Governance and Value Appropriation in the Cocoa Bioeconomy at Amazonas
Open Data
Main Article Content
Lucas Xavier Trindade
Maria Sylvia Macchione Saes
José Augusto Lacerda Fernandes
Jacques Marcovitch
Abstract
Objective: this article identifies the mechanisms that guide governance and determine the possibilities of appropriation of value (income) by extractive producers who participate in different value chains of the cocoa bioeconomy in Amazonas. Theoretical approach: transaction cost economics, with an emphasis on the relationships between the specific conditions of assets and bargaining power over the appropriation of value, represents the basis for the two theoretical propositions formulated. Methods: a qualitative approach to multiple case studies was used in two regions (Madeira and Juruá rivers), which are representative of the value chains of the cocoa bioeconomy in Amazonas. Secondary (documents) and primary (interviews and focus group) data were analyzed using thematic analysis. Results: in the commodity and specialty cocoa chains, differentiated relational governance mechanisms have been established, which configure the distribution of bargaining power between intermediaries and producers and consequently the ability of these agents to appropriate value. Conclusion: swaying bargaining power in favor of producers depends on the presence of specific assets positioned to their benefit. The higher the level of specific assets involved in the transaction in favor of extractivists, as occurs in the specialty cocoa chain, the greater their bargaining power tends to be and, consequently, their opportunity to appropriate value. Encouraging the creation of value chains based on specific assets that increase producers’ ability to appropriate income is imperative to achieve an inclusive bioeconomy in the Amazon.
Downloads
Download data is not yet available.
Download data is not yet available.
Article Details
How to Cite
Trindade, L. X., Saes, M. S. M., Fernandes, J. A. L., & Marcovitch, J. (2024). Governance and Value Appropriation in the Cocoa Bioeconomy at Amazonas. Journal of Contemporary Administration, 28(6), e240184. https://doi.org/10.1590/1982-7849rac2024240184.en
Section
Theoretical-empirical Articles
This work is licensed under a Creative Commons Attribution 4.0 International License.
Since mid-February of 2023, the authors retain the copyright relating to their article and grant the journal RAC, from ANPAD, the right of first publication, with the work simultaneously licensed under the Creative Commons Attribution 4.0 International license (CC BY 4.0), as stated in the article’s PDF document. This license provides that the article published can be shared (allows you to copy and redistribute the material in any medium or format) and adapted (allows you to remix, transform, and create from the material for any purpose, even commercial) by anyone.
After article acceptance, the authors must sign a Term of Authorization for Publication, which is sent to the authors by e-mail for electronic signature before publication.
References
Abdulsamad, A., Frederick, S., Guinn, A. & Gereffi, G. (2015). Propoor development and power asymmetries in global value chains. https://doi.org/10.13140/RG.2.2.32872.88323
Abramovay, R. et al. (2021). The new bioeconomy in the Amazon Opportunities. In. Amazon Assessment Report 2021. https://www.theamazonwewant.org/wp-content/uploads/2022/05/Chapter-30-Bound-May-16.pdf
Bento, J., Ferreira, D. S. & Poschen, P. (2019). About trees and people. What Works for development, employment and the environment in the Brazilian Amazon? Revista de Estudios Brasileños, 6(11), 109–121. https://doi.org/10.14201/ reb2019611109121
Bergamo, D., Zerbini, O., Pinho, P. & Moutinho, P. (2022). The Amazon Bioeconomy: Beyond the use of forest products. Ecological Economics, 199, 107448. https://doi.org/10.1016/j.ecolecon.2022.107448
Bragelien, I., & Impink, J. (2014). Relationship-specificity, bargaining power, growth, and firm performance. NHH Dept. of Business and Management Science Discussion Paper, (2014/4). https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2399405
Braun, V. & Clarke, V. (2006). Using thematic analysis in psychology. Qualitative Research in Psychology, 3(2), 77–101. https://doi.org/10.1191/1478088706qp063oa
Braun, V. & Clarke, V. (2012). Thematic analysis. APA handbook of research methods in psychology, Vol 2: Research designs: Quantitative, Qualitative, Neuropsychological, And Biological., 2, 57–71. https://doi.org/10.1037/13620-004
Braun, V. & Clarke, V. (2017). Applied qualitative research in Psychology. Applied Qualitative Research in Psychology, 0887(2006). https://doi.org/10.1057/978-1-137-35913-1
Bugge, M. M., Hansen, T. & Klitkou, A. (2016). What is the bioeconomy? A review of the literature. Sustainability, 8(7), 69. https://doi.org/10.3390/su8070691
Caleman, S. M. Q., & Zylbersztajn, D. (2012). Falta de garantias e falhas de coordenação: evidências do sistema agroindustrial da carne bovina. Revista de Economia e Sociologia Rural, 50(2). http://doi.org/10.1590/S0103-20032012000200002
Caleman, S. M. Q., & Zylbersztajn, D. (2013). Falhas organizacionais: Tipologia, determinantes e proposta de modelo teórico. Organizações & Sociedade, 20(65), 261- 282. https://doi.org/10.1590/S1984-92302013000200005
Coase, R. H. (1993). The nature of the firm: origins, evolution, and development. Oxford University Press.
