Publications des institutions partenaires

S'abonner aux flux infonet economy   12941 - 12960 of 15332

The Hidden Costs of Control

In this paper we analyze the behavioral consequences of control on motivation. Wenstudy a simple experimental principal-agent game, where the principal decides whethernhe controls the agent by implementing a minimum performance requirement before the agent chooses a productive activity. Our main finding is that a principal's decisionnto control has a negative impact on the agent...

Full Text

English / 01/06/2005

Neuroeconomic Foundations of Trust and Social Preferences

This paper discusses recent neuroeconomic evidence related to other-regarding behaviors and the decision to trust in other people’s other-regarding behavior. This evidencensupports the view that people derive nonpecuniary utility (i) from mutual cooperation in socialndilemma (SD) games and (ii) from punishing unfair behavior. Thus, mutual cooperation and the punishment of free riders...

Full Text

English / 01/06/2005

The Neuroeconomics of Mind Reading and Empathy

"The most fundamental solution concepts in Game Theory – Nash equilibrium, backward induction, and iterated elimination of dominated strategies – are based on the assumption that people are capable of predicting others' actions. These concepts require people to be able to view the game from the other players’ perspectives, i.e. to understand others’ motives and beliefs....

Full Text

English / 01/06/2005

The Behavioral Effects of Minimum Wages

The prevailing labor market models assume that minimum wages do not affect the labor supply schedule. We challenge this view in this paper by showing experimentally that minimum wages have significant and lasting effects on subjects’ reservation wages. The temporary introduction of a minimum wage leads to a rise in subjects’ reservation wages which persists even after the minimum...

Full Text

English / 01/06/2005

Myopic Loss Aversion Revisited: The Effect of Probability Distortions in Choice Under Risk

When the performance of a risky asset is frequently assessed, the probability of detecting a loss is high, which averts the loss averse investors. This effect is known as myopic loss aversion (MLA). This paper reexamines several recent experimental studies documenting the existence of MLA. A closer look at the experimental data reveals that the effect of MLA is largely neutralized by...

Full Text

English / 01/06/2005

Dynamic Taylor Rules and the Predictability of Interest Rates

Recent research shows that when commonly estimated dynamic Taylor rules, which are augmented with a lagged interest, are embedded in a variety of macroeconomic models, they imply a greater amount of predictable information about future movements in interest rates than is actually evident in the yield curve. We extend the analysis to consider more generally the predictability of the...

Full Text

English / 01/06/2005

Is It Culture or Democracy? The Impact of Democracy, Income, and Culture on Happiness

We look at the relation between democracy and perceived subjective well-being, taking also into account the impact of income and culture. After briefly reviewing the empirical results for Switzerland, we re-estimate this relationship allowing for the relative income position of individuals and also using a new more recent data from the Swiss Household Panel. No...

Full Text

English / 01/06/2005

On the Rationality of the General Public

Using Allensbach survey data about how people look forward to the coming year, we construct true ex-post forecasts and compare them with the forecasts produced by the German Council of Economic Experts and by the Economic Research Institutes. Then we perform rationality tests for these forecast series. The Allensbach forecasts outperform the professional forecasts in many respects....

Full Text

English / 01/06/2005

Der Fall Enron(s). Ein Anlass, über den wirtschaftsethischen Status von Managementintegrität nachzudenken

Der Fall Enrons liegt bereits einige Jahre zurück, beschäftigt aber nach wie vor nicht nur die Gerichte, sondern auch die Wirtschaftsethik: Der Fall Enron lässt sich als Paradebeispiel eines wild gewordenen, tief marktgläubigen und sich radikalisierenden Managements begreifen, dessen tiefere geistigen Wurzeln auch heute noch nicht überwunden sein dürften. Er eignet sich darum zum...

Full Text

Deutsch / 01/06/2005

Asset Liability Management in Finanzdienstleistungsunternehmen

In den vergangenen Jahren lässt sich im Finanzdienstleistungssektor ein dynamischer Wandel der Rahmenbedingungen beobachten. Zunächst bewirkt die Deregulierung der Finanzdienstleistungsmärkte eine Erhöhung des Wettbewerbsdrucks und damit eine verstärkt auf Profitabilität ausgerichtete Unternehmenspolitik. Dann führt eine zunehmende Volatilität der Wertpapierpreise bei einem sehr...

Full Text

Deutsch / 01/06/2005

The Parent Company Puzzle on the German Stock Market

In this paper, we investigate the German stock market with regard to "negative stub values" or "parent company puzzles". These are situations where a firm's market value is less than the value of its ownership stake in a publicly traded subsidiary. According to MITCHELL/PULVINO/STAFFORD (2002), negative stub values indicate clear arbitrage opportunities,...

Full Text

English / 01/06/2005

The Sisyphus syndrome in health revisited

Health care may be similar to Sisyphus work: When the task is about to be completed, work has to start all over again. To see the analogy, consider an initial decision to allocate more resources to health. The likely consequence is an increased number of survivors, who will exert additional demand for health care. With more resources allocated to health, the cycle starts over again....

Full Text

English / 23/05/2005

Entry liberalization and inequality in industrial performance

Industrial delicensing which began in 1985 in India marked a discrete break from a past of centrally planned industrial development. Similar liberalization episodes are taking place across the globe. We develop a simple Schumpeterian growth model to understand how firms respond to the entry threat imposed by liberalization. The model emphasises that firm responses, even within the...

Full Text

English / 01/05/2005

Corporate Governance: What can we Learn from Public Governance?

In view of recent corporate scandals, it is argued that corporate governance can learnnfrom public governance. Institutions devised to control and discipline the behavior of executives in the political sphere can give new insights into how to improve the governance of firms. Proposals in four specific areas are discussed: manager compensation, the division of power within firms,...

Full Text

English / 01/05/2005

Knight Fever towards an Economics of Awards

Awards in the form of orders, medals, decorations and titles are ubiquitous in monarchies andnrepublics, private organizations, not-for-profit and profit-oriented firms. Nevertheless, economists have disregarded this kind of non-material extrinsic incentive.nThe demand for awards relies on an individual’s desire for distinction, and the supply ofnawards on the provision of incentives...

Full Text

English / 01/05/2005

Credit Registries, Relationship Banking and Loan Repayment

"This paper examines the impact of a public credit registry on the repayment behavior of borrowers. We implement an experimental credit market in which loannrepayment is not third-party enforceable. We compare market outcome with a credit registry to that without a credit registry. This experiment is conducted forntwo market environments: first a market in which interactions...

Full Text

English / 01/05/2005

Does Parental Leave Affect Fertility and Return-to-Work? Evidence from a True Natural Experiment

"We study the causal effects of changes in parental leave provisions on fertility and return-to-work behavior. We exploit a policy change that took place in 1990 in Austria which extended the maximum duration of parental leave from the child’s first to the child’s second birthday. As parental leave benefits can be automatically renewed when a new mother is still on leave from a...

Full Text

English / 01/05/2005

Pages

Le portail de l'information économique suisse

© 2016 Infonet Economy