Irina Georgescu

Bucharest Academy of Economic Studies | ASE · Department of Computer Science and Cybernetics

Renewable energy represents a crucial resource in the efforts to combat climate change and reduce dependence on fossil fuels. In the past few decades, Romania has lessened its environmental footprint and played an important role in actions against climate change. In this research, the energy sector in Romania is analyzed from a holistic perspective...

This study investigates the efects of productivity, energy consumption, foreign direct investments, and urbanization on carbon dioxide emissions (CO2) in Finland during 2000–2020 using an autoregressive distributed lag (ARDL) model. The results show that (i) there is evidence of cointegration among variables; (ii) energy consumption has a positive...

Purpose: This study continues the series of previous research carried out by the authors on digital transformation in the EU countries. It aims to identify and analyse the progress made by EU administrations in terms of digitization and effective governance in the period 2019-2021. Design/methodology/approach: Based on selected variables from Eu-ro...

The unexpected pandemic eruption in March 2020, the European efforts to diminish the gas house emissions, prolonged drought, higher inflation and the war in Ukraine clearly have had a strong impact on the electricity price. In this paper, we analyze the electricity prices on the Romanian Day-Ahead Market (DAM) along with other variables (inflation,...

From an economic point of view, shortly digitalization will lead not only to progressive growth, but also to important transformations of jobs and to the reorganization of the way of carrying out the activity of retail, transport, and banking services. Our research aimed to identify and analyze the correlations between digitization and economic gro...

This study aims to examine the dynamic connection among economic growth, CO2 emissions, energy consumption, and foreign direct investments (FDIs). The panel section considers the period of 2000–2020 for 25 EU Member States excluding Malta and Croatia. The annual data are retrieved from the World Bank and Eurostat databases. The empirical analysis u...

Fuzzy real options modeling has developed greatly in the last decade. Fuzzy real options are for real investments what financial options are for investments on financial assets. Main differences from the valuation perspective include, e.g., that real investments are often unique, and their real option value cannot be derived from market data. The v...

The trend of globalization, accompanied by the dynamic development of social systems, places the European states in a completely new position, in which institutions and administrative systems must be adapted. Any intervention in the field of public administration reform implies changes in its major components to have efficient governance in the con...

Purpose: Digitalization has been the driving change in creating jobs and increasing economic growth in recent years. However, the digitalization of countries and sectors is uneven. The paper focuses on various factors that have an impact on the economic development and well-being in EU countries. Its purpose is to show the evolution of EU countries...

In this paper, we apply Data Envelopment Analysis with constant and variable returns to scale to study the technical efficiency of 42 countries for 2019 starting from 12 inputs and 3 outputs. The inputs represent the features of entrepreneurial framework conditions, which can be managed by governments to enhance or hinder new business creation, i.e...

The environment theme has taken on considerable importance in consumer purchasing choices. Through voluntary environmental policy tools (product certifications, ecological labels and company certifications) the producers demonstrate their attention to environmental issues. The paper analyzed the environmental impacts, that is, the consumption of re...

The increasing usage of mobile technology implies high acceptance of emerging digital technologies. The aim of this study is to identify the features and quantify their effects on the acceptance of mobile technology by consolidating the uses and gratifications theory (UGT) and technology acceptance model (TAM) as the theoretical framework. The cont...

Fuzzy real options modeling has developed greatly in the last decade. Fuzzy real options are for real investments what financial options are for investments on financial assets. Main differences from the valuation perspective include , e.g., that real investments are often unique, and their real option value cannot be derived from market data. The...

Public participation is a way for stakeholders of public institutions to participate in the public decision-making process, planning, organizing, and fi nanc-ing activities to achieve common public goals. Th e research underlying this paper examines the ability of EU states to support e-participation in various ways and activities. Th e aim of the...

In this paper is studied a possibilistic multi-item risk neutral inventory problem in which the components of the demand vector are fuzzy numbers. In defining the total profit and in the formulation of the optimization problem, the operations with fuzzy numbers and the possibilistic expected value associated with a fuzzy number are used. One proves...

The paper is based on research that identified and analyzed the effects of the variable context of the period 2011-2019 on the entrepreneur's businesses from 16 states. The database used in this research has been selected from the Global Entrepreneurship Monitor. The data were obtained based on surveys involving adult entrepreneurs. The aim of the...

Effective digitalization of public administrations and economies requires rethinking of how e-government and digital services with increasing e-participation can support corruption reduction and social development. This paper aims to study the interdependencies and differences between the multidimensional phenomena of administrative corruption and...

Sustainable economic growth is desired to be achieved by governments targeting economic, social, and environmental benefits. The idea of circular economy model is to consider feedback effects from proper waste management instead of one-way effects typical with the classical linear model. Several sectors of society contribute to circular economy and...

