Time Inconsistency Research Articles

Does Privatization improve Corporate Governance and Profitability? Evidence from Cement Company of Northern Nigeria

The paper study how Privatization improves Corporate Governance and Profitability of Cement Company of Northern Nigeria. Data was collected from secondary sources, and the statistical tools employed in the Methodology were descriptive statistics and OLS regressions. The study aimed at bridging literature gap on studies that relate corporate governance and privatization policy in Nigeria. The results suggest that, The result suggest that, the company has lower market capitalization, private sector and foreign investors have concentrated ownership, bigger board size, lower percentage of executive directors and higher percentage of non-executive directors, Board chairmen were not the chief executives and chairmen audit committees were non-executive directors, lower workforce, higher percentage of management staff small percentage of non-management staff, lower profitability, products demand depended on government capital projects, The Company purchased 5MW power plant in 1991, macro-economic challenges such as devaluation of naira, energy sector crisis, foreign exchange rate, inflation, trade liberalization, inconsistent stabilization policies, political instability and banks’ strikes and weak private sector. Inferential result reveals that, has state ownership, percentage of management staff, percentage of non-management staff and privatization have positive and significant relationship with profitability. However, minority ownership has a negative and significant relationship with profitability. Based on these findings, the researcher arrived at the conclusion that, Corporate governance has significant impacts on profitability of Cement Company of Northern Nigerian. Even though, unfavourable macroeconomic environment militated against its efficiency. The study recommends that, government needs to introduce macroeconomic stabilization measures that will improve effective demand of cement products particularly with the problem of withdrawal of fuel subsidy in the economy. The company should, as a matter of necessity, design strategies that will; create international market opportunities, enhance security measures, cheap inputs, efficient financial and inventories management that will improve profitability post privatization.

In Defense of Central Bank Independence against its Enthusiasts

The problem of time inconsistency provides the basic economic rationale behind the independence of central banks, understood as the most suitable institutional mechanism for ensuring price stability. According to the consensus that emerged in the 1990s and the 2000s, endowing the central bank with independent decision-making authority over the use of monetary policy instruments, with a mandate for price stability, enhances the effectiveness of monetary policy and reduces the inflation volatility. It may be surprising that criticisms of the once almost sacrosanct independence arise after the Great Financial Crisis, when it is widely recognized that central banks “saved the world” from repeating the Great Depression of the 1930s. The paper is an attempt to explain the rationale why these cracks in the consensus have arisen and offers suggestions what to do about it. Independence has an economic basis that is as solid as its political foundation is fragile, because central banks are unelected power. And in the realm of economics and politics, the political economy of central banking may help us understand the evolution of the degree and the specific form of independence because of both internal and external political and economic constraints. The paper examines these issues in some detail, to contextualize the economic and non-economic threats to independence and discusses possible mitigants. Properly assessing the challenges is a prerequisite for preserving the value of this institution, which is perhaps the most important and effective institutional innovation of our time in macroeconomic policy.

Local Region Frequency Guided Dynamic Inconsistency Network for Deepfake Video Detection

Local Region Frequency Guided Dynamic Inconsistency Network for Deepfake Video Detection

Dynamic Optimization with Timing Risk

Timing risk refers to a situation in which the timing of an economically important event is unknown (risky) from the perspective of an economic decision maker. While this special class of dynamic stochastic control problems has many applications in economics, the methods used to solve them are not easily accessible within a single, comprehensive survey. We provide a survey of dynamic optimization methods under comprehensive assumptions about the nature of timing risk. We also relax the assumption of full information and summarize optimization with limited information, ambiguity, imperfect hedging, and dynamic inconsistency. Our goal is to provide a concise user guide for specialists and nonspecialists alike.

