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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

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

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

Financial price fluctuations in a stock market model with many interacting agents

Horst, Ulrich - 2001

We consider a financial market model with a large number of interacting agents. Investors are heterogeneous in their expectations about the future evolution of an asset price process. Their current expectation is based on the previous states of their "neighbors" and on a random signal about the...

Persistent link: https://www.econbiz.de/10009613599

Asymptotics of locally interacting Markov chains with global signals

Horst, Ulrich - 2001

convergence result from the theory of random systems with complete connections with a perturbation of the Dobrushin …

Persistent link: https://www.econbiz.de/10009613606

Convergence of locally and globally interacting Markov chains

Föllmer, Hans; Horst, Ulrich - 2001

We study the long run behaviour of interactive Markov chains on infinite product spaces. In view of microstructure models of financial markets, the interaction has both a local and a global component. The convergence of such Markov chains is analyzed on the microscopic level and on the...

Persistent link: https://www.econbiz.de/10009613614

The stochastic equation P(t+1)=A(t)P(t)+B(t) with non-stationary coefficients

Horst, Ulrich - 2000

In this paper we consider the stochastic sequence {Pt}E N defined recursively by the linear relation Pt+1 = At Pt + Bt in a random environment which is described by the non-stationary process V = {(At, Bt) t E N.. We formulate sufficient conditions on v which ensure that the finite-dimensional...

Persistent link: https://www.econbiz.de/10009582393