In this paper, optimal saving models with two risk components are studied: the labor income risk and the interest rate risk. These risks can be modeled probabilistically by random variables or possibilistically by fuzzy numbers. In mixed models, one of the components is probabilistic and the other one is possibilistic. After the construction of two...

The increasing usage of mobile technology implies high acceptance of emerging digital technologies. The aim of this study is to identify the features and quantify their effects on the acceptance of mobile technology by consolidating the Use and Gratification Theory (UGT) and Technology Acceptance Model (TAM) as the theoretical framework. The contex...

The involvement of the state in the market economy through the redistribution of welfare is necessary for moral and economic reasons. The need for a system of social protection is developed in all advanced states to reduce the 'social risks' of the living standards of citizens. Our research aimed to identify the particularities of the governmental...

Developments in Information and Communication Technology (ICT) have led to major changes in public administration in all democratic states. The fact that information can be made public and accessible from anywhere, at any time, requires a new approach to the process of computerization of public administration. The objective of the research was to k...

It is known that the evolution of digital technologies, together with a combination of other essential generic technologies, leads to a change in the way we design, produce and market related products and services, as well as in the way how value is generated from them. Digitalization and transformation of the business process to create remarkable...

Fuzzy real options analysis has advanced greatly during the last decade, specifically, through the development of so-called fuzzy pay off techniques. The practicality and intuitiveness of these methods allow their straightforward integration into any spreadsheet or other evaluation systems for easy applications of real options thinking to real inve...

Digitalization and artificial intelligence are growing in importance as parts of decision-support tools in various application domains. One of the important developments in this vein has been the creation of interactive tools for coaching users of complex decision-support systems to help them successfully and correctly use the said systems. This pa...

This paper explores the effects of attitudes on total early-stage entrepreneurial activity (TEA). The data is obtained from the Global Entrepreneurship Monitor's Adult Population Surveys (APS) on the characteristics and motivations of individuals to start new businesses. The dataset consists, e.g., of individuals' entrepreneurial intentions, their...

Fuzzy real options analysis has gained increasing attention among investment practitioners as well as investment theory-focused academics. The strength of the real option valuation (ROV) models, when compared to the more traditional net-present-value methods, is that they can account for flexibility, which is often available in long-term real inves...

The digitalization of public administration is a necessary condition for the economic and social development of each country. In this context, e-government is developing and diversifying its forms of implementation, contributing significantly to the efficiency of public administration, to increasing the degree of transparency and reducing corruptio...

The implications of entrepreneurial conditions, opportunities, and attitudes for total entrepreneurial activity (TEA) are under study. The data is obtained from the Global Entrepreneurship Monitor and Heritage Foundation for ten European Union countries, which had long enough time-series data available. The set of indicators include variables to de...

Real options valuation models can capture the value effects of flexibility, which net-present-value models cannot do properly. This type of optionalities are typical in long-term strategic investments as well as in evaluations of public policies. The original credibilistic fuzzy pay-off method for real options valuation is extended with trapezoidal...

Digitalization and artificial intelligence are growing in importance as parts of decision-support tools in various application domains. One of the important developments in this vein has been the creation of interactive tools for coaching users of complex decision-support systems to help them successfully and correctly use the said systems. This pa...

Objective: The objective of the article is to identify the reference group of countries with similar Covid strategies and other groups with their performance success, and to construct a composite Covid Mitigation Index for comparative purposes, thus, implying how to redesign the strategic policies. Research Design & Methods: Gaussian Mixture Modell...

Fuzzy real options analysis has advanced greatly during the last decade, specifically, through the development of so-called fuzzy pay-off techniques. The practicality and intuitiveness of these methods allow their straightforward integration into any spreadsheet or other evaluation systems for easy applications of real options thinking to real inve...

Promotion and implementation of sustainable production and consumption practices have become a priority to obtain social, economic, and environmental benefits. Circular economy is based on an integrative approach which requires the analysis of all the relevant factors that may determine changes in the classical linear model of economic growth. From...

It is known that the evolution of digital technologies, together with a combination of other essential generic technologies, leads to a change in the way we design, produce and market related products and services, as well as in the way how value is generated from them. Digitalization and transformation of the business process to create remarkable...

This paper addresses the digitalization of valuation techniques and learning them within the domain of strategic investments. Real options analysis has been proven more suitable to evaluate dynamic and flexible strategic opportunities than traditional NPV methods. The complexity and high uncertainty inherent in long-term strategic investment decisi...

This paper addresses the progress of digital skills and technologies and their impact on well-being, income inequality and competitiveness of world countries. In future, the digital progress will contribute to an increase in technology, capital, and finally, production. The digital progress is unequally distributed among world countries. Even if ec...

