infonet-economy

Eine augenscheinliche Gemeinsamkeit aller vier amerikanischen Major Leagues besteht darin, dass sie als Genossenschaften der Clubs organisiert sind. Im letzten Jahrzehnt konnten die Clubs der großen nationalen Fußballligen Europas ihre Autonomie gegenüber den Fußballverbänden erheblich stärken. Offenbar nutzen die Clubs die gewonnene Freiheit, um in Bezug auf die Ligaorganisation...

Concerns for relative performance are integrated into a model of contractual renegotiation in bilateral trade. It is shown that concernsnfor relative performance do never impede efficient trade. Moreover, conditional on renegotiation to occur, concerns for relative performance tend to mitigate material rent expropriation. However, concerns for relative performance make the occurrence...

This paper examines the role of geography and culture in explaining bankruptcy. We adopt survival analyses to model the bankruptcy risk of a firm, allowing for time-varying covariates. Based on a large sample from all major sectors of the Swiss economy, we find the following results: (i) The geographic location of a firm, which is characterized using a core-periphery approach, has a...

We develop an algorithm to compute asset allocations for Kahneman and Tversky’s (Econometrica, 47(2), 263–291, 1979) prospect theory. An application to benchmark data as in Fama and French (Journal of Financial Economics, 47(2), 427–465, 1992) shows that the equity premium puzzle is resolved for parameter values similar to those found in the laboratory experiments of Kahneman and...

This paper argues that politicians are overprotected. The costs of politicalnassassination differ systematically depending on whether a private or a public point of view is taken. A politician attributes a very high (if not infinite) cost to his or her survival. The social cost of political assassination is much smaller as politicians are replaceable. Conversely, the private cost of...

Obesity is increasing worldwide for both adults and children. Genetic disposition is responsible for some variation in body weight but cannot explain the dramatic increase in the last two decades. The increase must be due to structural and behavioral changes. One such behavioral change is the increase in working females in the last decades. The absence from the mother reduces...

A new point estimator for the AR(1) coefficient in the linear regression model with arbitrary exogenous regressors and stationary AR(1) disturbances is developed. Its construction parallels that of the median--unbiased estimator, but uses the mode as a measure of central tendency. The mean--adjusted estimator is also considered, and saddlepoint approximations are used to lower the...