Pub Date : 2022-01-01DOI: 10.31737/2221-2264-2022-56-4-9
G. Safonov, V. Potashnikov, M. Safonov, A. Stetsenko, M. Kozeltsev, A. L. Dorina, A. A. Semakina, A. Sizonov
Development of the Russian economy over the last 20 years was based on intensive exploitation of natural resources that has led to a signifi cant increase of negative impacts on the environment, including growth of pollution and emissions of greenhouse gases. The environmental problems are also worsening on the global level, and the international community adopted several treaties aimed at reaching the goals of sustainable, socially, and environmentally balanced development. The “green” transformation of world economy leads to the fundamental changes in energy, industries, transport systems, switch to the eco-friendly business models, orientation of fi nancial fl ows and investments towards decarbonization of world economy. Phasing-out of fossil fuels and pollution-intensive products may result in signifi cant losses of export revenues, lack of access to capital and investment for Russia, if the ecological modernization of its economy would not happen. The projections based on TIMES model showed that Russia is capable to reduce greenhouse gas emissions by 75–88% below 1990 level by 2050, while GDP per capita would increase threefold. It would ensure reaching the carbon neutrality goal by 2060 and compliance with the international commitments under the ecological conventions and agreements.
{"title":"The prospects for ecological modernization of Russian economy","authors":"G. Safonov, V. Potashnikov, M. Safonov, A. Stetsenko, M. Kozeltsev, A. L. Dorina, A. A. Semakina, A. Sizonov","doi":"10.31737/2221-2264-2022-56-4-9","DOIUrl":"https://doi.org/10.31737/2221-2264-2022-56-4-9","url":null,"abstract":"Development of the Russian economy over the last 20 years was based on intensive exploitation of natural resources that has led to a signifi cant increase of negative impacts on the environment, including growth of pollution and emissions of greenhouse gases. The environmental problems are also worsening on the global level, and the international community adopted several treaties aimed at reaching the goals of sustainable, socially, and environmentally balanced development. The “green” transformation of world economy leads to the fundamental changes in energy, industries, transport systems, switch to the eco-friendly business models, orientation of fi nancial fl ows and investments towards decarbonization of world economy. Phasing-out of fossil fuels and pollution-intensive products may result in signifi cant losses of export revenues, lack of access to capital and investment for Russia, if the ecological modernization of its economy would not happen. The projections based on TIMES model showed that Russia is capable to reduce greenhouse gas emissions by 75–88% below 1990 level by 2050, while GDP per capita would increase threefold. It would ensure reaching the carbon neutrality goal by 2060 and compliance with the international commitments under the ecological conventions and agreements.","PeriodicalId":43676,"journal":{"name":"Zhurnal Novaya Ekonomicheskaya Assotsiatsiya-Journal of the New Economic Association","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69824800","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-01-01DOI: 10.31737/2221-2264-2022-53-1-15
N. Ivanova, Z. Mamedyarov
The paper considers the specifics of innovation activity and scientific and technological development in R&D intensive pharmaceutical industry. A generalized comparison of Russian and foreign pharmaceutical industry during the current COVID-19 pandemic is carried out. The dynamics of the domestic pharmaceutical market development is analyzed; the trends and persisting problems are studied. The potential of growth of domestic pharmaceutical industry with adequate interaction of state and business in entering the world markets was shown. It is pointed out that both abroad and in Russia during the pandemic the industry became one of the few where research costs had increased significantly. The paper shows that support policy for pharmaceutical industry in Russia over the next 10 years will be emphasized on the creation of own innovative drugs (including biotech types), and generics for the domestic market. The new ways of production and digitalization of the pharmaceutical industry remain outside the current support measures.
