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Jani Kinnunen

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University of Zagreb

Uppsala University

University of East London

Armando Marques-Guedes

UNL - New University of Lisbon

University of Leicester

Gwen Robbins Schug

University of North Carolina at Greensboro

Gabriel Gutierrez-Alonso

University of Salamanca

Macquarie University

Universidade Federal do Rio Grande do Sul

Swansea University

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Papers by Jani Kinnunen

Impact of Economic and Political Systems on Human Development Index: A Computational Evaluation

International Conference on Informatics in Economy, May 30, 2019

There are various complex interdependences between economic and political factors and United Nati... more There are various complex interdependences between economic and political factors and United Nation's human development index, HDI. By using Bertelsmann Foundation's data on 123 countries-in-transition with respect to their level of market economy, democracy and governance quality, the most important factors affecting HDI are under scrutiny. The purpose is to find out, which characteristics of countries predict or are related to the level of HDI as reflected in the atypical set of quantitative and qualitative statistical data. The methods used to process the data and analyze correlations are artificial neural networks and multiple correspondence analysis. The original contributions of this research include: proving the effectiveness of neural networks; in general, developed marked economy and democracy are related to high levels of HDI; more specifically, in addition to national income, GNI, and educational variables also underlying HDI, the measures of equal opportunities and lack of socio-economic barriers, among others, are found important predictors for high HDI levels.

Entrepreneurial Motivations to Start New Businesses: A Panel Data Analysis

Proceedings of the International Management Conference

This paper explores the effects of attitudes on total early-stage entrepreneurial activity (TEA).... more This paper explores the effects of attitudes on total early-stage entrepreneurial activity (TEA). The data is obtained from the Global Entrepreneurship Monitor’s Adult Population Surveys (APS) on the characteristics and motivations of individuals to start new businesses. The dataset consists, e.g., of individuals’ entrepreneurial intentions, their perceived capabilities, opportunities, and risks as well as the share of female-male entrepreneurs. The time-series for 16 European and Latin American countries together with Taiwan and Iran cover the research period 2011-2019. All countries with long enough time-series data are included. The research methodology tests Random and Fixed Effects Models. The latter model becomes selected leading to a model explaining 95% (R2 ) of the variation in TEA. The results of the rather heterogeneous sample of countries show that when individuals recognize their own capabilities to start and run businesses, they also have entrepreneurial intentions, wh...

The role of foreign direct investments, urbanization, productivity, and energy consumption in Finland’s carbon emissions: an ARDL approach

Environmental Science and Pollution Research

This study investigates the effects of productivity, energy consumption, foreign direct investmen... more This study investigates the effects of productivity, energy consumption, foreign direct investments, and urbanization on carbon dioxide emissions (CO2) in Finland during 2000–2020 using an autoregressive distributed lag (ARDL) model. The results show that (i) there is evidence of cointegration among variables; (ii) energy consumption has a positive effect on CO2 emissions in the long run; (iii) labor productivity and urbanization have a negative effect on CO2 emissions in the long run; (iv) foreign direct investments are not a significant explainer of CO2 emissions. The results are discussed with some policy implications and suggested future research.

Managing Entrepreneurial Conditions to Support Early-Stage Entrepreneurial Activity: A Data Envelopment Analysis

PROCEEDINGS OF THE INTERNATIONAL MANAGEMENT CONFERENCE

In this paper, we apply Data Envelopment Analysis with constant and variable returns to scale to ... more In this paper, we apply Data Envelopment Analysis with constant and variable returns to scale to study the technical efficiency of 42 countries for 2019 starting from 12 inputs and 3 outputs. The inputs represent the features of entrepreneurial framework conditions, which can be managed by governments to enhance or hinder new business creation, i.e., the outputs of total entrepreneurial activity (TEA) and the ratio of male-female TEA together with (iii) entrepreneurial intentions. The two models show that for the VRS approach, the number of efficient entities is larger than in the case of the CRS approach. The results show that the mean values of the CRS and VRS models reveal that the countries have entrepreneurial activities on the efficient frontier if the use of the input may be reduced by 7.73%, and by 3.17% under CRS and VRS models, respectively, without any decrease in the outputs.

