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This Element outlines the origins and evolution of an international award-winning development intervention, index-based livestock insurance (IBLI), which scaled from a small pilot project in Kenya to a design that underpins drought risk management products and policies...
US Presidents have long issued presidential directives to federal agencies to adopt and implement programs to advance presidential priorities, both pursuant to statutes passed by Congress and outside of them. Federal courts from the first presidency established their...
This text consults seven variants of institutional theory to explore how these can be applied to strategic management. These variants are New Institutional Economics, Old Institutionalism, New Institutionalism, institutional entrepreneurship and change, intra...
Effectuation has become the basis for educating entrepreneurs and managers. Derived from cognitive and behavioral economic studies of expert entrepreneurs, effectuation shows how to cocreate value in highly uncertain situations. The framework of effectuation consists in...
This Element examines the recent history of nonprofit sector-wide advocacy at the federal level, focusing on work done by national nonprofit infrastructure organizations and national charities, to advocate on issues, such as tax incentives for charitable giving, that...
Intelligence is a concept that occurs in multiple contexts and has various meanings. It refers to the ability of human beings and other entities to think and understand the world around us. It represents a set of skills directed at problem-solving and targeted at...
Contest theory is an important part of game theory used to analyse different types of contests and conflicts. Traditional microeconomic models focus on situations where property rights are well defined, and agents voluntarily trade rights over goods or produce rights...
This Element introduces the replicator dynamics for symmetric and asymmetric games where the strategy sets are metric spaces. Under this hypothesis the replicator dynamics evolves in a Banach space of finite signed measures. The authors provide a general framework to...
Is Artificial Intelligence a more significant invention than electricity? Will it result in explosive economic growth and unimaginable wealth for all, or will it cause the extinction of all humans? Artificial Intelligence: Economic Perspectives and Models provides a...
Capitalism is a powerful engine that requires finance. Private equity is part of the neoliberal transformation of capitalism that has failed the average citizen and unleashed a tsunami of leveraged acquisitions that have destroyed entire sectors of our economy. Private...
Why are contracts incomplete? Transaction costs and bounded rationality cannot be a total explanation since states of the world are often describable, foreseeable, and yet are not mentioned in a contract. Asymmetric information theories also have limitations. We offer...
Great organizations flourish at the hands of transformative leaders. Most organizations remain competitive but are unlikely to advance without impetus. Only exceptional leaders in an organization can fulfill an ambition for real institutional advancement. In this...
The pathways to economic development are changing. Environmental sustainability is no longer a choice but a necessity to maintain a competitive edge in the global economy. Just like in nature, where survival hinges on adaptation, this Element shows how nations adjust to...
The Element highlights the monopolization and exclusion from high-value knowledge in analysing divergent and, recently, partially convergent income trends across 200-odd years of the global capitalist economy. A Southern lens interrogates this history, in the process...
What strategic challenges are faced by both start-ups and incumbent firms, and what opportunities do these challenges create for business model innovation? Focusing on the underpinning theory and concepts of business models, this book identifies new business models...
In 1945, Germany and Japan lay prostrate after total war and resounding defeat. By 1960, they had the second and fifth largest economies in the world respectively. This global leadership has been maintained ever since. How did these 'economic miracles' come to pass, and...
Behavioural economics and behavioural public policy have been fundamental parts of governmental responses to the Covid-19 pandemic. This was not only the case at the beginning of the pandemic as governments pondered how to get people to follow restrictions, but also...
How do entrepreneurs make decisions in the real world? Why are entrepreneurs absent from mainstream economics? What functions do entrepreneurs play in the market? What type of institutional environment is needed for entrepreneurship to play a role? Neoclassical...
Central bank independence has become one of the most widely accepted tenets of modern monetary policy. According to this view, the main role of independent central banks is to maintain price stability through the adjustment of short-term interest rates. Reconsidering...
Chaotic environments are producing unique and unprecedented challenges for multinational companies, challenges that raise important questions about whether and how multinationals will survive or wither away. This Element explores both the macro political, economic,...
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