As it follows from the idea of discourse, it is not discussed without its certain usage. Its participants’ social, political and cultural characteristics are reflected in it. At the same time various voices belonging to previous discourse practices can intermingle in it, which creates new senses of meaning. In relation to this the notion of interdiscursivity is spelled out in the present article and is compared with the notion of “intertextuality”. The former is illustrated with the help of examples borrowed from B.Obama’s victory speech (2008). All of them add certain musicality to the address as they present links to songs popular in America.
Confidence and overconfidence are essential aspects of human nature, but measuring (over)confidence is not easy. Our approach is to consider students' forecasts of their exam grades. Part of a student's grade expectation is based on the student's previous academic achievements; what remains can be interpreted as (over)confidence. Our results are based on a sample of about five hundred second-year undergraduate students enrolled in a statistics course in Moscow. The course contains three exams and each student produces a forecast for each of the three exams. Our models allow us to estimate overconfidence quantitatively. Using these models we find that students' expectations are not rational and that most students are overconfident, in agreement with the general literature. Less obvious is that overconfidence helps: given the same academic achievement students with larger confidence obtain higher exam grades. Female students are less overconfident than male students, their forecasts are more rational, and they are also faster learners in the sense that they adjust their expectations more rapidly.
Overvaluation on financial markets, high price volatility and quite rapid reduction of emerging markets towards an investment behavior field in terms of predictive estimation and forecast of further market changes. Hereby decision-making basis is a personal investment understanding and, due to favorable business climate, could build up the growth of irrational exuberance and speculative bubbles on financial markets.
This study models Market Certainty Index as a measure of asset overpricing and market overvaluation in terms of a speculative bubble concept. The results also provide insights of how to enhance the facility of overpriced assets studies at non-transparent economies or emerging markets.
Germany was the first country in Europe that auctioned off spectrum in the valuable 700 MHz band for mobile telecommunication usage. The German regulator decided to sell this spectrum together with spectrum in the 900 MHz and 1800 MHz legacy bands. With only the three incumbent operators bidding in the auction and a relatively transparent auction design, it was possible to get a very clear impression of the actual bidding behaviour. We show that in the beginning of the auction, bidders were actively searching for a way to allocate the available spectrum that all bidders could agree to at low prices. Bidders were teaching each other what they should bid and were providing carrots and sticks. When the excess demand was concentrated in one band only, bidders started to compete head on leading to a war of attrition. This competition only stopped when bidders started to raise prices in bands that were already cleared. We interpret this bidding behaviour in terms of bidders expressing allocative externalities and conclude that the ability to do so may be regarded as a positive aspect of the transparent design.
The materials of the scientific conference present the results of research activities of SPbSUE postgraduate students in 2017. They summarize the theoretical and practical issues of social and economic development of Russia at the present stage. Particular attention is paid to the objectives in the field of innovative development of the country, international cooperation, budgetary and tax policy of Russia and also to the realization of domestic enterprises’ competitive advantages in global economy. The ways of improving the strategic management of enterprises and the financial management system in organizations are explored as well as the development of various industries, housing construction and the introduction of information technology. In addition, features of legal regulation of economic activity, tasks in the field of logistics, accounting and auditing, social changes in modern society and theoretical aspects of institutional changes in Russian economy are taken into consideration. The materials might become an advantage to a wide range of readers interested in the problems of modern economy.