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Stress that doesn’t pay: the commuting paradox

People spend a lot of time commuting and often find it a burden. According to economics, the burden of commuting is chosen when compensated either on the labor or on the housing market so that individuals’ utility is equalized. However, in a direct test of this strong notion of equilibrium, we find that people with longer commuting time report systematically lower subjective well-...

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English / 01/06/2008

Three strategies to deal with terrorism

Deterrence has been a crucial element in fighting terrorism. An economic analysis of terrorism also points to alternative and potentially superior policies. We suggest three policies that can well be integrated into existing constitutions of democratic and rule-based countries. Two policies are based on diminishing the benefits of committing terrorist acts for prospective terrorists...

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English / 01/06/2008

Mechanisms of superstar formation in German soccer: empirical evidence

Based on the competing theories of superstar formation proposed by Rosen (1981) and Adler (1985) it is controversial if first hand observable talent or other factors like past consumption and popularity influence stardom. This article investigates the emergence of superstars in German soccer. We use data on market values and individual player performance and publicity data to...

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English / 01/06/2008

Consumption, wealth and business cycles in Germany

This paper studies the long-run relationship between consumption, asset wealth and income - the consumption-wealth ratio - based on German data from 1980 to 2003. We find that departures from this long-run relationship
mainly predict adjustments in income. The German consumption-wealth ratio also contains considerable forecasting power for a range of business cycle indicators,...

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English / 01/06/2008

Learning affective values for faces is expressed in amygdala and fusiform gyrus

To monitor the environment for social threat humans must build affective evaluations of others. These evaluations are malleable and to a high degree shaped by responses engendered by specific social encounters. The precise neuronal mechanism by which these evaluations are constructed is poorly understood. We tested a hypothesis that conjoint activity in amygdala and fusiform gyrus...

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English / 01/06/2008

Der Ärzteindex: ein Instrument zur Beurteilung der Wirtschaftlichkeit von Grundversorgern

Zielsetzung: Auf der einen Seite erwarten die Öffentlichkeit und der Gesetzgeber[1] von den Schweizer Krankenversicherern, dass sie die Leistungserbringer[2] nach ihrer Wirtschaftlichkeit unterscheiden können. Auf der anderen Seite wird es mit dem steigenden Wettbewerbsdruck für den einzelnen Versicherer immer überlebensnotwendiger, die Wirtschaftlichkeitsbeurteilung möglichst gut zu...

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Deutsch / 01/06/2008

Loss Aversion

Loss aversion is traditionally defined in the context of lotteries over monetary payoffs. This paper extends the notion of loss aversion to a more general setup where outcomes (consequences) may not be measurable in monetary terms and people may have fuzzy preferences over lotteries, i.e. they may choose in a probabilistic manner. The implications of loss aversion are discussed for...

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English / 01/06/2008

Verkaufsführung - die unterschätzte Managementaufgabe

In der Industrie sind allein 30 bis 40% der Mitarbeiter im Aussendienst engagiert (Fischer 2000). Der Verkauf ist das teuerste Instrument des Marketing, doch nicht selten führt er ein Eigenleben. Erklärtes Unternehmensziel muss es deshalb sein, die Verkaufsaufgaben mit den aktuellen Erkenntnissen des Management zu verknüpfen.

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Deutsch / 01/06/2008

Testing Conditional Asset Pricing Models Using a Markov Chain Monte Carlo Approach

We use Markov Chain Monte Carlo (MCMC) methods for the parameter estimation and testing of conditional asset pricing models. In contrast to traditional approaches, it is truly conditional because the assumption that time variation in betas is driven by a set of conditioning variables is not necessary. Moreover, the approach has exact finite sample properties and accounts for errors-...

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English / 01/06/2008

Management Strategies and Dynamic Financial Analysis

Dynamic financial analysis (DFA) has become an important tool in analyzing the financial situation of insurance companies. Constant development and documentation of DFA tools has occurred during the last years. However, several questions concerning the implementation of DFA systems have not been answered in the DFA literature to date. One such important issue is the consideration of...

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English / 01/06/2008

Fair Value - Fluch oder Segen?: Wie Rechnungslegungsstandards Krisen im Finanzsektor verschärfen können

In der Finanzkrise, die sich aus dem Umgang mit Werten des amerikanischen Immobilienmarktes ergeben hat, spielen sogenannt faire Bewertungen der Vermögenstitel und die dadurch notwendig gewordenen Abschreibungen eine zentrale Rolle. Der Autor des folgenden Beitrags geht der Frage nach, wie weit die moderne Rechnungslegung mit der Bewertung zum Fair Value sinnvoll ist und die...

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Deutsch / 31/05/2008

Oxytocin shapes the neural circuitry of trust and trust adaptation in humans

Trust and betrayal of trust are ubiquitous in human societies. Recent behavioral evidence shows that the neuropeptide oxytocin increases trust among humans, thus offering a unique chance of gaining a deeper understanding of the neural mechanisms underlying trust and the adaptation to breach of trust. We examined the neural circuitry of trusting behavior by combining the intranasal,...

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English / 22/05/2008

WTO Dispute Settlement - An Important Trade Policy Instrument

Zimmermann, Thomas A.: WTO Dispute Settlement - An Important Trade Policy Instrument; Presentation at the 64th Session of the OECD Steel Committee; Paris (La Défense): Organization for Economic Cooperation and Development (OECD), 22 May 2008 / Präsentation an der 64. Sitzung des OECD Stahlausschusses; Paris (La Défense): Organisation für wirtschaftliche Zusammenarbeit und Entwicklung...

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English / 22/05/2008

Berufliche Vorsorge und Unternehmen

Das Paper zeigt auf dem Hintergrund von Interviews mit Schlüsselpersonen anhand von 7 Thesen die heutige Situation und beschreibt Handlungsfelder und Gestaltungsspielräume für Unternehmen

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Deutsch / 15/05/2008

Temporal characteristics of audiovisual information processing

In complex natural environments, auditory and visual information often have to be processed simultaneously. Previous functional magnetic resonance imaging (fMRI) studies focused on the spatial localization of brain areas involved in audiovisual (AV) information processing, but the temporal characteristics of AV information flow in these regions remained unclear. In this study, we...

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English / 14/05/2008

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