Publications des institutions partenaires

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Push- vs. Pull-Concepts in Logistics Chains

The widespread terms "push" and "pull" are commonly used to characterise particular concepts ofsysem configuration and coordination. However, many publications present push and pull concepts in a confusing way. As there is no common sense of what these terms really mean and how they should be used, it is difficult to avoid inconsistency in the scientific...

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English / 08/05/1998

The WTO Dispute Settlement System: Playing the Game

This paper analyzes the new World Trade Organization (WTO) dispute settlement system as a dynamic game under uncertainty, and explores its strategic elements and incentive structure. Our model delivers a number of implications, confirmed by already settled cases: Governments are often tempted to introduce trade restrictions which can guar- antee a positive payoff for a certain period...

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English / 01/01/1998

Mikroökonometrische Evaluationsstudien: Anmerkungen zu Theorie und Praxis

In diesem Aufsatz werden Methoden zur Identifikation kausaler Effekte von staatlichen Eingriffen am Beispiel von Fortbildungs- und Umschulungsprogrammen vorgestellt und deren Implikationen und Voraussetzungen diskutiert. Desweiteren werden Eigenschaften jeweils in Frage kommender Schätzmethoden erörtert. Dadurch soll dieser Aufsatz eine Hilfestellung bei der Auswahl einer für das...

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English / 01/01/1998

Braucht die Welthandelsorganisation eine ökologische Reform?

NFP 42-Bulletin, No. 2, Juni 1998, Bern#### (pdf, 24k)

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English / 01/01/1998

Towards an Ethically-based Conception of Socio-economic Rationality. From the Social Contract Theory to Discourse Ethics as the Normative Foundation of Political Economy. Competely revised 3d ed

pdf below!

With the award of a Nobel prize in 1986 to James M. Buchanan, the time-honoured social contract theory of political philosophy finally (re-)entered the realm of economic theory. The contractarian approach has turned out to be a crucial element in the foundation of what is called now the New Institutional Economics. The new openness of the discipline to contractarian...

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English / 01/01/1998

Combining Multicriteria Decision Aid and System Dynamics for the Control of Socio-economic Processes. An Iterative Real-time Procedure

The paper presents the elements of a new methodology to control complex and hypercomplex socio-economic structures. The control process is iterative, combining the principles of System Dynamics, Control theory and the PROMETHEE Multicriteria Decision Aid (MCDA) methodology. It consists of three main stages: setting up and calibration of a quantitative model, definition of long-term...

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English / 01/01/1998

New Techniques to Extract Market Expectations from Financial Instruments

This paper is a selective survey of new or recent methods to extract information about market expectations from asset prices for monetary policy purposes. Traditionally, interest rates and forward exchange rates have been used to extract expected means of future interest rates, exchange rates and inflation. More recently, these methods have been refined to rely on implied forward...

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English / 01/10/1997

A Stochastic Optimization Model for the Investment of Savings Account Deposits

A bank's financial management faces various sources of uncertainty when funds from savings account deposits are invested in the marketplace. Future interest rates are unknown and customers are allowed to withdraw their deposits at any point in time. The objective is to find a portfolio of fixed income instruments that maximizes the bank's interest surplus from the...

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English / 03/09/1997

Linear Duality, Term Structure, and Valuation

The paper's objective is to interpret no-arbitrage conditions by means of linear programming. Basic statements about the term structure of a market with frictions can be derived using the relation of primal and associated dual programs. The duality concept applies mutatis mutandis to the valuation of cash flows from an individual investor's point of view.

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English / 03/09/1997

Approximations of Profit-and-Loss Distributions (Management Version)

The incorporation of single-factor interest rate models within the stochastic programming methodology is investigated and applied to multiperiod investment. Barycentric approximation is used for discretizing the stochastic factors and for generating scenario trees which take the various term structure movements into account. It is shown that employing the Vasicek model for the...

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English / 01/01/1997

Approximations of Profit-and-Loss Distributions (Part II)

working report - Former investigation (Approximation of Profit-and-Loss Distributions, Part I) introduces the application of the barycentric approximation methodology for evaluating profit-and-loss distributions numerically. Although, convergence of the quantiles is ensured by the weak convergence of the discrete measures, as proclaimed in Part I, recent numerical results have...

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English / 01/01/1997

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