Search Results (279)

Global modern renewable energy based on geothermal, wind, solar, and marine resources has grown rapidly over the last decades despite low energy density, intermittent supply, and other qualities inferior to those of fossil fuels. What is the explanation for this growth? The main drivers of growth are assessed using economic theories and verified with statistical data. From the neo-classic viewpoint that focuses on price substitutions, the growth can be explained by the shift from energy-intensive agriculture and industry to labour-intensive services. However, the energy resources complemented rather than substituted for each other. In the evolutionary idea, investments supported by policies enabled cost-reducing technological change. Still, policies alone are insufficient to generate the growth of modern renewable energy as they are inconsistent across countries and in time. From the behavioural perspective that is preoccupied with innovative entrepreneurs, the value addition of electrification can explain the introduction of modern renewable energy in market niches, but not its fast growth. Instead of these mono-causalities, the growth of modern renewable energy is explained by technology diffusion during the pioneering, growth, and maturation phases. Possibilities that postpone the maturation are pinpointed. Full article

This paper investigates the information transmission performance of GIFT Nifty futures using high-frequency data, a novel area of study given their recent introduction. We employ Johansen cointegration tests, Granger causality tests, GARCH models, Hasbrouck’s Information Share (IS) model, and Gonzalo–Granger’s Component Share (CS) model to assess market integration, volatility, and price discovery dynamics. Our findings reveal significant bidirectional Granger causality and cointegration between the GIFT Nifty futures price and the Nifty index price, indicating a stable long-term equilibrium. Additionally, the GARCH model captures substantial volatility, reflecting the market’s responsiveness to new information. The IS and CS models confirm that the GIFT Nifty futures play a crucial role in the price discovery process, leading the Nifty index. This research is timely, within eight months of the first anniversary of GIFT Nifty futures trading since its launch. The findings highlight the information transmission performance and importance of the GIFT Nifty futures in enhancing market stability and transparency, offering valuable insights into market behaviour, integration, and forecasting abilities. Full article

Short-term dynamics in auction-based Day-Ahead electricity markets remain insufficiently studied. This paper investigates two such aspects in the Irish Day-Ahead market. First, we address an empirical gap by examining the extent of speculator (financial trader) participation and its evolution over time in a European Day-Ahead setting. Using granular participant-level order and trade data, we quantify speculators’ share of overall market activity and assess how often they are marginal in the auction. Although their share of orders and trades is relatively small, speculators are marginal in a substantial proportion of trading periods and their behaviour changes significantly following a Brexit-related structural shift in market coupling. Second, we introduce a sensitivity-based measure of price inertia defined as the resistance of prices to small changes in demand or supply, adapted to the Day-Ahead auction context, a dimension of market behaviour that has received little prior attention. We find that inertia levels vary considerably and also shift following the structural change. Taken together, these analyses provide empirical evidence that speculators play a non-negligible role in a European auction-based Day-Ahead market, while price inertia offers an additional lens through which to examine short-term market dynamics and their evolution under different market conditions. Full article

This study explores how Turkish Generation Z adapts their fashion consumption behaviours in response to economic crises, particularly focusing on involuntary anti-consumerism. Through a qualitative methodology using semi-structured interviews and purposive sampling, the research captures the coping strategies and emotional experiences of young consumers in Türkiye. A thematic analysis of fifteen interviews reveals an original “8Rs” framework—Reject, Restrict/Reduce, Reuse/Reclaim, Re-find, Reconsider, Re-framing Discounts, Re-direction of Resources, and Emotional Responses—that illustrates both behavioural and psychological adjustments under financial strain. Notably, the study introduces two novel concepts: “recession rush,” a calculated urgency to purchase before price hikes, and “re-direction of resources,” the reallocation of budget from other categories toward fashion purchases. By focusing on a geographically underrepresented context and a pivotal consumer segment, this research contributes new insights to the literature on anti-consumption, economic adaptation, and youth identity expression in crisis economies. Full article

