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The purpose of this paper is to study the problem of optimal Ramsey taxation in a finite-planning-horizon, representative-agent endogenous growth model including government expenditures as a productive input in capital formation and also with hidden actions.

Technically, Malliavin calculus and forward integrals are naturally introduced into the macroeconomic theory when economic agents are faced with different information structures arising from a non-Markovian environment.

The major result shows that the well-known Judd-Chamley Theorem holds almost surely if the depreciation rate is strictly positive, otherwise Judd-Chamley Theorem only holds for a knife-edge case or on a Lebesgue measure-zero set when the physical capital is completely sustainable.

The author believes that the approach developed as well as the major result established is new and relevant.

The purpose of this paper is to infer the welfare of heterogeneous agents using a representative agent model.

It does so by partitioning the household into subunits and allocating consumption to each subunit proportionally to the income the subunit generates through wages and capital returns.

The author shows that for a simple dynamic general equilibrium model with immigration, the steady state utilities of these subunits correspond very closely to the utilities for an equivalent heterogeneous agent model. This is particularly true when labor–leisure decisions are made using slightly modified Euler equations.

More complicated models can be solved and simulated using fewer computational resources using this technique.

The purpose of this paper is to present a theoretical framework for assessing the effects representatives have on their client's perceptions of justice, outcome and satisfaction, as well as the treatment received by clients from other stakeholders, in workplace dispute resolution processes.

Research propositions are advanced based on constructs and theories drawn from the literature on organizational justice, in particular, as well as social psychology in general.

Representatives are hypothesized to have a profound effect on their client's perceptions of voice, participation and satisfaction as well as on the treatment accorded the client by the other side and third‐party neutral. Representation, per se, is heralded as neither a positive nor a negative force in workplace dispute resolution processes.

The framework of a representative's effects is limited by a focus on individual employees who pursue disputes arising out of the employment relationship against management and, therefore, excludes disputes involving groups as well as non‐employment related disputes.

Suggestions for expanding or contracting the role of representatives in workplace dispute resolution are discussed.

Although it is ubiquitous in US jurisprudence and is a growing presence in alternative dispute resolution, the representative‐client dyad has been unexplored. The impact representatives have on the client's perceptions of justice, and the effects representatives have on other stakeholders in the process, bear scrutiny.

In this paper, we will address privacy and trust issues that arise in more advanced software systems. Though a lot of information is currently available in electronic form, not all of it should widely be accessible to everybody. The involved parties need full control on how their data are used and who has access. If the system consists of autonomous software agents, this problem requires extra attention and new working principles. We illustrate this in the case of a communication platform for multimodal transport. The major aim of the communication platform is to enhance exchanging information and to ultimately improve organisation/collaboration within the transport sector. A better informed view of the transport sector will facilitate better considered decisions for users of the communication platform. The software system merits credibility by accurately modelling all the relevant real world interactions of potential users of the system. We opted for a connectivity solution in which software agents act as representatives of the parties involved. All agents can be equipped with human‐like skills and qualities such as intelligence, autonomy, and the ability to cooperate, coordinate and negotiate. We demonstrate how cooperation between parties can be achieved while respecting their sensitivity concerning information.

The purpose of this study is to analyze and compare the level of professionalization of the real estate broker's occupation in Victoria, Australia, and Sweden. As previous studies have indicated that the real estate agent occupation in both regions is experiencing low levels of trust, an analysis of the level of professionalization is warranted.

The data used in the analysis in this paper have been gathered from a number of different high-quality sources. In Sweden, information has been obtained from the Swedish Real Estate Agents Inspectorate, the Association of Swedish Real Estate Agents and the Swedish Real Estate Agents Association, and Real Estate Statistics. For the Victorian case, information has been obtained from the Real Estate Institute of Victoria, which is the leading professional body in organizing real estate agents. Furthermore, information has also been sourced from the Business Licensing Authority as well as Consumer Affairs Victoria. The focus of the analysis has been on the institutional changes of the real estate profession, including the education required to become an agent, the legislation and supervision of real estate agents and the role of the professional bodies that organize the real estate agents. 10;

The analysis shows that both the real estate brokerage market in Victoria and Sweden could be characterized as mature. Using the definition of a profession from Millerson (1964), the authors conclude that the brokerage industry has a number of the characteristics of a profession such as a long albeit interdisciplinary education, strong professional bodies, code of conduct and some level of self-regulation.

This research examines two countries, both considered mature in their house market process. Findings may be very different if the research methodology was applied to house markets that do not exhibit the same level of regulatory control.

Even though the real estate occupation can be considered as a semi-profession, there is still room for improvement when it comes to how consumers perceive the trustworthiness of real estate agents. Therefore, the professional bodies ought to strive to find ways on increasing the status and trustworthiness of the profession. These could include increasing the transparency as well as continuing education for its members.

