Journal of International Economics Research

Standard models of decision-making under uncertainty, from expected utility theory to cumulative prospect theory, treat risk preferences as fixed individual traits. Yet a substantial psychological literature shows that risk-relevant preferences shift systematically with the decision-maker’s momentary internal state: affective arousal amplifies loss aversion, while cognitive load and time pressure push judgment toward heuristic, more distorted probability processing. This paper proposes Affective-Cognitive Prospect Theory (ACPT), a state-dependent extension of cumulative prospect theory in which the loss-aversion coefficient is an increasing function of affective arousal and the curvature of the probability-weighting function is a decreasing function of cognitive load, each grounded in an established psychological literature.

How much does logistics efficiency actually matter for a country’s trade performance in today’s volatile global economy? This study explores this question by analyzing a comprehensive dataset of 153 countries for the year 2023. Using a robust OLS regression, the research examines the direct relationship between the Logistics Performance Index (lpi) and national trade-to-GDP ratios, while also accounting for economic development (gdp_pc) and macroeconomic stability (inflation). The empirical results offer clear evidence that logistics is a primary driver of trade success. The model reveals that a better logistics environment has a statistically significant positive impact on trade integration (coefficient = 0.2798, p < 0.05). This suggests that reducing "trade friction" through smarter customs and better infrastructure is essential for global competitiveness. Furthermore, the analysis shows that while higher income levels support trade, price instability remains a major obstacle, with inflation showing a strong negative effect (-0.4174, p < 0.001). These findings lead to a straightforward conclusion: to thrive in the modern market, nations must look beyond physical borders and invest heavily in the speed, reliability, and digital integration of their supply chains. This research provides a practical roadmap for policymakers aiming to enhance their country’s international trade footprint.

Islamic finance has evolved from a niche faith-based alternative into a more visible component of the global financial system. This paper examines recent development trends in global Islamic finance markets through a structured review of academic literature and industry reports, with particular attention to Islamic banking, sukuk, Islamic funds, Islamic real estate investment vehicles, ESG-oriented instruments, Islamic FinTech, and Shariah governance. The analysis shows that the industry maintained strong expansion despite post-pandemic adjustment, macroeconomic volatility, and uneven regulatory capacity across jurisdictions. Islamic banking continues to dominate the market structure, while sukuk, investment funds, and technology-enabled financial services are becoming increasingly important in shaping the next phase of sectoral growth. At the same time, governance reforms, sustainability-linked products, and digital transformation are broadening the institutional relevance of Islamic finance beyond its traditional core markets. The paper also identifies several structural constraints, including liquidity-management limitations, tax neutrality issues, product standardization problems, regulatory fragmentation, and shortages of qualified specialists. It argues that the future competitiveness of Islamic finance will depend not only on asset growth, but also on stronger market infrastructure, more coherent governance frameworks, wider digital integration, and the ability to align Shariah-compliant finance with sustainability and financial inclusion objectives.

Although research on digital marketing with social media is extensive, few studies have focused on the effectiveness of museum marketing through the application of PLS-SEM. The present study opens broad opportunities for the integration of social media analytics in museum studies, including the role of audience engagement and content quality and their impact on visitor intention in responding to digital campaigns.  The purpose of this study is to examine the role of social media engagement and perceived value in achieving marketing effectiveness in responding to the museum audience. Collected survey data were subjected to a detailed PLS-SEM analysis to estimate the conditional probability that a latent construct has a significant effect, given the values of one or more of its observed indicators. In order to analyze user perceptions and behavioral responses while also including platform-related factors, certain constructs and indicators were combined with the measurement set defined by prior literature, which resulted in the structural equation model. The results show that visitors’ favorable perceptions of the museum and their online interactions show that content quality positively influences the formation of their behavioral intention through the mediating effect of social media engagement toward brand awareness, visitor satisfaction, and revisit intention. Moreover, understanding the effectiveness of social media for museum marketing in relation to the structural model of user behavior is a contribution to the literature that may help future researchers achieve faster empirical validation. This study can also benefit museum managers as it provides practical insights such as content optimization strategies to improve the use of the social media model and it contributes to the existing literature in the area of digital marketing and cultural promotion in general.

The paper advances an analysis of the role of logistics in respect to various factors contributing to the export performance of Uzbekistan. The study relied on annual time-series data obtained from 2007 to 2023, and descriptive statistics, correlation analysis, and ordinary least-squares regression were employed to take into consideration the effects of infrastructure quality, transportation efficiency, and technology availability on exports of goods and services in relation to GDP. The empirical findings suggest that via Internet usage, technology availability positively with statistical significance affects export performance. Infrastructure quality has a positive, albeit statistically weakly significant association with exports, and transportation efficiency negatively associates weakly. It can be concluded based on the studies’ results that technological advancement is the main factor affecting export competitiveness, while infrastructure and transport systems mainly contribute to this long-term. This analysis is of major policy importance, stressing further improvements in digital infrastructure as well as investments in logistics and transport systems to cater for sustainable export growth in Uzbekistan.

This study examines the financial stability of agro-clusters with a focus on identifying key determinants that influence long-term asset growth and overall economic sustainability. Using cross-sectional data, the research applies an Ordinary Least Squares (OLS) regression model to analyze the impact of workers, depreciation coefficient, validity coefficient, and current assets on long-term assets. The empirical results reveal that labor capacity, liquidity, and operational efficiency have a positive and statistically significant effect on financial stability, while the depreciation coefficient shows a negative but insignificant relationship. Diagnostic tests confirm the reliability and robustness of the model, including normality of residuals and absence of heteroscedasticity. The findings highlight the importance of efficient resource management, access to financial capital, and effective asset utilization in strengthening agro-cluster performance. From a policy perspective, the study suggests that improving workforce productivity, enhancing financial accessibility, and promoting modern management practices are essential for achieving sustainable growth in the agricultural sector. The results contribute to the existing literature by providing empirical evidence on the financial dynamics of agro-clusters, particularly in the context of developing economies such as Uzbekistan.