Empirical Evidence on Circular Economy and Economic Development in Europe: A Panel Approach

Journal of Business Economics and Management

Sustainable economic growth is desired to be achieved by governments targeting economic, social, ... more Sustainable economic growth is desired to be achieved by governments targeting economic, social, and environmental benefits. The idea of circular economy model is to consider feedback effects from proper waste management instead of one-way effects typical with the classical linear model. Several sectors of society contribute to circular economy and its monetary and environmental outputs in a sustainable way. The aim of this paper is to analyze the dependencies and causalities of circular economy and economic developments in the EU. The research objectives include testing (i) whether research and development (R&D) expenditure, GDP per capita and generation of municipal waste per capita influence the recycling rate of municipal waste, and (ii) whether R&D expenditure, generation of municipal waste per capita and the recycling rate of municipal waste influence the GDP per capita. The relevant indicators are obtained from Eurostat. The research methods of fixed effects and Tobit approac...

A Discriminant Analysis to the Quantification of Human Development Index Under Economic Inequality

Proceedings of the International Management Conference, 2020

This paper is concerned with a quantitative approach to the determinants of human development ind... more This paper is concerned with a quantitative approach to the determinants of human development index, namely GDP per capita, Net Income GINI index, Wealth GINI index and poverty rate. For year 2018 and 98 world countries we apply multiple discriminant analysis to predict four classes of human development index. The discriminant analysis achieved 83.7% accuracy for the discriminant model with unequal apriori probabilities. One conclusion of the model is that GDP per capita has no discriminating power in the model, overall. Another conclusion is that from three discriminant functions retained, the first one discriminates best.

Evaluating Governmental Responses to COVID-19 and the Implications for Tourism Industry

Proceedings of the International Management Conference, 2020

The current Covid-19 pandemic is a disruptive event accompanied by a range of governmental respon... more The current Covid-19 pandemic is a disruptive event accompanied by a range of governmental responses and unforeseen impacts on society and businesses. We analyse and rank-order the effects of the national mitigation measures on the tourism sector of fifteen European countries and we build a composite Covid-Mitigatin Index, CMI, for country comparisions. This is done using clustering and principal component analysis. The results are visualised and quantified, and their implications on decision makers within a tourism sector and governments are discussed. Daily data on national governmental responses to reduce the transmission of Covid-19, from January-May 2020, is obtained from Oxford Covid-19 Government Response Tracker. The data ranges from domestic and international travel restrictions, to banned gatherings, Covid-19 testing procedures and quarantine requirements among other variables. The effects of the national measures on tourism are studied using monthly market research data, from January-May 2020, on international (foreigners) and domestic (residents) travelers' bednights in European countries acquired mainly from a tourism marketing information system, TourMIS. The applied methodology uses, firstly, the K-means algorithm for the period February-April 2020 to cluster countries with similar responses and show dynamically, which countries have changed policies leading to changing also their reference cluster, accordingly. Secondly, a principal component analysis is conducted to find which response components related to containment and closure policies are linked to nights spent in the European countries under analysis. The implications of the results may be useful both for governmental decision making and for business preparedness in the future.

The interest rate for saving as a possibilistic risk

Physica A: Statistical Mechanics and its Applications, 2020

In the paper there is studied an optimal saving model in which the interest-rate risk for saving ... more In the paper there is studied an optimal saving model in which the interest-rate risk for saving is a fuzzy number. The total utility of consumption is defined by using a concept of possibilistic expected utility. A notion of possibilistic precautionary saving is introduced as a measure of the variation of optimal saving level when moving from a sure saving model to a possibilistic risk model. A first result establishes a necessary and sufficient condition that the presence of a possibilistic interest-rate risk generates an extra-saving. This result can be seen as a possibilistic version of a Rothschilld and Stiglitz theorem on a probabilistic model of saving. A second result of the paper studies the variation of the optimal saving level when moving from a probabilistic model (the interest-rate risk is a random variable) to a possibilistic model (the interest-rate risk is a fuzzy number).

