Issue
Authors retain the copyright without restrictions for their published content in this journal. HSSR is a SHERPA ROMEO Green Journal.
Publishing License
This is an open-access article distributed under the terms of
DO INNOVATION AND ENTREPRENEURSHIP HAVE DOMINANT ROLES IN ECONOMIC GROWTH? A NEW PERSPECTIVE OF DEVELOPED COUNTRIES
Corresponding Author(s) : Elma Satrovic
Humanities & Social Sciences Reviews,
Vol. 8 No. 3 (2020): May
Abstract
Purpose of the study: The purpose of this paper is to analyze the potential causal link between innovation, entrepreneurship activity, and economic growth in the case of nine developed countries over the time-span ranging between 2001 and 2014. The research goal is to examine if the findings of this paper support the endogenous growth theory.
Methodology: This paper has initially explored the stationary properties of the variables. Moreover, the causal links between the variables of interest have been investigated by estimating the panel VAR model (trivariate) employing the GMM framework. This paper also examines the potential causal linkage amid the variables of interest by employing the Granger causality test.
Main Findings: Empirical results suggest that economic growth is found to Granger cause innovation and entrepreneurship activity. These findings emphasize the necessity to take both innovation and entrepreneurship while analyzing the determinants of economic growth since these are found to be interconnected and may play a critical role in the growth of the economy. These findings also support the endogenous growth.
Applications of this study: Outcome of this paper is expected to provide significant insights for decision-makers to make a necessary effort not only to increase the start-up rates in developed countries but also to reduce the informal sector that is likely to occur as a result of start-ups in developing countries jeopardizing developed countries’ competitiveness.
Novelty/Originality of this study: The first contribution of this study to the literature is the examination of cross-sectional dynamics of developed countries’ innovation, entrepreneurship, and economic growth. Secondly, these results indicate that entrepreneurial activity is a proximate cause and should be modelled as the channel through which innovation contributes to economic growth. Thirdly, the data used in this study are more comprehensive.
Keywords
Download Citation
Endnote/Zotero/Mendeley (RIS)BibTeX
- Abrigo, M. & Love, I. (2016). Estimation of panel vector autoregression in Stata: A package of programs. Working paper No. 16-2. https://doi.org/10.1177/1536867X1601600314 DOI: https://doi.org/10.1177/1536867X1601600314
- Abul, S.J. (2019). Factors influencing individual investor behavior: evidence from the Kuwait Stock Exchange. Asian Social Science, 15(3), 27-39. https://doi.org/10.5539/ass.v15n3p27 DOI: https://doi.org/10.5539/ass.v15n3p27
- Antonelli, C. (2009). The economics of innovation: from the classical legacies to the economics of complexity. Economics of Innovation and New Technology, 611-646. https://doi.org/10.1080/10438590802564543 DOI: https://doi.org/10.1080/10438590802564543
- Audretsch, D.B. & Thurik, A.R. (2001). What is new about the new economy: sources of growth in the managed and entrepreneurial economies. Industrial and Corporate Change, 10, 267-315. https://doi.org/10.1093/icc/10.1.267 DOI: https://doi.org/10.1093/icc/10.1.267
- Baumol, W. J.(1968). Entrepreneurship in economic theory.American Economic Review, 58, 64-71.
- Braunerhjelm, P. (2008). Entrepreneurship, knowledge, and growth. Foundations and Trends in Entrepreneurship, 4(5), 451-533. https://doi.org/10.1561/0300000013 DOI: https://doi.org/10.1561/0300000013
- Cameron, G. (1998). Innovation and growth: a survey of the empirical evidence. Nuffield College, Oxford, 1-34.
- Carlsson, B., Acs, Z.J., Audretsch, D.B., & Braunerhjelm, P. (2009).Knowledge creation, entrepreneurship, and economic growth: a historical review. Industrial and Corporate Change, 18(6), 1193-1229. https://doi.org/10.1093/icc/dtp043 DOI: https://doi.org/10.1093/icc/dtp043
- Cipolla, C. M. (1981). Before the industrial revolution. Cambridge: Cambridge University Press.
