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Long-term work contracts versus sequential spot markets : experimental evidence on firm-specific investment

Anderhub, Vital; Königstein, Manfred; Kübler, Dorothea - 1999

administered incentives. -- principal agent ; experiment ; specific human capital …

Persistent link: https://www.econbiz.de/10009580472

Learning to bid : an experimental study of bid function adjustments in auctions and fair division games

Güth, Werner; Ivanova-Stenzel, Radosveta; Königstein, … - 1999

sequencing structure of game types, game rules do matter, and directional learning theory offers a partial explanation for bid …

Persistent link: https://www.econbiz.de/10009581102

Auctions and fair division games under different price rules : individual bid functions, prices and efficiency rates

Güth, Werner; Ivanova-Stenzel, Radosveta; Königstein, … - 1999

bidders. In our experiment participants face four auction types (first versus second price - auction versus fair division game …

Persistent link: https://www.econbiz.de/10009582405

Trust and reciprocity in the investment game with indirect reward

Güth, Werner; Königstein, Manfred; Marchand, Nadège; … - 2000

Experimental studies have shown that trust and reciprocity are effective in increasing efficiency when complete contracting is infeasible. One example is the study by Berg et al. (1995) of the investment game. In this game the person who receives the investment is the one who may reward the...

Persistent link: https://www.econbiz.de/10009612013

Combining rational choice and evolutionary dynamics : the indirect evolutionary approach

Königstein, Manfred; Müller, Wieland - 1999

that are well known from game theory and evolutionary game theory to solve these games. For illustration we include two …

Persistent link: https://www.econbiz.de/10009580475

Efficient contracting and fair play in a simple principal-agent experiment

Anderhub, Vital; Gächter, Simon; Königstein, Manfred - 1999

observed in the experiment aim at fair surplus sharing. -- principal-agent theory ; contract theory ; fair sharing ; incentive …Modern 'principal-agent theory' has made a lot of progress in proposing theoretical Solutions to agency problems. This … evidence on offered contracts and effort choices in a simple agency game. In line with principal-agent theory we find that in …

Persistent link: https://www.econbiz.de/10009581090

Default compensator, incomplete information, and the term structure of credit spreads

Giesecke, Kay - 2001

We provide a framework for the analysis of term structures of credit spreads on corporate bonds in the presence of informational asymmetries. While bond investors observe default incidents, we suppose that they have incomplete information on the firm's assets and/or the threshold asset level at...

Persistent link: https://www.econbiz.de/10009620780

Giesecke, Kay - 2001

We propose a model of correlated multi-firm default with incomplete information. While public bond investors observe issuers' assets and defaults, we suppose that they are not informed about the threshold asset level at which a firm is liquidated. Bond investors form instead a prior on these...

Persistent link: https://www.econbiz.de/10009621426

Compensator-based simulation of correlated defaults

Giesecke, Kay - 2002

The market for derivatives with payoffs contingent on the credit quality of a number of reference entities has grown considerably over recent years. The risk analysis and valuation of such multi-name structures often relies on simulating the performance of the underlying credits. In this paper...

Persistent link: https://www.econbiz.de/10009624843

Credit risk modeling and valuation : an introduction

Giesecke, Kay - 2002

Credit risk refers to the risk of incurring losses due to unexpected changes in the credit quality of a counterparty or issuer. In this paper we give an introduction to the modeling of credit risks and the valuation of credit-risky securities. We consider individual as well as correlated credit...

Persistent link: https://www.econbiz.de/10009625799