globalization and firms: the challenge for theory · globalization and firms: the challenge for...

Globalization and Firms:The Challenge for Theory

J. Peter Neary

University of Oxford and CEPR

Chaire Theorie Economique et Organisation SocialeCollege de France, Paris

March 6, 2013

Peter Neary (Oxford) Globalization and Firms March 6, 2013 1 / 39

Introduction

Outline of the Talk

1 Introduction

2 Functional Form

3 Monopolistic Competition versus Oligopoly

4 Free Entry

5 General Equilibrium

6 Superstar Firms

7 Conclusion

Introduction

Motivation

Growing empirical evidence: large firms matter for trade

1st wave of micro data (1995-): Exporting firms are exceptional:

Larger, more productive

2nd wave: Even within exporters, large firms dominate:

Distribution of exporters is bimodalThe firms that matter (for most questions) are different: larger,multi-product, multi-destination

[Bernard et al. (JEP 2007), Mayer and Ottaviano (2007)]

Introduction

Motivation

Introduction

Motivation

Introduction

U.S. Evidence

Bernard et al. (JEP 2007):• Data on U.S. exporting firms 2000• By # of products & export destinationsBy # of products & export destinations

8Peter Neary (Oxford) Globalization and Firms March 6, 2013 4 / 39

Introduction

U.S. Evidence

Bernard et al. (JEP 2007):• Data on U.S. exporting firms 2000• By # of products & export destinations

5+ products:

By # of products & export destinations

25 9% f fi25.9% of firms

Introduction

U.S. Evidence

5+ products:

98.0% of export value

Introduction

U.S. Evidence

5+ products:

83.3% of employment

Introduction

U.S. Evidence

5+ products:

25 9% f fi& 5+ dests.:

25.9% of firms

11.9% of firms

83.3% of employment

68.8% of employment

Introduction

U.S. Evidence

Bernard et al. (JEP 2007):• Data on U.S. exporting firms 2000• By # of products & export destinations1 product

5+ products:

25 9% f fi

40.4% of firms

1 product, 1 destination only:

& 5+ dests.:25.9% of firms

11.9% of firms

7.0% of employment

83.3% of employment

68.8% of employment

Introduction

Similarly in France

what I call the ‘second wave’ of micro data on firms and trade. The first wave,

from the mid-1990s onwards, showed that exporting firms are exceptional,

larger and more productive than average. More recent datasets in the second

wave have provided more disaggregated information on the activities of firms,

and have highlighted the degree of heterogeneity even within exporters.

Table 1 summarises some aspects of the distribution of manufacturing

exports for the US and France, adapted from Bernard et al. (2007) and Mayer

and Ottaviano (2007). Looking at the breakdowns by number of products sold

and number of foreign markets served, two features stand out. First is that

the distribution of firms is bimodal, with 40.4 per cent of US firms (29.6 per

cent of French firms) exporting only one product to only one market, while

11.9 per cent (23.3 per cent) export five or more products to five or more

markets. Second, the latter firms account for by far the bulk of the value of

exports, 92.2 per cent (87.3 per cent), so the distribution of export sales is

highly concentrated in the top exporters. If we ignore the number of destina-

tions and simply focus on the firms that export five or more products, we

find that they account for 25.9 per cent of US firms (34.3 per cent of French

firms) but an overwhelming 98.0 per cent (90.8 per cent) of exports. Bearing

in mind that non-exporting firms are excluded, these data suggest that the

largest exporting firms are different in kind from the majority. I am not the

first to draw attention to these features of the data. In particular, the work of

Xavier Gabaix (2005) on ‘granularity’, recently extended to international trade

by di Giovanni and Levchenko (2009), has also highlighted the importance of

large firms for aggregate behaviour. However, in their formal modelling those

authors stick with the assumption of monopolistic competition between firms.

They allow for large firms in one sense by assuming that the distribution of

firm productivities is Pareto with a high value for the dispersion parameter,

but nevertheless they continue to assume that all firms are infinitesimal in

scale. I want to go further: to try and put the grains into granularity.