- Corrado, C., Haskel, J., Jona-Lasinio, C., & Iommi, M. (2013). Innovation and intangible investment in Europe, Japan, and the United States.Oxford Review of Economic Policy, 29(2), 261-286. https://doi.org/10.1093/oxrep/grt017 DOI: https://doi.org/10.1093/oxrep/grt017
- Fan, P., (2011). Innovation capacity and economic development: China and India. Economic Change and Restructuring, 44(1-2), 49-73. https://doi.org/10.1007/s10644-010-9088-2 DOI: https://doi.org/10.1007/s10644-010-9088-2
- Feki, C. & Mnif, S. (2016). Entrepreneurship, technological innovation, and economic growth: an empirical analysis of panel data. Journal of the Knowledge Economy, 7(4), 984-999. https://doi.org/10.1007/s13132-016-0413-5 DOI: https://doi.org/10.1007/s13132-016-0413-5
- Freeman, C. (1987). Technology policy and economic performance: lessons from Japan.London, New York: Frances Printer Publishers.
- Galindo, M. & Méndez-Picazo, M. (2013). Innovation, entrepreneurship, and economic growth. Management Decision, 51(3), 501-514. https://doi.org/10.1108/00251741311309625 DOI: https://doi.org/10.1108/00251741311309625
- Grossman, V. (2009). Entrepreneurial innovation and economic growth. Journal of Macroeconomics, 31(4), 602-613. https://doi.org/10.1016/j.jmacro.2008.12.008 DOI: https://doi.org/10.1016/j.jmacro.2008.12.008
- Hajek, P., Henriques, R., & Hajkova, V.(2013). Visualizing components of regional innovation systems using self-organizing maps—evidence from European regions. Technological Forecasting and Social Change, 84, 197-214. https://doi.org/10.1016/j.techfore.2013.07.013 DOI: https://doi.org/10.1016/j.techfore.2013.07.013
- Hamilton, B. H. (2004). Does entrepreneurship pay? An empirical analysis of the returns of self-employment. The Journal of Political Economy, 108(3), 604-631. https://doi.org/10.1086/262131 DOI: https://doi.org/10.1086/262131
- Hanley, A., Liu, W., & Vaona, A. (2011). Financial development and innovation in China: evidence from the provincial data. Kiel Working Paper, No. 1673.
- Holtz-Eakin, D., Newey, W., & Rosen, H.S. (1988). Estimating vector autoregressions with panel data. Econometrica, 56(6), 1371-1395. https://doi.org/10.2307/1913103 DOI: https://doi.org/10.2307/1913103
- Huang, K. F. (2011). Technology competencies in a competitive environment. Journal of Business Research, 64(2), 172-17. https://doi.org/10.1016/j.jbusres.2010.02.003 DOI: https://doi.org/10.1016/j.jbusres.2010.02.003
- Jones, C. I. (2005). The shape of production functions and the direction of technical change. Quarterly Journal of Economics, 120(2), 517-49. https://doi.org/10.1093/qje/120.2.517 DOI: https://doi.org/10.1093/qje/120.2.517
- Kirchhoff, B. A. (1994). Entrepreneurship and dynamic capitalism: the economics of business firm formation and growth. Westport, CT: Praeger.
- Kirzner, I. M. (1973). Competition and entrepreneurship. Chicago and London: University of Chicago Press.
- Lafuente, E., Acs, Z.J., Sanders, M., & Szerb, L. (2019). The global technology frontier: productivity growth and the relevance of Kirznerian and Schumpeterian entrepreneurship. Small Bus Econ, 1-26. https://doi.org/10.1007/s11187-019-00140-1 DOI: https://doi.org/10.1007/s11187-019-00140-1
- Lucas, R. (2009). Ideas and growth. Economica, 76(301), 1-18. https://doi.org/10.1111/j.1468-0335.2008.00748.x DOI: https://doi.org/10.1111/j.1468-0335.2008.00748.x
- Maradana, R.P., Pradhan, R.P., Danish, S., Kunal, B.Z., Manju, G., Ajoy, J., & Sarangi, K. (2019). Innovation and economic growth in European economic area countries: the granger causality approach. IIMB Management Review, Available online 3. https://doi.org/10.1016/j.iimb.2019.03.002 DOI: https://doi.org/10.1016/j.iimb.2019.03.002
- Minniti, M. & Lévesque, M.(2010). Entrepreneurial types and economic growth. Journal of Business Venturing, 25(3), 305-314. https://doi.org/10.1016/j.jbusvent.2008.10.002 DOI: https://doi.org/10.1016/j.jbusvent.2008.10.002
- Muslija, A. (2018). Foreign direct investments and economic freedom in OECD countries. International Journal of Economic Studies, 4(4), 51-59.