Colli-Silva, M., Richardson, J. E., Michelangeli, F., & Pirani, J. R. (2024). Expading the cacao group: Three new species of Theobroma sect. Herrania (Malvaceae: Byttnerioideae) from the Western Amazon Basin. Kew Bulletin, 79(110), 571-582. https://doi.org/10.1007/s12225-024-10171-x
Costa F. A., Nobre, C., Genin, C., Frasson, C. M. R., Fernandes, D. A., Silva, H., Vicente, I., Santos, I. T., Barbieri, R. F., Ventura, R., Neto, & Folhes, R. (2022). Uma Bioeconomia Inovadora para a Amazônia: Conceitos, Limites e Tendências para uma Definição Apropriada ao Bioma Floresta Tropical. https://doi.org/10.46830/wriwp.21.00168pt
Creswell, J. W., & Clark, V. L. P. (2013). Pesquisa de métodos mistos. (2nd. ed.). Pensa.
Eisenhardt, K. M. (1989). Building theories from case study research. Academy of Management Review, 14(4), 532– 550. https://doi.org/10.5465/amr.1989.4308385
Farina, E. M. M., Azevedo, P. F., & Saes, M. S. M. (1997) Competitividade: Mercados, Estado e organizações. Singular.
Fiani, R. (2002). Teoria dos custos de transação. Economia Industrial: Fundamentos teóricos e práticos no Brasil. Campus.
Fiani, R. (2011). Cooperação e conflito: Instituições e desenvolvimento econômico. Elsevier.
Gereffi, G. (1994). The Organization of Buyer-Driven Global Commodity Chains: How U. S. Retailers Shape Overseas Production Networks. In G. & M. Korzeniewicz (Org.), Commodity chains and global capitalism, (pp. 95-122). CT: Praeger.
Gereffi, G. (1999). International trade and industrial upgrading in the apparel commodity chain. Journal of International Economics, 48, 37–70. https://doi.org/10.1016/S0022-1996(98)00075-0
Gereffi, G., Humphrey, J. & Sturgeon, T. (2005). The governance of global value chains. Review of International Political Economy, 12(1), 78–104. https://doi.org/10.1080/09692290500049805
Gereffi, G. & Lee, J. (2012). Why the world suddenly cares about global supply chains. Journal of Supply Chain Management, 48(3), 24–32. https://doi.org/10.1111/j.1745-493X.2012.03271.x
Hart, O., & Moore, J. (1990). Property rights and the nature of the firm. Journal of political economy, 98(6), 1119-1158. https://www.jstor.org/stable/2937753
Horner, R., & Nadvi, K. (2018). Global value chains and the rise of the global south: Unpacking twenty-first century polycentric trade. Global Networks, 18(2), 207–237. https://doi.org/10.1111/glob.12180
Instituto Brasileiro de Geografia e EstatÃstica. (2023). Produção AgrÃcola Municipal. https://www.ibge.gov.br/estatisticas/economicas/ agricultura-e-pecuaria/9117-producao-agricola-municipalculturas- temporarias-e-permanentes.html?=&t=resultados
Jano, P., & Hueth, B. (2013, August). Quality incentives in informal markets: The case of ecuadorian cocoa. Annual Meeting, August 4-6, 2013, Agricultural and Applied Economics. Washington, DC, United States.
