Contemporary Transformation of the Homo Economicus Model in Welfare Theory

The urban circular economy is a highly effective approach to both waste management and the utilization of resources. Many cities have already adopted best practices based on circular economy principles. However, implementing such practices requires multi-stakeholder engagement, new business models, and collaboration between cities. Some successful strategies exist, ranging from urban agriculture and waste-to-energy to sharing economies, industrial symbiosis, and sustainable mobility, as well as eco-design, waste prevention, and the extension of product life. By adopting circular economy practices, cities can support economic growth, reduce environmental impact, and create social benefits, thereby moving towards a more sustainable future. In this regard, this study aims to analyze circular economy practices at the urban circularity level, by assessing their impacts on economic growth, environmental sustainability, and social benefits. To achieve this goal, a literature review is conducted to identify the most widely adopted circular strategies in cities. Comprehensive data collection, encompassing quantitative and qualitative measures, including economic indicators, environmental metrics, social assessments, and stakeholder feedback on the implementation process. Then the case study of Amsterdam is selected to demonstrate how urban circularity can be effective in achieving a balance between economic growth, environmental sustainability, and social benefits. Finally, this study also provides insights into the potential of urban circularity as an effective tool for sustainable urban development.

Recently, increasing numbers of consumers have embraced higher green consumption values and expressed environmental concern through their shopping behavior. These consumers are a promising target group for sustainable products. However, especially in the food sector, it is challenging for consumers to recognize these products because of a multitude of sustainability indicators. Therefore, it is important to understand how green consumers form their perception of product sustainability based on the information provided. This research draws on means–end chain theory and the elaboration likelihood model (ELM) to explain how green consumers form an overall product sustainability perception by considering environmental and social product sustainability benefits. To provide preliminary evidence, we analyzed the survey data of 1,577 European consumers who assessed three different food products. Using structural equation modeling, we found that consumers with higher green consumption values perceive environmental and social sustainability product benefits to a greater extent than those with lower green values. Increased perceptions of environmental sustainability benefits, in turn, enhance overall product sustainability perceptions, ultimately leading to a higher perceived brand sustainability. By integrating and applying means–end chain theory along with the ELM in a green product consumption context, our study provides insight on the impact of environmental and social product sustainability benefits on consumers’ product sustainability perceptions. As such, the results offer a valuable starting point for further investigation of sustainable marketing strategies and consumers’ product sustainability perceptions. Additionally, our findings provide guidance to food marketers seeking to promote sustainable products.

This chapter follows the introductory chapter and serves as a fundamental step in agent-based modelling (ABM), focusing on the concept of bounded rationality (BR). As a nonstandard review of this otherwise hoary subject, this chapter argues that bounded rationality is a natural and inherent aspect of ABM, making ABM a sufficient framework to justify the concept. To do so, we distinguish ABM from the conventional equation-based modelling (EBM) and use the mirroring principle to argue that it is easier to have perfect rationality in a bounded model like EBM but not an unbounded model like ABM. The connection between ABM and bounded rationality is illustrated using two canonical kinds of ABM, namely, evolutionary computation and cellular automata. Apart from the mirroring principle, through the introduction of several other key principles, including the modularity principle and the entropy maximization principle, we advocate the idea that bounded rationality, while motivated from multiple perspectives such as behavioural economics, biology, psychology, artificial intelligence, cognitive science, and physics, can be further advanced through ABM. ABM provides a cohesive framework for interdisciplinary discourse among these fields.

Do social network crowds help fundraising campaigns? Effects of social influence on crowdfunding performance