Achieving a competitive economy and a competitive market, in general, comes from the desire to meet economic and social objectives and ensures a growing level of social welfare. The objectives of our research are to find out and highlight the bidirectional linear correlations between competitiveness, well-being and innovation and to analyze the mai...

New technologies and new market realities determine the global energy industry to redesign their business models in all significant areas. We based our research on the components of renewable energy within the OECD countries and used thirteen indicators in order to find out both the relations and the impact of main sectorial indicators and the glob...

In this paper, we study the connections of categorical levels of Human Development Index (HDI), GDP per capita, World Happiness Index, the Gini indexes of Income and Wealth inequalities together with poverty rate for 98 world countries. By clustering analysis we identify four groups of countries with similar features. K-means clustering algorithm i...

The expected utility operators introduced in a previous paper offer a framework for a general risk aversion theory, in which risk is modeled by a fuzzy number A. In this paper, we formulate a coinsurance problem in the possibilistic setting defined by an expected utility operator T. Some properties of the optimal saving T-coinsurance rate are prove...

Economic growth, productivity and national well-being over time have been promoted through various innovation strategies. Education aims to shape the human personality according to its particularities but also according to the social dynamics, the mobility of teachers through the dynamic integration of man in society. Education differs from one his...

The use of advanced ICT technologies and the support of new ways of thinking, acting and working in public administration, together with the increased provision of information and interactive services accessible through various channels, is the foundation of eGovernment. In recent years, there has been visible progress in all EU countries in terms...

The current Covid-19 pandemic is a disruptive event accompanied by a range of governmental responses and unforeseen impacts on society and businesses. We analyse and rank-order the effects of the national mitigation measures on the tourism sector of fifteen European countries and we build a composite Covid-Mitigatin Index, CMI, for country comparis...

This paper is concerned with a quantitative approach to the determinants of human development index, namely GDP per capita, Net Income GINI index, Wealth GINI index and poverty rate. For year 2018 and 98 world countries, we apply multiple discriminant analysis to predict four classes of human development index. The discriminant analysis achieved 83...

New technologies and new market realities determine the global energy industry to redesign their business models in all significant areas. We based our research on the components of renewable energy within the OECD countries and used thirteen indicators in order to find out both the relations and the impact of main sectorial indicators and the glob...

The use of energy from renewable sources has many potential benefits, including a reduction in greenhouse gas emissions, diversification of energy supply and reduction of dependence on fossil fuel markets (in particular, on the oil and gas market). The development of renewable energy sources can also influence employment by creating jobs in the new...

The current covid-19 pandemic is a disruptive event on various levels. Disruptive event can be defined as a situation where an agent needs to redesign a strategy to overcome the obstacles arising from a fundamental change in an environment. The required change in procedures may open further options to develop best practices towards success. This ca...

The current phenomenon of the economy-accelerated digitalization, known as the "Industry 4.0", will generate both an increased productivity, connectivity and several transformations on the labor force skills. Our research objectives are to determine the influence that digitalization has had on the workforce in several developed countries and to pro...

The importance of fuzzy real options analysis has been growing in the past ten years due to recent introductions of intuitive fuzzy real options models, which have been demonstrated to be both practical and easy to implement. This paper introduces the credibilistic pay-off model for triangular interval-valued fuzzy numbers, IVFNs, and compares it t...

This paper introduces an extension to the center-of-gravity fuzzy pay-off method, CoG-FPOM by Borges and others from 2018 meant for the valuation of real options by using interval-valued fuzzy numbers. The CoG-FPOM was developed as a response and a remedy to the identified inconsistency with financial theory in the original fuzzy pay-off method for...

This paper introduces an extension to the center-of-gravity fuzzy pay-off method, CoG-FPOM by Borges and others from 2018, meant for the valuation of real options by using interval-valued fuzzy numbers. The CoG-FPOM was developed as a response and a remedy to the identified inconsistency with financial theory in the original fuzzy pay-off method fo...

The continuous increase of competition in international markets and the diversification of consumers' interests and expectations of products and services expressed on the social media networks have led us to investigate how the opinions of consumers can significantly influence the changes in the strategy of the organizations. In order to find out t...

The continuous increase of competition in international markets and the diversification of consumers’ interests and expectations of products and services expressed on the social media networks have led us to investigate how the opinions of consumers can significantly influence the changes in the strategy of the organizations. In order to find out t...

Most marketing specialists recognise that consumer behaviour can be explained by knowing the system of factors and variables that influence it. The purpose of our research is to get to know and analyse the behaviour of EU consumers within the online environment. In order to do so, we have selected a group of indicators and variables of consumer beh...