Kim, J., & Mahoney, J. T. (2007). Appropriating economic rents from resources: an integrative property rights and resource-based approach. International Journal of Learning and Intellectual Capital, 4(1-2), 11-28. http://doi.org/10.1504/IJLIC.2007.013820
Libecap, G. D. (1986). Property rights in economic history: implications for research. Explorations in Economic History, 23, 227–252. https://doi.org/10.1016/0014-4983(86)90004-5
Lima, M. G. B. (2021). Corporate power in the bioeconomy transition: The policies and politics of conservative ecological modernization in Brazil. Sustainability (Switzerland), 13(12), 1–20. https://doi.org/10.3390/su13126952
Lima, M. G. B., & Palme, U. (2022). The bioeconomy– biodiversity nexus: Enhancing or undermining nature’s contributions to people? Conservation, 2(1), 7–25. https://doi.org/10.3390/conservation2010002
Lippman, S. A., & Rumelt, R. P. (2003). A Bargaining perspective on resource advantage. Strategic Management Journal, 24(11), 1069–1086. https://www.jstor.org/stable/20060602
Lovejoy, T. E., & Nobre, C. (2019). Amazon tipping point: Last chance for action. Science Advances, 5(12), 4–6. https://doi.org/10.1126/sciadv.aba2949
Martins, J. S. (1975) Capitalismos e Tradicionalismo. Pioneira.
Mas-Colell, A., Whinston, M. D., & Green, J. R. (1995). Microeconomic Theory. Oxford.
Menard, C., Saes, M. S. M., Rossignolo, V. L. S. S., & Raynaud, E. (2014). Challenges to Economic organization: Plural Forms. (1st. ed.). Atlas v. 1. 272p.
Mesquita, L. F., Saes, M. S. M., Lazzarini, S. G., & Pongeluppe, L. S. (2021). Can trust induce vertical integration? An experimental study of buyer–seller exchanges with distinct competencies and specific investments. Industrial and Corporate Change, 30(3), 778-798. https://doi.org/10.1093/icc/dtaa055
Middendorp, R. S., Boever, O., Rueda, X. & Lambin, E. F. (2020). Improving smallholder livelihoods and ecosystems through direct trade relations: High-quality cocoa producers in Ecuador. Business Strategy and Development, 3(2), 165–184. https://doi.org/10.1002/bsd2.86
Neilson, J., Pritchard, B., Fold, N., & Dwiartama, A. (2018). Lead Firms in the Cocoa–Chocolate Global Production Network: An Assessment of the Deductive Capabilities of GPN 2.0. Economic Geography, 94(4), 400–424. https://doi.org/10.1080/00130095.2018.1426989
Nobre, I., & Nobre, C. A. (2018). The Amazonia Third Way Initiative: The Role of Technology to Unveil the Potential of a Novel Tropical Biodiversity-Based Economy (Loures, L. C). https://www.intechopen.com
North, D. C. (1990). Institutions, institutional change and economic performance. Cambridge University Press.
Organização Internacional do Cacau.(2018). Aworking definition offineor flavour cocoa. https://en.wikipedia.org/wiki/Specialty_coffee.
Piekkari, R., Welch, C. & Paavilainen, E. (2009). The case study as disciplinary convention: Evidence from international business journals. Organizational Research Methods, 12(3), 567–589. https://doi.org/10.1177/1094428108319905
Ponte, S., & Sturgeon, T. (2014). Explaining governance in global value chains: A modular theory-building effort. Review of International Political Economy, 21(1), 195–223. https://doi.org/10.1080/09692290.2013.809596
Raiffa, H. (1996). El arte y la ciencia de la negociación. Fondo de Cultura Económica.
Schnaider, P. S. B., Saes, M. S. M., & Raynaud, E. (2022). It takes two to tango: Combining asset specificity and uncertainty to explain the diversity of plural forms. International Food and Agribusiness Management Review, 25(2), 311-328. https://doi.org/10.22434/IFAMR2021.0056
Saes, M. S. M (2008). Estratégias de diferenciação e apropriação da quase-renda na agricultura: A produção de pequena escala [Tese Livre Docente]. Universidade de São Paulo.
