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              <text>Purpose – This study examines the suitability of hard versus soft clustering approaches for customer segmentation across distinct business model types. Specifically, it evaluates whether homogeneous marketing treatment implied by K-means is justified in subscription and singular transaction contexts, and whether Fuzzy C-means (FCM) offers a more appropriate representation of behavioural overlap.  Methodology – Using the RFM (Recency–Frequency–Monetary) framework, the study applies both K-means and FCM to two datasets: the Online Retail dataset (transaction model) and the Customer Churn dataset (subscription model). RFM metrics were adapted for subscription contexts to reflect product interactions rather than discrete purchases. Clustering performance was assessed through the silhouette score (K-means) and fuzzy partition coefficient (FCM), following a consistent CRISP-DM process for data preparation, modelling, and evaluation.  Findings – Results indicate a reversal of theoretical expectations. The subscription dataset exhibited considerable behavioural overlap, with weak cluster separation, challenging the assumption of homogeneous treatment. Conversely, the transaction dataset displayed moderately strong partitions, suggesting that standardisation of product attributes may reduce behavioural heterogeneity. These findings highlight that clustering suitability depends not only on business model type but also on contextual factors such as product standardisation and tier design.  Originality – This study is the first to align the selection of hard versus soft clustering methods with business model typologies and to adapt RFM metrics for subscription contexts. By integrating FCM as a diagnostic tool for testing the validity of homogeneous treatment assumptions, it addresses a critical gap in behavioural segmentation research and provides a practical decision framework for guiding clustering choice.</text>
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                <text>Hard vs. Soft Clustering for RFM Segmentation: A Joint Evaluation of Method Suitability Across Singular Transaction and Subscription  Business Models </text>
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              <text>Illegal small-scale gold mining known as "galamsey" generates multiple serious problems for Ghana's environment and economy and its governance systems. The research investigates how well Ghanaian government institutions perform in solving the issue through academic sources and official documents and practical case studies. The research shows that military crackdowns together with centralized law enforcement have achieved minimal short-term success because corruption and elite control and social exclusion have continued to persist. The study reveals that illegal mining continues because enforcement agencies lack proper collaboration with other agencies and the community remains uninvolved and poverty and unemployment serve as major sustaining factors. The research from Peru demonstrates that police interventions based on enforcement alone face severe limitations. The research shows that state institutions need to develop their abilities through decentralized governance and community-based formalization systems to establish lasting solutions. Ghana will achieve better mining sector governance through the combination of improved accountability systems and local community empowerment and environmental protection and economic growth integration.</text>
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              <text>This research investigates the impact of the CFA franc's fixed exchange rate regime on the export competitiveness of West African Economic and Monetary Union nations. While the CFA franc is recognized for fostering monetary stability and low inflation, there are ongoing concerns that it may lead to an overvaluation of real exchange rates, thereby hindering export expansion. The study contrasts the performance of WAEMU member states specifically Côte d'Ivoire, Senegal, Mali, and Burkina Faso with that of non-CFA West African countries, including Ghana, Liberia, and Sierra Leone. Particular attention is paid to crucial sectors such as agriculture and textiles, which are significant contributors to regional income and employment. The methodology employed involves a panel data analysis covering the period from 2010 to 2025. This analysis utilizes data on export volumes, real effective exchange rates, and key macroeconomic indicators sourced from databases like UN Comtrade, IMF DOTS, and the World Bank. The quantitative findings are supplemented by qualitative insights derived from interviews and policy reports. The results suggest that WAEMU countries have experienced slower export growth and diminished price competitiveness in comparison to their non-CFA counterparts. The CFA franc appears to have restricted the capacity of WAEMU exporters to adapt to external economic fluctuations, particularly within price-sensitive industries. Concurrently, the stability provided by the CFA franc continues to be valuable for maintaining low inflation rates and fostering investor confidence. The paper advocates for WAEMU policymakers to consider adopting greater exchange rate flexibility or an adjusted peg as part of the proposed Eco currency framework. It also emphasizes that any monetary policy adjustments should be complemented by reforms aimed at enhancing trade and infrastructure. Future research is recommended to incorporate firm-level data and to explore the prevalence of similar dynamics within the Central African Economic and Monetary Community zone.</text>
