Sports are one of the most significant products of the entertainment industry, accounting for a large portion of all television (and even platform) viewing. Consequently, the sale of broadcasting and media rights is the most important source of revenue for professional sports clubs. We survey the economic literature dealing with this issue, with a special emphasis on the crucial problem that arises with the allocation of revenues when they are raised from the collective sale of broadcasting rights.
This paper enhances the classical Solow model of economic growth by integrating Lévy noise, a type of non-Gaussian stochastic perturbation, to capture the inherent uncertainties in economic systems. The extended model examines the impact of these random fluctuations on capital stock and output, revealing the role of jump-diffusion processes in long-term GDP fluctuations. Both continuous and discrete-time frameworks are analyzed to assess the implications for forecasting economic growth and understanding business cycles. The study compares deterministic and stochastic scenarios, providing insight into the stability of equilibrium points and the dynamics of economies subjected to random disturbances. Numerical simulations demonstrate how stochastic noise contributes to economic volatility, leading to abrupt shifts and bifurcations in growth trajectories. This research offers a comprehensive perspective on the influence of external shocks, presenting a more realistic depiction of economic development in uncertain environments.
This paper concerns international migration. Its aim is to present an overview of immigration to European Union countries, define the essence of the European migration crisis, outline European migration policy, and describe how migration issues are addressed in selected countries.
Regional economics. Space in economics, Economics as a science
We develop a theory of demand economics for an era of material abundance. The binding constraint on growth has shifted from insufficient aggregate demand to inadequate demand-tier upgrading. Our result is that, the new engine of growth lies in upgrading the demand hierarchy: higher-tier demands generate larger value-creation multipliers. The key mechanism is education-driven utility management. Education transforms the social utility function, raises the utility of higher-tier goods, and directs resources toward higher-value domains; this warrants a policy reorientation away from short-run aggregate stimulus toward education-centered, long-horizon investments in human capital. Methodologically, we build an estimable general-equilibrium framework.
We present an agent-based simulator for economic systems with heterogeneous households, firms, central bank, and government agents. These agents interact to define production, consumption, and monetary flow. Each agent type has distinct objectives, such as households seeking utility from consumption and the central bank targeting inflation and production. We define this multi-agent economic system using an OpenAI Gym-style environment, enabling agents to optimize their objectives through reinforcement learning. Standard multi-agent reinforcement learning (MARL) schemes, like independent learning, enable agents to learn concurrently but do not address whether the resulting strategies are at equilibrium. This study integrates the Policy Space Response Oracle (PSRO) algorithm, which has shown superior performance over independent MARL in games with homogeneous agents, with economic agent-based modeling. We use PSRO to develop agent policies approximating Nash equilibria of the empirical economic game, thereby linking to economic equilibria. Our results demonstrate that PSRO strategies achieve lower regret values than independent MARL strategies in our economic system with four agent types. This work aims to bridge artificial intelligence, economics, and empirical game theory towards future research.
This paper develops a theory of competitive equilibrium with indivisible goods based entirely on economic conditions on demand. The key idea is to analyze complementarity and substitutability between bundles of goods, rather than merely between goods themselves. This approach allows us to formulate sufficient, and essentially necessary, conditions for equilibrium existence, which unify settings with complements and settings with substitutes. Our analysis has implications for auction design.
We propose a model of unawareness that remains close to the paradigm of Aumann's model for knowledge [R. J. Aumann, International Journal of Game Theory 28 (1999) 263-300]: just as Aumann uses a correspondence on a state space to define an agent's knowledge operator on events, we use a correspondence on a state space to define an agent's awareness operator on events. This is made possible by three ideas. First, like the model of [A. Heifetz, M. Meier, and B. Schipper, Journal of Economic Theory 130 (2006) 78-94], ours is based on a space of partial specifications of the world, partially ordered by a relation of further specification or refinement, and the idea that agents may be aware of some coarser-grained specifications while unaware of some finer-grained specifications; however, our model is based on a different implementation of this idea, related to forcing in set theory. Second, we depart from a tradition in the literature, initiated by [S. Modica and A. Rustichini, Theory and Decision 37 (1994) 107-124] and adopted by Heifetz et al. and [J. Li, Journal of Economic Theory 144 (2009) 977-993], of taking awareness to be definable in terms of knowledge. Third, we show that the negative conclusion of a well-known impossibility theorem concerning unawareness in [Dekel, Lipman, and Rustichini, Econometrica 66 (1998) 159-173] can be escaped by a slight weakening of a key axiom. Together these points demonstrate that a correspondence on a partial-state space is sufficient to model unawareness of events. Indeed, we prove a representation theorem showing that any abstract Boolean algebra equipped with awareness, knowledge, and belief operators satisfying some plausible axioms is representable as the algebra of events arising from a partial-state space with awareness, knowledge, and belief correspondences.
