ALBERT

All Library Books, journals and Electronic Records Telegrafenberg

Your email was sent successfully. Check your inbox.

An error occurred while sending the email. Please try again.

Proceed reservation?

Export
Filter
  • ddc:330  (40,149)
  • English  (40,137)
  • Turkish  (12)
  • Chinese
  • 2015-2019  (40,149)
  • 1945-1949
Collection
Keywords
Language
Years
Year
  • 1
    facet.materialart.
    Unknown
    Kiel: Kiel Institute for the World Economy (IfW)
    Publication Date: 2015-01-21
    Description: The purpose of this note is to introduce the technique and main findings of meta-analysis to the reader, who is unfamiliar with the field and has the usual objections. A meta-analysis is a quantitative survey of a literature reporting estimates of the same parameter. The funnel showing the distribution of the results is normally amazingly wide given their t-ratios. Little of the variation can be explained by the quality of the journal or by the estimator used. The funnel has often asymmetries consistent with the most likely priors of the researchers, giving a publication bias.
    Keywords: B4 ; C2 ; ddc:330 ; meta-analysis ; selection of regressions ; publication bias
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 2
    Publication Date: 2015-01-24
    Description: This paper presents the results of a text based exploratory study of over 20,000 academic articles published in seven top research journals from 1960-2010. The goal is to investigate the general research foci of economists over the last fifty years, how (if at all) they have changed over time, and what trends (if any) can be discerned from a broad body of the top academic research in the field. Of the 19 JEL-code based fields studied in the literature, most have retained a constant level of attention over the time period of this study, however, a notable exception is that of macroeconomics which has undergone a significantly diminishing level of research attention in the last couple of decades, across all the journals under study; at the same time, the "microfoundations" of macroeconomic papers appears to be increasing. Other results are also presented.
    Keywords: A11 ; B4 ; ddc:330 ; text analysis ; economics research ; research diversity ; topic analysis
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 3
    facet.materialart.
    Unknown
    Düsseldorf: Düsseldorf Institute for Competition Economics (DICE)
    Publication Date: 2015-02-03
    Description: Price levels and movements on gasoline and diesel markets are heavily debated among consumers, policy-makers, and competition authorities alike. In this paper, we empirically investigate how and why price levels differ across gasoline stations in Germany, using eight months of data from a novel panel data set including price quotes from virtually all German stations. Our analysis specifically explores the role of station heterogeneity in explaining price differences across gasoline stations. Key determinants of price levels across fuel types are found to be ex-refinery prices as key input costs, a station's location on roads or highway service areas, and brand recognition. A lower number of station-specific services implies lower fuel price levels, so does a more heterogeneous local competitive environment.
    Keywords: L11 ; L71 ; ddc:330 ; Gasoline Pricing ; Price Dispersion ; Fuel Prices ; Gasoline Stations
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 4
    facet.materialart.
    Unknown
    Kiel: Kiel Institute for the World Economy (IfW)
    Publication Date: 2015-01-15
    Description: The protection of intellectual property rights (IPR) and the distribution of rent are central issues in R&D-based growth models with the return to innovation serving as the engine of growth. In this paper the authors consider the strength of the intellectual property rights and franchise bargaining system to analyze how the rent/franchise fee and institutional quality affect the economic growth and social welfare. It is found that the intermediate good firm with full IPR protection charges a price equal to the marginal cost. In addition, if imitated technologies exhibit a labor spillover effect, decreasing the IPR protection will increase the rent/franchise fee. The authors also show that the growth-maximizing effects of IPR protection, the bargaining power of intermediate goods firms, and the imitation of technology are no longer equivalent to those effects on welfare-maximization since the welfare result depends on the relative degrees of the growth enhancing effect and crowding-out effect on production.
    Keywords: L11 ; O40 ; O30 ; ddc:330 ; IPR ; R&D ; bargaining ; endogenous growth ; social welfare
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 5
    Publication Date: 2015-02-25
    Description: Does it matter if you speak with a regional accent? Speaking immediately reveals something of one's own social and cultural identity, be it consciously or unconsciously. Perceiving accents involves not only reconstructing such imprints but also augmenting them with particular attitudes and stereotypes. Even though we know much about attitudes and stereotypes that are transmitted by, e.g. skin color, names or physical attractiveness, we do not yet have satisfactory answers how accent perception affects human behavior. How do people act in economically relevant contexts when they are confronted with regional accents? This paper reports a laboratory experiment where we address this question. Participants in our experiment conduct cognitive tests where they can choose to either cooperate or compete with a randomly matched male opponent identified only via his rendering of a standardized text in either a regional accent or standard accent. We find a strong connection between the linguistic performance and the cognitive rating of the opponent. When matched with an opponent who speaks the accent of the participant's home region - the in-group opponent - individuals tend to cooperate significantly more often. By contrast, they are more likely to compete when matched with an accent speaker from outside their home region, the out-group opponent. Our findings demonstrate, firstly, that the perception of an out-group accent leads not only to social discrimination but also influences economic decisions. Secondly, they suggest that this economic behavior is not necessarily attributable to the perception of a regional accent per se, but rather to the social rating of linguistic distance and the in-group/out-group perception it evokes.
    Keywords: ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 6
    facet.materialart.
    Unknown
    Kiel: Kiel Institute for the World Economy (IfW)
    Publication Date: 2015-02-27
    Description: In this paper, the authors construct a unique data set of Internet offer prices for flats in 48 large European cities from 24 countries. The data are collected between January and May 2012 from 33 websites, where the advertisements of flats for sale are placed. Using the resulting sample of 750,000 announcements the authors compute the average city-specific house prices. Based on this information they investigate the determinants of the apartment prices. Four factors are found to be relevant for the flats' price level: income per capita, population density, unemployment rate, and income inequality. The results are robust both to excluding variables and to applying two alternative estimation techniques: OLS and quantile regression. Based on their estimation results the authors are able to identify the cities, where the prices are overvalued. This is a useful indication of a build-up of house price bubbles.
    Keywords: C21 ; R31 ; ddc:330 ; internet ads ; flats' prices ; large European cities ; fundamental prices
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 7
    Publication Date: 2015-02-27
    Description: This paper examines how capital account liberalization (CAL) affects Foreign Direct Investment (FDI) inflows. The authors use the System Generalized-Method-of-Moments (GMM) estimator developed for the dynamic panel model for a sample of 17 Middle East and North Africa (MENA) countries from 1985 to 2009. Their findings reveal that the positive impact of CAL on FDI depends on the political stability in a host country. Furthermore, the results show that enhancing democratic institutions, enforcing property rights, reducing the risk of expropriation and religious tension seem to be some of the most promising policies to attract FDI to the region. The authors also find that foreign investors value the quality of institutions more than the level of corruption or bureaucratic quality in the location choice. Their results are robust to using different indicators of institutional quality. The findings are relevant for MENA countries given that many of them have engaged in a process of liberalization and have weak institutions.
    Keywords: C23 ; D73 ; F21 ; F43 ; ddc:330 ; capital account liberalization ; foreign direct investment ; institutional quality ; GMM-system
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 8
    facet.materialart.
