Concerns about the negative consequences of the excessive underpricing of the current arrangement in the initial public offering (IPO) market for the provision of entrepreneurial finance—book building—have led to research into the viability of auctions for IPO pricing and allocation. IPO firms face a trade-off between the benefit of accurate and reliable IPO price discovery and the cost of underpricing. The main aim of this paper was to gain new scientific knowledge about this trade-off by measuring the impact of two key variables on this trade-off: capacity restraint and discount on the auction clearing price. Using controlled experiment methodology in multi-unit uniform price auctions we found that the most capacity-restricted auctions that also offer investors a discount are likely to produce the most accurate and reliable price discovery and consequently, the most predictable auction outcome. There are indications that a discount of 8% may suffice to incentivize investors to reliably contribute to price discovery. The resulting underpricing (and its variability) of these auctions is likely to be significantly lower than if book building would be used to price and allocate IPOs. Technological innovation in the IPO market through the application of recent advances in data science, experimental economics and artificial intelligence allows for the optimization of IPO mechanisms and crowdfunding platforms which in turn improves the access to equity required for entrepreneurial finance.
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Peer-to-peer (P2P) energy trading has been recognized as an important technology to increase the local self-consumption of photovoltaics in the local energy system. Different auction mechanisms and bidding strategies haven been investigated in previous studies. However, there has been no comparatively analysis on how different market structures influence the local energy system’s overall performance. This paper presents and compares two market structures, namely a centralized market and a decentralized market. Two pricing mechanisms in the centralized market and two bidding strategies in the decentralized market are developed. The results show that the centralized market leads to higher overall system self-consumption and profits. In the decentralized market, some electricity is directly sold to the grid due to unmatchable bids and asks. Bidding strategies based on the learning algorithm can achieve better performance compared to the random method.
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The Dutch greenhouse horticultural industry is characterized by world leadership in high-tech innovation. The dynamics of this playing field are innovation in production systems and automation, reduction in energy consumption and sharing limited space. However, international competitive advantage of the industry is under pressure and sustainable growth of individual enterprises is no longer a certainty. The sector's ambition is to innovate better and grow faster than the competition in the rest of the world. Realizing this ambition requires strengthening the knowledge base, stimulating entrepreneurship, innovation (not just technological, but especially business process innovation). It also requires educating and professionalizing people. However, knowledge transfer in this industry is often fragmented and innovation through collaboration takes up a mere 25-30% of the opportunities. The greenhouse horticulture sector is generally characterized by small scale, often family run businesses. Growers often depend on the Dutch auction system for their revenues and suppliers operate mainly independently. Horizontal and vertical collaboration throughout the value chain is limited. This paper focuses on the question: how can the grower and the supplier in the greenhouse horticulture chain gain competitive advantage through radical product and process innovation. The challenge lies in time- to-market, in customer relationship, in developing new product/market combinations and in innovative entrepreneurship. In this paper an innovation and entrepreneurial educational and research programme is introduced. The programme aims at strengthening multidisciplinary collaboration between enterprise, education and research. Using best practice examples, the paper illustrates how companies can realize growth and improve innovative capabilities of the organization as well as the individual by linking economic and social sustainability. The paper continues to show how participants of the programme develop competencies by means of going through a learning cycle of single-loop, double-loop and triple loop learning: reduction of mistakes, change towards new concepts and improvement of the ability to learn. Furthermore, the paper discusses our four-year programme, whose objectives are trying to eliminate interventions that stimulate the innovative capabilities of SME's in this sector and develop instruments that are beneficial to organizations and individual entrepreneurs and help them make the step from vision to action, and from incremental to radical innovation. Finally, the paper illustrates the importance of combining enterprise, education and research in networks with a regional, national and international scope, with examples from the greenhouse horticulture sector. These networks generate economic regional and national growth and international competitiveness by acting as business accelerators.
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From the article: "To extend the lifetime of products, an agent is connected to the product. This agent has several roles. It depends on the phase of the lifecycle what these roles will be. One of the roles in the usage or recycling phase is to negotiate for buying spare parts in case a part of the product is broken. The same agent can also decide to offer spare parts to other agents to reuse working parts of a broken product. To accomplish this idea, a marketplace for agents has to be set up, where the auctions can take place. To support this concept, blockchain technology has been used. Blockchains are a new type of technology, known from bitcoins, but there are other cases where blockchains can be used. Blockchain is known for its decentralisation, transparency and for making trustful transactions. In this paper the working of different types of blockchains will be briefly explained and determined if they can be useful for online auctions by agents. A prototype of the marketplace using blockchains has been built."
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This study proposes a systematic value chain approach to helping businesses identify and eliminate inefficiencies. The authors have developed a robust framework, which food-sector entrepreneurs can use to increase profitability of an existing business or to create new profitable opportunities. The value chain approach provides win-win opportunities for players within the value chain. To test the robustness of the framework, the authors use food waste as an example of a critical inefficiency and apply it to two different food sector business cases, each operating in diverse conditions. Because the suggested framework addresses the core elements and parameters for the existence and competitiveness of a business, the model can be adapted to other sectors.
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This chapter presents the currently not established and identifies design requirements for new systems to address this challenge and provide directions for possible improvement. As a result, this chapter introduces the concept of SamenMarkt®, a participatory system in which multi-agent system technology enables distributed price negotiation, distribution and communication between producers, retailers and consumers.
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Wat is de rol van prijs in duurzaam consumentengedrag? ‘Omdat het te duur is’ is een veelgehoord argument wanneer mensen wordt gevraagd waarom ze geen duurzame producten kopen. Maar is dat werkelijk zo, of is dit een makkelijk alibi van mensen om niet hun gedrag te hoeven veranderen? We zijn over het algemeen niet bepaald armlastig in de westerse wereld, dus is het werkelijk een gebrek aan geld, of is er een andere oorzaak van dit gedrag? Om daar een uitspraak over te kunnen doen, hebben we de literatuur onderzocht op de relatie tussen prijs en duurzaamheid. Overall conclusie: een bepaalde groep mensen geeft in onderzoeken aan best bereid te zijn om meer te betalen voor duurzamere oplossingen, tot wel 29%. Maar sociale wenselijkheid speelt daarbij waarschijnlijk een grote rol. Want gezien het nog geringe marktaandeel van duurzame producten is de realiteit weerbarstiger. De meerderheid van de mensen is kennelijk nog niet zodanig overtuigd van de meerwaarde dat ze er ook extra geld voor over hebben. Dit document is opgedeeld in twee secties: 1. sectie 1 beschrijft een analytische beschouwing van de literatuur. Dit onderzoek schetst de ontwikkeling van de artikelen die tot dusverre gepubliceerd zijn over bereidheid van consumenten om een meerprijs te betalen voor duurzame producten; 2. sectie 2 beschrijft een inhoudelijke beschouwing van een selectie van de literatuur: specifiek artikelen die (experimenteel) onderzoek beschrijven naar de willingness to pay voor duurzame producten en diensten.
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Europeans live their lives at a time when certain collective expectations of how the world should function no longer seem to describe their experience of what actually happens. This bifurcation of experience and expectation is causing some severe symptoms of dislocation. Truth turns relative and his- tory seems in need of radical revision. Even time itself seems topsy-turvy, in a way that some Messianic beliefs find very much to their taste. This is the hallmark of the contemporary moment and why, this essay will argue, that in lieu of any other generalising term, we need to make the most use of ‘contemporary’ and ‘contemporaneity’ for emancipatory purposes.
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