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Hybrid Historical Simulation VaR and ES: Performance in Developed and Emerging Markets

Zikovic, Sasa; Filer, Randall - CESifo - 2009

We introduce a new hybrid approach to joint estimation of Value at Risk (VaR) and Expected Shortfall (ES) for high quantiles of return distributions. We investigate the relative performance of VaR and ES models using daily returns for sixteen stock market indices (eight from developed and eight...

Persistent link: https://www.econbiz.de/10008572519

The Welfare Effects of Health-based Food Tax Policy

Kotakorpi, Kaisa; Härkänen, Tommi; Pietinen, Pirjo; … - CESifo - 2011

This paper examines the effects of health-oriented food tax reforms on the distribution of tax payments, food demand and health outcomes. Unlike earlier work, we also take into account the uncertainty related to both demand estimation and health estimates and report the confidence intervals for...

Persistent link: https://www.econbiz.de/10009371340

E-Lections: Voting Behavior and the Internet

Falck, Oliver; Gold, Robert; Heblich, Stephan - CESifo - 2012

This paper analyses the effect of information disseminated by the Internet on voting behavior. We address endogeneity … in Internet availability by exploiting regional and technological peculiarities of the preexisting voice telephony … network that hinder the roll-out of fixed-line broadband infrastructure for high-speed Internet. We find small negative …

Persistent link: https://www.econbiz.de/10010551013

Digital Piracy: Theory

Belleflamme, Paul; Peitz, Martin - CESifo - 2010

This article reviews recent theoretical contributions on digital piracy. It starts by elaborating on the reasons for intellectual property protection, by reporting a few facts about copyright protection, and by examining reasons to become a digital pirate. Next, it provides an exploration of the...

Persistent link: https://www.econbiz.de/10008727287

The Effect of Internet Piracy on CD Sales: Cross-Section Evidence

Peitz, Martin; Waelbroeck, Patrick - CESifo - 2004

Persistent link: https://www.econbiz.de/10005765667

The Economics of Books

Canoy, Marcel F. M.; Ours, Jan C. van; Ploeg, Frederick … - CESifo - 2005

The tensions between books and book markets as expressions of culture and books as products in profit-making businesses are analysed and insights from the theory of industrial organisation are given. Governments intervene in the market for books through laws concerning prices of books, grants...

Persistent link: https://www.econbiz.de/10005766082

An Economist’s Guide to Digital Music

Peitz, Martin; Waelbroeck, Patrick - CESifo - 2004

In this guide, we discuss the impact of digitalization on the music industry. We rely on market and survey data at the international level as well as expert statements from the industry. The guide investigates recent developments in legal and technological protection of digital music and...

Persistent link: https://www.econbiz.de/10005766225

Piracy of Digital Products: A Critical Review of the Economics Literature

Peitz, Martin; Waelbroeck, Patrick - CESifo - 2003

Digital products have the property that they can be copied almost costlessly. This makes them candidates for non-commercial copying by final consumers. Because the copy of a copy typically does not deteriorate in quality, copying products can become a wide-spread phenomenon – this can be...

Persistent link: https://www.econbiz.de/10005094277

Regulation and Internet Access in Germany

Reutter, Michael - CESifo - 2001

We explain the recent events in the German market for online access using a model of a regulated monopoly renting phone lines to retailers. Retailers offer either a linear or a flat tariff to consumers. Consumer heterogeneity leads to adverse selectiion. We show why market entry for flatrate...

Persistent link: https://www.econbiz.de/10005094480

Transparency and Tacit Collusion in a Differentiated Market

Schultz, Christian - CESifo - 2002

This paper investigates the effects on tacit collusion of increased market transparency on the consumer side of a market in a differentiated Hotelling duopoly. Increasing market transparency increases the benefits to a firm from underbutting the collusive price. It also decreases the punishment...

Persistent link: https://www.econbiz.de/10005051568