    Unknown
    Kiel: Kiel Institute for the World Economy (IfW)
    Publication Date: 2015-02-27
    Description: The paper studies indirect network effects in a market composed by two incompatible intermediaries that choose price (short-term issue) in addition to location (long-term issue). The paper first shows that (i) when the network externality is sufficiently weak, only maximum differentiation prevails, (ii) the location equilibrium can be asymmetric for an intermediate level of the network externality, given that the first entrant locates at the city centre while the follower chooses an extreme (niche) positional location and (iii) tipping occurs favouring the leader in the location choice when the intensity of the network externality is sufficiently strong. Moreover, the paper concludes that the likelihood of an asymmetric location equilibrium is higher when there is no mismatch between the product space occupied by consumers and intermediaries. Finally, the author concludes that a penetration pricing strategy conducted by a third intermediary is more successful when the pre-entry condition is not the tipping equilibrium location.
    Keywords: D43 ; L13 ; R12 ; ddc:330 ; simple network effect ; unconstrained spatial competition ; location leadership
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 9
    facet.materialart.
    Unknown
    Kiel: Kiel Institute for the World Economy (IfW)
    Publication Date: 2015-02-27
    Description: Using bilateral data on remittance flows to Pakistan for 23 major host countries, in the first study of its kind, the authors examine the effect of transaction costs on foreign remittances. They find that the effect of transaction costs on remittance flows is negative and significant; suggesting that a high cost will either refrain migrant's from sending money back home or make them remit through informal channels. This can be better understood in terms of migrant networks and improvements in home and host country financial services. Distance, which has been used in previous studies as an indicator of the cost of remitting, is found to be a poor proxy.
    Keywords: F22 ; F30 ; O11 ; ddc:330 ; remittances ; geographical distance ; transaction cost ; financial services ; Pakistan
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 10
    facet.materialart.
    Unknown
    Düsseldorf: Düsseldorf Institute for Competition Economics (DICE)
    Publication Date: 2015-02-17
    Description: An allocation rule that prioritizes registered donors increases the willingness to register for organ donation, as laboratory experiments show. In public opinion, however, this priority rule faces repugnance. We explore the discrepancy by implementing a vote on the rule in a donation experiment, and we also elicit opinion poll-like views. We find that two-thirds of the participants voted for the priority rule in the experiment. When asked about real-world implementation, participants of the donation experiment were more likely to support the rule than non-participants. We further confirm previous research in that the priority rule increases donation rates. Beyond that, we find that medical school students donate more often than participants from other fields.
    Keywords: C90 ; I10 ; I18 ; ddc:330 ; organ donation ; laboratory experiment ; vote
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 11
    facet.materialart.
    Unknown
    Düsseldorf: Düsseldorf Institute for Competition Economics (DICE)
    Publication Date: 2015-02-17
    Description: We investigate the influence of non-executive outside directors on firms' innovative performance for a sample of 1,393 listed firms in the EU - 15 member states plus Norway and Switzerland in the period 2005 to 2010. Our results show that the fraction of non-executive outside directors on the board is associated with a significant decrease in the number of patent applications if competition in the market is low. This may indicate that restrictive monitoring and lower advising competences of outside directors mitigate executives' incentives to innovate. In industries with effective competition, the negative influence of outsiders is offset by the pressure to focus on innovation strategies.
    Keywords: G34 ; L14 ; L25 ; M21 ; O31 ; ddc:330 ; Competition ; Corporate Governance ; Innovation ; Patents ; Board Composition ; Outside Directors
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 12
    facet.materialart.
    Unknown
    Kiel: Kiel Institute for the World Economy (IfW)
    Publication Date: 2015-02-18
    Description: The KOSPI 200 options are one of the most actively traded derivatives in the world. This paper empirically examines (a) the statistical properties of the Korea's representative implied volatility index (VKOSPI) derived from the KOSPI 200 options and (b) macroeconomic and financial variables that can predict the implied volatility process of the index, using augmented heterogeneous autoregressive (HAR) models with exogenous covariates. The results suggest that the dynamics of the VKOSPI is well described by the elaborate HAR framework and that some Korea's macroeconomic variables significantly explain the VKOSPI. In addition, we find that the stock market return and implied volatility index of the US market (i.e., the S&P 500 spot return and the VIX from S&P 500 options) play a key role in predicting the level of VKOSPI and explaining its dynamics, and their explanatory power dominates that of Korea's macro-finance variables. Further, while Korea's stock market return does not predict the VKOSPI, US stock market return well predicts the future VKOSPI level. When both US stock market return and US implied volatility index are incorporated into the HAR framework, the model's both in-sample fitting and out-of-sample forecasting ability exhibits the best performance.
    Keywords: C22 ; C50 ; G14 ; G15 ; ddc:330 ; heterogeneous autoregressive (HAR) model ; implied volatility index ; VKOSPI ; VIX ; KOSPI 200 options
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 13
    facet.materialart.
    Unknown
    Paris: Max Planck Sciences Po Center on Coping with Instability in Market Societies (MaxPo)
    Publication Date: 2015-02-18
    Description: This paper aims to describe the social studies of credit developed in France over the past dozen years. We argue that this French sociology of credit, mostly centered on France, can be useful for researchers analyzing other countries, with other institutional particularities, because it proposes a specific method and a specific way to raise questions: credit is mostly understood as a result of social interactions embedded in organizational and legal structures. French researchers also deeply analyze the consequences of the organization of the credit market for inequalities, social stratification, and people's life experiences. The first part of the paper focuses on works that have examined credit as a social test, looking at the institutional, technical, and social frameworks of money lending. Then, credit is understood as a sociological experiment: how is it integrated into household economies? How do people use forms of credit? Finally, the third part concentrates on credit failure, when a bank loan becomes a debt. This aspect is mostly framed in French sociology as "over-indebtedness", which is an administrative and a social category. Throughout the paper, we address credit as both a relationship and a practice. This approach is heuristic, as we seek to demonstrate, because it enables us to show that credit is a social and political issue.
    Keywords: ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 14
    facet.materialart.
    Unknown
    Düsseldorf: Düsseldorf Institute for Competition Economics (DICE)
    Publication Date: 2015-02-17
    Description: This study contributes to the ongoing debate on the relevance of non-executive outside directors for corporate governance building on a large panel of European listed firms in the period 2003 to 2011. Focusing on executive turnover as an indicator for effective monitoring, the findings reveal that outside directors and product market competition are substitutes. Outsiders increase the performance-turnover sensitivity of executives exclusively if competition in the industry is relatively weak. In an environment with effective competition, outsiders do not significantly influence the decision to replace underperforming managers. In fiercely competitive markets, the higher threat of bankruptcy or hostile takeover seems to effectively limit managerial discretion for opportunistic behavior.
    Keywords: G34 ; J24 ; J63 ; L40 ; M00 ; ddc:330 ; Competition ; Corporate Governance ; Executive Turnover ; Outside Directors
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 15
    facet.materialart.
