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This study aims to verify how the product-relevant market for wines should be defined. To do so, the authors apply an empirical methodology to determine the levels of substitution among wine-categories, identifying each relevant market in Argentina.

The authors perform an econometric analysis applying the nested logit methodology that will enable us to estimate cross elasticities in wine segments in the Argentine market. The database contains 1,367 brands and a maximum of 395 firms offering products of different segments. If cross elasticities between wine segments are positive and significantly different to zero, the products belong to the same relevant market. In the methodological section, the authors discuss the pros and cons of this approach and its alternatives, while in the empirical analysis, they perform several robustness controls.

The proposed method and results provide an alternative to exogenously defining where each product category begins and ends. The results show that the relevant market for wines should be segmented by categories as the substitution between each one is very low.

In this empirical work, the study analyzes whether each segment constitutes a relevant, independent market. In Argentina, the practice of competition policy does not recognize substitution between different categories of wine; thus, each category constitutes a relevant market by itself, while according to the international practice, the relevant market includes all wine categories. The results suggest exploring the existence of different relevant markets of wine.

Under the label “wine,” different types or qualities can act as substitutes among them in different possible relevant markets. A more precise definition of relevant markets permits informed decisions facing proposed mergers or anticompetitive practices.

This study provides a mechanism to determine the levels of substitution among wine categories (i.e. to find the boundaries of each relevant market). Wine is a differentiated product and, as such, offers different qualities (categories) for consumers. The consideration of those differences in winery mergers has consequences on social welfare.

According to the international practice in competition policy, the relevant market includes all wine categories. This study provides an alternative to defining exogenously where each category of product begins and ends and does not assume a priori the direction or intensity of substitution among products.

Given the growing supply of wines and the large number of new consumers with purchasing power but lacking knowledge of the subtleties of high-quality wines, expert opinions are used for consumers as proxies for quality. This study aims to determine the determinants of prices in top-quality wine market. The authors also seek to estimate the role for country of origin, grape, producing region and winery in prices. And, finally, the authors try to show how countries, regions and wineries can help increase their position in international rankings.

The authors try to answer: What factors explain the price of top-quality wines (defined as best rated in a standardized ranking)? To some extent, in the hands of producers influence prices, which imply long-term decisions or large investments in land and marketing. Other variables that consumer value does affect prices. The authors try also to detect undervalued or overvalued wines, grapes, regions, wineries or producer countries. The authors estimate an econometric model of hedonic prices using a 14-year sample of the Wine Spectator’s 100 top-rated wines for the American market between 2003 and 2016, totaling 1,400 observations. The sample is a great cross-section because each wine is unique.

The authors’ contribution is twofold: the determination of the price explanatory values and the identification and attribution of price differences by country, grape, region and winery. Also, the authors detected grapes, countries, regions and wineries which are overvalued or undervalued with respect to the average prediction of the model.

The findings are useful to understand the role of price explanatory variables, as well as for making policy and managerial decisions. From the model, collective or managerial actions can be derived to increase particular wines’ positions in international rankings. The proxy for “quality” in the study is not the only possible definition.

In some cases, managerial choices could be conditioned by the policies or history. There is some room for collective action and public policies to improve regions’ and countries’ reputation.

There are clear synergies for policies that can raise the prestige of countries and regions and their spillovers on the brand name reputation of individual wineries.

The results, policy and managerial implications are of interest for business, countries interested in improving their position in international rankings and for consumers to make more informed decisions.

The purpose of this paper is to build performance indicators to assess efficiency for First Instance Federal Courts in Argentina and study the determinants of efficiency in Criminal Instruction Courts.

The efficiency scores were determined using data envelopment analysis with a database for the period 2006–2010. Then, a search of the efficiency determinants in the Criminal Instruction Courts was performed. Four output-oriented models were developed based on various explanatory and environmental variables.

Workload is an environmental variable that significantly increased the average levels of efficiency. When analyzing explanatory factors of the efficiency levels of the Criminal Instruction Courts, surrogate judges and temporary staff are more efficient on average than tenured judges and staff.

The method chosen permits flexibility in the analysis. Future research would be interesting to develop the underlying economic model using econometric methods.

This paper’s contribution is twofold: first, to estimate the relative efficiency for all First Instance Federal Courts in every jurisdiction; and second, to explain the differences in efficiency in the Criminal Instruction Courts.

This study has the potential to greatly impact the discussion of how to structure judicial procedures (from the benchmarking between different branches of Federal justice) and in the design of incentives in a judicial career (e.g. tenured vs temporary judges and clerical employees, the role of seniority of judges and clerical employees and the impact of gender in performance).

To the authors’ knowledge, this paper is the first scholarly article to measure efficiency in Argentine justice system using mathematical programming and econometric methods. It has academic interest since it advances on the comprehension of the underlying production function of justice service provision. The paper also has social and practical implications since it permits contributing to the institutional design and opens the discussion for further sequels with other methods and complementary purposes.

Merger approving focuses on both market power and welfare gains. In general, the approval process does not include a comparative efficiency analysis. This paper aims to introduce this dimension and show its potential.

Based on the analysis of past bank mergers, the authors examine expected and actual efficiency gains. This paper measures the potential (ex ante) and ex post efficiency gains of bank mergers by using data envelopment analysis (DEA).

The authors find some (approved) mergers were promised and yielded efficiency gains while others did not.

DEA does not allow testing statistically the significance of the presumed relationship between variables.

The authors conclude that some mergers that took place would not have been approved had an efficiency analysis been made.

Regulators and/or competition authorities could approve mergers which do not increase efficiency.

To date, efficiency frontier analysis has not been performed for merger approval. It implies that the regulator or competition authority could allow mergers with no clear social gains.