TABLE 1Distribution of Manufacturing Exports by Number of Products and Markets

Number of US 2000 France 2003

Products Markets

% Share ofExportingFirms

% Share ofValue ofExports

% Share ofExportingFirms

% Shareof Valueof Exports

1 1 40.4 0.2 29.6 0.75+ 5+ 11.9 92.2 23.3 87.35+ 1+ 25.9 98.0 34.3 90.8

Notes:Data are extracted from Bernard et al. (2007, Table 4), and Mayer and Ottaviano (2007, Table A1). Productsare defined as 10-digit Harmonised System categories.

2009 The AuthorJournal compilation Blackwell Publishing Ltd. 2009

TWO AND A HALF THEORIES OF TRADE 3

Introduction

Motivation

Large firms important in other ways too:

They grow just as quickly as small ones

Conventional view that small firms grow faster . . .. . . suffers from a statistical illusion

[Berthou-Vicard (2013)]

They are older

They do more R&D

Introduction

Motivation

They are older

They do more R&D

Introduction

Motivation

They are older

They do more R&D

Introduction

Motivation

They are older

They do more R&D

Introduction

Motivation

They are older

They do more R&D

Introduction

So much for facts, what about theory?!

Mainstream model of firms in international trade:[Krugman (1980)-Melitz (2003)]

Strong assumptions about functional form

Market structure is monopolistic competition

. . . embedded in general equilibrium

Assumes rapid entry and exit

So: No “superstar” firms

Introduction

Outline of the Talk

1 Introduction

2 Functional Form

4 Free Entry

6 Superstar Firms

7 Conclusion

Functional Form

Outline of the Talk

1 Introduction

2 Functional FormFrom General Demands to CESA Firm’s-Eye View of DemandCES and Super-ConvexityThe Demand ManifoldThe Pollak Demand FamilyGlobalization and Welfare with Pollak Preferences

4 Free Entry

6 Superstar Firms

7 Conclusion

Functional Form From General Demands to CES

From General Demands to CES

How to specify demands in monopolistic competition?

In principle: No restrictions [Chamberlin (1933)]

Key feature: Firms take not price but demand function as givenBut: Hard to get results or extend to general equilibrium

Breakthrough came with a specific tractable form: CES[Dixit-Stiglitz (1977)]

[∫i∈Ω

ux(i)di]1/θ

, ux(i) = x(i)θ, 0 < θ < 1 (1)

⇔ x(i) = α[λp(i)]−1

1−θ (2)

Partial and general equilibrium linked cleanly by λEasy to work with theoretically, especially with symmetric goodsEasy to work with empirically: iso-elastic demand functionsBUT: Very special ...

[∫i∈Ω

ux(i)di]1/θ

, ux(i) = x(i)θ, 0 < θ < 1 (1)

⇔ x(i) = α[λp(i)]−1

1−θ (2)

[∫i∈Ω

ux(i)di]1/θ

, ux(i) = x(i)θ, 0 < θ < 1 (1)

⇔ x(i) = α[λp(i)]−1

1−θ (2)

[∫i∈Ω

ux(i)di]1/θ

, ux(i) = x(i)θ, 0 < θ < 1 (1)

⇔ x(i) = α[λp(i)]−1

1−θ (2)

[∫i∈Ω

ux(i)di]1/θ

, ux(i) = x(i)θ, 0 < θ < 1 (1)

⇔ x(i) = α[λp(i)]−1

1−θ (2)

Partial and general equilibrium linked cleanly by λEasy to work with theoretically, especially with symmetric goodsEasy to work with empirically: iso-elastic demand functions

BUT: Very special ...

[∫i∈Ω

ux(i)di]1/θ

, ux(i) = x(i)θ, 0 < θ < 1 (1)

⇔ x(i) = α[λp(i)]−1

1−θ (2)

Functional Form A Firm’s-Eye View of Demand

A Firm’s-Eye View of Demand

Perceived inverse demand function:p = p(x) p′ < 0

Firm cares about:

1 Slope/Elasticity:

ε(x) ≡ − p(x)xp′(x) > 0

2 Curvature/Convexity:

ρ(x) ≡ −xp′′(x)p′(x)

0-2 -1 0 1 2 3

Alternative measures of slope and curvature . . .Skip

Firm cares about:

1 Slope/Elasticity:

ε(x) ≡ − p(x)xp′(x) > 0

ρ(x) ≡ −xp′′(x)p′(x)

0-2 -1 0 1 2 3

Firm cares about:

1 Slope/Elasticity:

ε(x) ≡ − p(x)xp′(x) > 0

ρ(x) ≡ −xp′′(x)p′(x)