Life-cycle planning with CEV model and time-inconsistent preferences

In this paper, we investigate an optimization problem for a wage earner seeking to maximize expected utilities until retirement by choosing optimal consumption, investment, and life insurance purchase strategies. The constant elasticity of variance (CEV) model is adopted to describe the price process of the risky asset. Additionally, we assume that the wage earner has time-inconsistent preferences. This makes the wage earner discount her payoff by a non-constant discount rate. Applying the dynamic programming principle, we have derived the Hamilton-Jacobi-Bellman (HJB) equation corresponding to the optimization problem. Furthermore, we present semi-analytical expressions for optimal strategies and value functions in three cases: the benchmark model with time-consistent preferences, the naive and sophisticated wage earners with time-inconsistent preferences. Finally, illustrations of the optimal solutions and some economic insights are provided in the numerical examples.

Kedudukan Akun Media Sosial Sebagai Warisan Digital Dalam Perspektif Hukum Perdata di Indonesia

Globalization, accompanied by advancements in science and technology, has increased the usage of social media in Indonesia. Currently, social media accounts serve not only as platforms for interaction but also as potential sources of significant economic value. Moreover, regulations concerning the inheritance of social media accounts remain unclear and vary across platforms. The research methodology employed utilizes the normative juridical method, incorporating conceptual and case approaches. This study involves analysis of laws, court decisions, and social media platform policies. The research findings indicate that an extensive interpretation of inheritance in civil law, by considering their economic value, encompasses social media accounts. However, the implementation of social media account inheritance encounters various obstacles, including inconsistent platform policies. Some platforms have facilitated account preservation as memorials, but clarity regarding access to content or account management is lacking. Concerns persist regarding legal protection for heirs concerning social media accounts as inheritance. In the context of Civil Law, clear legal protection is necessary to ensure that heirs' rights are fulfilled, especially in acquiring economic benefits from inherited social media accounts. Furthermore, this paper underscores the necessity for clearer regulations within Civil Law concerning the inheritance of social media accounts. Strong legal protection is required to ensure justice for heirs and facilitate the effective and efficient resolution of digital legacy.

The optimal reinsurance strategy with price-competition between two reinsurers

We study optimal reinsurance for an insurer and two reinsurers in the market through stochastic game theory. The relationship between the insurer and reinsurers is described by a Stackelberg model, where reinsurers, as market leaders, set prices for reinsurance treaties, and the insurer, as a price taker, determines reinsurance demand. Furthermore, we employ a Nash game to model the price competition between the two reinsurers who adopt different premium principles: the variance premium principle and the expected value premium principle. Both the insurer and reinsurers aim to maximize their respective mean-variance cost functions, leading to a time inconsistency control problem. This issue is resolved using a corresponding extended Hamilton-Jacobi-Bellman equation in the game-theoretic framework. We find that the insurer will adopt propositional and excess-of-loss reinsurance strategies with two reinsurers, respectively. Moreover, under an exponential claim size distribution, there exists a unique equilibrium reinsurance premium strategy. Our numerical analysis illuminates the effects of claim size, risk aversion, and the interest rates of the insurer and reinsurers on the equilibrium reinsurance and premium strategies, enhancing the understanding of competition in the reinsurance market.

Dynamic inconsistency in great apes

When presented with the option of either an immediate benefit or a larger, later reward, we may behave impatiently by choosing instant gratification. Nonetheless, when we can make the same decision ahead of time and plan for the future, we tend to make more patient choices. Here, we explored whether great apes share this core feature of human decision-making, often referred to as dynamic inconsistency. We found that orangutans, bonobos, and gorillas tended to act impatiently and with considerable variability between individuals when choosing between an immediate reward and a larger-later reward, which is a commonly employed testing method in the field. However, with the inclusion of a front-end delay for both alternatives, their decisions became more patient and homogeneous. These results show that great apes are dynamically inconsistent. They also suggest that, when choosing between future outcomes, they are more patient than previously reported. We advocate for the inclusion of diverse time ranges in comparative research, especially considering the intertwinement of intertemporal choices and future-oriented behavior.