Direct purchasing offers consumers the advantage of fresher, higher-quality food, often at lower prices, with greater transparency in terms of origin and production methods, which creates trust and enables more environmentally conscious choices. On the other hand, direct selling empowers farmers by cutting out middlemen and improving their income. As a climate-friendly option, direct selling reduces transport emissions, supports environmentally friendly agricultural practises and strengthens the resilience of the food system. This paper examines the factors that influence consumer purchase intentions for direct sales in the context of climate change. The study was conducted with a sample of 313 direct sales consumers at on- and off-farm locations in Croatia (Istria and Primorsko-goranska County). The sample consists mainly of women with higher education and over 45 years of age. The exploratory factor analysis revealed three factors: (1) attitude towards climate change, (2) influence of direct sales on climate change, and (3) intention to buy in direct sales. A hierarchical regression analysis revealed a positive and significant influence of the factors’ attitude towards climate change and the influence of direct selling on climate change on the purchase intention in direct selling. The results suggest that direct selling consumers are aware of climate change and are inclined to choose sustainable behaviours, such as direct selling, to mitigate climate change. Full article

In Australasian countries such as New Zealand, algae consumption is gaining in popularity within consumer markets. Beverages containing macro-algae, like kelp, and those containing micro-algae, such as spirulina, are considered novel products. While consumer preferences for algae-based products are well explored, less attention has been given to beverages, despite their importance for consumers, specifically those interested in health and well-being. The present study is dedicated to this research gap and investigates the key factors driving and hindering New Zealand consumers’ willingness to drink, pay a price premium, and spread word of mouth about micro-algae-based beverages, such as tea, smoothies, and cuppa soups. Theoretically, the present study is grounded in a seminal Australasian driver and barrier model of seaweed consumption. The current research design both confirms and extends the consumer behaviours previously examined. An online consumer study was distributed and collected via an opt-in panel provider, resulting in 437 responses. Consumers mirroring the NZ population in age, gender, and household income were the target sample, and descriptive statistics and a quantitative analysis via a partial least squares structural analysis served as the methodological foundation for the study. Food neophilia and involvement with algae were significant drivers for all three behavioural intentions investigated. Food neophobia was a significant inhibitor to the willingness to drink but not significantly related to the willingness to pay a price premium or spread word of mouth. Consumer perceptions of product attributes were a significant driver of New Zealand consumers’ willingness to spread word of mouth. The study provides best practice recommendations for marketers in Australasian beverage industries. In terms of its theoretical merit, two aspects stand out. Micro-algae beverages are an emerging beverage product category in Australasian markets, requiring wider exploration and complementary consumer research dedicated to algae-based food items. The focus on food neophobia and neophilia is original, as it helps to understand the barriers and drivers essential to beverages. In contrast to food items, beverages cannot hide novel ingredients such as micro-algae, making them simultaneously more appealing to food neophilic consumers and extremely challenging to food neophobic consumers. Full article

This research utilised Value–Belief–Norm theory (VBN) to develop a conceptual framework to test the impact of environmental consciousness on green purchasing behaviour through financial attitude. In addition, this study tested the moderating role of price sensitivity and greenwashing on the indirect impact of environmental consciousness on green purchasing behaviour through financial attitude among consumers in Egypt and Jordan. The study employs a cross-sectional questionnaire using a Likert scale to collect 828 and 776 valid responses from Egypt and Jordan, respectively. The data were analysed using Structural Equation Modelling (SEM). The results revealed that financial attitude positively mediates the link between environmental consciousness and green behaviour, while price sensitivity and greenwashing significantly moderate the indirect relationship between environmental consciousness and green purchasing behaviour through financial attitude in both Egypt and Jordan. The study extends VBN through contextualising its abstract ideas into the research variables and testing it in two developing economies. In addition, it enhances understanding of the barriers to and enablers of green purchasing behaviour and offers actionable recommendations for businesses to improve the transparency and affordability of green products, while guiding policymakers on designing targeted incentives and regulations to foster sustainable consumption. Full article

The shift toward experience-oriented travel has positioned food as a central driver for attracting visitors to sustainable destinations, directly supporting United Nations Sustainable Development Goal (SDG)11 (resilient cities) and SDG 12 (responsible consumption). While prior research has predominantly emphasised marketing outcomes, the role of bodily experiences in shaping gastronomic tourism has received less attention. This study explores how sensory elements (sight, sound, smell, taste, and touch) and non-sensory elements (including cultural meaning and service quality) jointly influence food-related travel experiences. Twenty-five self-identified food travellers were interviewed in a United Nations Educational, Scientific and Cultural Organization (UNESCO) City of Gastronomy, and their narratives were analysed using a three-stage grounded theory approach in NVivo 12. The resulting model identifies four interrelated dimensions: (1) embodied experience, grounded in culinary memories and shared cultural narratives; (2) sensory stimulation arising from food and its surroundings; (3) situated embodiment, shaped by location, timing, and social interaction; and (4) environmental perception, encompassing food presentation, facility quality, cleanliness, and pricing fairness. These dimensions interact to enhance overall experience quality. By integrating an embodied perspective with a sustainability focus, this study advances tourism experience research and offers practical guidance for designing multisensory dining environments, fostering environmentally responsible visitor behaviour, and ensuring a balanced relationship between price and perceived value. Full article