The purpose of this paper is to examine empirically whether the market discipline works, and if so, whether it is a complement or substitute of prudential regulation in the insurance markets. Market discipline is intended as “the power of … market forces … to evaluate and control the risky behaviour of the financial institutions”. The authors' formal hypothesis is that if market discipline works as complementary to prudential regulation, the response of the insured is expected to be weaker than if market discipline acts as a substitute to prudential regulation.

The authors designed an experiment examining policy subscription reaction to adjustments in insurers' risk ratings in three different regulatory environments, to compare market discipline in each market. An econometric model was estimated to test the reaction of policy subscription to changes in credit ratings of the insurers.

The findings indicate that more market discipline was exerted in the crisis period, and more intensely where it is intended to replace regulation. A formal hypothesis was tested: in a less regulated environment, consumers' protection rests more heavily on their caution and use of market information about the insurers' financial condition.

The research is constrained by the availability and detail of the publicly available data.

The results imply that regulation and market discipline work more as complements than as substitutes.

Market discipline does not replace prudential regulation in the insurance market.

The approach presented in the paper adds to precedent work studying comparatively different regulatory environments, and also concerns the response of market discipline in the financial crisis context.

The purpose of this paper is to assess and compare the forecast ability of existing credit risk models, answering three questions: Can these methods adequately predict default events? Are there dominant methods? Is it safer to rely on a mix of methodologies?

The authors examine four existing models: O-score, Z-score, Campbell, and Merton distance to default model (MDDM). The authors compare their ability to forecast defaults using three techniques: intra-cohort analysis, power curves and discrete hazard rate models.

The authors conclude that better predictions demand a mix of models containing accounting and market information. The authors found evidence of the O-score's outperformance relative to the other models. The MDDM alone in the sample is not a sufficient default predictor. But discrete hazard rate models suggest that combining both should enhance default prediction models.

The analysed methods alone cannot adequately predict defaults. The authors found no dominant methods. Instead, it would be advisable to rely on a mix of methodologies, which use complementary information.

Better forecasts demand a mix of models containing both accounting and market information.

The findings suggest that more precise default prediction models can be built by combining information from different sources in reduced-form models and combining default prediction models that can analyze said information.

This paper aims to provide information about the structure of collaborative work among Argentinian economics. The study provides specific applied research of social network analysis focus on this profession in this specific country.

The contribution opted for applying social network analysis tools to papers presented in a congress and published in its proceedings. The authors focus in detecting main actors, groups of co-authorship, professionals acting as bridges between groups and differences between genders.

The paper provides empirical insights about how co-authorship has evolved between Argentine economists. The authors find that structural properties of the network, main actors, both male and female, main universities or center that affiliates them, a gender gap that might be closing out.

The paper focuses on the network for the period 1964-2014 without a more detailed dynamic. It also does not explain main topics worked by the authors.

The work provides knowledge about how groups are created in Economics in Argentina, how cooperation has evolved and what has been the role of women in this development. It also shows how different departments and entities collaborate with diverse success in the creation of new knowledge in Economics in Argentina.

The paper works with data from a source of information non-previously studied and contributes in explaining a particular type of collaborative work in a profession in Argentina.

The purpose of this paper is to present the results of a metallurgical, mechanical and tribological characterization of the weld and heat-affected zone (HAZ) of aluminothermic welding of premium rails used in heavy haul, looking into the origins of the squat defects associated with rail wear.

A full factorial design of experiment was carried out for 24 welds of premium and super premium rails. The factors studied were chemical composition, welding gap and preheating time. The welds were inspected visually and by ultrasound to detect superficial and internal defects and characterized by macrographic analysis, hardness profile, tensile tests and microstructural characterization in scanning electronic microscopy. Pin-on-disk test were carried out to compare the tribological behavior of the different regions of the weld rail.

Squat formation was shown to be associated with spheroidized pearlite regions formed on the HAZ of the welds, presenting near half the hardness of the weld metal. Thermal analysis showed that spheroidized pearlite is a result of partial austenitization at these positions. Tribological tests showed that low hardness regions presented smaller wear resistance than both the weld metal and the parent rail. Tensile test of the whole region resulted in brittle fracture along the weld metal.

The results showed that it is essential to reduce the dimensions of the HAZ and the width of the hardness drop area to mitigate squat formation in the HAZ edges.

The peer review history for this article is available at: https://publons.com/publon/10.1108/ILT-01-2020-0020/

The purpose of this paper is to describe and analyze the impacts that the recent proliferation of private and overlapping standards is having in the trade of agricultural products from developing countries.

In a first stage industry experts in the Chilean fresh fruit trading industry were interviewed to understand the perceived impact that private standards are imposing in the industry. These interviews allowed to identify the market case study, table grapes, the landscape of private standards and their prevalence in different countries. In a second stage, a gravity trade model for trade in table grapes was estimated, with a focus on the more stringent countries identified by experts in the first stage.

We show evidence that the proliferation of private standards required by large European retailers has diverted trade away from more stringent countries that require more certifications (and into less stringent European markets). We also show that the costs of these additional certifications have been shared by trading partners, via an increase in direct sales, as opposed to consignment (the traditional marketing mode), which is associated with higher prices.

The impacts of the recent proliferation of private and overlapping standards in international trade needs to be better understood both by the legal and economic literature. While the use of private standards has been growing since the 1990s, there is a recent trend of large European retailers imposing their own and overlapping standards that needs to be better understood to inform policy.

While there is a thin literature on the impact of private standards on trade, most of this has studied the effects of the now de facto mandatory GlobalGAP certification. However, there is a recent trend by large European retailers of demanding their own private certifications, together with other already existing overlapping private standards. This study describes and analyzes the impacts of this rather new trend.