Achilles’ heel: elderly COVID-19 vaccination policy in China

BackgroundDespite high overall COVID-19 vaccine coverage, the continuously low elderly vaccination rate in mainland China remains a dangerous threat as the country shifts away from its zero-Covid policy. This retrospective study uses the Multiple Streams Framework to examine how macro-level factors may explain poor elderly vaccination outcomes.MethodsWe performed a thematic analysis of qualitative data obtained from 95 official press conferences from October 20, 2020, to February 27, 2023, vaccination-related policy documents, and media coverage, using both inductive and deductive coding approaches.ResultsOur findings suggest that in the problem stream, elderly vaccination was not a “focusing event” during the initial vaccine rollout, resulting in delayed outreach to this population. Additionally, ideologically driven complacency and discrepancies in top-down implementation undermined elderly vaccination in the political stream. In the policy stream, precautious and ambiguous statements, inconsistent policy content, radical shifting media messages, and less age-friendly digital technologies also affected elderly vaccination.ConclusionsThe poor convergence of the three streams led the elderly to be the Achilles’ heel of China’s COVID-19 containment strategy. Future studies should focus on priority identification, adoption of enforcement measures, and timely and effective policy dissemination. The empirical lessons from China can inform and optimize elderly vaccination policy design and implementation in the post-pandemic era.

Assessing the Entrepreneurial University Framework: A Model for Institutional Self-Sufficiency

This study aims to explore the concept of the Entrepreneurial University at the University of Sumatera Utara, as it seeks to transition into an Independent University, known locally as Perguruan Tinggi Negeri Badan Hukum (PTNBH). A qualitative approach featuring interactive models was employed for the data analysis, drawing on contributions from the academic community and partners as key informants. The findings reveal that USU, in its capacity as a PTNBH, has not yet established specific mindsets or policies to govern entrepreneurial endeavors, resulting in a model that is neither integrated nor cohesive but rather operates in a fragmented manner. Obstacles to the USU's transformation include inadequate socialization and inconsistent policy implementation. Nonetheless, the USU's substantial human resource quality and quantity present significant strengths and opportunities for addressing its challenges. This research culminates in the development of an Entrepreneurial University Model designed to unify the academic community's involvement in all entrepreneurial programmes at the University of Sumatera Utara.

Green Space Policy in Sustainable Development Perspective in Bandar Lampung City

Objective: This research aims to examine the Green Space policy in Bandar Lampung City from a sustainable development perspective. This study focuses on the direction of national policy which is changing from a sustainable development orientation towards investment and how city government policies support sustainable development. Theoretical Framework: This research is based on the theory of Public Policy, Sustainable Development, and the Concept of Green Space. These theories and concepts provide a basis for understanding the research context, including public policy models and sustainable development principles. Method : This study uses a normative juridical method with a statutory and conceptual approach. The data used in normative juridical research is secondary data, including primary legal materials from statutory regulations and secondary legal materials such as books and scientific journals related to the object of study. The data analysis was carried out descriptively and qualitatively. Results and Discussion: The research results show that Green Space policy at the national level has shifted from a focus on sustainable development towards investment, which can reduce the effectiveness of fulfilling open spaces. In Bandar Lampung, existing local policies have not been able to support sustainable development efforts. This can be seen from the failure to fulfill the minimum threshold for the percentage of Green Space and policy inconsistencies that can be seen from changes in regional regulations to respond to investment but not in accordance with sustainable development goals. Research Implications: The practical and theoretical implications of this study show that there is a need for policy reformulation that is more balanced between investment and sustainability. This research provides insight for policy makers to consider the long-term impact of Green Space policies on the environment and community welfare. Originality/Value: This research contributes to the literature with an innovative approach to evaluating Green Space policies from a sustainable development perspective. Its potential impact on improving environmental policy in Indonesia shows its value and relevance.