In recent years, carbon dioxide (CO₂) emissions have increased at the fastest rates ever recorded. This is a trend that contradicts global efforts to stabilise greenhouse gas (GHG) concentrations and prevent long-term climate change. Over 90% of global transport relies on oil-based fuels. The continued use of diesel and petrol raises concerns related to oil costs, supply security, GHG emissions, and the release of air pollutants and volatile organic compounds. This study explored electric vehicle (EV) charging networks by assessing environmental impacts through GHG and petroleum savings, developing dynamic pricing strategies, and forecasting infrastructure needs. A substantial dataset of over 259,000 EV charging records from Palo Alto, California, was statistically analysed. Machine learning models were applied to generate insights that support sustainable and economically viable electric transport planning for policymakers, urban planners, and other stakeholders. Findings indicate that GHG and gasoline savings are directly proportional to energy consumed, with conversion rates of 0.42 kg CO₂ and 0.125 gallons per kilowatt-hour (kWh), respectively. Additionally, dynamic pricing strategies such as a 20% discount on underutilised days and a 15% surcharge during peak hours are proposed to optimise charging behaviour and improve station efficiency. Full article

Lebanon is grappling with a multifaceted transportation crisis driven by the high population density, limited public transit infrastructure, and overwhelming dependence on private vehicles. These longstanding issues have been exacerbated by compounding national shocks, including the October 2019 economic collapse, the COVID-19 pandemic, and the catastrophic Beirut Port explosion in August 2020. This study investigates the implications of Lebanon’s unreliable public transportation system amid the ongoing economic instability. Using a structured Likert scale survey distributed among residents, this research analyses the key determinants influencing the modal shift from private to public transport. The results identify three dominant factors shaping this transition: the deteriorating economic conditions, the sociocultural attributes of commuters, and the perceived reliability and adequacy of public transport infrastructure. Notably, 15% of respondents cited transport reliability as the main factor influencing their commuting behaviour, while only 3% attributed their decisions solely to financial pressures. However, a majority acknowledged a confluence of both. The sharp escalation in fuel prices, triggered by the financial crisis, has amplified public interest in alternative transportation options. These findings underscore an urgent need to revamp and modernise Lebanon’s public transport system as a strategic response to mitigate congestion, enhance accessibility, and reduce economic burdens on citizens. Addressing the infrastructural gaps and improving service reliability are critical to fostering a sustainable and inclusive mobility ecosystem in the face of persistent national adversity. Full article

A representative sample of Maltese citizens (N = 384) was surveyed about their perception and attitude towards animal welfare and animal-friendly foods. Knowledge about animal welfare was self-evaluated as moderate (36%) or good (27%), and mass media (television, web and newspapers) were the primary information source (73%). Dairy cows were perceived as having the highest welfare (average rating 3 on a 1-to-5 scale), while conditions for broilers and pigs were perceived as more critical (average rating 2.7). Respondents consider animal welfare important (64%), the availability of welfare-friendly products in Malta limited (49%), and would support a national animal-friendly label (84%). Although 49% were willing to pay more for animal-friendly products, the accepted price increase was limited (increase below 10% for 37% of respondents, 20% were not willing to pay more and 27% were price-sensitive). Chi-squared analysis showed that the respondents’ profession impacted the support towards an animal welfare label (p < 0.01), with business operators being the least interested. Urban respondents were more critical toward farm animal welfare and more supportive of establishing a national welfare label than rural respondents (p < 0.05). The latter were less convinced that their choices can influence the welfare of farm animals (p < 0.01). Women were more willing to pay for welfare improvements than men (p < 0.01). These findings emphasize a significant concern for animal welfare among respondents, coupled with a moderate willingness to pay. The strong support for a national animal welfare label warrants the question as to whether transparent labelling would allow consumers to translate their sensibility into ethical purchasing behaviour. Full article