Mixed Multidimensional Risk Aversion

Topics in Intelligent Engineering and Informatics, 2012

The topic treated in this chapter is the risk aversion of an agent in front of a situation of unc... more The topic treated in this chapter is the risk aversion of an agent in front of a situation of uncertainty with many risk parameters. We will study a general model of risk aversion in which some parameters are probabilistically described (by random variables) and others are possibilistically described (by fuzzy numbers). For the construction of this model, firstly, mixed expected utility, a notion, which unifies probabilistic and possibilistic aspects of expected utility theory is introduced. The notion of mixed risk premium vector is introduced as a measure of risk aversion with mixed parameters. The main result of the chapter is an approximate calculation formula for mixed risk premium vector. Lastly, our model is applied in the evaluation of risk aversion in grid computing.

A Credibilistic Approach to Risk Aversion and Prudence

Risk aversion and prudence are deeply studied topics in probabilistic risk theory. In this paper ... more Risk aversion and prudence are deeply studied topics in probabilistic risk theory. In this paper an approach of the two topics by credibility theory of B. Liu and Y. Liu is attempted. The risk situations are modeled by fuzzy variables and the indicators of risk aversion and prudence are defined in the context of credibilistic expected utility theory. Properties of these indicators are studied and approximate calculation formulas are established.

A New Notion of Possibilistic Covariance

New Mathematics and Natural Computation, 2013

Possibilistic indicators of fuzzy numbers (expected value, variance, and covariance) are an effic... more Possibilistic indicators of fuzzy numbers (expected value, variance, and covariance) are an efficient instrument in the modeling of uncertainty phenomena. Various models of uncertainty phenomena have led to several notions of variance and covariance. In particular, the possibilistic models of risk aversion previously studied by one of the authors imposed a notion of variance of a fuzzy number different from those existing in the literature. In this paper, a new notion of covariance of two fuzzy numbers corresponding to the possibilistic variance mentioned is studied. This possibilistic covariance can be used, e.g. in models of possibilistic risk aversion with many parameters.

Multidimensional possibilistic risk aversion

Mathematical and Computer Modelling, 2011

This paper deals with the analysis of risk aversion of an agent faced with a situation of uncerta... more This paper deals with the analysis of risk aversion of an agent faced with a situation of uncertainty with several risk parameters. These risk parameters are represented by fuzzy numbers and the attitude of the agent to the risk situation by a multidimensional utility function. Risk aversion is measured by the notion of generalized possibilistic risk premium. The main result of the paper is an approximate calculation formula of generalized possibilistic risk premium in terms of the utility function and of possibilistic indicators (mean value and covariance).

Modeling the Risk by Credibility Theory

This paper is an attempt to treat some topics of risk theory by means of credibility theory. The ... more

Possibilistic risk aversion and its indicators

In the traditional treatment, risk situations are modeled by random variables. This paper focuses... more

Impact of Economic and Political Systems on Human Development Index: A Computational Evaluation

Proceedings of the 18th International Conference on INFORMATICS in ECONOMY Education, Research and Business Technologies, 2019

There are various complex interdependences between economic and political factors and United Nati... more There are various complex interdependences between economic and political factors and United Nation's human development index, HDI. By using Bertelsmann Foundation's data on 123 countries-in-transition with respect to their level of market economy, democracy and governance quality, the most important factors affecting HDI are under scrutiny. The purpose is to find out, which characteristics of countries predict or are related to the level of HDI as reflected in the atypical set of quantitative and qualitative statistical data. The methods used to process the data and analyze correlations are artificial neural networks and multiple correspondence analysis. The original contributions of this research include: proving the effectiveness of neural networks; in general, developed marked economy and democracy are related to high levels of HDI; more specifically, in addition to national income, GNI, and educational variables also underlying HDI, the measures of equal opportunities and lack of socio-economic barriers, among others, are found important predictors for high HDI levels.