Las redes sociales se han convertido en herramientas claves para la comunicación de las organizaciones, especialmente en el sector vitivinícola de España. Las redes sociales permiten aumentar la visibilidad, a la vez que establecer y reforzar las relaciones con los públicos, siempre y cuando sean gestionadas profesionalmente. Así, este estudio tiene como objetivo evaluar la presencia y actividad de las empresas vitivinícolas de España en las principales redes sociales (Facebook, Instagram, Twitter y YouTube). Para esta investigación se analizaron las 1.656 empresas vitivinícolas con mayor facturación de España. Los resultados exponen que las empresas tienen una presencia mayoritaria, pero su actividad es poco frecuente. Teniendo en cuenta que la gran mayoría de las empresas llevan entre 4 y 9 años utilizando las redes sociales, la presencia poco activa parece repercutir directamente en la media baja de seguidores que tienen las empresas.Palabras clave: relaciones públicas, comunicación digital, sector vitivinícola, Internet, redes sociales Abstract Social networks have become key tools for organizational communication in the Spanish wine sector. The popularity that the sector is obtaining has generated the need to carry out digital public relations strategies by companies. Social networks allow increasing visibility and establishing relationships with audiences if they are managed professionally. Maintaining an active presence in social networks allows wine companies to know the opinions and preferences of stakeholders, as well as obtain notoriety and manage the digital reputation. Thus, the purpose of this study is to analyze the presence and activity of wine companies in Spain through the main social networks (Facebook, Instagram, Twitter, and YouTube). For this research, 1,656 wine companies with the highest turnover in Spain were analyzed: 33 corporate, 218 large, 517 medium and 888 small. Results exposed that companies have a majority presence in the main social networks, but their activity is low. Facebook is the social network most chosen by companies for communication with their stakeholders and Instagram, Twitter, and YouTube are the least chosen. However, the frequency of company publications is so far from the frequency recommended by experts. Spanish wine companies have an inactive presence in social networks and they bet in social networks where there is a greater penetration (ELOGIA, 2018; Kemp, 2018). Taking into account that the majority of companies have been using social networks for 4 to 9 years, low active presence seems to have an impact on the low media of companies’ followers. This implies the necessity to reflect on public relations management in social networks by companies. They are limiting the possibilities offered by platforms not only to increase digital visibility but also to share organizational activities. Having a presence with a low level of activity in social networks is the same as having a rudimentary, careless, and unprofessional presence. This could affect the notoriety and digital reputation of companies. Comparing this research with other studies applied to other wine companies in countries such as Germany, the United States, Australia, and New Zealand, the use of social networks without a defined communication strategy was observed (Szolnoki et al., 2018). The sector recognizes the power of social networks but is not making proper use of the platforms. Finally, this study is presented through a specific methodology for the analysis of communication management in social networks and has been adapted to a specific object (Spanish wine companies). As future research lines, the study of Spanish wine companies in social networks would be advanced. This involves the analysis of content management and interaction management in social networks. Keywords: public relations, digital communication, wine sector, Internet, social networks

Social networks have become key tools for organizational communication in the Spanish wine sector. The popularity that the sector is obtaining has generated the need to carry out digital public relations strategies by companies. Social networks allow increasing visibility and establishing relationships with audiences if they are managed professionally. Maintaining an active presence in social networks allows wine companies to know the opinions and preferences of stakeholders, as well as obtain notoriety and manage the digital reputation. Thus, the purpose of this study is to analyze the presence and activity of wine companies in Spain through the main social networks (Facebook, Instagram, Twitter, and YouTube). For this research, 1,656 wine companies with the highest turnover in Spain were analyzed: 33 corporate, 218 large, 517 medium and 888 small. Results exposed that companies have a majority presence in the main social networks, but their activity is low. Facebook is the social network most chosen by companies for communication with their stakeholders and Instagram, Twitter, and YouTube are the least chosen. However, the frequency of company publications is so far from the frequency recommended by experts. Spanish wine companies have an inactive presence in social networks and they bet in social networks where there is a greater penetration (ELOGIA, 2018; Kemp, 2018). Taking into account that the majority of companies have been using social networks for 4 to 9 years, low active presence seems to have an impact on the low media of companies’ followers. This implies the necessity to reflect on public relations management in social networks by companies. They are limiting the possibilities offered by platforms not only to increase digital visibility but also to share organizational activities. Having a presence with a low level of activity in social networks is the same as having a rudimentary, careless, and unprofessional presence. This could affect the notoriety and digital reputation of companies. Comparing this research with other studies applied to other wine companies in countries such as Germany, the United States, Australia, and New Zealand, the use of social networks without a defined communication strategy was observed (Szolnoki et al., 2018). The sector recognizes the power of social networks but is not making proper use of the platforms. Finally, this study is presented through a specific methodology for the analysis of communication management in social networks and has been adapted to a specific object (Spanish wine companies). As future research lines, the study of Spanish wine companies in social networks would be advanced. This involves the analysis of content management and interaction management in social networks