Saes, M. S. M., Saes, B. M., Feitosa, E. R. M., Poschen, P., Val, A. L., & Marcovitch, J. (2023). When do supply chains strengthen biological and cultural diversity? Methods and indicators for the socio-biodiversity Bioeconomy. Sustainability, 15(10), 8053. https://doi.org/10.3390/su15108053
Souza, H. M, de Filho, & Miranda, B. V. (2019). Asset specificity, intensity of coordination, and the choice of hybrid governance structures. Journal of Agribusiness in Developing and Emerging Economies, 9(2), 139-158. https://doi.org/10.1108/JADEE-11-2017-0127
Vivien, F. D., Nieddu, M., Befort, N. Debrefat, R., & Gampietro, M. (2019). The Hijacking of the Bioeconomy. Ecological Economics, 159, 189–197. https://doi.org/10.1016/j.ecolecon.2019.01.027
Williamson, O. E. (1981). The economics of organization: the transaction cost approach. American Journal of Sociology, 87(3), 548. https://www.jstor.org/stable/2778934
Williamson, O. E. (1985). The economic institutions of capitalism. The Free Press.
Williamson, O. E. (1991). Strategizing, economizing and economic organization. Strategic Management Journal, 12(S 2), 75– 94. https://doi.org/10.1002/smj.4250121007
Williamson, O. E (1996). Mechanisms of governance. Oxford University Press. Williamson, O. E. (2002). The theory of the firm as governance structure: From choice to contract. Journal of Economic Perspectives, 16(3), 171–195. https://doi.org/10.1257/089533002760278776
Abramovay, R. et al. (2021). The new bioeconomy in the Amazon Opportunities. In. Amazon Assessment Report 2021. https://www.theamazonwewant.org/wp-content/uploads/2022/05/Chapter-30-Bound-May-16.pdf
Bento, J., Ferreira, D. S. & Poschen, P. (2019). About trees and people. What Works for development, employment and the environment in the Brazilian Amazon? Revista de Estudios Brasileños, 6(11), 109–121. https://doi.org/10.14201/ reb2019611109121
Bergamo, D., Zerbini, O., Pinho, P. & Moutinho, P. (2022). The Amazon Bioeconomy: Beyond the use of forest products. Ecological Economics, 199, 107448. https://doi.org/10.1016/j.ecolecon.2022.107448
Bragelien, I., & Impink, J. (2014). Relationship-specificity, bargaining power, growth, and firm performance. NHH Dept. of Business and Management Science Discussion Paper, (2014/4). https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2399405
Braun, V. & Clarke, V. (2006). Using thematic analysis in psychology. Qualitative Research in Psychology, 3(2), 77–101. https://doi.org/10.1191/1478088706qp063oa
Braun, V. & Clarke, V. (2012). Thematic analysis. APA handbook of research methods in psychology, Vol 2: Research designs: Quantitative, Qualitative, Neuropsychological, And Biological., 2, 57–71. https://doi.org/10.1037/13620-004
Braun, V. & Clarke, V. (2017). Applied qualitative research in Psychology. Applied Qualitative Research in Psychology, 0887(2006). https://doi.org/10.1057/978-1-137-35913-1
Bugge, M. M., Hansen, T. & Klitkou, A. (2016). What is the bioeconomy? A review of the literature. Sustainability, 8(7), 69. https://doi.org/10.3390/su8070691
Caleman, S. M. Q., & Zylbersztajn, D. (2012). Falta de garantias e falhas de coordenação: evidências do sistema agroindustrial da carne bovina. Revista de Economia e Sociologia Rural, 50(2). http://doi.org/10.1590/S0103-20032012000200002
Caleman, S. M. Q., & Zylbersztajn, D. (2013). Falhas organizacionais: Tipologia, determinantes e proposta de modelo teórico. Organizações & Sociedade, 20(65), 261- 282. https://doi.org/10.1590/S1984-92302013000200005
Coase, R. H. (1993). The nature of the firm: origins, evolution, and development. Oxford University Press.