We present a theoretical framework assessing the economic implications of bias in AI-powered emergency response systems. Integrating health economics, welfare economics, and artificial intelligence, we analyze how algorithmic bias affects resource allocation, health outcomes, and social welfare. By incorporating a bias function into health production and social welfare models, we quantify its impact on demographic groups, showing that bias leads to suboptimal resource distribution, increased costs, and welfare losses. The framework highlights efficiency-equity trade-offs and provides economic interpretations. We propose mitigation strategies, including fairness-constrained optimization, algorithmic adjustments, and policy interventions. Our findings offer insights for policymakers, emergency service providers, and technology developers, emphasizing the need for AI systems that are efficient and equitable. By addressing the economic consequences of biased AI, this study contributes to policies and technologies promoting fairness, efficiency, and social welfare in emergency response services.
Economic hardships significantly affect public perception and voting intentions in general elections. The primary focus of my study is to capture the degree of influence that individual economic hardships have on their voting. I utilize the ANES 2024 Pilot Study1 Survey dataset and introduce a novel composite Inflation Behavior Index (IBR) that captures individuals' cumulative economic and cost of living experience. To that effect, the primary objectives of the current study are threefold: first, to develop a composite economic behavior index from available data and variables to capture the overall economic experience of U.S. individuals due to ongoing inflation; second, to examine how this economic behavior impacts political engagement and voting behavior utilizing appropriate and fitting mathematical models; and finally which specific personal experiences and perceptions about economy and cost of living likely to revoke party loyalty in upcoming U.S. presidential election. My study finds that increased personal economic struggles (pocketbook voting) due to inflation make it more likely for individuals to express an intention to vote against the Incumbent even if the Incumbent is from their self-identified political party. Conversely, having a negative perception of the national economy (sociotropic voting) is less likely to revoke party loyalty in the upcoming General election. In simpler terms, voters are more likely to vote along party lines even if they perceive their party (the Incumbent) is not handling the economy and cost of living well.
The phenomenon defined as self-organization implements its cognitive-analytical function in many disciplines - physics and chemistry, cybernetics and computer science, economics and sociology, psychology and cultural studies. Russian and foreign researchers study forms and practices of self-organization of the rural population and, as a rule, consider them through the factors that affect the pace, forms and quality of social-economic transformations, material appearance and event dynamics of the non-urban living space. The most effective factors that affect the reconstruction of the social space of rural areas and, in general, optimization of the rural world are managerial, social-economic, innovative, demographic and urbanistic, climatic and environmental, and also factors of complementary and intermediate character. The authors systematize the main principles in the study of self-organization practices of the rural population, which are empirically manifested in their regional and subject-activity features (local nature, cultural and ethnographic traditions, changing composition of the local population, their work habits, indicators of professional skills and diligence). All the above historically develops into a kind of genius loci (“spirit of place”, “genius locus”) as densely packed in customs and determining mechanisms for the development of initiatives by subjects of self-organization, who aim at building such institutional mechanisms and practices that cannot but contribute to the transition to a new development trajectory, first of individual segments (households, farmer associations, etc.), and then of all basic elements of rural society, which are embodied in the everyday life of rural ‘localities’.
In this article we propose an ecological economics orientation of peri-urban development, looking at land use planning, local food and entropy. Based on a mathematical model, we present an operational concept of minimizing negative externalities within a given population. The model applies control theory. The concept is introduced to facilitate closing cycles, conduct spatial planning and reduce costs to achieve the ecological target of improved entropy. To this end, we look at more soundly defined metropolitan areas. An emphasis is placed on optimally assuring space for urban agriculture and on enabling recycling in ever-growing cities. Our concept is grounded in the use of peri-urban agriculture and regional food provision as an integrated system, which is based on the recycling of organic matter. Firstly, we reference current unhealthy developFfigments and show how cycles were removed as growth occurred. Secondly, as market-oriented city expansions showed limited scope for peri-urban farming, we suggest entering into regional planning. Planning shall ensure a better use of space and can be based on organic matter recycling (composting, slurry, etc.). The article provides a theoretical background for the occurrence of modified land use (systems). These systems shall alleviate some external burdens of large and growing cities. The approach looks at ecological, economic and social aspects in parallel, to outline principles for more sustainable land use, including peri-urban land. Methodologically we offer land use modelling, looking at interactions of industry, residence, and farming. The functions of a city are integrated into a methodical approach of distance from centre to periphery.
