In a world characterized by competition on a global scale, persistent structural change driven by innovation and aging societies in industrialized economies, also the competition for the best talents on the labour markets becomes global and more intensive. Therefore it is not surprising that...

The building blocks of our model are bounded-rational actors with specific sets of endowments: ’entrepreneurial spirit’, human capital and venture capital. The entrepreneurial behavior to found a firm is triggered by the individuals’ endowments, their social network and the evaluation of...

Technological progress in the biological sciences is now advancing across such a wide range and at such a pace, that, irrespective of size, no firm can hope to keep up in all the different areas. Participating in innovation networks, bundling of competencies and capabilities, therefore, offers...

The question whether technological progress displaces employment or whether technological advance is beneficial for the level of employment has been in the core of economic dispute for over two centuries. The beneficial might be achieved by several compensation mechanisms within the economic...

The tremendous development of an easy access to computational power within the last 30 years has led to the widespread use of numerical approaches in almost all scientific disciplines. The first generation of simulation models was rather focused on stylized empirical phenomena. With agent-based...

Innovation is the major driver of economic growth and development. To analyze innovation processes the restriction of a framework suited to the analysis of innovation towards the industrial sphere of an economy is not sufficient because of the important co-evolutionary dimensions of innovation....

The evolution of trustworthiness as a major aspect of business ethics depends crucially on whether it can be signaled. If this is impossible, only opportunistic traders will survive. Whereas previous studies have analysed detection agencies (Güth and Kliemt, 1994 and 1998) or have substituted...

Innovation policy is in need for a rational which allows the design and evaluation of policy instruments. In economic policy traditionally the focus is on market failures and efficiency measures are used to decide whether policy should intervene and which instrument should be applied. In...

Can a court system conceivably control opportunistic behavior if judges are selected from the same population as ordinary citizens and thus are no better than "the rest of us"? This paper provides a new and, as we claim, quite profound "rational choice" answer to that unsolved riddle. Adopting...