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              <text>Entrepreneurship has become crucial in building self-reliance. This study aimed to examine the role of entrepreneurship in moving beyond survival, challenges faced, and the influence of humanitarian aid on entrepreneurship. I conducted a mixed-methods study that included a survey of 86 refugees both entrepreneurs and non-entrepreneurs living inside and outside the camp, as well as interviews with 20 refugees. The findings indicated that 29% of refugee businesses depend on humanitarian assistance. However, over half of those surveyed (52%) reported that humanitarian assistance is insufficient, making it difficult for them to focus on entrepreneurship. Additionally, many are not receiving cash assistance (25%), which hinders refugee entrepreneurship in Kiziba Camp. In terms of current livelihoods, for most refugees in Kiziba Camp, humanitarian assistance remains the single most important source of income, and the majority are not engaged in any business activities (77%). Regarding their current experience with entrepreneurship, most refugees considered it because they want to become financially independent (35%). The challenges highlighted range from limited income in the camp and a lack of business knowledge to inadequate access to startup capital. The study recommended improving infrastructure, maintaining humanitarian aid, and establishing a dedicated entrepreneurship hub in the camp that focuses on offering tailored training on a permanent basis. These findings highlight the importance of long-term and organised support in transforming refugee entrepreneurship from a survival technique to a reliable and sustainable livelihood strategy.</text>
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              <text>#Refugees # Refugees Entrepreneurship# Entrepreneurship# Kiziba camp# challenges#Potential</text>
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                <text>Baraka Muhoza</text>
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                <text>Exploring the potential and challenges of refugee entrepreneurship in Kiziba camp</text>
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              <text>Neutral objectives such as Drakes are pivotal in League of Legends. This paper asks whether teams fight more because payoffs are higher when ahead, or because they select into fights conditional on state. I analyze 200 high-rank EUW matches (balanced win/loss; ≥20 min). Contesting is modeled with logit and probit specifications, interacting contest with (i) turret difference (TD), visible to players, and (ii) a composite state index. Effects are interpreted on the probability scale via margins, and identification is probed with an instrumental-variables strategy using the Demolish rune. To connect econometric effects to choices, a 2×2 payoff matrix with a TD-specific behavioural term is calibrated. Results show contesting is positively associated with winning on average. The contest × TD interaction is significant, whereas the contest × state is not; yet pairwise contrasts of marginal effects across TD strata are statistically indistinguishable. IV results are consistent. The calibrated game implies higher-TD teams under-contest relative to payoff-maximising benchmarks, consistent with behavioural burdens when ahead. Overall, selection of when to enter appears more consequential than heterogeneous conditional payoffs</text>
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              <text>League of Legends&#13;
Loss aversion&#13;
Nash equilibrium</text>
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                <text>Jack Fan</text>
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              <text> This paper assesses the impact of the Coronavirus Job Protection (furlough) Scheme on wealth inequality using  a Dynamic Stochastic General Equilibrium (DSGE) framework. I develop and solve a model with heterogenous  households and an interventionist government that intervenes in the labour market with a wage subsidy, designed to  imitate the furlough scheme. The model is calibrated to match existing empirical estimates and simulated against a  one standard deviation negative shock to productivity. The simulations reveal that the Furlough scheme is associated  with a significant increase in wealth inequality when compared to a counterfactual economy.</text>
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                <text>The Furlough Scheme and Wealth Inequality: Evidence from a DSGE Simulation</text>
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              <text>This paper focuses on the effect of the Phase One Agreement, particularly purchasing commitment, on the US agricultural product price. By first identifying the treatment group based on the agreement and setting January 2020 as the treatment time, I conducted a difference-in-difference estimation with time effects. The results show a limited effect on the agricultural product price. The heterogeneity test shows the differences across product groups. Dairy products experienced a significant decline in prices, whereas prices for grains and meat remained largely unchanged. In addition, an unexpected price decline in dairy products has been found.</text>
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              <text>Economics, International Trade, Trade War, Difference-in-Difference Estimation</text>
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                <text>Kuo Bao</text>
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                <text>The Impact of Purchasing Commitment of Phase One Agreement in Sino-US Trade War on US Agricultural Product: By Using Difference-in-Difference Estimation</text>
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