Colli-Silva, M., Richardson, J. E., Michelangeli, F., & Pirani, J. R. (2024). Expading the cacao group: Three new species of Theobroma sect. Herrania (Malvaceae: Byttnerioideae) from the Western Amazon Basin. Kew Bulletin, 79(110), 571-582. https://doi.org/10.1007/s12225-024-10171-x
Costa F. A., Nobre, C., Genin, C., Frasson, C. M. R., Fernandes, D. A., Silva, H., Vicente, I., Santos, I. T., Barbieri, R. F., Ventura, R., Neto, & Folhes, R. (2022). Uma Bioeconomia Inovadora para a Amazônia: Conceitos, Limites e Tendências para uma Definição Apropriada ao Bioma Floresta Tropical. https://doi.org/10.46830/wriwp.21.00168pt
Creswell, J. W., & Clark, V. L. P. (2013). Pesquisa de métodos mistos. (2nd. ed.). Pensa.
Eisenhardt, K. M. (1989). Building theories from case study research. Academy of Management Review, 14(4), 532– 550. https://doi.org/10.5465/amr.1989.4308385
Farina, E. M. M., Azevedo, P. F., & Saes, M. S. M. (1997) Competitividade: Mercados, Estado e organizações. Singular.
Fiani, R. (2002). Teoria dos custos de transação. Economia Industrial: Fundamentos teóricos e práticos no Brasil. Campus.
Fiani, R. (2011). Cooperação e conflito: Instituições e desenvolvimento econômico. Elsevier.
Gereffi, G. (1994). The Organization of Buyer-Driven Global Commodity Chains: How U. S. Retailers Shape Overseas Production Networks. In G. & M. Korzeniewicz (Org.), Commodity chains and global capitalism, (pp. 95-122). CT: Praeger.
Gereffi, G. (1999). International trade and industrial upgrading in the apparel commodity chain. Journal of International Economics, 48, 37–70. https://doi.org/10.1016/S0022-1996(98)00075-0
Gereffi, G., Humphrey, J. & Sturgeon, T. (2005). The governance of global value chains. Review of International Political Economy, 12(1), 78–104. https://doi.org/10.1080/09692290500049805
Gereffi, G. & Lee, J. (2012). Why the world suddenly cares about global supply chains. Journal of Supply Chain Management, 48(3), 24–32. https://doi.org/10.1111/j.1745-493X.2012.03271.x
Hart, O., & Moore, J. (1990). Property rights and the nature of the firm. Journal of political economy, 98(6), 1119-1158. https://www.jstor.org/stable/2937753
Horner, R., & Nadvi, K. (2018). Global value chains and the rise of the global south: Unpacking twenty-first century polycentric trade. Global Networks, 18(2), 207–237. https://doi.org/10.1111/glob.12180
Instituto Brasileiro de Geografia e EstatÃstica. (2023). Produção AgrÃcola Municipal. https://www.ibge.gov.br/estatisticas/economicas/ agricultura-e-pecuaria/9117-producao-agricola-municipalculturas- temporarias-e-permanentes.html?=&t=resultados
Jano, P., & Hueth, B. (2013, August). Quality incentives in informal markets: The case of ecuadorian cocoa. Annual Meeting, August 4-6, 2013, Agricultural and Applied Economics. Washington, DC, United States.
Kim, J., & Mahoney, J. T. (2007). Appropriating economic rents from resources: an integrative property rights and resource-based approach. International Journal of Learning and Intellectual Capital, 4(1-2), 11-28. http://doi.org/10.1504/IJLIC.2007.013820
Libecap, G. D. (1986). Property rights in economic history: implications for research. Explorations in Economic History, 23, 227–252. https://doi.org/10.1016/0014-4983(86)90004-5
Lima, M. G. B. (2021). Corporate power in the bioeconomy transition: The policies and politics of conservative ecological modernization in Brazil. Sustainability (Switzerland), 13(12), 1–20. https://doi.org/10.3390/su13126952
Lima, M. G. B., & Palme, U. (2022). The bioeconomy– biodiversity nexus: Enhancing or undermining nature’s contributions to people? Conservation, 2(1), 7–25. https://doi.org/10.3390/conservation2010002
Lippman, S. A., & Rumelt, R. P. (2003). A Bargaining perspective on resource advantage. Strategic Management Journal, 24(11), 1069–1086. https://www.jstor.org/stable/20060602
Lovejoy, T. E., & Nobre, C. (2019). Amazon tipping point: Last chance for action. Science Advances, 5(12), 4–6. https://doi.org/10.1126/sciadv.aba2949
Martins, J. S. (1975) Capitalismos e Tradicionalismo. Pioneira.
Mas-Colell, A., Whinston, M. D., & Green, J. R. (1995). Microeconomic Theory. Oxford.