- OECD, (2007). Innovations and growth: rationale for an innovation strategy, 3-29. https://www.oecd.org/science/inno/39374789.pdf
- OECD, & EUROSTAT, (2005).Oslo Manual - proposed guidelines for collecting and interpreting technological innovation data. Paris: Organization for Economic Co-operation and Development .http://www.oecd.org/science/inno/2367614.pdf
- Pele, D. (2014). The situation of the knowledge economy in the Arab and EEE regions, knowledge-based economic policy development in the Arab World. IGI Global Disseminator of Knowledge, 85-103. https://doi.org/10.4018/978-1-4666-5210-1.ch004 DOI: https://doi.org/10.4018/978-1-4666-5210-1.ch004
- Pessoa, A. (2007). Innovation and economic growth: What is the actual importance of R&D? University of Porto, FRP working papers, no. 254, 1-17. https://www.researchgate.net/publication/24 111638_Innovation_and_Economic_Growth_What_is_the_actual_importance_of_RD
- Petrakis, P. E., Kostis, P. C., & Valsamis, D. G. (2015). Innovation and competitiveness: culture as a long-term strategic instrument during the European great recession. Journal of Business Research, 68, 1436-1438. https://doi.org/10.1016/j.jbusres.2015.01.029 DOI: https://doi.org/10.1016/j.jbusres.2015.01.029
- Petrariu, I., Bumbac, R., & Ciobanu, R. (2013). Innovation: a path to competitiveness and economic growth: the case of CEE countries. Theoretical and Applied Economics, 20(5), 15-26.
- Porter, M.E. & Stern, S. (1999).The new challenge to America’s prosperity: Findings from the innovation index. Washington, DC: Council on Competitiveness.
- Rogers, E. (1995). Diffusion of innovations. New York: New York Free Press.
- Satrovic, E. & Muslija, A. (2019). The empirical evidence on tourism-urbanization-CO2 emissions nexus. Advances in Hospitality and Tourism Research (AHTR), 7(1), 85-105. https://doi.org/10.30519/ahtr.484287 DOI: https://doi.org/10.30519/ahtr.484287
- Schumpeter, J.A. (1934). The theory of economic development: An inquiry into profits, capital, credit, interest, and the business cycle.Cambridge: Harvard College.
- Schumpeter, J.A. (1939). Business cycles: a theoretical, historical, and statistical analysis of the capitalist process. New York: McGraw-Hill.
- Sener, S. & Tunali, C.B., (2017). Is innovation conducive to economic growth? The case of Central and Eastern European countries. In: Sener S., Schepers S. eds. 2017. Innovation, governance, and entrepreneurship: how do they evolve in middle-income countries?Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-55926-1 DOI: https://doi.org/10.1007/978-3-319-55926-1
- Toma, S., Grigore, A., & Marinescu, P. (2014). Economic development and entrepreneurship. Procedia Economics and Finance, 8, 436-443. https://doi.org/10.1016/S2212-5671(14)00111-7 DOI: https://doi.org/10.1016/S2212-5671(14)00111-7
- Topaloglu, E.E. (2017). Determination of factors affecting financial fragility in banks using panel data analysis. EskiÅŸehir Osmangazi Ãœniversitesi Ä°Ä°BF Dergisi, 13(1), 15-38. https://doi.org/10.17153/oguiibf.344856 DOI: https://doi.org/10.17153/oguiibf.344856
- Ulku, H. (2004). R&D, innovation, and economic growth: an empirical analysis, International Monetary Fund Working Papers, 4, 2-35.
