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Punishment and beyond

This paper argues that the “Economics of Crime” concentrates too much on punishment as a policy to fight crime, which is unwise for several reasons. There are important instances in which punishment simply cannot reduce crime. Several feasible alternatives to punishment exist, such as offering positive incentives or handing out awards for law abiding behavior. These alternative...

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English / 01/06/2009

A multiplicity of approaches to institutional analysis. Applications to the government and the arts

"Four types of “economics” relevant for institutional analysis are distinguished: Standard Neoclassical Economics; Socio-Economics or Social Economics; New Institutional Economics; and Psychological Economics (often misleadingly called Behavioural Economics). The paper argues that an extension of Neoclassical Economics with elements from other social sciences (including...

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English / 01/06/2009

The focusing and informational effects of norms on pro-social behavior

This paper reports an experiment examining the effect of social norms on pro-social behavior. We test two predictions derived from work in psychology regarding the influence of norms. The first is a “focusing” influence, whereby norms only impact behavior when an individual’s attention is drawn to them; and the second is an “informational” influence, whereby a norm exerts a stronger...

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English / 01/06/2009

Environmental management systems and technological environmental innovations: Exploring the causal relationship

Within the discussion of voluntary proactive approaches to environmental protection, former microeconometric studies analyze the causal effect of the adoption of environmental management systems (EMS) on technological environmental innovations and find some positive impacts. Based on empirical studies which consider the effect of general innovativeness on the adoption of voluntary...

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English / 01/06/2009

Customer-Based Brand Equity, Financial Performance and Market Value

Several studies in the marketing literature show that perceptual brand metrics are related to the intangible value of a firm and improve the ability to predict future cash flows. Using perceptual brand data for the three largest economies in Europe, the authors extend previous research by investigating whether perceived brand familiarity, differentiation and energy are reliable...

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English / 29/05/2009

Entwicklungsländer bergen für Unternehmen Wachstumspotential

Auch in Schwellenländern kann Wachstum erzielt werden. Vorausgesetzt Firmen binden die Menschen in ihre Projekte ein und sind bereit, ihre Produkte und Prozesse anzupassen.

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English / 20/05/2009

Expert Knowledge and Gender as Drivers of Forecast Errors

A factor that unquestionably amplified the magnitude of the financial crisis was widespread miscalculation by banks and investors. It raises the question why most directors in the bank did not have the foresight to predict the problems of taking on too much risk. This article argues that one reason for these failures may be the under-representation of varied educational backgrounds...

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English / 14/05/2009

A dual role for prediction error in associative learning

Confronted with a rich sensory environment, the brain must learn statistical regularities across sensory domains to construct causal models of the world. Here, we used functional magnetic resonance imaging and dynamic causal modelling (DCM) to furnish neurophysiological evidence
that statistical associations are learnt, even when task-irrelevant. Subjects performed an audio-...

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English / 01/05/2009

Egalitarianism and competitiveness

The article discusses and analyzes data from several economic experiments in a household sur-vey with mothers of preschool children. The researchers measured competitiveness by giving the subjects the choice between competing in a tournament or receiving a piece rate for a real effort task. The subjects also participated in lottery choices, which enabled the researchers to assess...

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English / 01/05/2009

Austrian Social Security Database

The Austrian Social Security Database (ASSD) is a matched firm-worker data set, which records the labor market history of almost 11 million individuals from January 1972 to April 2007. Moreover, more than 2.2 million firms can be identified. The individual labor market histories are described in the following dimensions: very detailed daily labor market states and yearly earnings at...

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English / 01/05/2009

Uncertainty Breeds Decreasing Impatience: The Role of Risk Preferences in Time Discounting

Future events are uncertain by their very nature. Therefore, people's risk preferences are likely to play a role in the valuation of allegedly guaranteed future outcomes. We show that future uncertainty conjointly with people's proneness to nonlinear probability weighting generates a unifying framework for explaining many anomalies in intertemporal choice, such as...

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English / 01/05/2009

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