Applicants for any given job are more or less suited to fill it, and the firm will select the best among them. Increasing the wage offer attracts more applicants and makes it possible to raise the hiring standard and improve the productivity of the staff. Wages that optimize on the trade-off...

Recent studies of outlaw communities provide qualitative evidence of their existence and the organisation of the underlying innovation processes. We provide descriptive results from a large scale survey of two online outlaw communities focussing on Microsoft's XBox. In line with previous...

This paper studies the effect of technology spillovers on the entry decision of a multinational enterprise into a foreign market. Two alternative entry modes for a foreign direct investment are considered: Greenfield investment versus acquisition. We find that with quantity competition a...

This note generalizes Feldstein’s (1976) criticism of Barro’s(1974) analysis for the case that the interest rate exceeds the growth rate. This is done by considering an economy in steady state where all agents hold “Barro expectations”: they believe that government debt must necessarily...

The existing literature identifies patent thickets indirectly. In this paper we propose a novel measure based on patent citations which allows us to measure the density of patent thickets directly. We discuss the algorithm which generates the measure and present descriptive results validating...

Bei der Festsetzung des Lohnsatzes für eine bestimmte Tätigkeit wird die Unternehmung den Lohnsatz weder unnötig hoch wählen noch so gering , dass es unwahrscheinlich wird, eine geeignete Arbeitskraft zu finden. So werden die Lohnsätze unter Berücksichtigung ihres Einflusses auf die...

Although it is not possible, in general, to give a macro description of a micro model over the entire state space of the micro model, it is possible to aggregate exactly over a subspace. The set of micro states where aggregation is possible forms the aggregation set. The paper considers the...

Marshall's notion of the representative firm can be read as a macro notion with some resemblance to Keynes' aggregative concepts. Keynes' notions of aggregate demand and aggregate supply are fashioned after Marshall's definitions of demand and supply. Keynes starts with the Marshallian...