- Urbano, D. & Aparicio, S. (2016). Entrepreneurship capital types and economic growth: International evidence. Technol. Forecast. Soc., 102, 34-44. https://doi.org/10.1016/j.techfore.2015.02.018 DOI: https://doi.org/10.1016/j.techfore.2015.02.018
- Valliere, D. & Peterson, R., (2009). Entrepreneurship and economic growth: evidence from emerging and developed countries. Entrepreneurship & Regional Development, 21(5-6), 459-480. https://doi.org/10.1080/08985620802332723 DOI: https://doi.org/10.1080/08985620802332723
- Van Stel, A., Carree, M., & Thurik, R. (2005). The effect of entrepreneurial activity on national economic growth. SCALES-paper N200419. h https://doi.org/10.1007/s11187-005-1996-6 DOI: https://doi.org/10.1007/s11187-005-1996-6
- Vila, L.E. (2019).The micro-macro interfaces of higher education, innovation, regional growth, and regional development. In: Cagiva Carvalho L., Rego C., Lucas M., Sánchez-Hernández M., Backx Noronha Viana A. eds. 2019.New paths of entrepreneurship development, Springer, Cham. https://doi.org/10.1007/978-3-319-96032-6_8 DOI: https://doi.org/10.1007/978-3-319-96032-6_8
- Wong, P. K., Ho, Y. P. & Autio, E. (2005). Entrepreneurship, innovation, and economic growth: evidence from GEM data. Small Business Economics, 24(3), 335-350. https://doi.org/10.1007/s11187-005-2000-1 DOI: https://doi.org/10.1007/s11187-005-2000-1
References
Abrigo, M. & Love, I. (2016). Estimation of panel vector autoregression in Stata: A package of programs. Working paper No. 16-2. https://doi.org/10.1177/1536867X1601600314 DOI: https://doi.org/10.1177/1536867X1601600314
Abul, S.J. (2019). Factors influencing individual investor behavior: evidence from the Kuwait Stock Exchange. Asian Social Science, 15(3), 27-39. https://doi.org/10.5539/ass.v15n3p27 DOI: https://doi.org/10.5539/ass.v15n3p27
Antonelli, C. (2009). The economics of innovation: from the classical legacies to the economics of complexity. Economics of Innovation and New Technology, 611-646. https://doi.org/10.1080/10438590802564543 DOI: https://doi.org/10.1080/10438590802564543
Audretsch, D.B. & Thurik, A.R. (2001). What is new about the new economy: sources of growth in the managed and entrepreneurial economies. Industrial and Corporate Change, 10, 267-315. https://doi.org/10.1093/icc/10.1.267 DOI: https://doi.org/10.1093/icc/10.1.267
Baumol, W. J.(1968). Entrepreneurship in economic theory.American Economic Review, 58, 64-71.
Braunerhjelm, P. (2008). Entrepreneurship, knowledge, and growth. Foundations and Trends in Entrepreneurship, 4(5), 451-533. https://doi.org/10.1561/0300000013 DOI: https://doi.org/10.1561/0300000013
Cameron, G. (1998). Innovation and growth: a survey of the empirical evidence. Nuffield College, Oxford, 1-34.
Carlsson, B., Acs, Z.J., Audretsch, D.B., & Braunerhjelm, P. (2009).Knowledge creation, entrepreneurship, and economic growth: a historical review. Industrial and Corporate Change, 18(6), 1193-1229. https://doi.org/10.1093/icc/dtp043 DOI: https://doi.org/10.1093/icc/dtp043
Cipolla, C. M. (1981). Before the industrial revolution. Cambridge: Cambridge University Press.
Corrado, C., Haskel, J., Jona-Lasinio, C., & Iommi, M. (2013). Innovation and intangible investment in Europe, Japan, and the United States.Oxford Review of Economic Policy, 29(2), 261-286. https://doi.org/10.1093/oxrep/grt017 DOI: https://doi.org/10.1093/oxrep/grt017
Fan, P., (2011). Innovation capacity and economic development: China and India. Economic Change and Restructuring, 44(1-2), 49-73. https://doi.org/10.1007/s10644-010-9088-2 DOI: https://doi.org/10.1007/s10644-010-9088-2
Feki, C. & Mnif, S. (2016). Entrepreneurship, technological innovation, and economic growth: an empirical analysis of panel data. Journal of the Knowledge Economy, 7(4), 984-999. https://doi.org/10.1007/s13132-016-0413-5 DOI: https://doi.org/10.1007/s13132-016-0413-5
Freeman, C. (1987). Technology policy and economic performance: lessons from Japan.London, New York: Frances Printer Publishers.
