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Abstract: Background and Purpose: An analysis of the dimension of sustainability in the context of competing for the title of the European Capital of Culture (ECoC) is included in the article. The authors of the research agree that the proper integration of cultural policy into the social system impacts and changes cultural values and beliefs, shifting them towards sustainable behaviour and sustainability. Many authors analyse the interrelation between culture and sustainability, thus defining the role of culture for sustainability. However, few discuss possible approaches or tools, which may offer assistance in the matter of how to reach sustainability in the context of culture. Design/Methodology/Approach: Research is based on the comparative analysis of the applications of the respective cities. The TBL methodology is implemented using the content analysis method as a tool. The outcomes of the content analysis are then used for the elaboration of the qualitative multi-attribute model using the DEX methodology. Results: While analysing bidding documents for the ECoC we: a) define the importance of the marketing plan (described as a comprehensive action) and b) argue that ECoC marketing needs to be turned to “sustainability marketing” as it is described and defined by many authors. Conclusions: The ECoC Commission should consider the importance of culture for sustainable development and, respectively, should evaluate the marketing plan of applicants under the sustainability framework.
Keywords: culture, European Capital of Culture, marketing, sustainability, sustainability marketing
Published: 07.05.2018; Views: 91; Downloads: 8
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Abstract: Background: Nowadays the emphasis on social components in the general mainstream of innovation activity is one of the strongest grounds for the successful functioning and development of enterprises. In several countries, social innovation activity is becoming a product of business in general, with associated expectations regarding profit. Objectives: The goal of the article is to develop a toolkit for the evaluation of the influence of the macro-environment on the social innovation activity (SIA) of enterprises. Method: The methodology includes elements of theoretical and empirical research with the implementation of methods such as a literature review, all types of analysis, and methods of aggregation and integration. Questionnaires were used as a means of data collection. Results: The general methodological framework of diagnostics of the SIA macro-environment is distinguished. Based on a theoretical analysis of the SIA ecosystem and the experience of operating enterprises, the main factors of SIA macro-environment are determined. The general integrated index and its five-level interpretational model are proposed as a measure for the evaluation of the SIA macro-environment. Conclusion: The results presented provide data necessary for the argumentation of SIA strategy and tactics, as well as investment policy in this sphere.
Keywords: enterprise, social innovation activity, diagnostics, macro-environment, factors
Published: 07.05.2018; Views: 109; Downloads: 18
Full text (1,18 MB)

Abstract: Background and Purpose: Currently, the idea of households - prosumers is broadly discussed in public governments, mainly in connection with both the energy security issues and the environmental issues. Therefore, the main goal of this paper is to present new agent model of household - prosumer and to compare two scenarios – “off grid household” and “on grid household”. The additional goal is to evaluate the impact of public support of solar electricity on the economic efficiency of household – prosumer projects (systems). Design/Methodology/Approach: The model is structured as a micro-level agent model, representing one household – prosumer. The model has the following general characteristics: one household with own electricity generation (photovoltaic panels), battery and in case of “on grid household” also connection to the grid. The main goal of the agent is to cover electricity consumption in household with minimal costs. The agent model of prosumer is tested and validated, using the empirical data. Results: The highest level of subsidy has significant impact on the economic indicators of selected scenarios. It causes lower investment costs at the beginning of the project and consequently shorter payback period (3-4 years earlier), positive cumulative cash flow, net present value and IRR in earlier period (approximately 5-10 years earlier, depending on the scenario). Conclusion: We can recommend to the government to continue with current system of subsidies, since it contributes to better economic indicators of particular solar electricity projects. On the other hand, the level of subsidy should be at least the same as in current year 2017, for the purposes of representing the significant part of the investment costs. Low level of subsidy has negligible impact on the economic indicators of households – prosumers projects. The developed agent model is suitable for the evaluation of economic impact of public support on households – prosumers.