Public Administration Digitalization and Corruption in the EU Member States. A Comparative and Correlative Research Analysis

Transylvanian Review of Administrative Sciences, 2022

Effective digitalization of public administrations and economies requires rethinking of how e-gov... more Effective digitalization of public administrations and economies requires rethinking of how e-government and digital services with increasing e-participation can support corruption reduction and social development. This paper aims to study the interdependencies and differences between the multidimensional phenomena of administrative corruption and digitalization in the EU member states. The research methods applied are Canonical Correlation Analysis and Principal Component Analysis. Ten relevant variables for 2019 and 2020 were selected and integrated into this research. The research results showed that digitalization significantly improved the quality of public administrations and reduced corruption. The new composite index designed and determined for EU member states showed a vast gap between the Nordic and Eastern European countries. Our results confirm that the level of e-government was found to be the best predictor of control of corruption and government effectiveness suggesting that digitalized and less corrupt governments also made economies more competitive. The digitization of public administration and services is a strategic objective of EU member states and should become a priority in the new technological era.

Correlative approach to digitalization and economic growth

Proceedings of the International Conference on Business Excellence, 2021

It is known that the evolution of digital technologies, together with a combination of other esse... more It is known that the evolution of digital technologies, together with a combination of other essential generic technologies, leads to a change in the way we design, produce and market related products and services, as well as in the way how value is generated from them. Digitalization and transformation of the business process to create remarkable customer experience are absolutely necessary for any company that wants to evolve and succeed in the fast-digitizing business environment. The main objective of this research was to discover how digitalization influences economic growth. The databases used were Eurostat and World Bank. We selected 8 main research variables, which were divided into two sets to describe (i) the phenomenon of digitalization by digital skills, mobile subscriptions, enterprises with e-commerce, and (ii) the phenomenon of economic growth by real GDP growth, unit labour cost growth, resource productivity and R&D expenditure of GDP. The research methodology was ce...

Integration of Pedagogy Into Technology: A Practical Paradigm

Education and New Developments 2021, 2021

Technology, with its rapid growth and vast impacts on all areas of human life, has increased well... more Technology, with its rapid growth and vast impacts on all areas of human life, has increased well-being and facilitated daily tasks in our private life as well as in business and marketing, medical and healthcare services, and education. The global Covid-19 pandemic has shown the importance of Internet and technology to keep businesses running and reduce the problems emerging from social distancing and even saving lives through healthcare systems; likewise, educational systems speeded their technological facilities to run and develop normal educational activities. Although many studies had already acknowledged the necessity of using technology in education, the lack of facilities and knowledge of using technology in educational systems was reported in the beginning of the pandemic. The pandemic pushed educational systems to integrate technology into pedagogy by facilitating information transfer and communication. However, the challenge of enhancing the quality of information is stil...

Utilizing Technological Pedagogical Content (TPC) for Designing Public Service Websites

Intelligent Sustainable Systems, 2021

With the indispensable role of the Internet in information transfer, ensuring the validity and ac... more With the indispensable role of the Internet in information transfer, ensuring the validity and accuracy of data is ever more important. Digital public services are expected from e-governments. Such services will require user-centered websites as well as full interoperable platforms. Many studies have shown the lack of user satisfaction with website content. In this regard, we suggest technological pedagogical content design (TPCD) for the use of a pedagogical theory for designing a website. TPCD is derived from the technological pedagogical content knowledge (TPACK) framework, introduced by Mishra and Koehler (Mishra and Koehler in Teach. Coll. Rec. 108:1017-1054, 2006) emphasizing the use of integrating technology into pedagogy and content. TPCD with a pedagogical view in selecting and constructing the content aims to pull attention toward learning theories and focusing on the quality of content to build a user-centered website. It suggests considering the learning theories to understand the user needs, background, and expectations to define the goals, organize the content, and select the technological features. This paper opens a new viewpoint for website developers by introducing practical guidelines to transform TPACK as knowledge of integrating technology into action.

A Computational Approach to Economic Inequality, Happiness and Human Development

In this paper, we study the connections of categorical levels of Human Development Index (HDI), G... more In this paper, we study the connections of categorical levels of Human Development Index (HDI), GDP per capita, World Happiness Index, the Gini indexes of Income and Wealth inequalities together with poverty rate for 98 world countries. By clustering analysis, we identify four groups of countries with similar features. K-means clustering algorithm is applied to obtain four clusters of sizes 21-26 countries by explaining 68.3% of the total variation in data. The analysis reveals significant differences between the clusters, while also factors with largest differences within the clusters. Secondly, multinomial logistic regression (MLR) is applied in predicting the HDI categories of the full sample of 98 world countries for year 2018. The MLR model can capture also nonlinear relationship. The logistic regression model achieved 91.8% overall accuracy. The results of our research together from earlier literature is followed by suggestions for the future research.