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What drives people to have trust in using artificial intelligence (AI)? How does the institutional environment shape social trust in AI? This study addresses these questions to explain the role of institutions in allowing AI‐based technologies to be socially accepted. In this study, social trust in AI is situated in three institutional entities, namely, the government, tech companies, and the scientific community. It is posited that the level of social trust in AI is correlated to the level of trust in these institutions. The stronger the trust in the institutions, the deeper the social trust in the use of AI. To test this hypothesis, we conducted a cross‐country survey involving a total of 4037 respondents in Singapore, Taiwan, Japan, and the Republic of Korea (ROK). The results show convincing evidence of how institutions shape social trust in AI and its acceptance. Our empirical findings reveal that trust in institutions is positively associated with trust in AI technologies. Trust in institutions is based on perceived competence, benevolence, and integrity. It can directly affect people’s trust in AI technologies. Also, our empirical findings confirm that trust in AI technologies is positively associated with the intention to use these technologies. This means that a higher level of trust in AI technologies leads to a higher level of intention to use these technologies. In conclusion, institutions greatly matter in the construction and production of social trust in AI‐based technologies. Trust in AI is not a direct affair between the user and the product, but it is mediated by the whole institutional setting. This has profound implications on the governance of AI in society. By taking into account institutional factors in the planning and implementation of AI regulations, we can be assured that social trust in AI is sufficiently founded.

In the increasingly globalized business, operational efficiency is a critical component for the success and longevity of company. The purpose of this study is to analyze the impact of Business Process Re-engineering (BPR) based on artificial intelligence (AI) on operational efficiency in company X. Through the use of descriptive analysis and literature review, this study investigates how integrating AI technology might help businesses reduce operational costs, increase productivity, and minimize losses. According to the study's findings, Company X may cut production costs by 20%, shorten production cycle times by 25%, and boost raw material usage efficiency by 15% by integrating AI into its BPR process. Additionally, by optimizing administrative procedures and managing energy more effectively, AI-based automation has been able to cut overhead expenses by 10%. However, its implementation also provides long-term benefits for environmental and operational sustainability, such a 15% reduction in carbon emissions. The study also identified key challenges, including resistance to change and the need for significant initial investment. With the right risk mitigation strategies, Company X successfully overcame these obstacles and demonstrated that the combination of BPR and AI not only improves operational efficiency but also creates significant added value for the company's sustainability. These findings provide strategic guidance for other companies looking to adopt similar technologies to enhance their competitiveness.

Community-based ecotourism is considered a sustainable and holistic approach to local development which brings together environmental sustainability and socio-cultural benefits to local people. As an ecotourism activity, homestays contribute to the local community economically, ecologically, culturally, and socially. These benefits have instigated the proliferation of the homestay model in developing countries. However, the success of homestay operations depends on their sustained ability to attract guests, which are impacted by the social networks of the homestay operator. Accordingly, this study examines the role social networks play in homestay operations, through a qualitative approach, drawing on 46 interviews. Specifically, focusing on Bhutan, this study identifies actors that play a role in attracting guests. The findings suggest that actors can have a direct or indirect impact on the ability to attract guests. Those exerting a direct impact are usually in a position to influence the guest’s decision, while actors who have an indirect impact contribute to the experience guests have and, therefore, their satisfaction. These actors also have influence over capacity-building activities and policy which in turn influences homestay operations and, ultimately the sustainability of the ecotourism enterprise.

In this study, we investigate the supplier’s inventory decision when facing a boundedly rational retailer. Existing literatures mostly assumed perfect rationality of decision makers, but recent studies found out that optimal decisions are not made in most cases. Su (2008) explained the behavioral aspect of newsvendor decisions by bounded rationality. Bounded rationality leads to stochastic decisions – better decisions with higher probabilities – rather than optimal ones. In particular, that study found out that the order quantity of a boundedly rational newsvendor follows a truncated normal distribution when he or she faces uniform end-customer demands. Using such proposition, we search for the supplier’s production quantity when the supply chain has a single supplier and a single retailer who faces a newsvendor problem with bounded rationality. The supplier faces a newsvendor problem for the retailer’s stochastic order decisions. We analyze how the supplier’s quantity differs from that under the case of perfect rationality and what factors affect the supplier’s inventory decision. While the existing study (Su, 2008) focused on that behavioral order decisions are affected by bounded rationality, this study mainly analyzes how the boundedly rational retailer’s order behavior affects the supplier’s inventory decision in a supply chain. Under the specific computational setup in this study, we observe that the relative change in the supplier’s production quantity is increasing in the degree of bounded rationality of the retailer, the wholesale price, and the supplier expediting cost. The relative change in the supplier’s production quantity is decreasing in the maximum value of the end-customer demand, the retail price, the supplier production cost, and the salvage value. The degree of bounded rationality may be reflected by skill levels of decision makers in practice. The results of this study imply that the supplier should consider the retailer’s order behavior especially when the wholesale price or the supplier expediting cost is higher, when the demand is less variable, or when the retail price, the supplier production cost or the salvage value of the product is lower.

