We show that the gravitational phase space for the near-horizon region of a bifurcate, axisymmetric Killing horizon in any dimension admits a 2D conformal symmetry algebra with central charges ...proportional to the area. This extends the construction of Haco et. al. J. High Energy Phys. 12 (2018) 098JHEPFG1029-847910.1007/JHEP12(2018)098 to generic Killing horizons appearing in solutions of Einstein's equations and motivates a holographic description in terms of a 2D conformal field theory. The Cardy entropy in such a field theory agrees with the Bekenstein-Hawking entropy of the horizon, suggesting a microscopic interpretation. A set of appendixes is included in the Supplemental Material that provides examples and further details of the calculations presented in the main text.
TOWARDS AN ECONOMICS OF AWARDS Frey, Bruno S.; Gallus, Jana
Journal of economic surveys,
February 2017, Letnik:
31, Številka:
1
Journal Article
Recenzirano
Awards are a widespread phenomenon. They cater to the fundamental desire for social recognition and serve as a valuable incentive to influence behaviour. The study of awards such as medals, prizes ...and titles has in recent years gained momentum in economics, complementing the longstanding focus on material incentives. To evaluate the effectiveness of awards as a motivator is difficult as the effect of awards must be separated from the fact that awards are meant to be given to the best. We show how research on awards has advanced over the last couple of years, thus providing points of departure for future work.
We show that the predictions of commonly used spatially smeared particle detectors coupled to quantum fields are not generally covariant outside the pointlike limit. This lack of covariance manifests ...itself as an ambiguity in the time-ordering operation. We analyze how the breakdown of covariance affects typical detector models in quantum field theory such as the Unruh–DeWitt model. Specifically, we show how the violations of covariance depend on the state of the detectors-field system, the shape and state of motion of the detectors, and the spacetime geometry. Furthermore, we provide the tools to explicitly evaluate the magnitude of the violation and identify the regimes where the predictions of smeared detectors are either exactly or approximately covariant in perturbative analyses, thus providing limits of validity of smeared particle detector models.
The paper aims to test whether corporate social responsibility (CSR) performance affects the costs of debt, equity, and a weighted average of those two components in BRICS countries. Theoretically, a ...decline in the cost of capital is linked to a decrease in the firm risk. We measure CSR performance using the environmental, social, and governance (ESG) combined score from the Thomson Reuters EIKON database for non‐financial enterprises between 2014 and 2019. A panel regression analysis has been run in order to test whether (1) the inclusion in the ESG combined ranking or (2) the level of the scores for ESG combines is linked to a decline in the cost of capital. Empirical evidence suggests that the level of the ESG combined score does not affect the firm's financial risk. Inclusion in the ESG combined index decreases the cost of equity and the average cost of capital instead. Firms that received an ESG combined score pay lower returns to investors.
Individuals choose camouflage as a dominant response when a state’s political conditions worsen, particularly when a democracy turns authoritarian. Individuals hide their private preferences to ...survive under oppressive regimes. This paper argues that in many circumstances camouflage is the most rational, cost-minimizing reaction to oppression. The paper identifies five kinds of costs that induce individuals to resort to four different ideal types of camouflage: (1) avoidance of contact, (2) minimal participation, (3) restricted cooperation, and (4) full engagement with the oppressive regime. Camouflage is particularly advantageous as the costs of exit or voice are often high. Therefore, a large majority of citizens disagreeing with the ideology and policies of a regime are likely to camouflage.
One can be independent, or one can be subject to decisions made by others. This paper argues that this difference, embodied in the institutional distinction between the decision-making procedures ...'market' and 'hierarchy', affects individual wellbeing beyond outcomes. Taking self-employment as an important case of independence, it is shown that the self-employed derive higher satisfaction from work than those employed in organizations, irrespective of income gained or hours worked. This is evidence for procedural utility: people value not only outcomes, but also the processes leading to outcomes.
People spend a lot of time commuting and often find it a burden. According to standard economics, the burden of commuting is chosen when compensated either on the labor or on the housing market so ...that individuals' utility is equalized. However, in a direct test of this strong notion of equilibrium with panel data, we find that people with longer commuting time report systematically lower subjective well-being. This result is robust with regard to a number of alternative explanations. We mention several possibilities of an extended model of human behavior able to explain this "commuting paradox".
•The deregulation process played a key role in terms of airport efficiency.•The technical efficiency of 32 Italian airports has been evaluated.•The methodological approach has been twofold: DEA and ...Tobit model.•The main results show that efficiency is independent of an airport’s size.•The findings highlight the decisive role of public shareholders in small airports.
By applying a DEA (Data Envelopment Analysis) framework and Tobit analysis, this paper aims to measure 32 Italian airports’ technical efficiency and investigate how several characteristics impact on their productivity and sustainability. Our findings show that some Italian hubs are technically efficient, although smaller airports that are dominated by low-cost carriers prove to be not least productive. Another conclusion of this paper is that efficiency and environmental impact is independent of an airport’s size, although the size matters in determining an airport’s superior performance. This article highlights how the Italian public shareholder’s system became decisive to increase efficiency in small airports due to the lack of private financing.
Many important activities, such as charitable giving, voting, and paying taxes, are difficult to explain by the narrow self-interest hypothesis. This paper tests conditional cooperation in a field ...experiment. The field experiment about charitable giving supports the theory of conditional cooperation: contributions increase, on average, if people know that many others contribute. The effect varies, however, depending on past contribution behavior - those who never contributed do not change their behavior, while people who are indifferent about contributions react most strongly to information about others' behavior. Section I presents the field experiment and the empirical strategy to test the hypotheses, Section II shows the results, and Section III offers concluding remarks.
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