Impact of Economic and Political Systems on Human Development Index: A Computational Evaluation

International Conference on Informatics in Economy, May 30, 2019

There are various complex interdependences between economic and political factors and United Nati... more There are various complex interdependences between economic and political factors and United Nation's human development index, HDI. By using Bertelsmann Foundation's data on 123 countries-in-transition with respect to their level of market economy, democracy and governance quality, the most important factors affecting HDI are under scrutiny. The purpose is to find out, which characteristics of countries predict or are related to the level of HDI as reflected in the atypical set of quantitative and qualitative statistical data. The methods used to process the data and analyze correlations are artificial neural networks and multiple correspondence analysis. The original contributions of this research include: proving the effectiveness of neural networks; in general, developed marked economy and democracy are related to high levels of HDI; more specifically, in addition to national income, GNI, and educational variables also underlying HDI, the measures of equal opportunities and lack of socio-economic barriers, among others, are found important predictors for high HDI levels.

Entrepreneurial Motivations to Start New Businesses: A Panel Data Analysis

Proceedings of the International Management Conference

This paper explores the effects of attitudes on total early-stage entrepreneurial activity (TEA).... more This paper explores the effects of attitudes on total early-stage entrepreneurial activity (TEA). The data is obtained from the Global Entrepreneurship Monitor’s Adult Population Surveys (APS) on the characteristics and motivations of individuals to start new businesses. The dataset consists, e.g., of individuals’ entrepreneurial intentions, their perceived capabilities, opportunities, and risks as well as the share of female-male entrepreneurs. The time-series for 16 European and Latin American countries together with Taiwan and Iran cover the research period 2011-2019. All countries with long enough time-series data are included. The research methodology tests Random and Fixed Effects Models. The latter model becomes selected leading to a model explaining 95% (R2 ) of the variation in TEA. The results of the rather heterogeneous sample of countries show that when individuals recognize their own capabilities to start and run businesses, they also have entrepreneurial intentions, wh...

The role of foreign direct investments, urbanization, productivity, and energy consumption in Finland’s carbon emissions: an ARDL approach

Environmental Science and Pollution Research

This study investigates the effects of productivity, energy consumption, foreign direct investmen... more This study investigates the effects of productivity, energy consumption, foreign direct investments, and urbanization on carbon dioxide emissions (CO2) in Finland during 2000–2020 using an autoregressive distributed lag (ARDL) model. The results show that (i) there is evidence of cointegration among variables; (ii) energy consumption has a positive effect on CO2 emissions in the long run; (iii) labor productivity and urbanization have a negative effect on CO2 emissions in the long run; (iv) foreign direct investments are not a significant explainer of CO2 emissions. The results are discussed with some policy implications and suggested future research.

Managing Entrepreneurial Conditions to Support Early-Stage Entrepreneurial Activity: A Data Envelopment Analysis

PROCEEDINGS OF THE INTERNATIONAL MANAGEMENT CONFERENCE

In this paper, we apply Data Envelopment Analysis with constant and variable returns to scale to ... more In this paper, we apply Data Envelopment Analysis with constant and variable returns to scale to study the technical efficiency of 42 countries for 2019 starting from 12 inputs and 3 outputs. The inputs represent the features of entrepreneurial framework conditions, which can be managed by governments to enhance or hinder new business creation, i.e., the outputs of total entrepreneurial activity (TEA) and the ratio of male-female TEA together with (iii) entrepreneurial intentions. The two models show that for the VRS approach, the number of efficient entities is larger than in the case of the CRS approach. The results show that the mean values of the CRS and VRS models reveal that the countries have entrepreneurial activities on the efficient frontier if the use of the input may be reduced by 7.73%, and by 3.17% under CRS and VRS models, respectively, without any decrease in the outputs.