Menard, C., Saes, M. S. M., Rossignolo, V. L. S. S., & Raynaud, E. (2014). Challenges to Economic organization: Plural Forms. (1st. ed.). Atlas v. 1. 272p.
Mesquita, L. F., Saes, M. S. M., Lazzarini, S. G., & Pongeluppe, L. S. (2021). Can trust induce vertical integration? An experimental study of buyer–seller exchanges with distinct competencies and specific investments. Industrial and Corporate Change, 30(3), 778-798. https://doi.org/10.1093/icc/dtaa055
Middendorp, R. S., Boever, O., Rueda, X. & Lambin, E. F. (2020). Improving smallholder livelihoods and ecosystems through direct trade relations: High-quality cocoa producers in Ecuador. Business Strategy and Development, 3(2), 165–184. https://doi.org/10.1002/bsd2.86
Neilson, J., Pritchard, B., Fold, N., & Dwiartama, A. (2018). Lead Firms in the Cocoa–Chocolate Global Production Network: An Assessment of the Deductive Capabilities of GPN 2.0. Economic Geography, 94(4), 400–424. https://doi.org/10.1080/00130095.2018.1426989
Nobre, I., & Nobre, C. A. (2018). The Amazonia Third Way Initiative: The Role of Technology to Unveil the Potential of a Novel Tropical Biodiversity-Based Economy (Loures, L. C). https://www.intechopen.com
North, D. C. (1990). Institutions, institutional change and economic performance. Cambridge University Press.
Organização Internacional do Cacau.(2018). Aworking definition offineor flavour cocoa. https://en.wikipedia.org/wiki/Specialty_coffee.
Piekkari, R., Welch, C. & Paavilainen, E. (2009). The case study as disciplinary convention: Evidence from international business journals. Organizational Research Methods, 12(3), 567–589. https://doi.org/10.1177/1094428108319905
Ponte, S., & Sturgeon, T. (2014). Explaining governance in global value chains: A modular theory-building effort. Review of International Political Economy, 21(1), 195–223. https://doi.org/10.1080/09692290.2013.809596
Raiffa, H. (1996). El arte y la ciencia de la negociación. Fondo de Cultura Económica.
Schnaider, P. S. B., Saes, M. S. M., & Raynaud, E. (2022). It takes two to tango: Combining asset specificity and uncertainty to explain the diversity of plural forms. International Food and Agribusiness Management Review, 25(2), 311-328. https://doi.org/10.22434/IFAMR2021.0056
Saes, M. S. M (2008). Estratégias de diferenciação e apropriação da quase-renda na agricultura: A produção de pequena escala [Tese Livre Docente]. Universidade de São Paulo.
Saes, M. S. M., Saes, B. M., Feitosa, E. R. M., Poschen, P., Val, A. L., & Marcovitch, J. (2023). When do supply chains strengthen biological and cultural diversity? Methods and indicators for the socio-biodiversity Bioeconomy. Sustainability, 15(10), 8053. https://doi.org/10.3390/su15108053
Souza, H. M, de Filho, & Miranda, B. V. (2019). Asset specificity, intensity of coordination, and the choice of hybrid governance structures. Journal of Agribusiness in Developing and Emerging Economies, 9(2), 139-158. https://doi.org/10.1108/JADEE-11-2017-0127
Vivien, F. D., Nieddu, M., Befort, N. Debrefat, R., & Gampietro, M. (2019). The Hijacking of the Bioeconomy. Ecological Economics, 159, 189–197. https://doi.org/10.1016/j.ecolecon.2019.01.027
Williamson, O. E. (1981). The economics of organization: the transaction cost approach. American Journal of Sociology, 87(3), 548. https://www.jstor.org/stable/2778934
Williamson, O. E. (1985). The economic institutions of capitalism. The Free Press.
Williamson, O. E. (1991). Strategizing, economizing and economic organization. Strategic Management Journal, 12(S 2), 75– 94. https://doi.org/10.1002/smj.4250121007
Williamson, O. E (1996). Mechanisms of governance. Oxford University Press. Williamson, O. E. (2002). The theory of the firm as governance structure: From choice to contract. Journal of Economic Perspectives, 16(3), 171–195. https://doi.org/10.1257/089533002760278776