    Unknown
    Kiel: Kiel Institute for the World Economy (IfW)
    Publication Date: 2015-02-18
    Description: This study analyses the effects of oil price and macroeconomic shocks on the Malaysian housing market using a SVAR framework. The specification of the baseline model is based on standard economic theory. The Gregory-Hansen (GH) cointegration tests reveal that there is no cointegration among the variables of interest. Results from performing Toda-Yamamoto (TY) non-Granger causality tests show that oil price, labor force and inflation are the leading factors causing movements in the Malaysian housing prices in the long run. The findings from estimating generalized impulse response functions (IRFs) and variance decompositions (VDCs) indicate that oil price and labor force shocks explain a substantial portion of housing market price fluctuations in Malaysia.
    Keywords: Q43 ; O18 ; F62 ; ddc:330 ; housing market fluctuations ; oil price shocks ; macroeconomic shocks ; Malaysia
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 16
    facet.materialart.
    Unknown
    Düsseldorf: Düsseldorf Institute for Competition Economics (DICE)
    Publication Date: 2015-03-10
    Description: The participation of women in top-level corporate boards (or rather the lack of it) is subject to intense public debate. Several countries are considering legally binding quotas to increase the share of women on boards. Indeed, research on board diversity suggests positive effects of gender diverse boards on corporate governance and even firm performance. The mechanism through which these benefits materialize remain however mostly speculative. We study boards of directors in a large sample of listed companies in 15 European countries over the period 2003-2011 and find that female representation on firms' non-executive boards is associated with reduced turnover and an increase in tenure of executive board members. An increase in the performance-turnover sensitivity of executives suggests that this effect may be explained by better monitoring practices rather than by less effective control or a "taste for continuity".
    Keywords: G34 ; J24 ; J63 ; L25 ; M00 ; ddc:330 ; Corporate Governance ; Executive Turnover ; Gender ; TMT Diversity
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 17
    facet.materialart.
    Unknown
    Kiel: Kiel Institute for the World Economy (IfW)
    Publication Date: 2015-03-18
    Description: Export participation of SMEs in Swedish computer services has increased rapidly over the last decade. Despite the increase, export participation rates of SMEs including micro enterprises remain rather low at 13 percent in 2010. Based on uniquely linked firm-level datasets with full coverage of micro enterprises and sole proprietors, this study investigates the determinants of export participation of Swedish SMEs in the computer service industry. Exports include both goods and services. Estimates based on the conditional logit model show a significantly positive relationship between initial labour productivity and the decision to export. An interesting and new finding is that the magnitude of the relationship between the probability to export and initial labour productivity is low once firm effects are controlled for. Surprisingly, the impact of labour productivity on exporting does not differ between micro enterprises and the remaining SMEs (10-249 employees). Furthermore, skill intensity is significantly related to the probability of exporting with low marginal effects. Overall, labour productivity and skill intensity only explain a small proportion of the export boom of Swedish software SMEs.
    Keywords: F14 ; ddc:330 ; exports ; productivity ; computer service industry ; human capital ; conditional logit model
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 18
    facet.materialart.
    Unknown
    Kiel: Kiel Institute for the World Economy (IfW)
    Publication Date: 2015-03-18
    Description: Why do some people think they will behave differently in the future? Building on research on dynamic inconsistency and age related preferences, this paper introduces the concept that inconsistent intertemporal preferences are directly related to age. In previous studies, standard socioeconomic variables such as age have had mixed results in predicting hyperbolic discounting (a behavior that consists of impatience now but projected patience in the future). By incorporating both demographic and behavioral variables, a clearer picture emerges. The findings from observations of a large sample of college graduates indicate that emerging adults are more likely to exhibit hyperbolic discounting behavior than adults over the age of 30. Among emerging adult respondents, lower incomes and more naïve self-assessments are determinants of hyperbolic discounting behavior. Recognizing demographic trends is critical since studies show that hyperbolic discounting affects financial and planning decisions and that specially designed tools may help hyperbolic discounters follow through with plans (Ashraf, et. al. 2006).
    Keywords: D1 ; D9 ; J1 ; ddc:330 ; Hyperbolic discounting ; Emerging adults ; Generation Y ; Dynamic inconsistency ; Intertemporal preferences
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 19
    facet.materialart.
    Unknown
    Amsterdam and Rotterdam: Tinbergen Institute
    Publication Date: 2015-03-18
    Description: In this paper, we extend the concept of mutual exclusivity proposed by Dhaene and Denuit (1999) to its tail counterpart and baptise this new dependency structure as tail mutual exclusivity. Probability levels are first specified for each component of the random vector. Under this dependency structure, at most one exceedance over the corresponding VaRs is possible, the other components being zero in such a case. No condition is imposed when all components stay below the VaRs. Several properties of this new negative dependence concept are derived. We show that this dependence structure gives rise to the smallest value of Tail-VaR of a sum of risks within a given Fréchet space, provided that the probability level of the Tail-VaR is close enough to one.
    Keywords: G19 ; C63 ; ddc:330 ; Mutual exclusivity ; stop-loss transform ; tail convex order ; risk measures
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 20
    Publication Date: 2015-03-18
    Description: This paper investigates second-best congestion pricing in a monocentric city characterized by distortionary, rigid regulatory mechanisms in the housing market (building height restrictions, zoning and property taxation). The Pigouvian toll is shown to retain its optimality under any setting with quantity restrictions in the housing market. However, the extent of the quantity restriction determines the volume of the welfare gains in a non-monotonic fashion. This finding introduces a warning to cost-benefit analyses: our numerical results suggest that the actual gains of a road tax might be 40% lower than the gains predicted by a model that disregards maximum building height restrictions, and 80% higher than the gains suggested by a model that disregards zoning. In general, this implies that decision making on urban road pricing can ignore quantitative restrictions in the related markets of land, housing and labor insofar as the determination of optimal marginal tax rules is concerned; the tax levels stemming from those rules will be affected by the restrictions. However, this is not the case in the presence of a tax-induced distortion. Introducing an ad- valorem property tax on housing, we show that adjustments of the Pigouvian toll can lead to small, but not negligible welfare gains.
    Keywords: R48 ; R52 ; R13 ; H21 ; H23 ; D61 ; ddc:330 ; road pricing ; building height restrictions ; zoning ; property tax ; monocentric city ; cost-benefit analysis
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 21
    Publication Date: 2015-03-18
    Description: In the literature, there exist several models where a cooperative TU-game is enriched with a hierarchical structure on the player set that is represented by a digraph. We consider games under precedence constraints introduced by Faigle and Kern (1992) who also introduce a generalization of the Shapley value for such games. They characterized this solution by efficiency, linearity, the null player property and hierarchical strength which states that in unanimity games the payoffs are allocated among the players in the unanimity coalition proportional to their hierarchical strength in the corresponding coalition. The hierarchical strength of a player in a coalition in an acyclic digraph is the number of admissible permutations (those in which successors in the digraph enter before predecessors) where this player is the last of that coalition to enter. We introduce and axiomatize a new solution for games under precedence constraints, called hierarchical solution. Unlike the precedence Shapley value, this new solution satisfies the desirable axiom of irrelevant player independence meaning that payoffs assigned to relevant players are not affected by the presence of irrelevant players. This hierarchical solution is defined in a similar spirit as the precedence Shapley value but is a precedence power solution, and thus allocates the dividend of a coalition proportionally to a power measure for acyclic digraphs, specifically proportionally to the hierarchical measure. We give an axiomatization of this measure and extend it to regular set systems. Finally, we consider the normalized hierarchical measure on the subclasses of forests and sink.