Socioeconomic challenges and opportunities in renewable energy transition

The global transition to renewable energy is a multifaceted endeavor that entails profound socioeconomic transformations. This study aimed to explore the socioeconomic challenges and opportunities inherent in this transition. By leveraging a comprehensive review of existing literature and case studies, this research provides insights into the economic, social, technological, and policy dimensions of renewable energy adoption. The study employed a mixed-methods approach, combining qualitative analysis of policy frameworks with quantitative assessment of economic impacts. Key findings indicate that while renewable energy technologies, such as solar and wind, are increasingly cost-competitive, high initial capital costs and long payback periods remain significant barriers. Social and cultural resistance also poses challenges, particularly in communities with strong ties to traditional energy sources. Policy inconsistencies and regulatory uncertainties further complicate the adoption of renewable energy technologies. Conversely, the study highlights numerous opportunities. Renewable energy deployment can drive substantial job creation, stimulate local economies, and enhance energy security by diversifying energy sources. Technological advancements in energy storage and smart grids are crucial for integrating renewable energy into existing systems, thereby ensuring reliability and stability. Effective policy frameworks, such as feed-in tariffs and carbon pricing, are essential for fostering investment and innovation in the renewable energy sector. The study concludes that a holistic approach, integrating economic incentives, social engagement, and robust policy frameworks, is vital for overcoming challenges and maximizing the benefits of renewable energy. Recommendations for future research include exploring innovative financial instruments, advancing energy storage technologies, and enhancing public engagement to increase social acceptance of renewable energy projects. Keywords: Renewable Energy, Socioeconomic Challenges, Energy Policy, Technological Innovation, Energy Transition, Sustainable Development.

Security Assessment in Software Defined Networks (SDN): Vulnerabilities, Challenges and Research Prospects

Conventional internet architecture facilitating users for different services and applications but facing number of challenges like network management, QoS management for network virtualization, IP multicasting, deployment of IPV6, crucial security measures, end to end connectivity, inter and inter domain routing. To meet the demand of these services due to rapid growth of technologies and traffic, an emerging network architecture termed as Software Defined Network (SDN) with programmable technology has brought unprecedented management to control networks. Due to separation of data, control and application planes software defined network provides cost effective, openness, centralized automation, programmable features as per users own demands and high resilience to network administrators. OpenFlow evolved as a first standard protocol for software defined network control and data planes communication to meet changing business requirements. Although, Software Defined Network brings enormous advancements in networks to support business applications but it is severely affected with cyber-attacks at data, control and application planes. Middle boxes plays a significant role to manage network effectiveness and provide adequate security control from external and internal security threats but require proper management and configuration otherwise it leads to devastating effect. The main contribution of this paper are: (1) It explores various potential security attacks at SDN layers and inconsistent policies, (2) It provides various security concerns in SDN planes and preventive measures against these prevailing attacks, (3) It discusses security threats challenges and research opportunities in software defined network keeping in view critical security controls like spam detector, IDS/IPS, Firewall and policy management. This article assists researchers to comprehend security concerns and state of the art development and challenges explored by scientific community in SDN.

Malaysia’s “Triadic Maritime Diplomacy” Strategy in the South China Sea

The importance of safeguarding Malaysia’s Kasawari gas field in the South China Sea has reoriented Malaysia’s maritime diplomatic strategies vis-à-vis China’s growing assertiveness in this semi-enclosed sea. China’s increased sea infringements through its coast guards and maritime constabulary forces have led Malaysia to adopt what this article coins as “triadic maritime diplomacy,” a combination of coercive, persuasive, and co-operative maritime diplomacy. Malaysia’s maritime diplomatic strategies thus act more as a set of contradictory policies rather than a decisive attempt to defend Malaysia’s sovereignty at sea. This article engages in qualitative inquiry to address two central empirical questions: Firstly, how has Malaysia managed the delicate balance between safeguarding its sovereignty at sea and maintaining close economic ties with China? Secondly, what accounts for Malaysia’s persistent “downplaying” stance despite the escalating intrusions around the Luconia Shoals, particularly concerning the Kasawari gas field? The findings of this study reveal three key aspects: Firstly, Malaysia’s prioritization of developing the Kasawari gas field has necessitated the adoption of seemingly contradictory policies, employing coercive maritime measures utilizing its naval assets while simultaneously adopting rhetoric that downplays crises. Secondly, Malaysia’s maritime diplomacy can be aptly characterized as “triadic” strategies, encompassing the adoption of coercive, persuasive, and co-operative approaches. Lastly, these seemingly inconsistent policies are a strategic response aimed at accommodating both immediate and prospective economic opportunities involving China, all while signaling its nonaligned stance to major global powers.