0-2 -1 0 1 2 3

Firm cares about:

1 Slope/Elasticity:

ε(x) ≡ − p(x)xp′(x) > 0

ρ(x) ≡ −xp′′(x)p′(x)

0-2 -1 0 1 2 3

The Admissible Region

For a monopoly firm:

First-order condition:p+ xp′ = c ≥ 0 ⇒ ε ≥ 1

Second-order condition:2p′ + xp′′ < 0 ⇒ ρ < 2

Both less stringent in oligopolyDetails

1 01.0

0.0-2.0 -1.0 0.0 1.0 2.0 3.0

1 01.0

0.0-2.0 -1.0 0.0 1.0 2.0 3.0

Functional Form CES and Super-Convexity

CES Demands

In general, both ε and ρ vary withsales

Exception: CES/iso-elastic case:

p = βx−1/σ

⇒ ε = σ, ρ = σ+1σ > 1

⇒ ε = 1ρ−1

CES4.0

2.0Cobb-Douglas

Cobb Douglas

0.0-2.0 -1.0 0.0 1.0 2.0 3.0

Cobb-Douglas: ε = 1, ρ = 2; just on boundary of both FOC and SOC

CES Demands

p = βx−1/σ

⇒ ε = σ, ρ = σ+1σ > 1

⇒ ε = 1ρ−1

CES4.0

2.0Cobb-Douglas

Cobb Douglas

0.0-2.0 -1.0 0.0 1.0 2.0 3.0

CES Demands

p = βx−1/σ

⇒ ε = σ, ρ = σ+1σ > 1

⇒ ε = 1ρ−1

CES4.0

2.0Cobb-Douglas

Cobb Douglas

0.0-2.0 -1.0 0.0 1.0 2.0 3.0

Super-Convexity

[Mrazova-Neary (2011)]

Definition :

p(x) is superconvex IFF log[p(x)] isconvex in log(x)

⇔ p(x) more convex than a CESdemand function with the sameelasticity

SCSuper-

4.0 Convex

3.0 SubConvex

0.0-2.0 -1.0 0.0 1.0 2.0 3.0

Super-Convexity

Definition :

SCSuper-

4.0 Convex

3.0 SubConvex

0.0-2.0 -1.0 0.0 1.0 2.0 3.0

Super-Convexity

Definition :

SCSuper-

4.0 Convex

3.0 SubConvex

0.0-2.0 -1.0 0.0 1.0 2.0 3.0

Super-Convexity and Sales

p(x) superconvex:⇔ ε increasing in sales: εx ≥ 0.

εx = εx

[ρ− ε+1

[ρ− ρCES

]1 ε decreases with sales to left2 ε is independent of sales only

along CES/SC locus3 ε increases with sales to right

Which is most plausible?

εx < 0: “Marshall’s 2nd Law of Demand”!

Marshall (1920), Krugman (1979)Linear/Quadratic, LES/Stone-Geary, CARA, etc.

The comparative-statics analogue of a phase diagram:

Arrows indicate direction as sales rise

εx = εx

[ρ− ε+1

[ρ− ρCES

1 ε decreases with sales to left2 ε is independent of sales only

εx = εx

[ρ− ε+1

[ρ− ρCES

1 01.0

0.0-2.0 -1.0 0.0 1.0 2.0 3.0

εx = εx

[ρ− ε+1

[ρ− ρCES

1 01.0

0.0-2.0 -1.0 0.0 1.0 2.0 3.0 Which is most plausible?

εx = εx

[ρ− ε+1

[ρ− ρCES

1 01.0

εx = εx

[ρ− ε+1

[ρ− ρCES

1 01.0

Arrows indicate direction as sales risePeter Neary (Oxford) Globalization and Firms March 6, 2013 20 / 39

Functional Form The Demand Manifold

The Demand Manifold

For most demand functions:

ε(x) and ρ(x) can be solvedfor ε = E(ρ) ≡ ε [x(ρ)]

The “Demand Manifold”

Special cases:

CES: Collapses to a pointLinear: Collapses to a line

CES4.0

2.0Cobb-Douglas

Cobb Douglas

0.0-2.0 -1.0 0.0 1.0 2.0 3.0

When is the Demand Manifold invariant to shocks?

p = p(x, φ) ⇒ ε = ε(x, φ), ρ = ρ(x, φ) ⇒ E(ρ, φ) = ε [X(ρ, φ), φ]

E is independent of φ in CES and linear cases. Does this generalize?