    Keywords: C71 ; ddc:330 ; Cooperative TU-game ; acyclic digraph ; hierarchical strength ; irrelevant player ; power measure ; regular set system ; rooted and sink trees
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 22
    Publication Date: 2015-03-18
    Description: This paper focuses on self-selection into trade by exporting and importing firms, and on the presence of differential variable and sunk costs between exporters and importers across different categories of imports. In addition the authors consider the role of intensive and extensive margins with respect to products or countries. They use a rich and recent dataset for Turkish manufacturing firms for the period 2003-2010. This allows them to provide a comprehensive analysis of firm heterogeneity and the connection between firm-level performance and international trade. They provide evidence on the remarkable heterogeneity across firms where only-importers (importers) perform better than only-exporters (exporters). They detect a self-selection effect for both importing and exporting firms with a stronger effect for importers. The results suggest that the nature of sunk costs varies between importing and exporting activities with importers facing higher sunk costs. Tariffs represent a potentially important source of variation in the variable costs of trading. When taking the tariffs faced by firms into account, the authors find that the self-selection effect associated with sunk costs is still present but greatly reduced with a smaller reduction for importers compared to exporters.
    Keywords: D24 ; F10 ; M20 ; L10 ; ddc:330 ; firm heterogeneity ; self-selection ; sunk costs ; exports ; imports
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 23
    Publication Date: 2015-04-01
    Description: Agricultural, quality agro-food, supply-chain and rural districts were introduced by Italian law in 2001. With reference to European structural policies, especially rural development policy, and to the districts' originality and relationship to the LEADER method and programmes, we wonder whether they can still form a useful part of the new programming period 2014 - 2020. The question is analysed in the wider context of international literature on socio-economic and economic policy, so as to stimulate broader interest, with a view to the future. A survey on national scale is presented, limited to the districts legally recognised by the Regions. A detailed historical reconstruction is given, offering a "reconstructive reading" through which we clarify the actual nature of these districts, including their connections to clusters and industrial districts. We also discuss how to better link the theoretical and the legal frameworks. And we examine the connection between the basic economic mechanisms of the district theory and how the Regions have implemented them in reality. To do this, we summarised the overall conceptual framework into a few basic components for our desk research. This has led to development of a methodological definition of districts in agriculture. Finally we give a concise analysis of the main outlines of the structural policies relating to this essential notion of "district", in order to reach some conclusions of general validity.
    Keywords: ddc:330 ; Agricultural ; Quality agro-food ; Supply-chain and rural districts ; Industrial districts ; Cluster ; Business network ; LEADER method ; Rural governance and multi-level governance ; Rural development policy ; European structural and investment funds ; Community-led local development ; Italian Regions ; Tobit
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:article
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 24
    facet.materialart.
    Unknown
    Heidelberg: Springer
    Publication Date: 2015-04-01
    Description: The present paper analyses the relations between food and oil prices for Malaysia using a nonlinear autoregressive distributed lags (NARDL) model. The bounds test of the NARDL specification suggests the presence of cointegration among the variables, which include the food price, oil price and real GDP. The estimated NARDL model affirms the presence of asymmetries in the food price behavior. Namely, in the long run, we find a significant relation between oil price increases and food price. Meanwhile, the long run relation between oil price reduction and the food price is absent. Furthermore, in the short run, only changes in the positive oil price exert significant influences on the food price inflation. With the absence of significant influence of oil price reduction on the food price both in the long run and in the short run, the role of market power in shaping the behavior of Malaysia's food price is likely to be significant.
    Keywords: C22 ; E31 ; ddc:330 ; Food price behavior ; Oil price ; Asymmetry ; ARDL ; Malaysia
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:article
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 25
    facet.materialart.
    Unknown
    Cardiff: Cardiff University, Cardiff Business School
    Publication Date: 2015-04-16
    Description: This paper presents a Cournot oligopoly model with R&D spillovers both within and across industries. The aim is to provide an appropriate theoretical foundation for three different hypotheses regarding the impact of the local production structure on innovation and output, as well as addressing mixed empirical results in this area. Both the effective R&D and total industry output are shown to increase with the variety of industries, which is aligned with Jacobs externalities. With respect to the concentration, the outcome is more ambiguous, where it depends on the variety, both spillover rates, and the R&D efficiency. If the variety is limited, then partial support is given to both Marshall-Arrow-Romer externalities in the case of effective R&D, and to Porter externalities in the case of the total industry output. The use of a relative rather than an absolute measure of variety is also shown to be important.
    Keywords: O33 ; R11 ; L13 ; ddc:330 ; concentration ; innovation ; knowledge spillover ; regional economy ; variety
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 26
    facet.materialart.
    Unknown
    Stockholm: Research Institute of Industrial Economics (IFN)
    Publication Date: 2015-04-17
    Description: The theoretical predictions of how employment protection affects firm productivity are ambiguous. In this paper I study the effect of employment protection rules on labor productivity using micro data on Swedish firms. A reform of the employment protection rules in 2001 made it possible for small firms with less than eleven employees to exempt two workers from the seniority rules. I exploit the reform as a natural experiment. My results indicate that increased labor market flexibility increases labor productivity. The increase appears to be driven mainly by the older and the smallest firms. It is not explained by capital intensity or the educational level of workers.
    Keywords: D22 ; J23 ; J24 ; J32 ; J38 ; K31 ; M51 ; ddc:330 ; Employment Protection ; Labor Market Regulations ; Labor Productivity ; Last-in-First-out Rules
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 27
    Publication Date: 2015-04-17
    Description: An increasingly large share of cross-border acquisitions are undertaken by private equity-firms (PE-firms) and not by traditional multinational enterprises (MNEs). We propose a model of cross-border acquisitions in which MNEs and PE-firms compete over domestic assets. MNEs' advantage lies in firm-specific synergies and retained earnings, whereas PE-firms are good at reorganizing target firms. Prevailing interest rates do not work in favor of PE-firms, but a lower risk premium and a better financial market development does. Stronger firm-specific synergies, however, favors MNEs. Performing a welfare analysis, we show that a policy of restricting PE-firms from buying domestic assets can be counterproductive.
    Keywords: F23 ; F65 ; L13 ; ddc:330 ; Cross-border ; International Restructuring ; Ownership Efficiency ; Private Equity ; M&As
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 28
    facet.materialart.
    Unknown
    Stockholm: Research Institute of Industrial Economics (IFN)
    Publication Date: 2015-04-17
    Description: Recent research has shown that entrepreneurs who start incorporated firms are fundamentally different from entrepreneurs who start sole proprietorships. This difference suggests that incorporation status may distinguish the self-employed with no ambition to hire from entrepreneurs who plan to hire others.In this paper, we show that this intuition is correct. Using a dataset with over 24 million observations and more than 230,000 entries into entrepreneurship, we show that newly incorporated entrepreneurs create 50% more jobs than sole proprietors. The result derives from the fact that high-ability individuals are more likely to form incorporated ventures. While there is selection from both tails of the ability distribution into starting incorporated ventures - that is, both stars and misfits start corporations - it is primarily individuals with low ability, the misfits, who start sole proprietorships. This does not, however, mean that the aggregate number of jobs created by the incorporated is higher. Since more entrepreneurs in total become sole propri etors, the sole proprietors initially contribute more to aggregate job creation than the incorporated.
