Ventsislav Vasilev and Radka Vasileva
The study explores some methods used to assess risk and determine optimal retention levels in motor casco insurance, specifically focusing on comparing the three statistical techniques: Chebyshev’s Inequality, the Monte Carlo Simulation, and Normal Distribution. By utilizing historical claims data from the Bulgarian insurance market published by the Financial Supervision Commission, the study investigates the probability of the claim exceeding retention thresholds and compares the accuracy and precision of each method. While Chebyshev’s inequality provides a conservative estimate, the Monte Carlo simulation offers a probabilistic approach that models various outcomes, whereas normal distribution assumes a symmetrical loss pattern. The research aims to identify which method offers the most reliable estimation for setting retention levels in motor casco insurance. By evaluating the accuracy of each technique against real claims data, the study aims to inform insurers about the approach which optimizes their risk management decisions best. The research shows that the Monte Carlo simulation offers the most accurate and reliable estimates for motor casco retention decisions due to its flexibility in modelling various loss scenarios.
Farial Faizi1, Mariam Sawas1, Dina Abohassan1, Ilija Stojanović1 and Marko Selaković2
The economic rivalry between the BRICS countries and the G7 nations has been a central theme in global development for decades. This study seeks to compare the GDP growth dynamics between the BRICS and G7 countries, while examining the differential impact of the key macroeconomic indicators on their economic trajectories. To achieve this, statistical methodologies, including independent t-tests and ANOVA, were utilized so as to compare the group-level differences, while the tests of between-subjects effects were applied to assess the variations in the effects of the regression coefficients for the macroeconomic factors influencing GDP growth. The study posits that the distinct economic structures of the BRICS countries and the G7 nations lead to varying macroeconomic conditions which shape their growth patterns in distinct ways. The findings of this research offer actionable insights into the strongest and weakest determinants of the GDP growth within these economic blocs. It contributes to a broader discourse on global economic competition, offering evidence-based recommendations for balanced growth strategies.
Paskal Zhelev1 and Olga Malashenkova2
This study investigates the Eurasian Economic Union (EAEU) as a regional economic integration bloc, analyzing its evolution, trade integration, and industrial policy framework amid shifting global dynamics. Established in 2015, the EAEU has encountered structural challenges, geopolitical upheavals, and intensifying sanctions, especially following the war in Ukraine. These pressures have disrupted trade flows, widened economic disparities among member states, and tested the bloc’s cohesion. The paper emphasizes the fact that enhancing competitiveness is critical for the resilience of the EAEU, with the industrial policy serving as the cornerstone of this effort. Employing trade indicators, such as intra-regional trade shares and the Revealed Comparative Advantage (RCA) index, the study highlights uneven integration and dependence on resource-based exports. It evaluates the institutional framework of the EAEU’s industrial policy, focusing on subsidy harmonization, value-added industry development, and coordination between national and regional priorities. Despite persistent institutional weaknesses and external pressures, the findings suggest that fostering industrial modernization and achieving better synergy between domestic policies and regional ambitions could strengthen the bloc’s resilience and global competitiveness.
Iva Glišić and Slavica Manić
The economic literature is rich in papers analyzing the effects of FDI inflows or the impact of institutional quality on economic activity. The same is not true for analyzing the impact of institutional quality on FDI attraction and/or the joint impact of these two factors on economic growth, especially concerning the Western Balkans region. Our analysis covers five countries in this region over the period from 2007 to 2022 and aims to contribute to the relevant literature in that segment. The panel data were modelled using the GLS method. The result of the final model (out of the three evaluated) indicates an (un)expected positive effect of a lower institutional quality on economic activity through the FDI channel. One possible explanation for this finding is the hypothesis that “weaker” legislation (especially in the environmental field) in the Western Balkan countries attracts precisely the FDI that generates negative externalities in addition to economic growth. Nevertheless, it also suggests the necessity for considering the long-term risks associated with economic growth, relying predominantly on this type of FDI.