{"title":"Pharmaceutical industry in Russia: Key trends and developments","authors":"N. Ivanova, Z. Mamedyarov","doi":"10.31737/2221-2264-2022-53-1-15","DOIUrl":"https://doi.org/10.31737/2221-2264-2022-53-1-15","url":null,"abstract":"The paper considers the specifics of innovation activity and scientific and technological development in R&D intensive pharmaceutical industry. A generalized comparison of Russian and foreign pharmaceutical industry during the current COVID-19 pandemic is carried out. The dynamics of the domestic pharmaceutical market development is analyzed; the trends and persisting problems are studied. The potential of growth of domestic pharmaceutical industry with adequate interaction of state and business in entering the world markets was shown. It is pointed out that both abroad and in Russia during the pandemic the industry became one of the few where research costs had increased significantly. The paper shows that support policy for pharmaceutical industry in Russia over the next 10 years will be emphasized on the creation of own innovative drugs (including biotech types), and generics for the domestic market. The new ways of production and digitalization of the pharmaceutical industry remain outside the current support measures.","PeriodicalId":43676,"journal":{"name":"Zhurnal Novaya Ekonomicheskaya Assotsiatsiya-Journal of the New Economic Association","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69822087","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-01-01DOI: 10.31737/2221-2264-2022-54-2-11
А.Ya. Rubinstein
The paper presents the author’s view on the formation of economics of culture which was acceded to the neoclassical theory as a branch science only in the second half of XXth century with the inherent law of «price disease» causing deficiency of income of cultural goods producers. The present stage of the development of this science is determined by the modern theory of economic growth where the hypothesis of dependence of total factor productivity on intangible assets is presented as an innovation allowing discovering inner resources of culture and other creative economy branches which fundamentally change their position in the economic world. The question is about the economic valuation of the results of cultural activity, including copyrights that were transformed into intellectual property. At the same time, the article formulates a contrary assessment of the concept of cultural industries, which can only become an additional reason for the financial authorities to reduce the amount of budget subsidies to producers of cultural goods.
{"title":"Creative economy of the paternalistic state: What does the coming day hold for us?","authors":"А.Ya. Rubinstein","doi":"10.31737/2221-2264-2022-54-2-11","DOIUrl":"https://doi.org/10.31737/2221-2264-2022-54-2-11","url":null,"abstract":"The paper presents the author’s view on the formation of economics of culture which was acceded to the neoclassical theory as a branch science only in the second half of XXth century with the inherent law of «price disease» causing deficiency of income of cultural goods producers. The present stage of the development of this science is determined by the modern theory of economic growth where the hypothesis of dependence of total factor productivity on intangible assets is presented as an innovation allowing discovering inner resources of culture and other creative economy branches which fundamentally change their position in the economic world. The question is about the economic valuation of the results of cultural activity, including copyrights that were transformed into intellectual property. At the same time, the article formulates a contrary assessment of the concept of cultural industries, which can only become an additional reason for the financial authorities to reduce the amount of budget subsidies to producers of cultural goods.","PeriodicalId":43676,"journal":{"name":"Zhurnal Novaya Ekonomicheskaya Assotsiatsiya-Journal of the New Economic Association","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69822334","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-01-01DOI: 10.31737/2221-2264-2022-54-2-5
O. A. Klachkova, D. O. Solonina
This paper examines the factors of income inequality, among which financial development is under the spotlight. The degree of financial sector development determines ease of borrowing for population and their access to higher education, impacts entrepreneurial activity. Mixed empirical implications on the link between finance and inequality and lack of research conducted for the Russian regions explain the motivation of this paper. Regional financial system is characterized by financial depth indicators, a ratio of consumer credit to regional GDP and of consumer deposits to regional GDP along with the statistics on opened bank accounts. Estimations obtained using a panel dataset and models with different dependent variable provide evidence that the level of development of the financial sector has a significant impact on income inequality in the Russian regions. The empirical implications suggest that inequality tends to be positively associated with the volume of consumer loans. Nevertheless, increased placement of consumer deposits and improvement in bank infrastructure cause reduction in income inequality.
{"title":"The impact of financial development on income inequality in the Russian regions","authors":"O. A. Klachkova, D. O. Solonina","doi":"10.31737/2221-2264-2022-54-2-5","DOIUrl":"https://doi.org/10.31737/2221-2264-2022-54-2-5","url":null,"abstract":"This paper examines the factors of income inequality, among which financial development is under the spotlight. The degree of financial sector development determines ease of borrowing for population and their access to higher education, impacts entrepreneurial activity. Mixed empirical implications on the link between finance and inequality and lack of research conducted for the Russian regions explain the motivation of this paper. Regional financial system is characterized by financial depth indicators, a ratio of consumer credit to regional GDP and of consumer deposits to regional GDP along with the statistics on opened bank accounts. Estimations obtained using a panel dataset and models with different dependent variable provide evidence that the level of development of the financial sector has a significant impact on income inequality in the Russian regions. The empirical implications suggest that inequality tends to be positively associated with the volume of consumer loans. Nevertheless, increased placement of consumer deposits and improvement in bank infrastructure cause reduction in income inequality.","PeriodicalId":43676,"journal":{"name":"Zhurnal Novaya Ekonomicheskaya Assotsiatsiya-Journal of the New Economic Association","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69823054","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-01-01DOI: 10.31737/2221-2264-2022-55-3-2
A. Votinov
DSGE models are based on the trend-cycle decomposition. The standard approach implies an out-of-model decomposition of the data, in which the trend component is discarded, and the parameters of the model are estimated on the cyclic one. This approach can lead to the loss of statistical information and reduce the quality of the model, which is crucial for practical purposes. The study suggests adding several sector-specifi c exogenous non-stationary processes to the model, which complement the standard DSGE model. The in-model detrending is described, and an approach to GMM-estimation of the non-stationary processes’ parameters is proposed. Several results are obtained. First, the inclusion of such non-stationary processes in the model increases the marginal density and improves the accuracy of forecasting within the sample. This result is robust to the inclusion of measurement errors in the model. Secondly, it is shown that the addition of exogenous trends allows obtaining a more plausible decomposition of data into a trend and a cycle. Finally, the use of the GMM approach to estimating the trends’ parameters makes possible to increase the marginal density. The results obtained in the paper can be used to create practice-oriented DSGE models.