    Keywords: J24 ; L26 ; ddc:330 ; Entrepreneurship ; Incorporation ; Job creation ; Occupational choice ; Self-employment ; Stars and misfits
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 29
    facet.materialart.
    Unknown
    Stockholm: Research Institute of Industrial Economics (IFN)
    Publication Date: 2015-04-17
    Description: It is frequently argued that policymakers should target high-tech firms, i.e., firms with high R&D intensity, because such firms are considered more innovative and therefore potential fast-growers. This argument relies on the assumption that the association among high-tech status, innovativeness and growth is actually positive. We examine this assumption by studying the industry distribution of high-growth firms (HGFs) across all 4-digit NACE industries, using data covering all limited liability firms in Sweden during the period 1997-2008. The results of fractional logit regressions indicate that industries with high R&D intensity, ceteris paribus, can be expected to have a lower share of HGFs than can industries with lower R&D intensity. The findings cast doubt on the wisdom of targeting R&D industries or subsidizing R&D to promote firm growth. In contrast, we find that HGFs are overrepresented in knowledge-intensive service industries, i.e., service industries with a high share of human capital.
    Keywords: L11 ; L25 ; ddc:330 ; Entrepreneurship ; Firm growth ; Gazelles ; High-growth firms ; High-impact firms ; Innovation ; R&D
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 30
    facet.materialart.
    Unknown
    Stockholm: Research Institute of Industrial Economics (IFN)
    Publication Date: 2015-04-17
    Description: This paper explores the role of retailers as an urban amenity. Using data for Swedish rural and city municipalities for 2002-2008, ‘accessibility to shops' measures are constructed for the shops in the municipalities and in the hosting regions separately to examine the relationship between consumption possibilities and place attractiveness in a spatial continuum. Place attractiveness is proxied by a Q ratio for Swedish housing investment based on Tobin's Q. Access to stores within municipal market boundaries is found to be relevant for the place attractiveness of city municipalities, whereas no such relationship is evident for rural municipalities.
    Keywords: L81 ; R12 ; R14 ; R31 ; ddc:330 ; Housing ; Urban amenities ; Retail ; Q theory ; Regional hierarchy
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 31
    facet.materialart.
    Unknown
    Stockholm: Research Institute of Industrial Economics (IFN)
    Publication Date: 2015-04-17
    Description: This paper examines the development of taxation in Sweden from 1862 to 2013. The examination covers six key aspects of the Swedish tax system: the taxation of labor income, capital income, consumption, inheritance and gift, wealth and real estate. The importance of these taxes varied greatly over time and Sweden increasingly relied on broad-based taxes (such as income taxes and general consumption taxes) and taxes that were less visible to the public (such as payroll taxes and social security contributions). The tax-to-GDP ratio was initially low and relatively stable, but from the 1930s, the ratio increased sharply for 50 years. Towards the end of the period, the tax-to-GDP ratio declined significantly. The analysis is based on a project conducted at the Research Institute of Industrial Economics (IFN) and provides both a unique length and breadth of the development of a national tax system.
    Keywords: H20 ; H71 ; N43 ; N44 ; ddc:330 ; Keywords: Income tax ; Wealth tax ; Inheritance and gift tax ; Consumption tax ; Real estate tax ; Tax reforms
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 32
    facet.materialart.
    Unknown
    Stockholm: Research Institute of Industrial Economics (IFN)
    Publication Date: 2015-04-17
    Description: In this paper, we ask under what conditions norms can enhance welfare by mitigating moral hazard in income insurance. We point out a particular role of norms, namely to compensate for insurers' difficulties in monitoring the behavior of insured individuals. Thus, the functioning of social norms depends crucially on information, in particular on what norm enforcers are able to observe about an insured individual's behavior. Information is also decisive when distinguishing between social norms and internalized norms. We study how optimal insurance arrangements, the behavior of insured individuals, and welfare are influenced by norms. We also examine the optimal strength of norms. Generally speaking, the paper is a study of the interaction between norms and economic incentives.
    Keywords: D82 ; H55 ; H75 ; I13 ; J22 ; ddc:330 ; Norms ; Moral hazard ; Insurance ; Information
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 33
    facet.materialart.
    Unknown
    Stockholm: Research Institute of Industrial Economics (IFN)
    Publication Date: 2015-04-17
    Description: Many countries have undertaken central-bank independence reforms, but the years of implementation differ. What explains such differences in timing? This is of interest more broadly, as it sheds light on factors that matter for the speed at which economic reforms come about. We study a rich set of potential determinants, both economic and political, but put special focus on a cultural factor, social trust. We find empirical support for an inverse u-shape: Countries with low and high social trust implemented their reforms earlier than countries with intermediate levels. We make use of two factors to explain this pattern: the need to undertake reform (which is more urgent in countries with low social trust) and the ability to undertake reform (which is greater in countries with high social trust).
    Keywords: E52 ; E58 ; P48 ; Z13 ; ddc:330 ; Central banks ; Independence ; Social trust ; Inflation ; Monetary policy ; Reform
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 34
    facet.materialart.
    Unknown
    Stockholm: Research Institute of Industrial Economics (IFN)
    Publication Date: 2015-04-17
    Description: This paper examines policy measures that foster the creation of innovations with high inherent potential and that simultaneously provide the right incentives for individuals to create and expand firms that disseminate such innovations in the form of highly valued products. In so doing, we suggest an innovation policy framework based on two pillars: (i) the accumulation, investment, and upgrading of knowledge and (ii) the implementation of mechanisms that enable knowledge to be exploited such that growth and societal prosperity are encouraged. Knowledge is a necessary but far from sufficient condition for growth. To secure industrial dynamics and growth in the long term, institutions must be designed both to encourage sophisticated knowledge investments and to stimulate the creation, diffusion and productive use of knowledge in all sectors of the economy. We argue that the latter area has been overlooked in the policy discussion and that a coherent innovation policy framework must include tax policy, labor market regulation, savings channeling, competition policy, housing market regulation, and infrastructure to foster growth and future prosperity.
    Keywords: J24 ; O31 ; O32 ; O57 ; ddc:330 ; Entrepreneurship ; Innovation ; Institutions ; Innovation policy ; R&D ; Technology transfer ; University-industry relations
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 35
    facet.materialart.
    Unknown
    Stockholm: Research Institute of Industrial Economics (IFN)
    Publication Date: 2015-04-17
    Description: This paper is an empirical investigation of how traders react to public news in a market where there are lots of non-scheduled announcements, often arriving simultaneously. Using detailed trade information from the Nordic intra-day electricity market and GARCH models, this paper examines market participants' reaction to news about sudden production and transmission failures on the electricity grid. I divide the time of news announcement into three phases: the preannouncement period - the interval up to one hour before the hour of the public announcement of a message, the contemporaneous period - the same hour as the announcement of a message, and the post-announcement period - one hour after the hour of the announcement of a message. I find effect of news on prices in the preannouncement period, indicating that private information exists and is being used for trading on the intra-day market.
