infonet-economy

Das vorliegende Papier schlägt eine neue Sicht auf Probleme der Corporate Governance vor. Es wird analysiert, wie der Unternehmenssektor bezüglich Governance vom politischen Bereich lernen kann. Demokratien haben einzigartige Institutionen der Führung und Kontrolle von Akteuren im öffentlichen Bereich geschaffen, welche neue Einsichten für die Governance von Unternehmen geben können...

The prospect theory of Kahneman and Tversky (in Econometrica 47(2), 263–291, 1979) and the cumulative prospect theory of Tversky and Kahneman (in J. Risk uncertainty 5, 297–323, 1992) are descriptive models for decision making that summarize several violations of the expected utility theory. This paper gives a survey of applications of prospect theory to the portfolio choice problem...

It is typically assumed that people engage in entrepreneurship because there are profits to be made. In contrast to this view, this paper argues that entrepreneurship is more adequately characterized as a non-profit-seeking activity. Evidence from a broad range of authors and academic fields is discussed showing that entrepreneurship does quite generally not pay in monetary terms....

In monetary models where agents are subject to trading shocksnthere is typically an ex-post inefficiency since some agents are holding idle balances while others are cash constrained. This problem creates a role for financial intermediaries, such as banks, who accept nominal deposits and make nominal loans. In general, financial intermediation improves the allocation. The gains in...

Centralized sanctioning institutions are of utmost importance for overcomingnfree-riding tendencies and enforcing outcomes that maximize group welfare in socialndilemma situations. However, little is known about how such institutions come intonexistence. In this paper we investigate, both theoretically and experimentally, thenendogenous formation of institutions in a public goods...

This paper studies a program that extends the maximum duration of unemployment benefits from 30 weeks to 209 weeks. Interestingly, this program is targeted to individuals aged 50nyears or older, living in certain eligible regions in Austria. In the evaluation, I use sharp discontinuities in treatment assignment at age 50 and at the border between eligible regions and control regions...

Many countries are forging ahead with convenient balloting methods, in particular electronic and postal voting, in order to re-engage voters. In this paper, we test whether thencost reductions with postal voting increase turnout. The empirical analysis is based on annewly collected data set on the introduction of postal voting in Swiss cantons. We take advantage of the unique fact...