Papers by Krzysztof Waśniewski
This article attempts to explain the macroeconomic drivers of energy efficiency, i.e. the capacit... more This article attempts to explain the macroeconomic drivers of energy efficiency, i.e. the capacity to generate real output from a given energy base. The here-introduced empirical research suggests the existence of a cycle in socioeconomic development, where an increasing consumption of energy, whilst counter-efficient on the short run, produces beneficial structural change in national economies and brings, as a result, a delayed improvement in energy efficiency. Surprisingly, the most explanatory power can be derived from the available macroeconomic data when the general theoretical construct of exponential progression is used to simulate a hypothetical deep shock, having occurred in 1989, and sending waves of decreasing strength over the period 1990-2014.
Social Science Research Network, 2008
ABSTRACT In order for the capital market to grow sustainably and to be relatively crisis-proof co... more ABSTRACT In order for the capital market to grow sustainably and to be relatively crisis-proof corporate governance has to reduce asymmetric information among shareholders and to allow their accurate reaction to firms' fundamental changes. A preliminary research conducted on a small sample of firms (n = 4) and introducing to a broader study of a more numerous sample (n = 80 - 100), opened on two paradigms of corporate governance. The first one, more frequently practiced as it seems, displays important asymmetric information, high transaction costs, high anticipated agency costs, relatively high corporate risk, relatively low long-term shareholders' value and leads investors to underestimate operational risk and market risk as firm's fundamentals. The second one, seemingly less frequent, is the opposite: low asymmetry of information, low transaction costs, low anticipated agency costs, relatively low corporate risk, relatively high long-term shareholders' value, leading investors to an accurate evaluation of operational risk and market risk as firm's fundamentals.
Social Science Research Network, 2011
ABSTRACT The present paper studies the influence of institutions upon the risk incurred in altern... more ABSTRACT The present paper studies the influence of institutions upon the risk incurred in alternative capital markets, in the lines of the old institutional school of economics. A game-theoretic model is introduced, presenting the alternative capital markets as Harsanyi’s games with imperfect information, succeeding to each other in a Selten’s extensive game with imperfect recall. Market participants’ behaviour is made of strategies oriented on cash flows and indirect benefits, through the usage of discretionary freedom of choice offered by the applicable law. The overall level of risk in the market depends on whether these strategies reach, collectively, a state of Nash’s dynamic equilibrium, or not. The institution of nominated advisers, in two alternative capital markets, namely the British AIM and the Polish New Connect, is studied on the grounds of the model. The main finding is that, although the regulations of both markets create significant risk through the discretionary freedom of choice that the operators of these markets attribute to themselves, in terms of social games the markets seem to be quite stable. In conclusion, numerous hypotheses for further research are formulated, in particular that alternative capital markets are still institutionally young and experimental.
Przegląd Organizacji, Mar 31, 2001
Relacje "klient-dostawca" w procesie rozwoju nowego produktu, bardzo ważne dla ... more Relacje "klient-dostawca" w procesie rozwoju nowego produktu, bardzo ważne dla jego przyszłego sukcesu rynkowego, warto organizować uwzględniając cztery podstawowe problemy: 1. należy być świadomym zróżnicowanych wymagań, jakie stawia proces przechodzenia od planowania do wdrażania; 2. sprawna i twórcza współpraca z dostawcami; 3. przestrzeganie podstawowych zasad, takich jak: zaufanie, pragmatyzm, autonomia partnerów, sprawiedliwe uczestnictwo w korzyściach; 4. odpowiedni dobór typu umowy z dostawcą.
Przegląd Organizacji, Apr 30, 2000
Przegląd Organizacji, 2001
Relacje "klient-dostawca" w procesie rozwoju nowego produktu, bardzo ważne dla jego prz... more Relacje "klient-dostawca" w procesie rozwoju nowego produktu, bardzo ważne dla jego przyszłego sukcesu rynkowego, warto organizować uwzględniając cztery podstawowe problemy: 1. należy być świadomym zróżnicowanych wymagań, jakie stawia proces przechodzenia od planowania do wdrażania; 2. sprawna i twórcza współpraca z dostawcami; 3. przestrzeganie podstawowych zasad, takich jak: zaufanie, pragmatyzm, autonomia partnerów, sprawiedliwe uczestnictwo w korzyściach; 4. odpowiedni dobór typu umowy z dostawcą.