The Demand Manifold

ε(x) and ρ(x) can be solvedfor ε = E(ρ) ≡ ε [x(ρ)]The “Demand Manifold”

Special cases:

CES4.0

2.0Cobb-Douglas

Cobb Douglas

0.0-2.0 -1.0 0.0 1.0 2.0 3.0

The Demand Manifold

Special cases:

CES4.0

2.0Cobb-Douglas

Cobb Douglas

0.0-2.0 -1.0 0.0 1.0 2.0 3.0

The Demand Manifold

Special cases:

CES4.0

2.0Cobb-Douglas

Cobb Douglas

0.0-2.0 -1.0 0.0 1.0 2.0 3.0

The Demand Manifold

Special cases:

CES4.0

2.0Cobb-Douglas

Cobb Douglas

0.0-2.0 -1.0 0.0 1.0 2.0 3.0

The Demand Manifold

Special cases:

CES4.0

2.0Cobb-Douglas

Cobb Douglas

0.0-2.0 -1.0 0.0 1.0 2.0 3.0

The Demand Manifold

Special cases:

CES4.0

2.0Cobb-Douglas

Cobb Douglas

0.0-2.0 -1.0 0.0 1.0 2.0 3.0

Functional Form The Pollak Demand Family

The Pollak Demand Family

x = γ + αp1

θ−1 , (x− γ)(1− θ) > 0

ε = 2−θ1−θ

θ → −∞: CARA

θ ∈ (−∞, 1): “Translated CES”:

θ ∈ (−∞, 0): TCES-I

θ = 0: Stone-Geary LES

θ ∈ (0, 1): TCES-II

θ ∈ (1,∞): “GeneralizedQuadratic”:

θ ∈ (1, 2): Sub-Quadraticθ = 2: Quadraticθ ∈ (2,∞): Super-Quadratic

x = γ + αp1

θ−1 , (x− γ)(1− θ) > 0

ε = 2−θ1−θ

θ → −∞: CARA

θ ∈ (−∞, 0): TCES-I

θ ∈ (0, 1): TCES-II

1 01.0

0.0-2.00 -1.00 0.00 1.00 2.00 3.00

x = γ + αp1

θ−1 , (x− γ)(1− θ) > 0

ε = 2−θ1−θ

θ → −∞: CARA

θ ∈ (−∞, 0): TCES-I

θ ∈ (0, 1): TCES-II

1 01.0

= ∞= 3

0.0-2.00 -1.00 0.00 1.00 2.00 3.00

x = γ + αp1

θ−1 , (x− γ)(1− θ) > 0

ε = 2−θ1−θ

θ → −∞: CARA

θ ∈ (−∞, 0): TCES-I

θ ∈ (0, 1): TCES-II

1 01.0

= ∞= 0= 3

0.0-2.00 -1.00 0.00 1.00 2.00 3.00

x = γ + αp1

θ−1 , (x− γ)(1− θ) > 0

ε = 2−θ1−θ

θ → −∞: CARA

θ ∈ (−∞, 0): TCES-I

θ ∈ (0, 1): TCES-II

2.0= 0.8

1 0= 0.5

= ∞= 0= 3

0.0-2.00 -1.00 0.00 1.00 2.00 3.00

x = γ + αp1

θ−1 , (x− γ)(1− θ) > 0

ε = 2−θ1−θ

θ → −∞: CARA

θ ∈ (−∞, 0): TCES-I

θ ∈ (0, 1): TCES-II

θ ∈ (1, 2): Sub-Quadratic

θ = 2: Quadraticθ ∈ (2,∞): Super-Quadratic

2.0= 0.8

= 1.33

= 0.51.0

= 1.5 = ∞= 0= 3

0.0-2.00 -1.00 0.00 1.00 2.00 3.00

x = γ + αp1

θ−1 , (x− γ)(1− θ) > 0

ε = 2−θ1−θ

θ → −∞: CARA

θ ∈ (−∞, 0): TCES-I

θ ∈ (0, 1): TCES-II

θ ∈ (1, 2): Sub-Quadraticθ = 2: Quadratic

θ ∈ (2,∞): Super-Quadratic

2.0= 0.8

= 1.33

= 0.51.0

= 1.5 = 2 = ∞= 0= 3

0.0-2.00 -1.00 0.00 1.00 2.00 3.00

x = γ + αp1

θ−1 , (x− γ)(1− θ) > 0

ε = 2−θ1−θ

θ → −∞: CARA

θ ∈ (−∞, 0): TCES-I

θ ∈ (0, 1): TCES-II

2.0= 0.8

= 1.33

= 0.51.0

= 1.5 = 2 = 3 = ∞= 0= 3

0.0-2.00 -1.00 0.00 1.00 2.00 3.00

x = γ + αp1

θ−1 , (x− γ)(1− θ) > 0

ε = 2−θ1−θ

θ → −∞: CARA

θ ∈ (−∞, 0): TCES-I

θ ∈ (0, 1): TCES-II

2.0= 0.8

= 1.33

= 0.51.0

= 1.5 = 2 = 3 = ∞= 0= 3

0.0-2.00 -1.00 0.00 1.00 2.00 3.00

Functional Form Globalization and Welfare with Pollak Preferences

Globalization and Welfare with Pollak Preferences

Monopolistic competition

General equilibriumPollak Preferences

Gains from globalization:[Rise in number of countries k]

[1− (ε− 1)2

ε2 (2− ρ)

= 1/ε in CES case

Sufficient condition for U > 0:ρ < ε+1

ε i.e., subconvexity.

Welfare can fall if preferences are sufficiently superconvex

Diversity rises a lot, but prices increase

Welfare rises by more for lower ε and ρ

[1− (ε− 1)2

ε2 (2− ρ)

= 1/ε in CES case

[1− (ε− 1)2

ε2 (2− ρ)

= 1/ε in CES case

[1− (ε− 1)2

ε2 (2− ρ)

= 1/ε in CES case

4.00ˆ U

1 01.0

0.0-2.00 -1.00 0.00 1.00 2.00 3.00

[1− (ε− 1)2

ε2 (2− ρ)

= 1/ε in CES case

4.00ˆ U

1 01.0

0.0-2.00 -1.00 0.00 1.00 2.00 3.00

Welfare rises by more for lower ε and ρPeter Neary (Oxford) Globalization and Firms March 6, 2013 24 / 39

[1− (ε− 1)2

ε2 (2− ρ)

= 1/ε in CES case

4.00ˆ UkU ˆ5.0ˆ

3.0 kU ˆ8.0ˆ

1 01.0

0.0-2.00 -1.00 0.00 1.00 2.00 3.00

Welfare rises by more for lower ε and ρPeter Neary (Oxford) Globalization and Firms March 6, 2013 24 / 39

Monopolistic Competition versus Oligopoly

Outline of the Talk

1 Introduction

2 Functional Form

4 Free Entry

6 Superstar Firms

7 Conclusion

Monopolistic Competition

“New” trade theory borrowed from half of IO only

IO (Industrial Organization): Partial equilibrium onlyTrade: Oligopoly squeezed out by monopolistic competition

Monopolistic competition more plausible than perfect competition . . .

Differentiated productsIncreasing returnsSo: successful in explaining intra-industry trade

. . . but not much!

Firms are infinitesimalNo strategic behaviour

. . . but not much!

Free Entry

Outline of the Talk

1 Introduction

2 Functional Form

4 Free Entry

6 Superstar Firms

7 Conclusion

Free Entry

Standard trade models assume instantaneous entry and exit

Entry and exit are much less important in the short runFrench firms adjusted along intensive margin in the crisis

[Bricongne, Fontagne, Gaulier and Taglioni (JIE 2012)]

U.S. firms adjust more along extensive margin the longer the timehorizon

[Bernard et al. (2007)]

Entry and exit are much less important for large firmsMelitz model assumes that probability of “death” is independent offirm size or productivityBut: very successful firms are typically older

Entry and exit are much less important for value of exports than forthe number of firms

Even with free entry, “natural oligopoly” may prevail if fixed costs canbe chosen endogenously[Dasgupta-Stiglitz (EJ 1980), Gabszewicz-Thisse (JET 1980), Shaked-Sutton (Em

1983)]

Free Entry

Standard trade models assume instantaneous entry and exitEntry and exit are much less important in the short run

