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Has Creative Destruction Become More Destructive?
Komlos, John - CESifo - 2014
Schumpeter’s concept of creative destruction as the engine of capitalist development is well-known. However, that the … destructive part of creative destruction is a social cost and therefore biases our estimate of the impact of the innovation on NNP …
Persistent link: https://www.econbiz.de/10010888453
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The Long-Run Evolution of Infrastructure Services
Goldsmith, Hugh - CESifo - 2014
This paper traces the 11,000 year evolution of infrastructure systems during major periods of innovation, expansion and … millennia, although at times it has been pivotal in bringing innovation, taking risks and driving efficiency. It is argued that … innovation cycles, stressing that only an evolutionary, multi-disciplinary, systems approach embracing technology, finance, and …
Persistent link: https://www.econbiz.de/10011082831
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Monetary Policy, Vagabonding Liquidity and Bursting Bubbles in New and Emerging Markets – An Overinvestment View
Hoffmann, Andreas; Schnabl, Gunther - CESifo - 2007
theories of Hayek, Wicksell and Schumpeter. We argue that ample liquidity supply originating in the large industrialized …
Persistent link: https://www.econbiz.de/10005094169
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Are Income and Consumption Taxes ever really Equivalent? Evidence from a Real-Effort Experiment with Real Goods
Blumkin, Tomer; Ruffle, Bradley J.; Ganun, Yosef - CESifo - 2008
The public finance literature demonstrates the equivalence between consumption and labor income (wage) taxes. We construct an environment in which individuals make real labor-leisure choices and spend their earned income on real goods. We use this experimental framework to test whether a labor...
Persistent link: https://www.econbiz.de/10005406166
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Hidden Skewness: On the Difficulty of Multiplicative Compounding under Random Shocks
Ensthaler, Ludwig; Nottmeyer, Olga; Weizsäcker, Georg; … - CESifo - 2014
Multiplicative growth processes that are subject to random shocks often have a skewed distribution of outcomes. In a number of incentivized laboratory experiments we show that a large majority of participants either strongly underestimate skewness or ignore it completely. Participants...
Persistent link: https://www.econbiz.de/10010764292
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Behavioral Indifference Curves
Komlos, John - CESifo - 2014
According to the endowment effect there is some discomfort associated with giving up a good, that is to say, we are willing to give up something only if the price is greater than the price we are willing to pay for it. This implies that the indifference curves should designate a reference point...
Persistent link: https://www.econbiz.de/10010790168
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Behavioral Political Economy: A Survey
Schnellenbach, Jan; Schubert, Christian - CESifo - 2014
Explaining individual behavior in politics should rely on the same motivational assumptions as explaining behavior in the market: That’s what Political Economy, understood as the application of economics to the study of political processes, is all about. In its standard variant, those who...
Persistent link: https://www.econbiz.de/10010948848
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Towards Behavioral Political Economy of Institutional Change: With Field Facts from China
Zhang, Yongjing; Wang, Mei - CESifo - 2014
This study proposes an analytical framework towards behavioral political economy of institutional change. It considers institutional changes as central government’s choices under uncertainty, which are largely driven by the strategic outcomes in a behavioral coordination game between local...
Persistent link: https://www.econbiz.de/10010948883
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Theories of Fairness and Reciprocity – Evidence and Economic Applications
Fehr, Ernst; Schmidt, Klaus - CESifo - 2000
Most economic models are based on the self-interest hypothesis that assumes that all people are exclusively motivated by their material self-interest. In recent years experimental economists have gathered overwhelming evidence that systematically refutes the self-interest hypothesis and suggests...
Persistent link: https://www.econbiz.de/10005094414
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Taxing Sin Goods and Subsidizing Health Care
Cremer, Helmuth; Donder, Philippe De; Maldonado, Darío; … - CESifo - 2008
We consider a two-period model. In the first period, individuals consume two goods: one is sinful and the other is not. The sin good brings pleasure but has a detrimental effect on second period health and individuals tend to underestimate this effect. In the second period, individuals can...
Persistent link: https://www.econbiz.de/10005765813