Boundedly rational route choice behavior: A review of models and methodologies

Background: Strong trust and extensive social networks can lead to increased social solidarity among fishers, creating an enabling environment for economic sustainability and community well-being. Objective: This study aims to influence social networks and trust on the social solidarity of the Kupa Village fishing community. Methods: The research method used is quantitative with survey method, using data collected from questionnaires. Results: The results showed that social networks and trust have a positive and significant effect on the social solidarity of fishermen in Kupa Village. Social network has a regression coefficient of 0.125 with a significance of 0.025, while trust has a coefficient of 0.816 with a significance of 0.000. Simultaneously, these two variables also have a significant effect on social solidarity, with a significance value of 0.000. Conclusion: This study concludes that social networks and trust have a positive and significant effect on the social solidarity of fishermen in Kupa Village. The higher the two factors, the stronger the social solidarity formed in the fishing community.

This study analyzes the influence of social capital on community development, focusing on the role of university students in community service initiatives. Using a Systematic Literature Review (SLR) approach and Path Analysis, the VOSviewer analysis highlights that key concepts related to social capital, such as "community participation," "social trust," and "network building," frequently appear in relevant literature. These findings underscore the importance of these three dimensions of social capital in fostering community development. The VOSviewer software generated a visual map illustrating the interconnectedness of various topics, emphasizing that social network development and trust are prominent themes frequently discussed by researchers in the context of community development. The findings indicate the critical role of strengthening social capital in supporting effective collaboration and the sustainability of development programs. Following the SLR, Path Analysis was conducted to examine the relationships among variables in the model. The results reveal that Network (path coefficient: 0.496, T-statistic: 3.308, P-value: 0.001) and Trust (path coefficient: 0.463, T-statistic: 3.769, P-value: 0.000) have a positive and significant influence on Community Development. Conversely, Value (path coefficient: 0.019, T-statistic: 0.155, P-value: 0.877) shows no significant effect. These findings highlight the significant contributions of social networks and trust to community development, while social values within networks do not exert a notable impact. Based on these results, it is recommended that community service programs led by university students prioritize strengthening social networks and trust while promoting active collaboration. Furthermore, developing inclusive approaches to enhance social values within networks is essential. Future research is encouraged to explore additional factors influencing community development and the role of social values in sustaining these programs.

As computing and communication systems evolve rapidly and ubiquitously, it has become convenient and almost effortless for individual users to generate, share, and exchange information on online social media. Through online social media, a wide range of digital content, which covers blogging, forums, reviews, social networking, question-answer databases, digital video, mobile phone photography, and wikis, is created by users and has dramatically changed the way people work and interact. However, the simplicity of creating such digital content online has also led to an increase of users? concern about the trustworthiness of such information. To address the issue of trustworthiness, a widely recognized approach is to evaluate the quality of the online information based on feedback from large scale, virtual word-of-mouth networks where individuals share their own opinions and experiences. The aggregated result of such feedback is called digital reputation. Digital reputation has already been widely adopted by current online social media. For example, viewers on YouTube may ?like? or ?dislike? a video clip, buyers on Amazon share their purchasing experiences, travelers evaluate hotels or restaurants on Yelp, and readers can either ?dig? or ?bury? a piece of social news on Reddit. The reputation-based solution is playing an increasingly important role in influencing users? online social interactions. For example, eBay sellers with established reputations can expect about 8% more revenue than new sellers marketing the same goods [1]; the survey in [2] reveals that the services receiving five-star ratings will attract 20% more revenue than the same services receiving four-star ratings.