Publications des institutions partenaires
The impact of income inequality on product diversity and long-run economic growth in a model with hierarchical demand
The paper presents an empirical analysis of a model of endogenous growth and innovation with unequal incomes and hierarchical consumer demand. The theoretical model predicts a positive impact of income inequality on product diversity. The impact of inequality on per-capita growth may be positive or negative depending upon the assumptions about productivity growth, where the standard...
Institution partenaire
English / 01/10/1997
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...
Institution partenaire
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...
Institution partenaire
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.
Institution partenaire
English / 03/09/1997
Connecting Unconnected Voices through HRM-practices in Dynamic Contexts
Institution partenaire
English / 01/06/1997
Why are the unemployed so unhappy? Evidence from panel data
This paper tests for the importance of non-pecuniary costs of unemployment using a longitudinal data-set on life-satisfaction of working-age men in Germany. We show that unemployment has a large detrimental effect on satisfaction after individual specific fixed effects are controlled for. The non-pecuniary effect is much larger than the effect that stems from the associated loss of...
Institution partenaire
English / 22/01/1997
Comment on: F.M. Scherer, "How US antitrust can go astray: the brand name prescription drug litigation"
Comments on the article `How US Antirust Can Go Astray: The Brand Name Prescription Drug Litigation,' by F.M. Scherer. Discussion of the issue of patent protection; Uniform monopoly price; Summary of price differentiation between groups of consumers.
Institution partenaire
English / 01/01/1997
How young workers get their training: A survey of Germany versus the United States
The recent economic literature on the incidence of various forms of post-secondary on-the-job and off-the-job training in Germany and the United States, as well as on the effects of training on wages, inequality, and labor mobility is surveyed. Young workers in Germany receive substantially more company-based (apprenticeship) training than United States workers. In the United States...
Institution partenaire
English / 01/01/1997
European Economic Area and Switzerland - EU Bilateral Agreements in Comparative Perspective : What Lessons?
Institution partenaire
English / 01/01/1997
Communication Messengers as a Basis for Distributed Algorithms
The messenger paradigm is one of the earliest models which propose the exchange of code to implement computer communication. Code becomes mobile and mobile code is now considered a promising alternative for the implementation of distributed applications. One application of mobile code is in the implementation of software agents which themselves are used to implement complex...
Institution partenaire
English / 01/01/1997
An embedding result for generalized Orlicz-Sobolev spaces
Institution partenaire
English / 01/01/1997
Embeddedness, power, control and innovation in the telecommunications sector
In the present paper, relationships between embeddedness, power, control and innovation are examined in the context ofthe telecommunications sector. It is contended that in a tightly embedded, technology-intensive sector, technological and economic control are closeb intertwined. Consequently, the ability to appropriate economic rents is large& based on technological control. In...
Institution partenaire
English / 01/01/1997
Adaptive methods in macroeconomic forecasting
Adaptive methods are used to forecast three main Austrian economic indicators. We use a weighted recursive model as well as a neural network approach both with and without adaptive characteristics and compare our results to the forecasts of two Austrian research institutes. It appears that even models which use very limited information can outperform the two Institutes’ forcasts of...
Institution partenaire
English / 01/01/1997
The choice between emission taxes and output taxes under imperfect monitoring
We consider a regulator's choice between environmentally motivated emissions taxes and output taxes. We investigate how the optimal instrument depends on the monitoring cost function, the firm's technology, and on social preferences regarding output and environmental quality. Pure emissions taxes are usually not optimal with monitoring costs. Pure output taxes are optimal...
Institution partenaire
English / 01/01/1997
Was prometheus unbound by chance? Risk diversification and growth
This paper offers a theory of development that links the degree of market incompleteness to capital accumulation and growth. At early stages of development, the presence projects limits the degree of risk spreading (diversification) that the economy can achieve. The desire to avoid highly risky investments slows down capital accumulation, and the inability to diversify idiosyncratic...
Institution partenaire
English / 01/01/1997
Resistant Modelling of Income Distributions and Inequality Measures
We review the use and the interpretation of some robustness concepts and techniques in some economic applications. We focus on estimation techniques in income distribution analysis and we discuss the reliability of inequality measures.
Institution partenaire
English / 01/01/1997
MediaMarkt: The price-active market entry into Switzerland
Institution partenaire
English / 01/01/1997
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...
Institution partenaire
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...
Institution partenaire
English / 01/01/1997
Mean-Variance Analysis in a Multiperiod Setting
Similar to the classical Markowitz approach it is possible to apply a mean-variance criterion to a multiperiod setting to obtain efficient portfolios. To represent the stochastic dynamic characteristics necessary for modelling returns a process of asset returns is discretized with respect to time and space and summarized in a scenario tree. The resulting optimization problem is...
Institution partenaire
English / 01/01/1997
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