Users of real estate services need to have confidence in the skills and expertise of real estate agents they engage. The magnitude of the monies associated with real estate transactions should cause users to seek out agents who are proficient in what they do, and to this end, the professionalism of agents is critical to the provision of accurate and informative information to guide users toward positive and beneficial outcomes.

To the best of the authors’ knowledge, this is the first study that analyzes and compares the development of the real estate profession in Victoria and Sweden, using theories from the study of professions.

The Organization for Economic Cooperation and Development Convention on Combating Bribery of Foreign Public Officials in International Business Transactions went into effect in 1999. The convention is important since its signatories account for most of the world’s exports and foreign investment. Thus bribery is no longer an acceptable standard for international competition. Companies engaged in international business must understand the provisions of the Convention and take affirmative steps for compliance. Otherwise the firm and its employees risk criminal prosecution in their home country. This article discusses the issues global businesses must consider for planning under the OECD Convention.

The purpose of this paper is to identify the role of the first and second generations in the process of internationalization of a family business active in the SME sector in Poland.

Conducted research was qualitative in character. The research method used was the case study. A total of six case studies were developed that demonstrate the experiences of Polish exporters – family companies in the SME sector. The primary research tool was the unstructured questionnaire-based interview. Interviews were conducted over the years 2008-2009. The group of examined respondents included both the first and second generation.

Analysis of the developed case studies indicates that it was the first generation that was responsible for making decision and undertaking operations in the first phase. With time, that generation kept only decision-related responsibilities. The second generation tends to continue tradition rather than being an agent of change.

The main contribution of this paper has been to make a characterization of the process of internationalization of family businesses in the SME sector in Poland – a country undergoing radical systemic transition. Its large-scale effect is the commencement of the process of creating companies, including family businesses. On the other hand, it makes possible the defining of the role of the second generation in the process of internationalization of family businesses, regardless of whether that generation is a continuator of the initiative of the first generation or is itself the initiator of changes.

This paper is based on a talk given by Philip Ryley and John Virgo to the Association of Pension Lawyers at their annual conference in Bournemouth in November 1998. In it the authors provide an outline of some of the key legal issues that have arisen out of the pensions mis‐selling litigation.

The aim is to contribute to the personalist economics research agenda by exploring how personalist thought can theoretically inform the question of well-being and its measurement.

The paper draws on the work of personalist philosopher Emmanuel Mounier. After reviewing relevant aspects of Mounier's political economic thought, the second section considers the conceptual implications for a personalist well-being measure and analyses its key tenets: integrality; heterogeneity; objectivity vs. subjectivity; and autonomy and freedom. The third section consists of a dialogue between Mounier's personalist philosophy and some aspects of Sen's capability approach applied to the issue of well-being measurement, which echoes and parallels some fundamental dimensions of personalist thought.

Firstly, the conceptual analysis offers preliminary avenues for moving towards measuring well-being using an agent model that aligns more closely with the model of the economic agent as person, as is articulated by personalists and incorporating personalist principles. Secondly, the brief analysis of ways in which aspects of Sen's capability theory dialogue with personalist economic principles demonstrate the potential for personalist principles to be incorporated into welfare assessment theory.

Personalist economics strives to re-think the foundations of economic theory by introducing the acting person as the economic agent, as opposed to the individual. Dissatisfaction with a range of mainstream economic well-being indicators suggests that there is a deficit in the normative and ontological assumptions that underlie conventional welfare economic models.

The peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-02-2023-0084.

The purpose of this article is to explain recent enforcement trends under the Foreign Corrupt Practices Act (FCPA), providing examples of recent cases.

The paper describes recent trends in FCPA enforcement, including increased enforcement by US authorities, greater vigilance by private industry, and global anti‐corruption efforts. It provides an overview of the FCPA, including the original reason why the Act was passed, its anti‐bribery provisions, the need to show corrupt intent, the interstate commerce requirement, exceptions and affirmative defenses, record‐keeping and control provisions, and penalties. It describes recent FCPA prosecutions and enforcement actions and draws conclusions on how to reduce FCPA risk.

The FCPA is a Watergate‐era law that was passed in response to disclosures by a number of large US corporations that they had made illicit payments to foreign government officials. The FCPA applies to bribes by any US issuer or domestic concern, paid to any foreign official, foreign political party, official or candidate, or official of a public international organization in order to assist in obtaining, retaining, or directing business. To prosecute, the government must show corrupt intent. The FCPA also contains provisions that require accurate record‐keeping and internal controls of US issuers. Violations of the FCPA are subject to both criminal and civil penalties.

The paper presents a thorough explanation, practical advice, and examples of recent violations and penalties by experienced lawyers specializing in FCPA compliance as well as white‐collar defense, securities regulatory matters, internal investigations, and anti‐money laundering.