General equilibrium and dynamic inconsistency

We study the role of different sources of naivete in a general equilibrium version of the Ramsey model with quasi-hyperbolic discounting. When agents are aware of others’ naivete, as strongly suggested by empirical evidence, they revise consumption paths, correctly anticipating prices in a resulting sliding equilibrium (perfect foresight). When agents are unaware of others’ naivete, as is typically assumed in the theoretical literature, they revise both consumption paths and price expectations (quasi-perfect foresight). We prove the existence of sliding equilibrium under perfect foresight for the class of isoelastic utility functions. We show that generically quasi-hyperbolic discounting matters for saving behavior: sliding equilibrium under perfect foresight is observationally equivalent to some optimal path in the standard Ramsey model only if utility is logarithmic. By comparing sliding equilibria under different types of foresight we show that perfect foresight implies a higher saving rate, long-run capital stock and consumption level than quasi-perfect foresight.

Facilitating a Sustainable Aviation Fuel Transition in Italy

Civil aviation significantly contributes to “hard-to-abate” emissions, responsible for 2% of global CO2 emissions. This paper examines the most effective policies to promote Sustainable Aviation Fuels (SAFs) in Italy, using a multi-level policy analysis and a stakeholder-based case study approach. The policies reviewed comprise the international, European, and national level. The paper analyses at the international level, ICAO CORSIA and, at the European level, the Renewable Energy Directive (RED), ReFuel EU, and the EU Emissions Trading System (EU ETS) for aviation. Italy has not yet implemented specific policies targeting SAF transition, which is challenging due to commercialization issues and policy inconsistencies. These include the price gap between SAF and conventional fuels, different definitions adopted, and environmental objectives pursued with respect to sustainable fuels by ICAO and the EU. Other challenges include double-counting risks and fuel tankering practices. This article contributes to Italy’s SAF policymaking by developing a stakeholder-based quantitative survey, whose results suggest that three measures are key: tax subsidies for technology and infrastructure users, tax credits for upgrading production infrastructure, and tax breaks for SAF-using companies, fuel handlers, and distributors.

Refugee voices vs. humanitarian choices: how much can refugee-led organizations redefine power and agency in post-2019 Lebanon?

In the humanitarian landscape, especially post-COVID-19, there has been a notable pivot towards inclusivity and participatory methodologies, emphasizing the pivotal role of refugee-led organizations (RLOs). In Lebanon, amidst persistent economic and political turmoil, RLOs serve as crucial support systems for Syrian and Palestinian refugees within an environment plagued by inconsistent refugee policies and heightened vulnerabilities. Academic discourse underscores the increasing significance of RLOs in humanitarian assistance, yet systemic hurdles such as power differentials and tokenistic inclusion have emerged, constraining their effectiveness and integration within the humanitarian sphere. This study critically examines the application of inclusivity within humanitarian operations, aligned with the principles outlined in the Agenda for Humanity, specifically scrutinizing how prevailing narratives and operational dynamics may marginalize RLOs in Lebanon, thereby impeding their efficacy. It endeavors to evaluate how RLOs can assert themselves as principal stakeholders in humanitarian endeavors, striving for a more equitable and pragmatic approach to power dynamics and strategic planning for refugee communities. Utilizing a qualitative and participatory methodology, this research engages with diverse RLOs in Lebanon, conducting interviews to realistically and practically frame their experiences, obstacles, and contributions within the humanitarian landscape across entrenched and often rigid hierarchies, power dynamics, and tokenism within Lebanon’s broader humanitarian landscape.