{"title":"The effects of additional non-stationary processes on the properties of DSGE-models","authors":"A. Votinov","doi":"10.31737/2221-2264-2022-55-3-2","DOIUrl":"https://doi.org/10.31737/2221-2264-2022-55-3-2","url":null,"abstract":"DSGE models are based on the trend-cycle decomposition. The standard approach implies an out-of-model decomposition of the data, in which the trend component is discarded, and the parameters of the model are estimated on the cyclic one. This approach can lead to the loss of statistical information and reduce the quality of the model, which is crucial for practical purposes. The study suggests adding several sector-specifi c exogenous non-stationary processes to the model, which complement the standard DSGE model. The in-model detrending is described, and an approach to GMM-estimation of the non-stationary processes’ parameters is proposed. Several results are obtained. First, the inclusion of such non-stationary processes in the model increases the marginal density and improves the accuracy of forecasting within the sample. This result is robust to the inclusion of measurement errors in the model. Secondly, it is shown that the addition of exogenous trends allows obtaining a more plausible decomposition of data into a trend and a cycle. Finally, the use of the GMM approach to estimating the trends’ parameters makes possible to increase the marginal density. The results obtained in the paper can be used to create practice-oriented DSGE models.","PeriodicalId":43676,"journal":{"name":"Zhurnal Novaya Ekonomicheskaya Assotsiatsiya-Journal of the New Economic Association","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69823351","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-01-01DOI: 10.31737/2221-2264-2022-57-5-5
Y. Danilov
This article presents classification of existing concepts of the efficiency of the financial sector. Proposed the hypothesis that assessments of the microeconomic and informational efficiency of the financial sector are fundamentally based on the concept of transaction costs. Suggested a number of indicators for assessing the macroeconomic efficiency of the financial market and their approbation on the Russian data. We identified four areas for assessing the effectiveness of the financial sector, differing in the level of consideration, recognition of the principle of rationality, accounting for transaction costs: assessing the macro-efficiency of the financial sector; information-efficient market hypothesis; the concept of adaptive markets. The assumption is formulated that the concepts studying the efficiency of financial systems at the micro level, as well as the efficient market hypothesis, are based on the principle of minimizing transaction costs. While there is a significant theoretical backlog on the issue of macroeconomic efficiency of the financial sector, there is a shortage of quantitative estimates, so we tried to offer a number of such indicators, focusing on the functions of financial markets in a developing economy. The article constructs the estimates of the macroeconomic efficiency of the Russian financial market from two sides of the process of transforming savings into investments (attracting investments by enterprises and placing savings by households).
{"title":"Financial sector efficiency: Present concepts and the estimation problem","authors":"Y. Danilov","doi":"10.31737/2221-2264-2022-57-5-5","DOIUrl":"https://doi.org/10.31737/2221-2264-2022-57-5-5","url":null,"abstract":"This article presents classification of existing concepts of the efficiency of the financial sector. Proposed the hypothesis that assessments of the microeconomic and informational efficiency of the financial sector are fundamentally based on the concept of transaction costs. Suggested a number of indicators for assessing the macroeconomic efficiency of the financial market and their approbation on the Russian data. We identified four areas for assessing the effectiveness of the financial sector, differing in the level of consideration, recognition of the principle of rationality, accounting for transaction costs: assessing the macro-efficiency of the financial sector; information-efficient market hypothesis; the concept of adaptive markets. The assumption is formulated that the concepts studying the efficiency of financial systems at the micro level, as well as the efficient market hypothesis, are based on the principle of minimizing transaction costs. While there is a significant theoretical backlog on the issue of macroeconomic efficiency of the financial sector, there is a shortage of quantitative estimates, so we tried to offer a number of such indicators, focusing on the functions of financial markets in a developing economy. The article constructs the estimates of the macroeconomic efficiency of the Russian financial market from two sides of the process of transforming savings into investments (attracting investments by enterprises and placing savings by households).","PeriodicalId":43676,"journal":{"name":"Zhurnal Novaya Ekonomicheskaya Assotsiatsiya-Journal of the New Economic Association","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69824977","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-01-01DOI: 10.31737/2221-2264-2022-53-1-6
V. Chaplygin, V. Moroz
Regional innovative clusters unite various organizations related to high-tech industries, which is located in concrete region, on the basis of cooperative activity, common interests and complementarity to their functions, resources and capabilities. This accelerates research and development processes and provides market entry of final product that is of fundamental importance for competitiveness of manufactured product as well as of regional innovative cluster as a hole and region of its location. The paper aims to develop methods and recommendations on technology transfer in regional innovation cluster as a tool for optimization of risks of its innovation activity. They include the development of the methodology for decision making on transfer of technology in innovation cluster under uncertainty and risk. As a result, we made calculations on the conditional example, in accordance with proposed methodology. In conclusion, application of proposed methodology in regional innovation cluster allows to optimize risks at the stage of implementation of developed technology in the manufacturing of final product and to accelerate its market entry that can be considered as a factor of regional economic competitiveness.
