Public procurement accounts for a significant proportion of overall demand for goods and services and is increasingly seen as an attractive and feasible instrument for furthering the goals of innovation policy. However, public procurement is already expected to address a wide range of social...

This paper utilises evidence from the first collapse of a private finance initiative in the UK, that of the National Physical Laboratory, to examine the reality of PFIs in contrast to the rhetoric presented by government...

Despite the considerable attention paid to research into the adoption of technological innovations in government agencies and business firms, little attention has been paid to other types of organisations such as voluntary organisations (VOs). As a result, many things remain unknown: the...

This paper argues for a radical new understanding of the topic generally referred to as Tacit Knowledge. On the basis of a new appraisal of the work of Michael Polanyi, we argue that mapping, assessing, fostering, developing, and improving the tacit component in all use of skill and knowledge is...

Innovation is still an obscure concept although many efforts have been made to improve the understanding and measurement of it. The growth of service activities throughout the economy has encouraged scholars, policy makers and executives to explore the determinants and features of the innovation...

The paper discusses demand and demand conditions for innovation as well as demand basedpolicies for innovation in the context of the EU CEE countries. Far from regarding demand policiesas a simplistic silver bullet, this paper argues that the EU CEEC catch up process could potentiallybe...

The 2007-2008 financial crises has made it painfully obvious that markets may quickly turn illiquid.Moreover, recent experience has shown that distress and lack of active trading can jump “around”between seemingly unconnected parts of the financial system contributing to transforming...

Welfare gains to long-horizon investors may derive from time diversification that exploits non-zerointertemporal return correlations associated with predictable returns. Real estate may thus become moredesirable if its returns are negatively serially correlated. While it could be important for...

This paper examines a continuous-time intertemporal consumption and portfolio choice problem foran ambiguity-averse investor with multiple priors when the expected return of a risky asset isunobservable and follows a hidden Markov chain. The investor’s beliefs over investmentopportunities are...

This paper examines a continuous-time intertemporal consumption and portfoliochoice problem for an investor with Duffie and Epstein (1992a)’s recursive preferenceswho worries about model misspecification (model uncertainty) and wants toseek robust decision rules. The expected excess return of...