Empirical Evidence on Circular Economy and Economic Development in Europe: A Panel Approach

Journal of Business Economics and Management

Sustainable economic growth is desired to be achieved by governments targeting economic, social, ... more Sustainable economic growth is desired to be achieved by governments targeting economic, social, and environmental benefits. The idea of circular economy model is to consider feedback effects from proper waste management instead of one-way effects typical with the classical linear model. Several sectors of society contribute to circular economy and its monetary and environmental outputs in a sustainable way. The aim of this paper is to analyze the dependencies and causalities of circular economy and economic developments in the EU. The research objectives include testing (i) whether research and development (R&D) expenditure, GDP per capita and generation of municipal waste per capita influence the recycling rate of municipal waste, and (ii) whether R&D expenditure, generation of municipal waste per capita and the recycling rate of municipal waste influence the GDP per capita. The relevant indicators are obtained from Eurostat. The research methods of fixed effects and Tobit approac...

A Discriminant Analysis to the Quantification of Human Development Index Under Economic Inequality

Proceedings of the International Management Conference, 2020

This paper is concerned with a quantitative approach to the determinants of human development ind... more This paper is concerned with a quantitative approach to the determinants of human development index, namely GDP per capita, Net Income GINI index, Wealth GINI index and poverty rate. For year 2018 and 98 world countries we apply multiple discriminant analysis to predict four classes of human development index. The discriminant analysis achieved 83.7% accuracy for the discriminant model with unequal apriori probabilities. One conclusion of the model is that GDP per capita has no discriminating power in the model, overall. Another conclusion is that from three discriminant functions retained, the first one discriminates best.

Evaluating Governmental Responses to COVID-19 and the Implications for Tourism Industry

Proceedings of the International Management Conference, 2020

The current Covid-19 pandemic is a disruptive event accompanied by a range of governmental respon... more The current Covid-19 pandemic is a disruptive event accompanied by a range of governmental responses and unforeseen impacts on society and businesses. We analyse and rank-order the effects of the national mitigation measures on the tourism sector of fifteen European countries and we build a composite Covid-Mitigatin Index, CMI, for country comparisions. This is done using clustering and principal component analysis. The results are visualised and quantified, and their implications on decision makers within a tourism sector and governments are discussed. Daily data on national governmental responses to reduce the transmission of Covid-19, from January-May 2020, is obtained from Oxford Covid-19 Government Response Tracker. The data ranges from domestic and international travel restrictions, to banned gatherings, Covid-19 testing procedures and quarantine requirements among other variables. The effects of the national measures on tourism are studied using monthly market research data, from January-May 2020, on international (foreigners) and domestic (residents) travelers' bednights in European countries acquired mainly from a tourism marketing information system, TourMIS. The applied methodology uses, firstly, the K-means algorithm for the period February-April 2020 to cluster countries with similar responses and show dynamically, which countries have changed policies leading to changing also their reference cluster, accordingly. Secondly, a principal component analysis is conducted to find which response components related to containment and closure policies are linked to nights spent in the European countries under analysis. The implications of the results may be useful both for governmental decision making and for business preparedness in the future.

The interest rate for saving as a possibilistic risk

Physica A: Statistical Mechanics and its Applications, 2020

In the paper there is studied an optimal saving model in which the interest-rate risk for saving ... more In the paper there is studied an optimal saving model in which the interest-rate risk for saving is a fuzzy number. The total utility of consumption is defined by using a concept of possibilistic expected utility. A notion of possibilistic precautionary saving is introduced as a measure of the variation of optimal saving level when moving from a sure saving model to a possibilistic risk model. A first result establishes a necessary and sufficient condition that the presence of a possibilistic interest-rate risk generates an extra-saving. This result can be seen as a possibilistic version of a Rothschilld and Stiglitz theorem on a probabilistic model of saving. A second result of the paper studies the variation of the optimal saving level when moving from a probabilistic model (the interest-rate risk is a random variable) to a possibilistic model (the interest-rate risk is a fuzzy number).