Keywords: renewable electricity, photovoltaics, prosumers, households, public support, agent model, energy model
Published: 07.05.2018; Views: 99; Downloads: 7
Full text (2,04 MB)

Abstract: Background and Purpose: In every organization, project management raises many different decision-making problems, a large proportion of which can be efficiently solved using specific decision-making support systems. Yet such kinds of problems are always a challenge since there is no time-efficient or computationally efficient algorithm to solve them as a result of their complexity. In this study, we consider the problem of optimal financial investment. In our solution, we take into account the following organizational resource and project characteristics: profits, costs and risks. Design/Methodology/Approach: The decision-making problem is reduced to a multi-criteria 0-1 knapsack problem. This implies that we need to find a non-dominated set of alternative solutions, which are a trade-off between maximizing incomes and minimizing risks. At the same time, alternatives must satisfy constraints. This leads to a constrained two-criterion optimization problem in the Boolean space. To cope with the peculiarities and high complexity of the problem, evolution-based algorithms with an island meta-heuristic are applied as an alternative to conventional techniques. Results: The problem in hand was reduced to a two-criterion unconstrained extreme problem and solved with different evolution-based multi-objective optimization heuristics. Next, we applied a proposed meta-heuristic combining the particular algorithms and causing their interaction in a cooperative and collaborative way. The obtained results showed that the island heuristic outperformed the original ones based on the values of a specific metric, thus showing the representativeness of Pareto front approximations. Having more representative approximations, decision-makers have more alternative project portfolios corresponding to different risk and profit estimations. Since these criteria are conflicting, when choosing an alternative with an estimated high profit, decision-makers follow a strategy with an estimated high risk and vice versa. Conclusion: In the present paper, the project portfolio decision-making problem was reduced to a 0-1 knapsack constrained multi-objective optimization problem. The algorithm investigation confirms that the use of the island meta-heuristic significantly improves the performance of genetic algorithms, thereby providing an efficient tool for Financial Responsibility Centres Management.
Keywords: 0-1 multi-objective constrained knapsack problem, project management portfolio problem, multi-objective evolution-based optimization algorithms, collaborative and cooperative meta-heuristics
Published: 04.05.2018; Views: 191; Downloads: 14
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Abstract: Background and purpose: Mainstream economic models do not take ownership into consideration. Only after the findings of behavioural economists was endowment effect widely observed. Endowment effect means that goods that one owns are valued higher than other goods not held in endowment. At the same time the principal-agent literature is concerned with how the principal (such as employer) can motivate his agent (say the employee), to act in the principal’s interests and also for their holdings. The main problem is that acting in somebody’s else’s interests can influence our values as well. Moreover, the principal as owner suffers from endowment effect. Both situations can be treated as a risky decision. Risk confuses our rationality in a predictable way. Design/Methodology/Approach: Due to this it was observed how foreign students from various cultural backgrounds decided (n=186 answers) in a risky financial situation by focusing on Allais’ classic gambles. I also presented their preferences over certain and uncertain outcomes regarding the owner of the final win; i.e. how they choose for themselves or on behalf of one of their best friends. One famous experiment - which tested the descriptive validity of the axioms’ expected utility theory - was Allais. Allais handled probabilities and outcomes in high hypothetical payoff financial gamble situations; he found that when offering two similar options, the common consequences will not be removed by the actors. I was interested in what happens when the actors take risks on behalf of others. It was used between-subjects technique on an extended multicultural sample. Regarding the two different topics, three hypotheses were tested (1); based on Allais paradox (2); observed ownerships (3); the comparison of two phenomena. Results: The results show that the subjects responded differently when they needed to decide about their own properties rather when their friends’ properties were concerned. When a sure safe outcome was offered to the subjects, they took more risk on behalf of their friends rather than own. Moreover, the subjects do not take into consideration that the same attributes must be ignored, so Allais paradox was verified. Conclusion: The goal of this paper is then twofold. First, it was established a conceptual link between Allais-type behaviour and ownership problem. Second, Allais axiom was used to characterize different roles. Knowing predictable patterns of seemingly irrational heuristics in human behaviour can improve economic theory. At the same time, this knowledge helps us to avoid irrational decisions.
Keywords: Allais paradox, endowment effect, principal-agent problem, risk
Published: 04.05.2018; Views: 153; Downloads: 8
Full text (1,01 MB)