{"title":"Decision making on the technology transfer in regional innovation cluster under uncertainty and risk","authors":"V. Chaplygin, V. Moroz","doi":"10.31737/2221-2264-2022-53-1-6","DOIUrl":"https://doi.org/10.31737/2221-2264-2022-53-1-6","url":null,"abstract":"Regional innovative clusters unite various organizations related to high-tech industries, which is located in concrete region, on the basis of cooperative activity, common interests and complementarity to their functions, resources and capabilities. This accelerates research and development processes and provides market entry of final product that is of fundamental importance for competitiveness of manufactured product as well as of regional innovative cluster as a hole and region of its location. The paper aims to develop methods and recommendations on technology transfer in regional innovation cluster as a tool for optimization of risks of its innovation activity. They include the development of the methodology for decision making on transfer of technology in innovation cluster under uncertainty and risk. As a result, we made calculations on the conditional example, in accordance with proposed methodology. In conclusion, application of proposed methodology in regional innovation cluster allows to optimize risks at the stage of implementation of developed technology in the manufacturing of final product and to accelerate its market entry that can be considered as a factor of regional economic competitiveness.","PeriodicalId":43676,"journal":{"name":"Zhurnal Novaya Ekonomicheskaya Assotsiatsiya-Journal of the New Economic Association","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69822018","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-01-01DOI: 10.31737/2221-2264-2022-54-2-16
E. E. Chukovskaya
The article analyzes the legal acts regulating relations in creative industries, assesses the prospects for the development of legislation in the field of creative entrepreneurship, forms of state support and the limits of legal intervention in creative and entrepreneurial activities. Creation of a unified block of legal norms provided for by the Concept of Development of Creative (Arts) Industries and mechanisms for their state support in the large and the largest urban agglomerations until 2030, approved by the Decree of the Government of the Russian Federation on 09.20.2021 no. 2613-r, faces several problems: alternative versions in the legal definitions of existing regulations, the constitutional classification of power competence (intellectual property rights and entrepreneurial activity are regulated exclusively by federal legislation, while general cultural issues are assigned to the joint jurisdiction of the Federation and regions, while some aspects essential for creative industries are within the competence of municipal bodies), the present system of state support for certain areas, concerning creative industries (cinematography, mass media, etc.). The article also substantiates the need for a combination of legal influence methods to achieve the goals stated in the strategic documents.
{"title":"Creative industries: The limits of legal influence","authors":"E. E. Chukovskaya","doi":"10.31737/2221-2264-2022-54-2-16","DOIUrl":"https://doi.org/10.31737/2221-2264-2022-54-2-16","url":null,"abstract":"The article analyzes the legal acts regulating relations in creative industries, assesses the prospects for the development of legislation in the field of creative entrepreneurship, forms of state support and the limits of legal intervention in creative and entrepreneurial activities. Creation of a unified block of legal norms provided for by the Concept of Development of Creative (Arts) Industries and mechanisms for their state support in the large and the largest urban agglomerations until 2030, approved by the Decree of the Government of the Russian Federation on 09.20.2021 no. 2613-r, faces several problems: alternative versions in the legal definitions of existing regulations, the constitutional classification of power competence (intellectual property rights and entrepreneurial activity are regulated exclusively by federal legislation, while general cultural issues are assigned to the joint jurisdiction of the Federation and regions, while some aspects essential for creative industries are within the competence of municipal bodies), the present system of state support for certain areas, concerning creative industries (cinematography, mass media, etc.). The article also substantiates the need for a combination of legal influence methods to achieve the goals stated in the strategic documents.","PeriodicalId":43676,"journal":{"name":"Zhurnal Novaya Ekonomicheskaya Assotsiatsiya-Journal of the New Economic Association","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69823072","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-01-01DOI: 10.31737/2221-2264-2022-54-2-9
N. S. Nikitina, V.M. Bolgova, M. Vinopal, T. S. Nikiforova
In this paper, we evaluated the impact of the attractiveness of a football player on the value of a transfer transaction, combining two deeply studied areas of research: factors affecting the value of transfer and a «beauty premium» of a player in this labor market. The determinants that affect the value of transfer value are based on the data of the transfer window 2017/2018 season. Three European football leagues were used for our calculations: La Liga, Premier League and Bundesliga. We used a two-step Heckman procedure to assess the impact of player’s attractiveness on a transfer value. We got the following results: physical attractiveness does not affect the decision to buy a player for money or zero transfer cost, but significantly affects the value of transfer transaction. An increase in 1 in the player’s attractiveness index increases the transfer value by 3.8%.