    Keywords: G14 ; L94 ; ddc:330 ; Private information ; Public information ; Non-scheduled announcements ; Intra-day electricity market ; Nord Pool ; UMMs
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 36
    Publication Date: 2015-04-17
    Description: We use administrative data on Swedish lottery players to estimate the causal impact of wealth on players' own health and their children's health and developmental outcomes. Our estimation sample is large, virtually free of attrition, and allows us to control for the factors such as the number of lottery tickets conditional on which the prizes were randomly assigned. In adults, we find no evidence that wealth impacts mortality or health care utilization, with the possible exception of a small reduction in the consumption of mental health drugs. Our estimates allow us to rule out effects on 10-year mortality one sixth as large the cross-sectional gradient. In our intergenerational analyses, we find that wealth increases children's health care utilization in the years following the lottery and may also reduce obesity risk. The effects on most other child outcomes, which include drug consumption, scholastic performance, and skills, can usually be bounded to a tight interval around zero. Overall, our findings suggest that correlations observed in affluent, developed countries between (i) wealth and health or (ii) parental income and children's outcomes do not reflect a causal effect of wealth.
    Keywords: D91 ; I10 ; I12 ; I14 ; J13 ; J24 ; ddc:330 ; Health ; Mortality ; Healthcare ; Child health ; Child development ; Human capital ; Wealth ; Income ; Lotteries
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 37
    facet.materialart.
    Unknown
    Stockholm: Research Institute of Industrial Economics (IFN)
    Publication Date: 2015-04-17
    Description: In this paper, I explore the politically contested association between the degree of capitalism, captured by measures of economic freedom, and the risk and characteristics of economic crisis. After offering some brief theoretical considerations, I estimate the effects of economic freedom on crisis risk in the post-Cold War period 1993-2010. I further estimate the effects on the duration, peak-to-trough GDP ratios and recovery times of 212 crises across 175 countries within this period. Estimates suggest that economic freedom is robustly associated with smaller peak-to-trough ratios and shorter recovery time. These effects are driven by regulatory components of the economic freedom index.
    Keywords: O11 ; O43 ; P16 ; ddc:330 ; Crisis ; Economic freedom ; Institutions
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 38
    facet.materialart.
    Unknown
    Paris: Organisation for Economic Co-operation and Development (OECD), International Transport Forum
    Publication Date: 2015-04-18
    Description: The concern about a level playing field has raised its profile in aviation in recent years, yet few have defined what constitutes a level playing field, or alternatively, what makes a playing field unlevel. In this paper we review elements that are often cited in arguments about whether access should or should not be granted, and on what terms. We find the following do not constitute legitimate factors that should be addressed in an air services agreement in order to make a playing field "level: Geographic advantage/disadvantage; Size of carrier; Differences in the cost of factors of production; 6th freedom traffic opportunities; Technological advantage; and Airport slots. Legitimate areas of concern include safety and general carrier-specific subsidies. The latter concern does not include transparent subsidies for specific air service obligations, especially if eligibility for such subsidy is competitive and non-discriminatory. It also does not exclude economically efficient subsidies to infrastructure. There is a need to keep watch on developments in global alliances, or potential cross-border mergers and acquisitions, to ensure the resulting carrier combinations do not engage in activities that constitute an abuse of market power. The mechanism to deal with this, however, is through the application of competition law. It should not be addressed by bilateral air service agreements. Many of the complaints heard today are attempts to negate natural inherent competitive advantages. This effectively seeks to deny consumers the benefits of lower costs and/or better service that arise from geographic, management and other legitimate advantages inherent to a number of air carriers.
    Keywords: ddc:330 ; Luftverkehr ; Internationaler Wettbewerb ; Luftrecht
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 39
    facet.materialart.
    Unknown
    Paris: Organisation for Economic Co-operation and Development (OECD), International Transport Forum
    Publication Date: 2015-04-18
    Keywords: ddc:330 ; Luftverkehr ; Internationales Abkommen ; ASEAN-Staaten ; EU-Staaten
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 40
    facet.materialart.
    Unknown
    Paris: Organisation for Economic Co-operation and Development (OECD), International Transport Forum
    Publication Date: 2015-04-18
    Description: The responsibility for ordinary public transport and the various special transport services are in the hands of several different authorities and organisations in Norway. Grappling with questions about how to keep the costs down, while retaining a good quality service level in rural areas, there is increasing interest in innovative solutions of coordination among public authorities as well as demand-responsive transport services. Evidence suggests that demand responsive transport pilots are popular among the users; however, their popularity makes them expensive. In contrast, integration of special passenger transportation services include benefits such as increased economic savings. A more efficient use of vehicles and more passengers per vehicle contribute to such effects. However, such coordination of transportation services increases the travel time for existing passengers. It is likely to meet resistance from certain powerful user groups. In addition, there are certain organisational barriers, given the different responsibilities and experiences of the various public authorities - at different political levels and sectors - that are responsible for the services today. Another issue is that coordination may decrease the transportation preparedness in sparsely populated areas, where taxi companies may be dependent on public contracts to keep a minimum basis of income.
    Keywords: ddc:330 ; Öffentlicher Verkehr ; Ländlicher Raum ; Norwegen
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 41
    facet.materialart.
    Unknown
    Paris: Organisation for Economic Co-operation and Development (OECD), International Transport Forum
    Publication Date: 2015-04-18
    Keywords: ddc:330 ; Öffentlicher Verkehr ; Ländlicher Raum ; Großbritannien
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 42
    facet.materialart.
    Unknown
    Düsseldorf: Düsseldorf Institute for Competition Economics (DICE)
    Publication Date: 2015-04-21
    Description: This paper explores the impact of product liability on vertical product differentiation when product safety is perfectly observable. In a two-stage competition, duopolistic firms are subject to strict liability and segment the market such that a low-safety product is marketed at a low price to consumers with relatively small harm levels whereas the safer product is sold at a high price to consumers with high levels of harm. Firms' expected liability payments are critically influenced by how the market is segmented, creating a complex relationship between product liability and product differentiation. We vary the liability system's allocation of losses between firms and consumers. Shifting more losses to firms increases the safety levels of both products, but decreases the degree of product differentiation. Some shifting of losses is always socially beneficial, but the optimum may require that some compensable losses stay with the consumers.
    Keywords: D43 ; K13 ; L13 ; ddc:330 ; product liability ; accident ; harm ; imperfect competition ; product safety ; vertical product differentiation
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 43
    facet.materialart.
    Unknown
    Düsseldorf: Düsseldorf Institute for Competition Economics (DICE)
    Publication Date: 2015-04-21
    Description: Affirmative action to promote women's employment is a intensely debated policy. Do affirmative action policies attract women and does it come at a cost of deterring high qualified men? In three field experiments in Colombia we compare characteristics of job-seekers who are told of the affirmative action selection criterion before they apply with those who are only told after applying. We find that the gains in attracting female applicants far outweigh the losses in male applicants. Affirmative action is more effective in areas with larger female discrimination and deters male job-seekers from areas with low discrimination.
