infonet-economy

Präsentationen im Rahmen des Projektes "Perspectivas México" / Présentations au cadre du projet "Perspectivas México"; Lausanne: 5. Juni 2002; Zürich: 12. Juni 2002; Bern: 13. Juni 2002; Basel: 20. Juni 2002; Olten: 25. Juni 2002; Frauenfeld: 26. Juni 2002; Download als PDF-Datei in deutscher Sprache: (287 KB) Download als PDF-Datei in französischer Sprache /…

The management of agricultural trade organizations in Switzerland is characterized by completely new entrepreneurial challenges due to a progressive opening of agricultural markets and a corresponding reform in the state's agricultural policy. The need for well-suited strategic management tools has suddenly become manifest. Given this background, the intervention described in…

This paper contributes to the empirics of the intertemporal approach to the current account. We use a cointegrated VAR framework to identify permanent and transitory components of country-specific and global shocks. Our approach allows us to investigate empirically the sensitivity to persistence implied by many forward-looking models and our results shed new light on the excess…

After discussing various approaches about heroic behaviour in the literature, we first give a definition and classification of moral behaviour, in distinction to intrinsically motivated and ‘prudent' behaviour. Then, we present some arguments on the function of moral behaviour according to ‘minimal' standards of the average individual in a modern democratic society, before…

The paper models fixed rate tenders, where a central bank offers to lend central bank funds to financial institutions. Bidders are constrained by the amount of collateral they have. We focus on the strategic interaction between bidding in the tender and trading in the interbank market after the tender, where short squeezes could occur. We examine how the design of the tender affects…

During the last two decades economists have made much progress in understandingnincentives, contracts and organisations. Yet, they constrained their attention to a very narrow and empirically questionable view of human motivation. The purpose of this paper is to show that this narrow view of human motivation may severely limit understanding the determinants and effects of incentives…

The paper considers the evolution of portfolio rules in markets with stationary returns and endogenous prices. The ultimate success of a portfolio rule is measured by the wealth share the rule is eventually able to conquer in competition with other portfolio rules. We give necessary and sufficient conditions for portfolio rules to be evolutionary stable. In the case of i.i.d. returns…

The paper analyzes the process of market selection of investment strategies in an incomplete asset market. The payoffs of the as-sets depend on random factors described in terms of a discrete-time Markov process. Market participants make dynamic investment de-cisions based on their observations and time. We show that a trader distributing wealth across available assets according to…