Galindo, M. & Méndez-Picazo, M. (2013). Innovation, entrepreneurship, and economic growth. Management Decision, 51(3), 501-514. https://doi.org/10.1108/00251741311309625 DOI: https://doi.org/10.1108/00251741311309625
Grossman, V. (2009). Entrepreneurial innovation and economic growth. Journal of Macroeconomics, 31(4), 602-613. https://doi.org/10.1016/j.jmacro.2008.12.008 DOI: https://doi.org/10.1016/j.jmacro.2008.12.008
Hajek, P., Henriques, R., & Hajkova, V.(2013). Visualizing components of regional innovation systems using self-organizing maps—evidence from European regions. Technological Forecasting and Social Change, 84, 197-214. https://doi.org/10.1016/j.techfore.2013.07.013 DOI: https://doi.org/10.1016/j.techfore.2013.07.013
Hamilton, B. H. (2004). Does entrepreneurship pay? An empirical analysis of the returns of self-employment. The Journal of Political Economy, 108(3), 604-631. https://doi.org/10.1086/262131 DOI: https://doi.org/10.1086/262131
Hanley, A., Liu, W., & Vaona, A. (2011). Financial development and innovation in China: evidence from the provincial data. Kiel Working Paper, No. 1673.
Holtz-Eakin, D., Newey, W., & Rosen, H.S. (1988). Estimating vector autoregressions with panel data. Econometrica, 56(6), 1371-1395. https://doi.org/10.2307/1913103 DOI: https://doi.org/10.2307/1913103
Huang, K. F. (2011). Technology competencies in a competitive environment. Journal of Business Research, 64(2), 172-17. https://doi.org/10.1016/j.jbusres.2010.02.003 DOI: https://doi.org/10.1016/j.jbusres.2010.02.003
Jones, C. I. (2005). The shape of production functions and the direction of technical change. Quarterly Journal of Economics, 120(2), 517-49. https://doi.org/10.1093/qje/120.2.517 DOI: https://doi.org/10.1093/qje/120.2.517
Kirchhoff, B. A. (1994). Entrepreneurship and dynamic capitalism: the economics of business firm formation and growth. Westport, CT: Praeger.
Kirzner, I. M. (1973). Competition and entrepreneurship. Chicago and London: University of Chicago Press.
Lafuente, E., Acs, Z.J., Sanders, M., & Szerb, L. (2019). The global technology frontier: productivity growth and the relevance of Kirznerian and Schumpeterian entrepreneurship. Small Bus Econ, 1-26. https://doi.org/10.1007/s11187-019-00140-1 DOI: https://doi.org/10.1007/s11187-019-00140-1
Lucas, R. (2009). Ideas and growth. Economica, 76(301), 1-18. https://doi.org/10.1111/j.1468-0335.2008.00748.x DOI: https://doi.org/10.1111/j.1468-0335.2008.00748.x
Maradana, R.P., Pradhan, R.P., Danish, S., Kunal, B.Z., Manju, G., Ajoy, J., & Sarangi, K. (2019). Innovation and economic growth in European economic area countries: the granger causality approach. IIMB Management Review, Available online 3. https://doi.org/10.1016/j.iimb.2019.03.002 DOI: https://doi.org/10.1016/j.iimb.2019.03.002
Minniti, M. & Lévesque, M.(2010). Entrepreneurial types and economic growth. Journal of Business Venturing, 25(3), 305-314. https://doi.org/10.1016/j.jbusvent.2008.10.002 DOI: https://doi.org/10.1016/j.jbusvent.2008.10.002
Muslija, A. (2018). Foreign direct investments and economic freedom in OECD countries. International Journal of Economic Studies, 4(4), 51-59.
OECD, (2007). Innovations and growth: rationale for an innovation strategy, 3-29. https://www.oecd.org/science/inno/39374789.pdf
OECD, & EUROSTAT, (2005).Oslo Manual - proposed guidelines for collecting and interpreting technological innovation data. Paris: Organization for Economic Co-operation and Development .http://www.oecd.org/science/inno/2367614.pdf
Pele, D. (2014). The situation of the knowledge economy in the Arab and EEE regions, knowledge-based economic policy development in the Arab World. IGI Global Disseminator of Knowledge, 85-103. https://doi.org/10.4018/978-1-4666-5210-1.ch004 DOI: https://doi.org/10.4018/978-1-4666-5210-1.ch004
Pessoa, A. (2007). Innovation and economic growth: What is the actual importance of R&D? University of Porto, FRP working papers, no. 254, 1-17. https://www.researchgate.net/publication/24 111638_Innovation_and_Economic_Growth_What_is_the_actual_importance_of_RD
Petrakis, P. E., Kostis, P. C., & Valsamis, D. G. (2015). Innovation and competitiveness: culture as a long-term strategic instrument during the European great recession. Journal of Business Research, 68, 1436-1438. https://doi.org/10.1016/j.jbusres.2015.01.029 DOI: https://doi.org/10.1016/j.jbusres.2015.01.029
Petrariu, I., Bumbac, R., & Ciobanu, R. (2013). Innovation: a path to competitiveness and economic growth: the case of CEE countries. Theoretical and Applied Economics, 20(5), 15-26.