    Keywords: J21 ; J24 ; J48 ; C93 ; ddc:330 ; Field experiment ; Affirmative action ; Labor market ; Gender participation gap
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 44
    facet.materialart.
    Unknown
    Kiel: Kiel Institute for the World Economy (IfW)
    Publication Date: 2015-04-21
    Description: This paper provides a different perspective on the firm-level empirical analysis of the relation between foreign ownership and capital demand adjustment in host countries. The author estimates a dynamic structural model of investment on a sample of 4672 Belgian firms observed between 2003 and 2010 that permits to distinguish the 'ownership status' of firms. He considers a dynamic discrete choice model of a general specification of adjustment costs including convex and nonconvex components. He uses the method of simulated moments procedure to estimate the structural parameters. The results indicate that multinational's affiliates face lower capital adjustment costs than national firms.
    Keywords: F23 ; D24 ; D92 ; G31 ; ddc:330 ; Multinational Firms ; Investment ; Capital Adjustment Costs
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 45
    Publication Date: 2015-04-21
    Description: This article provides a microeconometric analysis of the distinctive characteristics of springboard subsidiaries that have a positive impact on the subsidiaries' performance. Based on panel data estimations for subsidiaries of European multinational companies with a presence in Spain, the authors found that if the subsidiary located in the springboard country is a springboard subsidiary, its performance increases by 3.6%. When the subsidiary has a technological relationship with another subsidiary, its performance increases by 1.9%. If the subsidiary that has the technological relationship is a springboard subsidiary located in a springboard country, this increases performance by 1.8%. Growth of 1% in absorption capacity increases a subsidiary's performance by 1.2%. Finally, low autonomy reduces the performance of a subsidiary by 34.4% compared to independent subsidiaries or those with a high degree of autonomy.
    Keywords: C23 ; D22 ; ddc:330 ; Microeconometric Analysis ; Springboard Country ; Springboard Subsidiary ; Subsidiary - Specific Advantage ; Firms Performance ; Panel Data
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 46
    Publication Date: 2015-04-21
    Description: This paper uses the job creation and destruction model of the search and matching type proposed by García-Pérez and Osuna (2014) to study the effectiveness of subsidizing permanent job creation as a strategy to reduce labour market segmentation between permanent and temporary contracts. The 2006 and 2012 Spanish labour market reforms are used as a benchmark to compare the effects of subsidizing permanent job creation with that of reducing the severance cost gap between permanent and temporary contracts. The change in the degree of duality is measured in terms of the changes in job destruction rates and the tenure distribution. The steady-state results show that, from a fiscal point of view, reducing the severance cost gap between these two type of contracts may be more effective than subsidizing permanent job creation, provided dismissals for objective reasons are effectively made easier to justify and firms make use of that option instead of agreeing to an indemnity closer to the amount paid for unfair dismissals. The model also points to the relevance of designing appropriate penalties for those firms that do not comply with the obligations that subsidies involve. Finally, the sensitivity analysis reveals the importance of the magnitude of training costs and the relative differences in productivity between temporary and permanent workers for the effectiveness of policies involving subsidies for permanent job creation.
    Keywords: J23 ; J32 ; J63 ; J64 ; J65 ; J68 ; ddc:330 ; Subsidies ; Severance Costs gap ; Permanent and Temporary Contracts ; Duality ; Unemployment ; Tenure Distribution ; Job Destruction
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 47
    Publication Date: 2015-04-22
    Description: This paper explores the link between exports and total factor productivity (TFP) for Brazilian manufacturing firms over the period 2000-2008, both under the assumption of an exogenous or an endogenous law of motion for productivity. The authors first obtain TFP estimates under each alternative assumption following Wooldridge (On estimating firm-level production functions using proxy variables to control for unobservables, 2009) GMM procedure. Second, using stochastic dominance techniques they analyse whether the ex-ante most productive firms are those that start exporting (self-selection hypothesis). Finally, the authors test whether exporting boosts firms TFP growth (learning-by-exporting hypothesis) using matching techniques, to control for the possibility that selection into exports may not be a random process. Their results confirm the self-selection hypothesis and show that starting to export yields firms an extra TFP growth that emerges since the first year exporting but lasts only from this year to the next. Further, this extra TFP growth is much higher under the assumption of an endogenous law of motion for productivity, which reinforces the importance of accounting for firm export status to study the evolution of productivity.
    Keywords: F14 ; D24 ; C14 ; C33 ; C36 ; ddc:330 ; TFP ; export status ; exogenous vs. endogenous Markov ; semi-parametric approach ; self-selection ; stochastic dominance ; learning-by exporting ; matching techniques
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 48
    facet.materialart.
    Unknown
    Düsseldorf: Düsseldorf Institute for Competition Economics (DICE)
    Publication Date: 2015-04-24
    Description: The paper analyses the impact of private equity (PE) backed leveraged buyouts (LBOs) on innovation output (patenting). Using a sample of 407 UK deals we find that LBOs have a positive causal effect on patent stock and quality-adjusted patent stock. Our results imply a 6% increase in quality-adjusted patent stock three years after the deal. The increase in innovation activity is concentrated among private-to-private transactions with a 14% increase in the quality-adjusted patent stock. Further analysis supports the argument that PE firms facilitate the relaxation of financial constraints. We also rule out alternative explanations for portfolio firms' higher patenting activity. Our findings suggest that PE firms do not promote short-term cost-cutting at the expense of entrepreneurial investment opportunities with a long-term payoff.
    Keywords: D22 ; G32 ; G34 ; L26 ; ddc:330 ; private equity ; leveraged buyout ; entrepreneurial buyouts ; innovation
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 49
    facet.materialart.
    Unknown
    Düsseldorf: Düsseldorf Institute for Competition Economics (DICE)
    Publication Date: 2015-04-21
    Description: This paper investigates the impact of four key economic variables on an expert firm's incentive to defraud its customers in a credence goods market: the level of competition, the expert firm's financial situation, its competence, and its reputational concerns. We use and complement the dataset of a nationwide field study conducted by the German Automobile Association that regularly checks the reliability of garages in Germany. We find that more intense competition and high competence lower a firm's incentive to overcharge. A low concern for reputation and a critical financial situation increase the incentive to overcharge.
    Keywords: D82 ; L15 ; ddc:330 ; Asymmetric information ; Auto repair market ; Credence goods ; Expert ; Fraud ; Overcharging
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 50
    facet.materialart.
    Unknown
    Kiel: Kiel Institute for the World Economy (IfW)
    Publication Date: 2015-04-21
    Description: This paper examines the influence of political risk guarantees of bilateral investment treaties on debt and equity flows using panel data on middle income countries for the period 1984-2011. Adopting system GMM methodology, the paper empirically finds that ratified bilateral investment treaties with OECD countries have a combined positive influence on non-guaranteed debt flows and a direct positive influence on portfolio equity flows. The results highlight the importance of considering political risk guarantees in financial integration, regulation of financial markets and institutions, and capital liberalization.
