infonet-economy

STATA ist eine umfangreiche Statistiksoftware, welche sich sowohl zur Verwaltung von umfangreichen Datenbeständen als auch zur statistischen Analyse eignet. Diese kurze Einführungngibt einen ¨Uberblick¨uber die allgemeine Syntax des Programmes sowie die wichtigsten Anweisungen zur Datenaufbereitung und –analyse. Diese Einführung dient der selbstädigen Einarbeitungnin das Programm.…

In this paper we present a two period model, where the agent'snpreferences are described by prospect theory as proposed by Kahneman and Tversky. We solve for the agent's portfolio decision. Our findings are that the changes in portfolio weights depend crucially on the reference point and the ratio between the reference point and the current wealth, and thus only indirectly…

It has often been pointed out in the literature that a symbiotic relationship exists betweennterrorist groups and the media. As yet, however, no formal model has been built based on thisnissue and only very little empirical research has been done in this field. The presentncontribution builds a simple game theoretic model, focussing on the social interactionsnbetween terrorists and…

Uniform, risk-independent insurance premiums are accepted as part of ‘managed competition’ in health care. However, they are not compatible with optimality of health insurance contracts in the presence of both ex ante and ex post moral hazard. They have adverse effects on insurer behaviour even if risk adjustment is taken into account. Risk-based premiums combined with means-tested,…

I give necessary and sufficient conditions on the payoff set that guarantee uniqueness of the equilibrium in the Rubinstein bargaining model. The conditions encompass a class of non-convex or disconnected payoff sets with discontinuous Pareto frontiers. Roughly speaking, the equilibrium is unique if the objective function of the corresponding Nash-bargaining game has a unique maximum…

We consider a closed economy where a risk neutral bank competes with a competitive bond market. Firms can finance a risky project either by a bank credit or by issuing a bond which is directly sold to risk averse investors who also hold safe deposits at the bank. We show that the bank tends to allocate more capital to lower quality projects but there are some interesting…

Sorting of people on the labor market not only assures the most productive use of valuable skills but also generates individual utility gains if people experience an optimal match between job characteristics and their preferences. Based on individual data on reported satisfaction with life it is possible to assess these latter gains from matching. We introduce a two-equation ordered…

We investigate empirically how industrialized countries and US states share consumption risk at horizons between 1 and 30 years. US federal states share about 50% of their permanent idiosyncratic risk through cross-state capital income flows. While insurance against transitory fluctuations in output is virtually complete, OECD countries do not share any of their permanent…

Laboratory experiments are an important methodology in economics, especially in the field of behavioral economics. However, it is still debated to what extent results from laboratory experiments can be applied to field settings. One highly important question with respect to the external validity of experiments is whether the same individuals act in experiments as they wouldnin the…