Porter, M.E. & Stern, S. (1999).The new challenge to America’s prosperity: Findings from the innovation index. Washington, DC: Council on Competitiveness.
Rogers, E. (1995). Diffusion of innovations. New York: New York Free Press.
Satrovic, E. & Muslija, A. (2019). The empirical evidence on tourism-urbanization-CO2 emissions nexus. Advances in Hospitality and Tourism Research (AHTR), 7(1), 85-105. https://doi.org/10.30519/ahtr.484287 DOI: https://doi.org/10.30519/ahtr.484287
Schumpeter, J.A. (1934). The theory of economic development: An inquiry into profits, capital, credit, interest, and the business cycle.Cambridge: Harvard College.
Schumpeter, J.A. (1939). Business cycles: a theoretical, historical, and statistical analysis of the capitalist process. New York: McGraw-Hill.
Sener, S. & Tunali, C.B., (2017). Is innovation conducive to economic growth? The case of Central and Eastern European countries. In: Sener S., Schepers S. eds. 2017. Innovation, governance, and entrepreneurship: how do they evolve in middle-income countries?Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-55926-1 DOI: https://doi.org/10.1007/978-3-319-55926-1
Toma, S., Grigore, A., & Marinescu, P. (2014). Economic development and entrepreneurship. Procedia Economics and Finance, 8, 436-443. https://doi.org/10.1016/S2212-5671(14)00111-7 DOI: https://doi.org/10.1016/S2212-5671(14)00111-7
Topaloglu, E.E. (2017). Determination of factors affecting financial fragility in banks using panel data analysis. EskiÅŸehir Osmangazi Ãœniversitesi Ä°Ä°BF Dergisi, 13(1), 15-38. https://doi.org/10.17153/oguiibf.344856 DOI: https://doi.org/10.17153/oguiibf.344856
Ulku, H. (2004). R&D, innovation, and economic growth: an empirical analysis, International Monetary Fund Working Papers, 4, 2-35.
Urbano, D. & Aparicio, S. (2016). Entrepreneurship capital types and economic growth: International evidence. Technol. Forecast. Soc., 102, 34-44. https://doi.org/10.1016/j.techfore.2015.02.018 DOI: https://doi.org/10.1016/j.techfore.2015.02.018
Valliere, D. & Peterson, R., (2009). Entrepreneurship and economic growth: evidence from emerging and developed countries. Entrepreneurship & Regional Development, 21(5-6), 459-480. https://doi.org/10.1080/08985620802332723 DOI: https://doi.org/10.1080/08985620802332723
Van Stel, A., Carree, M., & Thurik, R. (2005). The effect of entrepreneurial activity on national economic growth. SCALES-paper N200419. h https://doi.org/10.1007/s11187-005-1996-6 DOI: https://doi.org/10.1007/s11187-005-1996-6
Vila, L.E. (2019).The micro-macro interfaces of higher education, innovation, regional growth, and regional development. In: Cagiva Carvalho L., Rego C., Lucas M., Sánchez-Hernández M., Backx Noronha Viana A. eds. 2019.New paths of entrepreneurship development, Springer, Cham. https://doi.org/10.1007/978-3-319-96032-6_8 DOI: https://doi.org/10.1007/978-3-319-96032-6_8
Wong, P. K., Ho, Y. P. & Autio, E. (2005). Entrepreneurship, innovation, and economic growth: evidence from GEM data. Small Business Economics, 24(3), 335-350. https://doi.org/10.1007/s11187-005-2000-1 DOI: https://doi.org/10.1007/s11187-005-2000-1