Mixed Multidimensional Risk Aversion

Topics in Intelligent Engineering and Informatics, 2012

The topic treated in this chapter is the risk aversion of an agent in front of a situation of unc... more The topic treated in this chapter is the risk aversion of an agent in front of a situation of uncertainty with many risk parameters. We will study a general model of risk aversion in which some parameters are probabilistically described (by random variables) and others are possibilistically described (by fuzzy numbers). For the construction of this model, firstly, mixed expected utility, a notion, which unifies probabilistic and possibilistic aspects of expected utility theory is introduced. The notion of mixed risk premium vector is introduced as a measure of risk aversion with mixed parameters. The main result of the chapter is an approximate calculation formula for mixed risk premium vector. Lastly, our model is applied in the evaluation of risk aversion in grid computing.

A Credibilistic Approach to Risk Aversion and Prudence

Risk aversion and prudence are deeply studied topics in probabilistic risk theory. In this paper ... more Risk aversion and prudence are deeply studied topics in probabilistic risk theory. In this paper an approach of the two topics by credibility theory of B. Liu and Y. Liu is attempted. The risk situations are modeled by fuzzy variables and the indicators of risk aversion and prudence are defined in the context of credibilistic expected utility theory. Properties of these indicators are studied and approximate calculation formulas are established.

A New Notion of Possibilistic Covariance

New Mathematics and Natural Computation, 2013

Possibilistic indicators of fuzzy numbers (expected value, variance, and covariance) are an effic... more Possibilistic indicators of fuzzy numbers (expected value, variance, and covariance) are an efficient instrument in the modeling of uncertainty phenomena. Various models of uncertainty phenomena have led to several notions of variance and covariance. In particular, the possibilistic models of risk aversion previously studied by one of the authors imposed a notion of variance of a fuzzy number different from those existing in the literature. In this paper, a new notion of covariance of two fuzzy numbers corresponding to the possibilistic variance mentioned is studied. This possibilistic covariance can be used, e.g. in models of possibilistic risk aversion with many parameters.

Multidimensional possibilistic risk aversion

Mathematical and Computer Modelling, 2011

This paper deals with the analysis of risk aversion of an agent faced with a situation of uncerta... more This paper deals with the analysis of risk aversion of an agent faced with a situation of uncertainty with several risk parameters. These risk parameters are represented by fuzzy numbers and the attitude of the agent to the risk situation by a multidimensional utility function. Risk aversion is measured by the notion of generalized possibilistic risk premium. The main result of the paper is an approximate calculation formula of generalized possibilistic risk premium in terms of the utility function and of possibilistic indicators (mean value and covariance).

Modeling the Risk by Credibility Theory

This paper is an attempt to treat some topics of risk theory by means of credibility theory. The ... more

Possibilistic risk aversion and its indicators

In the traditional treatment, risk situations are modeled by random variables. This paper focuses... more

Impact of Economic and Political Systems on Human Development Index: A Computational Evaluation

Proceedings of the 18th International Conference on INFORMATICS in ECONOMY Education, Research and Business Technologies, 2019

There are various complex interdependences between economic and political factors and United Nati... more There are various complex interdependences between economic and political factors and United Nation's human development index, HDI. By using Bertelsmann Foundation's data on 123 countries-in-transition with respect to their level of market economy, democracy and governance quality, the most important factors affecting HDI are under scrutiny. The purpose is to find out, which characteristics of countries predict or are related to the level of HDI as reflected in the atypical set of quantitative and qualitative statistical data. The methods used to process the data and analyze correlations are artificial neural networks and multiple correspondence analysis. The original contributions of this research include: proving the effectiveness of neural networks; in general, developed marked economy and democracy are related to high levels of HDI; more specifically, in addition to national income, GNI, and educational variables also underlying HDI, the measures of equal opportunities and lack of socio-economic barriers, among others, are found important predictors for high HDI levels.

Public Administration Digitalization and Corruption in the EU Member States. A Comparative and Correlative Research Analysis

Transylvanian Review of Administrative Sciences, 2022

Effective digitalization of public administrations and economies requires rethinking of how e-gov... more Effective digitalization of public administrations and economies requires rethinking of how e-government and digital services with increasing e-participation can support corruption reduction and social development. This paper aims to study the interdependencies and differences between the multidimensional phenomena of administrative corruption and digitalization in the EU member states. The research methods applied are Canonical Correlation Analysis and Principal Component Analysis. Ten relevant variables for 2019 and 2020 were selected and integrated into this research. The research results showed that digitalization significantly improved the quality of public administrations and reduced corruption. The new composite index designed and determined for EU member states showed a vast gap between the Nordic and Eastern European countries. Our results confirm that the level of e-government was found to be the best predictor of control of corruption and government effectiveness suggesting that digitalized and less corrupt governments also made economies more competitive. The digitization of public administration and services is a strategic objective of EU member states and should become a priority in the new technological era.

