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Competitive Markets without Commitment
Netzer, Nick; Scheuer, Florian - Institut für Volkswirtschaftslehre, … - 2008
In the presence of a time-inconsistency problem with optimal agency contracts, we show that competitive markets implement allocations that Pareto dominate those achieved by a benevolent planner, they induce strictly more effort, and they sometimes make the commitment problem disappear entirely....
Persistent link: https://www.econbiz.de/10005756642
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Bureaucratic Rents and Life Satisfaction
Luechinger, Simon; Meier, Stephan; Stutzer, Alois - Institut für Volkswirtschaftslehre, … - 2006
The monopoly position of the public bureaucracy in providing public services allows government employees to acquire …
Persistent link: https://www.econbiz.de/10005628003
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Liliput oder Leviathan? Der Staat in der Globalisierten Wirtschaft
Frey, Bruno S. - Institut für Volkswirtschaftslehre, …
Globalization is often seen to result in a smaller (Liliput) or larger (Leviathan) state. But future public activity will be more flexible. Persons have multiple identities. They can be citizens of sub- and supra-national jurisdictions, semi- and non-governmental organizations and private units,...
Persistent link: https://www.econbiz.de/10005184879
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Should We Maximize National Happiness?
Frey, Bruno S.; Stutzer, Alois - Institut für Volkswirtschaftslehre, … - 2006
Cross-disciplinary ‘happiness research’ has made big progress in the measurement of individual welfare. This development makes it tempting to pursue the old dream of maximizing aggregate happiness as a social welfare function. However, we postulate that the appropriate approach is not to...
Persistent link: https://www.econbiz.de/10005627967
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Rotten parents and disciplined children: a politico-economic theory of public expenditure and debt
Song, Zheng; Storesletten, Kjetil; Zilibotti, Fabrizio - Institut für Volkswirtschaftslehre, … - 2007
This paper proposes a dynamic politico-economic theory of debt, government finance and expenditure. Agents have … preferences over a private and a government-provided public good, financed through labor taxation. Subsequent generations of … voters choose taxation, government expenditure and debt accumulation through repeated elections. Debt introduces a conflict …
Persistent link: https://www.econbiz.de/10005627936
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On the Optimal Timing of Capital Taxes
Hassler, John; Krusell, Per; Storesletten, Kjetil; … - Institut für Volkswirtschaftslehre, … - 2007
depreciation rates accelerate with the age of the capital (as in the above example), and provided that the government can commit to …
Persistent link: https://www.econbiz.de/10005627904
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An Adverse Selection Model of Optimal Unemployment Insurance
Hagedorn, Marcus; Kaul, Ashok; Mennel, Tim - Institut für Volkswirtschaftslehre, …
We ask whether offering a menu of unemployment insurance contracts is welfare improving in a heterogeneous population. We adopt a repeated moral-hazard framework as in Shavell/Weiss (1979) supplemented by unobserved heterogeneity about agents’ job opportunities. Our main theoretical...
Persistent link: https://www.econbiz.de/10005627970
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An Adverse Selection Model of Optimal Unemployment Insurance
Hagedorn, Marcus; Kaul, Ashok; Mennel, Tim - Institut für Volkswirtschaftslehre, … - 2007
We ask whether offering a menu of unemployment insurance contracts is welfare-improving in a heterogeneous population. We adopt a repeated moral hazard framework as in Shavell/Weiss (1979), supplemented by unobserved heterogeneity about agents’ job opportunities. Our main theoretical...
Persistent link: https://www.econbiz.de/10005627975
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Choice Democracy
Ledoit, Olivier - Institut für Volkswirtschaftslehre, … - 2011
government agencies. We argue that this system makes democracy more stable by reducing the risk of revolutionary and financial …
Persistent link: https://www.econbiz.de/10009358880
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A Proposal for a Flexible Europe
Frey, Bruno S.; Eichenberger, Reiner - Institut für Volkswirtschaftslehre, …
At present, new EU-members have to fully accept the "acquis communautaire" even if their economic and institutional development differs drastically from the EU-average. In contrast, we propose that there should be the possibility of partial entry into the EU. East European Countries should have...
Persistent link: https://www.econbiz.de/10005585637