    Keywords: F21 ; F34 ; G15 ; G18 ; K33 ; ddc:330 ; political risk guarantees ; bilateral investment treaties ; capital flows ; debt flows ; equity flows
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 51
    Publication Date: 2015-05-01
    Description: The main goal of the article is to investigate forecasting quality of two approaches to modelling main macroeconomic variables without a priori assumptions concerning causality and generate forecasts without additional assumptions regarding regressors. With application of tendency survey data the authors develop methodology for application of the Bayesian averaging of classical estimates (BACE) but also construct dynamic factor models (DFM). Within the BACE framework they apply two diversified methods of regressors' selection: frequentist (FMA) and averaging (BMA). Because their models yield multiple forecasts for each period, subsequently the authors employ diversified approaches to combine forecasts. The assessment of the results is performed with in-sample and out-of-sample prediction errors. Although the results do not significantly differ, the best performance is observed in Bayesian models with frequentist approach. Their analysis conducted for Polish economy also shows that the unemployment rate turns out to be forecasted with highest precision, followed by the rate of GDP growth and the CPI. It can be concluded from their analyses that although their methods are atheoretical they provide reasonable forecast accuracy not inferior to that of structural models. Additional advantage of their approach is that the forecasting procedure can be mostly automated and the influence of subjective decisions made in the forecasting process can be significantly reduced.
    Keywords: C10 ; C38 ; C83 ; E32 ; E37 ; ddc:330 ; Bayesian averaging of classical estimates ; dynamic factor models ; tendency survey data ; forecasting
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 52
    facet.materialart.
    Unknown
    Kiel: Kiel Institute for the World Economy (IfW)
    Publication Date: 2015-05-01
    Description: The authors use information gathered from 122 studies on the effects of high school diplomas on wages in different countries worldwide to carry out a meta-analysis that shows high school diplomas have a statistically significant effect on wages of nearly 8 percent. This effect varies whether the country is away from the tropics or whether factors such as sex, race, and continent are taken into account. The authors' results also reveal the existence of a publication bias that tends to increase the magnitude of the sheepskin effect. Nevertheless, when the former is factored into the analysis the latter remains statistically significant.
    Keywords: C8 ; I21 ; J24 ; ddc:330 ; Sheepskin effects ; meta-analysis ; publication bias
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 53
    facet.materialart.
    Unknown
    Kiel: Kiel Institute for the World Economy (IfW)
    Publication Date: 2015-05-01
    Description: In this paper the authors conduct a meta-analysis to examine the link between R&D spending and economic growth in the EU and other regions. The results suggest that the growth-enhancing effect of R&D in the EU15 countries does not differ from that in other countries in general, but it is less significant than that for other industrialized countries. A closer inspection of the data reveals that the weak results for the EU15 stem from comparisons with the US - the US has been able to generate a stronger growth response from its R&D spending. Possible explanations for the US advantage include higher private sector investment in R&D and stronger public-private sector linkages than in the EU. Hence, to reduce the "innovation gap" vis-à-vis the US, it may not be enough for the EU to raise the share of R&D expenditures in GDP: continuous improvements in the European innovation system will also be needed, with focus on areas like private sector R&D and public-private sector linkages.
    Keywords: F43 ; O51 ; O52 ; ddc:330 ; meta-analysis ; R&D ; European Union ; EU15 ; USA ; economic growth
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 54
    facet.materialart.
    Unknown
    Kiel: Kiel Institute for the World Economy (IfW)
    Publication Date: 2015-05-01
    Description: This paper is the first to explore the links between exporting and importing activities of Egyptian firms using panel data over the period from 2003 to 2007. The main aim is twofold. Firstly, the authors report regression results indicating that firms that both export and import are the most productive, followed by importing-, exporting-only firms and nontraders. Secondly, the authors estimate the determinants of the extensive and intensive margins of exports and imports using dynamic panel-Probit and panel-Tobit models in combination with the method proposed by Hesketh and Skrondal (2013) to tackle the initial conditions problem. Their results show that both activities present a high degree of hysteresis, which is higher for imports than for exports pointing to the existence of sunk costs in both activities. Moreover, past productivity does affect the extensive margin of imports, but not of exports and the initial condition status is also only relevant for the import side. Similar outcomes are obtained for the intensive margin of trade.
    Keywords: F14 ; ddc:330 ; Firm level data ; Egypt ; internationalization ; imports ; exports ; intermediates
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 55
    Publication Date: 2018-11-22
    Description: This paper presents a new household-level methodology for transition towards sustainability. The methodology includes measuring the resource use of households on a micro level, testing relevant measures towards a one-planet resource use, and developing mainstreaming options in co-operation with households and providers of services, products, and infrastructures. We use the MIPS (Material Input Per unit of Service) method to calculate the use of natural resources and concentrate on the material footprint as an aggregated indicator for the overall use of material resources. With HST (Household-level Sustainability Transition) methodology, we extend the material footprint methodology from just measuring household resource use to developing visions, conducting experiments, as well as learning and upscaling, all of which contribute to the whole Transition-Enabling Cycle. Results from the first application of the HST methodology on five households in Jyväskylä, Finland, show that it is possible to achieve a significantly more sustainable level of consumption by a relatively few changes in everyday living. Achieving a one-planet use of material resources, however, also requires systemic changes.
    Keywords: ddc:330
    Repository Name: Wuppertal Institut für Klima, Umwelt, Energie
    Language: English
    Type: article , doc-type:article
    Format: application/pdf
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 56
    Publication Date: 2018-11-23
    Description: The transition towards a circular economy is high on the political agenda and support for innovative business models can be seen as one of the key strategies for its implementation. Nevertheless most of these business models rely on an increasing generation of waste and thus undermine the prevention of waste as top of the waste hierarchy. The paper aims to link this debate to more systemic eco-innovations that offer economic market potentials by reduced material inputs and waste generation. This directs the attention to sufficiency strategies that surpass the level of individual consumer choices and regards the potentials of entrepreneurial sufficiency strategies. It takes the example of waste contracting modelsin Germany as a possible approach of resource-light business models that provide existing utility aspects with altered consumption patterns and decreased resource consumption. It describes environmental and economic benefits and draws conclusions on necessary policy framework conditions.
    Keywords: ddc:330
    Repository Name: Wuppertal Institut für Klima, Umwelt, Energie
    Language: English
    Type: article , doc-type:article
    Format: application/pdf
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 57
    Publication Date: 2018-11-19
    Keywords: ddc:330
    Repository Name: Wuppertal Institut für Klima, Umwelt, Energie
    Language: English
    Type: report , doc-type:report
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 58
    Publication Date: 2018-11-23
    Description: German electricity giants have recently taken high-level decisions to remove selected fossil fuel operations from their company portfolio. This new corporate strategy could be seen as a direct response to the growing global influence of the fossil fuel divestment campaign. In this paper we ask whether the divestment movement currently exerts significant influence on decision-making at the top four German energy giants - E.On, RWE, Vattenfall and EnBW. We find that this is not yet the case. After describing the trajectory of the global fossil fuel divestment campaign, we outline four alternative influences on corporate strategy that, currently, are having a greater impact than the divestment movement on Germany's power sector. In time, however, clear political decisions and strong civil support may increase the significance of climate change concerns in the strategic management of the German electricity giants.
    Keywords: ddc:330
    Repository Name: Wuppertal Institut für Klima, Umwelt, Energie
    Language: English
    Type: article , doc-type:article
    Format: application/pdf
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 59