Inconsistency in freedom of contract for banking dispute resolution in Indonesia

This research interprets the manner and existence of contradictions in POJK No. 61/POJK.07/2020's declaration regarding the freedom of contract while choosing banking dispute resolution forums. Primary and secondary legal materials comprise most of the secondary data in this normative legal study. The information was gathered from the literature and examined using analytical and interpretive methods. The study's findings emphasised how Indonesian banking dispute resolution forums are chosen inconsistently with the idea of freedom of contract. The findings demonstrated the necessity of legal harmony in rulemaking to guarantee the coherence and consistency of all legal principles underlying different laws. This article argues that legal harmony is essential for aligning various legal concepts across diverse regulations and significantly contributes to the identification of the policy's inconsistency, which restricts the ability to choose a banking dispute settlement venue without restriction. The findings of this study may provide the basis for more research on how the policy affects banks and their clients. The findings could also be used as a reference for policymakers to improve the current policy and to ensure that the principle of freedom of contract is preserved in banking dispute resolution. Overall, this research provides valuable insights into the current policy and its impact on the banking industry in Indonesia.

Natural fibre pultruded profiles: Illustration of optimisation processes to develop high-performance biocomposites for architectural and structural applications

The selection of materials in the construction industry plays a pivotal role in advancing sustainability goals. Traditional materials derived from natural resources face inherent constraints linked to geographic limitation, growth time, and geometric inconsistency and therefore recent attention has shifted towards developing novel bio-based materials. Composites, offering varying properties and geometries, are becoming increasingly popular for customising materials for specific applications. Pultrusion, a technology for manufacturing linear fibre-reinforced composites, is a well-established and reliable method. This study delves into optimising pultrusion technology, which traditionally relies on synthetic fibres, by exploring the potential of natural alternatives, specifically hemp bast fibres. Additionally, it presents a customised formulation based on a plant-based resin and additives. This formulation is tailored for pultrusion to produce high-performance biocomposites for use as load-bearing components in structural applications, with an initial focus on bending structures. The study elaborates on the material composition and performance of these newly developed natural fibre pultruded profiles, showcasing their mechanical capabilities through rigorous experimentation and testing. The results demonstrate the material's mechanical capabilities showcasing a flexural strength of 260 MPa with a bending modulus of 21 GPa and a bending radius reaching 0.5 m. While this study focuses on the material formulation tested on laboratory-scale pultrusion, the findings will be later applied in an upscaled production at an industrial level, aiming to enhance overall sustainability in the construction industry.

Structural Racism in Newborn Drug Testing: Perspectives of Health Care and Child Protective Services Professionals.

Black birthing parents and their newborns disproportionately experience newborn drug testing for prenatal substance exposure by health care professionals (HCPs), which contributes to Child Protective Services (CPS) reporting, family separation, and termination of parental rights. This qualitative study aims to interrogate dominant power structures by exploring knowledge, attitudes, and experiences of HCPs and CPS professionals regarding the influence of structural racism on inequities in newborn drug testing practices. We conducted semistructured interviews with 30 physicians, midwives, nurses, social workers, and CPS professionals guided by an explanatory framework, and conducted inductive, reflexive thematic analysis. We identified 3 primary themes: (1) levels of racism beyond the hospital structure contributed to higher rates of drug testing for Black newborns; (2) inconsistent hospital policies led to racialized application of state law and downstream CPS reporting; and (3) health care professionals knowledge of the benefits and disproportionate harms of CPS reporting on Black families influenced their decision making. Health care professionals recognized structural racism as a driver of disproportionate newborn drug testing. Lack of knowledge and skill limitations of HCPs were barriers to dismantling power structures, thus impeding systems-level change. Institutional changes should shift focus from biologic testing and reporting to supporting the mutual needs of birthing parent and child through family-centered substance use treatment. State and federal policy changes are needed to ensure health equity for Black families and eliminate reporting to CPS for prenatal substance exposure when no concern for child abuse and neglect exists.