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Too old to work, too young to retire?

We study whether employment prospects of old and young workers differ after a plant closure. Using Austrian administrative data and a combination of exact matching and fixed effects, we show that old and young workers face similarly large displacement costs in terms of employment in the long-run, but old workers lose considerably more initially and gain later. Effects on wages of…

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English / 01/01/2017

Testosterone administration does not affect men's rejections of low ultimatum game offers or aggressive mood

Correlative evidence suggests that testosterone promotes dominance and aggression. However, causal evidence is scarce and offers mixed results. To investigate this relationship, we administered testosterone for 48h to 41 healthy young adult men in a within-subjects, double-blind placebo-controlled balanced crossover design. Subjects played the role of responders in an ultimatum game…

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English / 01/01/2017

Monetary, food, and social rewards induce similar pavlovian-to-instrumental transfer effects

Multiple types of reward, such as money, food or social approval, are capable of driving behavior. However, most previous investigations have only focused on one of these reward classes in isolation, as such it is not clear whether different reward classes have a unique influence on instrumental responding or whether the subjective value of the reward, rather than the reward type per…

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English / 01/01/2017

The risk of female genital cutting in Europe: Comparing immigrant attitudes toward uncut girls with attitudes in a practicing country

Worldwide, an estimated 200 million girls and women have been subjected to female genital cutting. Female genital cutting is defined as an intentional injury to the female genitalia without medical justification. The practice occurs in at least 29 countries in Africa, the Middle East, and Asia. In addition, globalization and migration have brought immigrants from countries where…

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English / 01/01/2017

Weighted least squares and adaptive least squares: further empirical evidence

This paper compares ordinary least squares (OLS), weighted least squares (WLS), and adaptive least squares (ALS) by means of a Monte Carlo study and an application to two empirical data sets. Overall, ALS emerges as the winner: It achieves most or even all of the efficiency gains of WLS over OLS when WLS outperforms OLS, but it only has very limited downside risk compared to OLS when…

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English / 01/01/2017

Impact evaluation methods in public economics

Recent years have seen a large expansion in the use of rigorous impact evaluation techniques. Increasingly, public administrations are collaborating with academic economists and other quantitative social scientists to apply such rigorous methods to the study of public finance. These developments allow for more reliable measurements of the effects of different policy options on the…

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English / 01/01/2017

Lemon technologies and adoption: measurement, theory and evidence from agricultural markets in Uganda

To reduce poverty and food insecurity in Africa requires raising productivity in agriculture. Systematic use of fertilizer and hybrid seed is a pathway to increased productivity, but adoption of these technologies remains low. We investigate whether the quality of agricultural inputs can help explain low take-up. Testing modern products purchased in local markets, we find that 30% of…

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English / 01/01/2017

Generalversammlungen geprägt von Unzufriedenheit bei Vergütungen

GV-Saison 2017 geprägt von steigender Unzufriedenheit bei Vergütungsthemen

(Meldung um weitere Details nach Medienkonferenz ergänzt) - Schweizer Aktionäre sind offenbar deutlich kritischer als bisher. Wie eine Auswertung der bisher abgehaltenen Generalversammlungen (GVs) von Schweizer Unternehmen in diesem Jahr zeigt, waren diese von einer steigenden Unzufriedenheit bei…

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Deutsch / 01/01/2017

All’s Well That Ends Well? On the Importance of how Returns are Achieved

We demonstrate that investor satisfaction and investment behavior are influenced substantially by the price path by which the final investor return is achieved. In a series of experiments, we analyze various different price paths. Investors are most satisfied if their assets first fall in value and then recover, and they are least satisfied with the opposite pattern, independent of…

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English / 01/01/2017

A Simple Macroeconomic Model with Extreme Financial Frictions

We develop a simple macroeconomic model with extreme financial frictions (no credit markets) and show that poverty traps can emerge even in the absence of leverage. In our model, farmers produce fruit by renting land from landlords. Crops are exposed to aggregate shocks (weather risk). To guarantee themselves a positive consumption level even after a bad crop, farmers store fruit as…

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English / 01/01/2017

Asymmetric stable Paretian distribution testing

Two new tests for the symmetric stable Paretian distribution with tail index 1 < α < 2 are proposed. The test statistics and their associated approximate p-values are instantly computed and do not require use of the stable density or distribution or maximum likelihood estimation. They exhibit high power against a variety of alternatives, and much higher power than the existing…

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English / 01/01/2017

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