This paper addresses the progress of digital skills and technologies and their impact on well-being, income inequality and competitiveness of world countries. In future, the digital progress will contribute to an increase in technology and capital, and finally, production. The digital progress is unequally distributed among world countries. Even if...

Fuzzy real options models have gained importance in investment modelling due to their practicality and easiness to implement and interpret. This paper introduces the center-of-gravity pay-off model for trapezoidal fuzzy numbers and compares it to the credibilistic and the original fuzzy pay-off models. The models are extended to interval-valued rea...

5th Business & Entrepreneurial Economics Conference 2020 20/5 - 23/5 2020 Virtual Conference, EDITORS: Marko Kolaković, Ph.D., Tin Horvatinović & Ivan Turčić Publisher: Student Business Incubator at the University of Zagreb University of Zagreb - Croatia, Faculty of Economics and Business, ISSN: 2459-5225

In this paper, the implications of economic freedoms and entrepreneurial conditions for the level of early-stage entrepreneurship are under study. The purpose is to rank-order microeconomic entrepreneurial conditions and (macro)economic freedoms under which companies are established, i.e., to find the most important factors affecting entrepreneuria...

The objective of this paper is to find the efficiency of computational methods, namely multinomial logistic regression (MLR) in predicting four classes of human development index (HDI) for 98 world countries for year 2018. In this paper we apply MLR to study the impact of GDP per capita, Net Income Gini index, Wealth Gini index and poverty rate on...

This paper addresses digitalization of both the evaluation techniques, as well as, learning using them within the domain of strategic investment decision making. In dynamic and flexible strategic investments, real options analysis has been proven more suitable in evaluation of strategic opportunities than more traditional methods such as net presen...

The paper is concerned with a saving model in which the interest rate risk is a fuzzy number. Our model can be seen as a possibilistic variant of a saving model due to Rothschild and Stiglitz, in which the interest rate risk is a random variable. A notion of possibilistic precautionary saving is defined as a measure of the optimal saving variation...

The importance of fuzzy real options analysis has been growing in the past ten years due to recent introductions of intuitive fuzzy real options models, which have been demonstrated to be both practical and easy to implement. This paper introduces the credibilistic pay-off model for triangular interval-valued fuzzy numbers, IVFNs, and compares it t...

This paper studies an optimal saving model in which risk is represented by a fuzzy number and the total utility function of the model is defined by an expected utility operator. This model generalizes some existing possibilistic saving models and from them, by a particularization, one can obtain new saving models. In the paper, sufficient condition...

Typical classification research of the United Nations’ Human Development Index, HDI, has focused on its direct underlying sub-indices, i.e., Gross National Income, GNI, Education and Health. In this paper, economic and political systems within which the elements of HDI are created are under study. We use Bertelsmann Foundation’s qualitative data fr...

Earnings-enhancing and cost-reduction synergies can be framed as real options in mergers and acquisitions. An acquirer may also acquire non-core businesses, which are evaluated as abandonment options. This paper presents how fuzzy and probabilistic real options models can be applied to M&A synergies in a comparative manner and builds a decision sup...

A classical portfolio theory deals with finding the optimal proportion in which an agent invests a wealth in a risk-free asset and a probabilistic risky asset. Formulating and solving the problem depend on how the risk is represented and how, combined with the utility function defines a notion of expected utility. In this paper the risk is a fuzzy...

This paper studies an optimal saving model in the possibilistic context defined by an expected utility operator. Among the results of the paper, we mention an approximation formula of the optimal saving level and a sufficient condition such that the presence of a possibilistic risk to lead to an increase in optimal saving.

This paper studies an optimal saving model in the possibilistic context defined by an expected utility operator. Among the results of the paper, we mention an approximation formula of the optimal saving level and a sufficient condition such that the presence of a possibilistic risk to lead to an increase in optimal saving.

In this paper we focus on the empirical application for Romania of an optimal control model having as state variables the the real wealth and expected inflation, as control variable real government expenditures and as objective function, the minimisation of the integral during initial and final time of the squared differences between actual real go...

The expected utility operators introduced in a previous paper, offer a framework for a general risk aversion theory, in which risk is modelled by a fuzzy number $A$. In this paper we formulate a coinsurance problem in the possibilistic setting defined by an expected utility operator $T$. Some properties of the optimal saving $T$-coinsurance rate ar...

Possibilistic risk theory starts from the hypothesis that risk is modeled by fuzzy numbers. In particular, in a possibilistic portfolio choice problem, the return of a risky asset will be a fuzzy number. The expected utility operators have been introduced in a previous paper to build an abstract theory of possibilistic risk aversion. To each expect...