of genres, average price differentials between them were high. We identify...

The degree and the way of upgrading differ widely per industry. This article tries to give some new insights in these differences by linking the concept of upgrading to that of the knowledge base. Moreover, we try to identify barriers to upgrading as well as the appropriate spatial scale on...

This paper examines why organizations have adopted a wide range of responses when addressing the opportunities and threats posed by commoditization. Some may choose to focus on their cost base, whilst others may focus on innovation. Whatever strategy is adopted, it will be driven by a range of...

The ever greater role given to public participation by laws and regulations, in particular in the field of environmental management calls for new operational methods and tools for managers and practitioners. This paper analyses the potentials and the critical limitations of current approaches in...

Water is scarce in many countries. One instrument to improve the allocation of a scarce resource is (efficient) pricing or taxation. However, water is implicitly traded on international markets, particularly through food and textiles, so that impacts of water taxes cannot be studied in...

After 10 years of abstinence from the European Monetary Union, should the UK be seriously thinking about joining the Eurozone? Especially in view of the European Central Bank's improved reputation as a crisis manager in the wake of the financial crisis, could EMU represent a safe haven for the...

China's economic and diplomatic ascendancy over the past decade has been nothing short of phenomenal in terms of world history. It has seen its influence on the world stage grow from being a bit part player at the start of the 20th century, when its territory sovereignty was encroached upon by...

We model a continuous double auction with heterogenous agents and compute approximate optimal trading strategies using evolution strategies. Agents privately know their values and costs and have a limited time to transact. We focus on equilibrium strategies that are developed taking into account...

We study the relation between cognitive abilities and stockholding using the recent Survey of Health, Ageing and Retirement in Europe (SHARE), which has detailed data on wealth and portfolio composition of individuals aged 50+ in 11 European countries and three indicators of cognitive abilities:...

This work deals with multivariate stochastic volatility models, which account for a time-varying variance-covariance structure of the observable variables. We focus on a special class of models recently proposed in the literature and assume that the covariance matrix is a latent variable which...