Efficient space utilization to address territorial imbalances is one of the key conditions for ensuring Russia's national security. Achieving balanced spatial development necessitates tapping into and consolidating the potential of diverse types of locales. However, a substantial portion of the economic bonds forged during the Soviet era, particularly along the "city-village" axis, have been lost. The negative consequences of these processes have been acutely felt in the small towns of the North, which represent the predominant settlement type in this region. This article seeks to evaluate the state of affairs and establish the priorities for modernizing the economies of small Northern towns through the activation of intermunicipal economic ties. Methodologically, the study draws upon principles from regional, spatial, and urban economics, and harnesses data from Rosstat, SPARK and Contour.Focus databases, and local government reports. The article is based on case study, historical, economic, and statistical research methods. The novelty of the study lies in its assessment of the emergence and trajectory of economic relationships among small Northern towns in Russia. It unveils that in the post-Soviet period, city economies underwent simplification due to the collapse of certain specialized sectors at regional and local levels and the disintegration of economic ties between small towns and villages. However, cities embedded within networks of large vertically integrated corporations and exhibiting robust industrial connections with urban agglomerations possess the potential for modernization. Conversely, detachment from these networks can cause economic stagnation. The article underscores the priorities and instruments for revitalizing small towns, aimed at diversifying their economies by intensifying economic collaborations with major cities and rural areas within both traditional (industrial) and innovative economic sectors. The research results can serve as a scientific and methodological foundation for crafting development strategies and programs for small Northern towns. Further research avenues include substantiating promising city specializations at the macro and national levels.
This study examines the current industrial and trade policy of St. Petersburg in the field of light industry and substantiates the importance and necessity of the development of this sphere of industry in view of its strategic orientation. This paper analyses the approaches mentioned in the literature to determine the methods and tools for harmonisation of industrial and trade policy and state regulation of the conducted policy. The author developed, proposed and systematised administrative and economic methods and tools of harmonisation of industrial and commercial policy using the example of the light industry in St. Petersburg. As an administrative method of harmonisation of industrial and trade policy, the following tools are proposed: regulatory, state programming, state subsidies and public investment. As part of the economic method of harmonisation of industrial and trade policy, the following tools are proposed: state support for investors (monetary policy, tax policy), provision of benefits and tax policy. These methods and tools are aimed at improving the balance and mutual orientation of the current industrial and trade policy of St. Petersburg in the light industry at the institutional level and the effectiveness of their implementation, the elimination of problems faced by business entities in their activities, and improving the socio-economic situation of the region.
Economic parameters are identified for an in-space industry where the capital is made on one planet, it is transported to and teleoperated on a second planet, and the product is transported off the second planet for consumption. This framework is used to model the long-run cost of lunar propellant production to help answer whether it is commercially competitive against propellant launched from Earth. The prior techno-economic analyses (TEAs) of lunar propellant production had disagreed over this. The "gear ratio on cost" for capital transport, G, and the production mass ratio of the capital, phi, are identified as the most important factors determining competitiveness. The prior TEAs are examined for how they handled these two metrics. This identifies crucial mistakes in some of the TEAs: choosing transportation architectures with high G, and neglecting to make choices for the capital that could achieve adequate phi. The tent sublimation technology has a value of phi that is an order of magnitude better than the threshold for competitiveness even in low Earth orbit (LEO). The strip mining technology is closer to the threshold, but technological improvements plus several years of operating experience will improve its competitiveness, according to the model. Objections from members of the aerospace community are discussed, especially the question whether the technology can attain adequate reliability in the lunar environment. The results suggest that lunar propellant production will be commercially viable and that it should lower the cost of doing everything else in space.
A representation of economic activity in the form of a law of conservation of value is presented based on the definition of value as potential to act in an environment. This allows the encapsulation of the term as a conserved quantity throughout transactions. Marginal value and speed of marginal value are defined as derivatives of value and marginal value, respectively. Traditional economic statements are represented here as cycles of value where value is conserved. Producer-consumer dyads, shortage and surplus, as well as the role of the value in representing the market and the economy are explored. The role of the government in the economy is also explained through the cycles of value the government is involved in. Traditional economic statements and assumptions produce existing hypotheses as outcomes of the law of conservation of value.
The last decades have seen a resurgence of armed conflict globally, renewing the need for durable peace agreements. In this paper, I evaluate the economic effects of the peace agreement between the Colombian government and the largest guerrilla group in the country, the FARC, ending one of the lengthiest and most violent armed conflicts in recent history. Using a difference-in-difference strategy comparing municipalities that historically had FARC presence and those with presence of a similar, smaller guerrilla group, the ELN, before and after the start of a unilateral ceasefire by the FARC, I establish three sets of results. First, violence indicators significantly and sizeably decreased in historically FARC municipalities. Second, despite this substantial reduction in violence, I find precisely-estimated null effects across several economic indicators, suggesting no effect of the peace agreement on economic activity. In addition, I use a sharp discontinuity in eligibility to the government's flagship firm and job creation program for conflict-affected areas to evaluate the policy's impact, also finding precisely-estimated null effects on the same economic indicators. Third, I present evidence that suggests the reason why historically FARC municipalities could not reap the economic benefits from the reduction in violence is a lack of state capacity, caused both by their low initial levels of state capacity and the lack of state entry post-ceasefire. These results indicate that peace agreements require complementary investments in state capacity to yield an economic dividend.