French firms adjusted along intensive margin in the crisis[Bricongne, Fontagne, Gaulier and Taglioni (JIE 2012)]

1983)]

Free Entry

1983)]

Free Entry

1983)]

Free Entry

Free-Entry Cournot: Market Size and Firm Numbers

0.0 1.0 2.0 3.0 4.0 5.0 6.0

Cournot Competition: Equilibrium n as a Function of Market Size

Free Entry

Free-Entry Cournot with Integer Firms

0.0 1.0 2.0 3.0 4.0 5.0 6.0

Cournot Competition: Equilibrium n as a Function of Market Size

Integer

Free Entry

Natural Oligopoly: Market Size and Firm Numbers

0.0 1.0 2.0 3.0 4.0 5.0 6.0

Equilibrium Real n as a Function of Market Size

Free Entry

Natural Oligopoly with Integer Firms

0.0 1.0 2.0 3.0 4.0 5.0 6.0

Equilibrium Integer n as a Function of Market Size

General Equilibrium

Outline of the Talk

1 Introduction

2 Functional Form

4 Free Entry

6 Superstar Firms

7 Conclusion

General Equilibrium

Core questions in trade are general equilibrium

In the sense of requiring interactions between goods and factor markets

Theoretical barriers to putting “OLigopoly” into “GE”: “GOLE”

Do large firms affect wages? national income? the price level?

Resolution: View firms as “large in the small, small in the large”[Hart (QJE, 1982), Neary (JEEA 2003)]

Like monopolistic competition but more firms in each sector

∫i∈Ω

ux(i)di ⇔ x(i) = x[λp(i)] (3)

Application: Cross-border mergers [Neary (REStud 2007)]

Mergers may be for strategic or synergistic reasonsIn partial equilibrium, strategic mergers must lower consumer surplusIn GE, they can raise welfare if resources are reallocated to moreefficient firms

General Equilibrium

∫i∈Ω

ux(i)di ⇔ x(i) = x[λp(i)] (3)

General Equilibrium

∫i∈Ω

ux(i)di ⇔ x(i) = x[λp(i)] (3)

General Equilibrium

∫i∈Ω

ux(i)di ⇔ x(i) = x[λp(i)] (3)

Superstar Firms

Outline of the Talk

1 Introduction

2 Functional Form

4 Free Entry

6 Superstar Firms

7 Conclusion

Superstar Firms

Evidence suggests large firms are different in more than just scale

Bimodality in the data suggests a modelling strategy:

Oligopoly of multi-product firm . . .. . . plus a monopolistically competitive fringe

Technically: Each large firm produces a finite measure of goodsAll products are differentiated and of measure zeroFits with recent work on multi-product firms in trade

[Eckel and Neary (REStud 2010), Bernard et al. (QJE 2011)]

Some progress to date:

“David and Goliath”: Neary (WE 2009), Shimomura and Thisse (RJE

2012), Parenti (2012)

Superstar Firms

Evidence suggests large firms are different in more than just scale

Bimodality in the data suggests a modelling strategy:

Oligopoly of multi-product firm . . .. . . plus a monopolistically competitive fringe

Technically: Each large firm produces a finite measure of goodsAll products are differentiated and of measure zeroFits with recent work on multi-product firms in trade

[Eckel and Neary (REStud 2010), Bernard et al. (QJE 2011)]

Some progress to date:

“David and Goliath”: Neary (WE 2009), Shimomura and Thisse (RJE

2012), Parenti (2012)

Conclusion

Outline of the Talk

1 Introduction

2 Functional Form

4 Free Entry

6 Superstar Firms

7 Conclusion

Conclusion

The Best Model for a Globalized World?

Not one but many

Plausible, falsifiable, simple (but not too much so!)

Some desirable features:

Not too reliant on special functional formsRecognise strategic behaviour by large firmsAllow for general equilibrium. . . and for free entry, at least by small firmsAllow for superstar firms

Conclusion

Not one but many

Conclusion

Not one but many

Conclusion

Thanks and Acknowledgements

Thank you for listening. Comments welcome!

The research leading to these results has received funding from the European Research Council under the European Union’s

Seventh Framework Programme (FP7/2007-2013), ERC grant agreement no. 295669. The contents reflect only the authors’

views and not the views of the ERC or the European Commission, and the European Union is not liable for any use that may be

made of the information contained therein.

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