{"title":"The influence of external attractiveness on the transfer value of football players","authors":"N. S. Nikitina, V.M. Bolgova, M. Vinopal, T. S. Nikiforova","doi":"10.31737/2221-2264-2022-54-2-9","DOIUrl":"https://doi.org/10.31737/2221-2264-2022-54-2-9","url":null,"abstract":"In this paper, we evaluated the impact of the attractiveness of a football player on the value of a transfer transaction, combining two deeply studied areas of research: factors affecting the value of transfer and a «beauty premium» of a player in this labor market. The determinants that affect the value of transfer value are based on the data of the transfer window 2017/2018 season. Three European football leagues were used for our calculations: La Liga, Premier League and Bundesliga. We used a two-step Heckman procedure to assess the impact of player’s attractiveness on a transfer value. We got the following results: physical attractiveness does not affect the decision to buy a player for money or zero transfer cost, but significantly affects the value of transfer transaction. An increase in 1 in the player’s attractiveness index increases the transfer value by 3.8%.","PeriodicalId":43676,"journal":{"name":"Zhurnal Novaya Ekonomicheskaya Assotsiatsiya-Journal of the New Economic Association","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69823174","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-01-01DOI: 10.31737/2221-2264-2022-55-3-1
S. A. S. A. Smolyak
Valuation standards define the liquidation value of an asset as its value within a shortened (as compared to typical) exposure / sale period. However, usually such timings (even when assets are sold at the market value) are random, and the "more" / «less» ratios are not applicable. We treat the liquidation value of an asset as its value in a forced sale with proper marketing and a deterministic exposure period limit. We propose a model for determining the liquidation value, which allows to optimize the seller’s marketing policy according to the criterion of the expected discounted benefits. This model takes into account the probabilistic nature of demand for the similar assets and the dependence of this demand on price (information on the price elasticity of demand is not required). The formulas obtained also allow taking into account inflation, the salvage value of an asset, its depreciation during the exposure period, as well as the need to incur selling expenses during the exposure period and the possibility of obtaining additional income from the use of the asset in this period. The dependences of the asset’s liquidation value on the remaining exposure period, calculated using the model, differ significantly from those recommended in the literature on valuation.
{"title":"New method of liquidation value estimation","authors":"S. A. S. A. Smolyak","doi":"10.31737/2221-2264-2022-55-3-1","DOIUrl":"https://doi.org/10.31737/2221-2264-2022-55-3-1","url":null,"abstract":"Valuation standards define the liquidation value of an asset as its value within a shortened (as compared to typical) exposure / sale period. However, usually such timings (even when assets are sold at the market value) are random, and the \"more\" / «less» ratios are not applicable. We treat the liquidation value of an asset as its value in a forced sale with proper marketing and a deterministic exposure period limit. We propose a model for determining the liquidation value, which allows to optimize the seller’s marketing policy according to the criterion of the expected discounted benefits. This model takes into account the probabilistic nature of demand for the similar assets and the dependence of this demand on price (information on the price elasticity of demand is not required). The formulas obtained also allow taking into account inflation, the salvage value of an asset, its depreciation during the exposure period, as well as the need to incur selling expenses during the exposure period and the possibility of obtaining additional income from the use of the asset in this period. The dependences of the asset’s liquidation value on the remaining exposure period, calculated using the model, differ significantly from those recommended in the literature on valuation.","PeriodicalId":43676,"journal":{"name":"Zhurnal Novaya Ekonomicheskaya Assotsiatsiya-Journal of the New Economic Association","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69823371","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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