infonet-economy

This paper studies a centralized market with idiosyncratic uncertainty and money as a medium of exchange from a theoretical as well as an experimental perspective. In our model, prices are fixed and markets are cleared by rationing. We prove the existence of stationary monetary equilibria and of an optimum quantity of money. The rational solution of our model, which is based on the...

Implied risk aversion estimates reported in the literature are strongly U-shaped. This article explores different potential explanations for these “smile” patterns: (i) preference aggregation, both with and without stochastic volatility and jumps in returns, (ii) misestimation of investors’ beliefs caused by stochastic volatility, jumps, or a Peso problem, and (iii) heterogeneous...

Imagine you are overweight and you spot your favorite pastry in the storefront of a bakery. How do you manage to resist this temptation? Or to give other examples, how do you manage to restrain yourself from overspending or succumbing to sexual temptations? The present article summarizes two recent studies stressing the fundamental importance of inhibition in the process of decision...

INTRODUCTION In recent years, the importance of income from broadcasting rights for professional sports clubs' revenues has increased significantly both in the U.S. and in Europe [see Cave and Crandall, 2001]. While up to the 1980s gate receipts have constituted the major pillar of revenues, this role has since been taken over by income out of broadcasting rights sales [Andreff...

Der Schweizer Postmarkt soll für die Konkurrenz geöffnet werden. Gleichzeitig soll die Grundversorgung – der so genannte Service Public – weiterhin gewährleistet sein. Mit der Marktöffnung wird dem ehemaligen Monopolisten die Grundlage zur Finanzierung der Grundversorgung entzogen.
Zur Sicherstellung der Grundversorgung im Wettbewerb muss der ehemalige Monopolanbieter deshalb...