Đorđe Kotarac1 and Zoran Popović2
Theoretical and empirical findings confirm the thesis that the accumulation of physical capital partly explains the movement of countries’ economic growth rates. Researchers in the field of development economics, as well as creators of economic policies, are shifting their focus from physical (PC) to human capital (HC) as a determinant of countries’ economic development. The subject matter of this paper is the analysis of the impact of HC on achieving higher per capita income growth rates. According to the “Lisbon Strategy” and the “Europe 2020 Strategy”, HC is placed on a pedestal of importance, all with the aim of making the EU-27 the most competitive market in the world. The empirical part was conducted using a panel regression model. The research results indicate a significant impact of HC on the per capita income of the CEE-10 countries. This research study contributes by reducing a gap in the scientific literature by examining the impact of HC on the per capita income of the European countries. The concluding implications point to the importance of HC development as an effective instrument for ensuring countries’ greater economic growth.
Andrija Popović1, Andreja Todorović1 and Vladan Vučić2
This research explores the relationship between economic growth and competitiveness and innovation in the circular economy across the 27 EU countries from 2011 to 2020. Using descriptive statistics, Principal Component Analysis (PCA), panel data regression, and cluster analysis, the research investigates how the key economic indicators, such as GDP, GDP per capita, and gross fixed capital formation, affect the performance of the circular economy. The results obtained indicate a positive correlation between overall economic growth and circular competitiveness, though wealthier nations do not consistently lead in circular transitions. The analysis underscores the need for tailored, country-specific policies to promote sustainable practices in the circular economy, especially in less developed economies. These findings provide valuable insights for policymakers aiming to balance economic growth with sustainability.
Milena Jakšić
After conducting the double-blind peer review process, Issue 3 Volume 27 Year 2025 of the scientific journal Economic Horizons contains three original scientific papers, three review papers, and the List of the Authors and Titles of all the contributions published in the Journal in 2025.
Milena Jakšić
Uredništvo naučnog časopisa Ekonomski horizonti se zahvaljuje recenzentima na kritičkom, objektivnom i argumentovanom vrednovanju rukopisa podnetih Uredništvu u 2024. godini.
Predmeti istraživanja rukopisa su iz značajnih oblasti ekonomije, poslovne ekonomije, menadžmenta i njima komplementarnih tematskih oblasti. Kompetentni predstavnici akademske zajednice, navedeni u ovom pregledu, su kritičkim vrednovanjem rukopisa podržali Uredništvo da, kroz dvostruko anonimni recenzentski postupak, unapredi ukupni kvalitet Časopisa.
S obzirom na to da je uređivačka politika Časopisa usmerena na neprekidno poboljšanje kvaliteta objavljenih rukopisa, recenzenti su konstruktivnim komentarima pomogli Uredništvu pri odlučivanju o prihvatanju radova za publikovanje i njihovoj kategorizaciji. Takođe, recenzenti su svojim konkretnim primedbama i predlozima značajno pomogli autorima da poboljšaju kvalitet svojih rukopisa, kao važnog uslova za kontinuirano unapređenje kvaliteta Časopisa.
Glavni i odgovorni urednik
Milena Jakšić
Jelena Šiđanski
In digital marketing, the ability to create engaging and relevant content is a key success factor. Advancements in technology present new opportunities, with artificial intelligence (AI) reshaping various business sectors. AI can assist or fully manage content creation, helping marketers enhance work processes and outcomes. Using a multicriteria analysis model, it is possible to evaluate criteria and make decisions between alternatives for content creation. This paper uses the Analytical Hierarchy Process (AHP) to evaluate the alternatives, namely humans, AI, and a combination of the two, with the aim of improving content creation based on the criteria of creativity, speed, cost, content quality, adaptability, and conversion. The results of the paper indicate that marketing professionals consider humans to be most effective for content creation, particularly in creativity, content quality, adaptability, and conversion. While the combination of humans and AI offers advantages in cost efficiency and speed, it does not surpass the human-driven approach.