This study examines the price dynamics of the UK Emission Trading Scheme (UK ETS) by integrating advanced computational methods, including deep learning and statistical modelling, to analyze and simulate carbon market behaviour. By analyzing long-memory effects and price volatility, it assesses whether UK carbon prices align with theoretical expectations from carbon pricing mechanisms and market efficiency theories. Findings indicate that UK carbon prices exhibit persistent long-memory effects, contradicting the Efficient Market Hypothesis, which assumes price movements are random and fully reflect available information. Furthermore, regulatory interventions exert significant downward pressure on prices, suggesting that policy uncertainty disrupts price equilibrium in cap-and-trade markets. Deep learning models, such as Time-series Generative Adversarial Networks (TGANs) and adjusted fractional Brownian motion, outperform traditional approaches in capturing price dependencies but are prone to overfitting, highlighting trade-offs in AI-based forecasting for carbon markets. These results underscore the need for predictable regulatory frameworks, hybrid pricing mechanisms, and data-driven approaches to enhance market efficiency. By integrating empirical findings with economic theory, this study contributes to the carbon finance literature and provides insights for policymakers on improving the stability and effectiveness of emissions trading systems. Full article

With the rise of omnichannel (OC) retailing in food e-retail, understanding how OC retailing and product quality attributes influence consumer purchasing behaviour and value perceptions is crucial for developing e-retail strategies and enhancing consumer services. This study examined their impacts on Chinese consumers’ purchases of Australian beef (brisket) through a discrete choice experiment in Beijing, Shanghai, Guangzhou and Shenzhen and analysed 872 valid responses using multinomial logit, random parameter logit, and latent class models. Our findings reveal that Chinese consumers prefer buying Australian brisket via OC apps and offline stores, paying approx. 44% and 134% more per 500 g, respectively, compared to self-operated e-commerce stores. Brand, manufacturer and origin traceability are key quality attributes, with additional paid for brisket manufactured and packaged in Australia (under Australian brands) and featuring the MLA “True Aussie Beef” label over QR codes. This study also identified four distinct consumer clusters: (i) premium shoppers, (ii) channel and traceability-oriented shoppers, (iii) omnichannel and price-oriented shoppers and (iv) tech-savvy and discerning shoppers, highlighting varying sensitivities to e-retail channels and product attributes. These findings offer strategic and actionable insights for Australian beef exporters and OC retailers seeking to optimise consumer engagement and value creation in China’s evolving e-retail landscape. Full article

In light of the drawbacks of using fossil fuel, this paper investigates the competition between geographically spread charge point operators for future battery electric long-haul trucks along one of the busiest highways in Sweden. This is achieved using an agent-based model where trucks try to charge for a low price and still avoid queues in order to complete their transport mission. The charging need for a typical day at full electrification is derived from data from the Swedish Transport Administration. This typical day is simulated several times and in between these iterations the charge point operators adjust their prices and number of chargers, aiming to increase their profit. After a sufficiently long time of competition, a quasi-equilibrium is reached where, for example, prices and queueing times can be studied. The goal of the study is to estimate conditions for trucks and charge point operators in a future public fast-charging market. Assuming a price for electricity of 0.08 EUR/kWh, the results indicate that a system with low queuing problems is attainable with a mean price of 0.27 EUR/kWh or lower for public fast charging. It is also found that the behaviour of haulage companies, as a collective, can affect the future fast charging market to a great extent. If the hauliers are price-sensitive, they will be offered a low mean price, down to 0.11 EUR/kWh, but with queues, while if they are queue-sensitive, there will be almost no queues, but they will pay more to charge. Full article

In this paper, the Balassa–Samuelson–Tariffi effect is revisited. This research first aims to explain that the behaviour of the real exchange rate shows structural breaks in the short term. A partial equilibrium model “á la Rogoff” is formally formulated where there are relative prices of non-tradable goods in terms of tradable goods in the supply side. Secondly, a general equilibrium model is built after a utility function is added to the partial equilibrium model. It is presented as a mathematical mechanism that shows a stationary state in the real exchange rate considering not only non-tradable goods but also tradable goods both in the domestic market and the foreign market. It is explained that any change in a currency’s price in terms of another currency in real terms is transitory in the long run, thereby disappearing after a certain period of time. In the general equilibrium model, any price’s change in non-tradable goods will be compensated by either a price’s change in tradable goods or changes in the nominal exchange rate. Therefore, this study’s main contribution is to show theoretically that the real exchange rate is constant over time in the long run. Full article