Correlative approach to digitalization and economic growth

Proceedings of the International Conference on Business Excellence, 2021

It is known that the evolution of digital technologies, together with a combination of other esse... more It is known that the evolution of digital technologies, together with a combination of other essential generic technologies, leads to a change in the way we design, produce and market related products and services, as well as in the way how value is generated from them. Digitalization and transformation of the business process to create remarkable customer experience are absolutely necessary for any company that wants to evolve and succeed in the fast-digitizing business environment. The main objective of this research was to discover how digitalization influences economic growth. The databases used were Eurostat and World Bank. We selected 8 main research variables, which were divided into two sets to describe (i) the phenomenon of digitalization by digital skills, mobile subscriptions, enterprises with e-commerce, and (ii) the phenomenon of economic growth by real GDP growth, unit labour cost growth, resource productivity and R&D expenditure of GDP. The research methodology was ce...

Integration of Pedagogy Into Technology: A Practical Paradigm

Education and New Developments 2021, 2021

Technology, with its rapid growth and vast impacts on all areas of human life, has increased well... more Technology, with its rapid growth and vast impacts on all areas of human life, has increased well-being and facilitated daily tasks in our private life as well as in business and marketing, medical and healthcare services, and education. The global Covid-19 pandemic has shown the importance of Internet and technology to keep businesses running and reduce the problems emerging from social distancing and even saving lives through healthcare systems; likewise, educational systems speeded their technological facilities to run and develop normal educational activities. Although many studies had already acknowledged the necessity of using technology in education, the lack of facilities and knowledge of using technology in educational systems was reported in the beginning of the pandemic. The pandemic pushed educational systems to integrate technology into pedagogy by facilitating information transfer and communication. However, the challenge of enhancing the quality of information is stil...

Utilizing Technological Pedagogical Content (TPC) for Designing Public Service Websites

Intelligent Sustainable Systems, 2021

With the indispensable role of the Internet in information transfer, ensuring the validity and ac... more With the indispensable role of the Internet in information transfer, ensuring the validity and accuracy of data is ever more important. Digital public services are expected from e-governments. Such services will require user-centered websites as well as full interoperable platforms. Many studies have shown the lack of user satisfaction with website content. In this regard, we suggest technological pedagogical content design (TPCD) for the use of a pedagogical theory for designing a website. TPCD is derived from the technological pedagogical content knowledge (TPACK) framework, introduced by Mishra and Koehler (Mishra and Koehler in Teach. Coll. Rec. 108:1017-1054, 2006) emphasizing the use of integrating technology into pedagogy and content. TPCD with a pedagogical view in selecting and constructing the content aims to pull attention toward learning theories and focusing on the quality of content to build a user-centered website. It suggests considering the learning theories to understand the user needs, background, and expectations to define the goals, organize the content, and select the technological features. This paper opens a new viewpoint for website developers by introducing practical guidelines to transform TPACK as knowledge of integrating technology into action.

A Computational Approach to Economic Inequality, Happiness and Human Development

In this paper, we study the connections of categorical levels of Human Development Index (HDI), G... more In this paper, we study the connections of categorical levels of Human Development Index (HDI), GDP per capita, World Happiness Index, the Gini indexes of Income and Wealth inequalities together with poverty rate for 98 world countries. By clustering analysis, we identify four groups of countries with similar features. K-means clustering algorithm is applied to obtain four clusters of sizes 21-26 countries by explaining 68.3% of the total variation in data. The analysis reveals significant differences between the clusters, while also factors with largest differences within the clusters. Secondly, multinomial logistic regression (MLR) is applied in predicting the HDI categories of the full sample of 98 world countries for year 2018. The MLR model can capture also nonlinear relationship. The logistic regression model achieved 91.8% overall accuracy. The results of our research together from earlier literature is followed by suggestions for the future research.