SSRN Electronic Journal, 2011
ABSTRACT The present paper studies the influence of institutions upon the risk incurred in altern... more ABSTRACT The present paper studies the influence of institutions upon the risk incurred in alternative capital markets, in the lines of the old institutional school of economics. A game-theoretic model is introduced, presenting the alternative capital markets as Harsanyi’s games with imperfect information, succeeding to each other in a Selten’s extensive game with imperfect recall. Market participants’ behaviour is made of strategies oriented on cash flows and indirect benefits, through the usage of discretionary freedom of choice offered by the applicable law. The overall level of risk in the market depends on whether these strategies reach, collectively, a state of Nash’s dynamic equilibrium, or not. The institution of nominated advisers, in two alternative capital markets, namely the British AIM and the Polish New Connect, is studied on the grounds of the model. The main finding is that, although the regulations of both markets create significant risk through the discretionary freedom of choice that the operators of these markets attribute to themselves, in terms of social games the markets seem to be quite stable. In conclusion, numerous hypotheses for further research are formulated, in particular that alternative capital markets are still institutionally young and experimental.
SSRN Electronic Journal, 2013
ABSTRACT The present paper introduces the concept, and the model of fiscal agency, i.e. of a stat... more ABSTRACT The present paper introduces the concept, and the model of fiscal agency, i.e. of a state of nature, in which the accumulation of public debt serves to increase the wealth of private sector, through leveraging private savings, and driving down real interest rates. Empirical research, conducted in a sample of 27 countries provides strong support to that concept. Fiscal agency proves that the crowding out of private savings by public debt is rather an exception, than a general rule among developed countries. It also seems to be a plausible explanation of public indebtedness in the otherwise rich social systems.
SSRN Electronic Journal, 2008
ABSTRACT In order for the capital market to grow sustainably and to be relatively crisis-proof co... more ABSTRACT In order for the capital market to grow sustainably and to be relatively crisis-proof corporate governance has to reduce asymmetric information among shareholders and to allow their accurate reaction to firms' fundamental changes. A preliminary research conducted on a small sample of firms (n = 4) and introducing to a broader study of a more numerous sample (n = 80 - 100), opened on two paradigms of corporate governance. The first one, more frequently practiced as it seems, displays important asymmetric information, high transaction costs, high anticipated agency costs, relatively high corporate risk, relatively low long-term shareholders' value and leads investors to underestimate operational risk and market risk as firm's fundamentals. The second one, seemingly less frequent, is the opposite: low asymmetry of information, low transaction costs, low anticipated agency costs, relatively low corporate risk, relatively high long-term shareholders' value, leading investors to an accurate evaluation of operational risk and market risk as firm's fundamentals.
Energy, 2020
This article attempts to assess the real capacity of national economies to optimize their energy ... more This article attempts to assess the real capacity of national economies to optimize their energy efficiency, measured as real output per unit of energy consumed. National economies are assumed to be collective intelligences, striving to optimize a set of values, including energy efficiency. A set of 59 countries has been studied in this respect over the period 1990-2014, with the use of a multi-layer perceptron mimicking their collective intelligence, expressed in 14 quantitative variables. The results obtained suggest that economies studied optimize the proportion between their R&D effort and their fixed capital in the first place, then they strive to optimize their sheer economic and demographic scale, and only after these values, they optimize their energy efficiency. Further theoretical interpretation allows guessing the presence of an evolutionary function of sexual selection between social sub-structures.
Social Science Research Network, 2022
Constitutional states seem to be the necessary middlemen between any form of globally concerted i... more Constitutional states seem to be the necessary middlemen between any form of globally concerted initiatives, e.g. in such fields as climate change or poverty, and the actual action at the level of local communities. Social thinkers, both of the libertarian and the communal persuasion, would say that constitutional states are just obsolete and cannot generate endogenously any useful change in themselves. Still, another possibility remains: constitutional states can create institutional change between them. Having spent the early years of his life in the communist Poland, the author is carrying a deeply ingrained conviction that anyone claiming to see an enlightened path of progress usually has quite mundane goals in mind. I think there is no path of light leading to a glorious future. Still, there is power, enormous power, in the consistent effort to figure out new ways of doing things. Perseverance in trying brings better results that one-time enlightenment.
ABSTRACT The purpose of the present paper is to study the phenomenon of innovative effort perform... more ABSTRACT The purpose of the present paper is to study the phenomenon of innovative effort performed in absence of clear benefits from innovation. Firstly, the macroeconomic context is introduced, then a model of firm’s behaviour is developed, followed by the study of six cases: Ford Motor, General Motors, Honda, Chevron, Akzo Nobel and IBM. In conclusion, the paper identifies two possible Nash’s dynamic equilibriums of firms’ strategies, each allowing an economy-wide technological progress without significant premium on innovation.
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Papers by Krzysztof Waśniewski