strategy are common across the two models: In particular, highly inertial interest rate rules that respond to nominal income or …

formalize this cognitive bias in a simple model of distorted Bayesian updating. We then examine strategy changes made by … professional football coaches. We find they are more likely to revise their strategy after a loss than a win -- even for narrow … expected, and the offensive strategy is revised even when failure is attributable to the defense. These results are consistent …

study a reform in Germany that abruptly abolished this mandate for certain firms incorporated after August 1994 but locked …

German system of codetermination,' a governance system under which employees are allocated some control rights over corporate … assets by law. Codetermination laws require that employees be represented on the (supervisory) board of directors. If … codetermination sufficiently empowers employees, and if stockholders' rights cannot be contractually protected, then employees may …

pillars of the model: sectoral collective bargaining and firm-level codetermination. Relative to the United States, Germany …-level distributional conflict. Relative to other European countries, Germany makes it easy for employers to avoid coverage or use … unemployment, but may also erode bargaining coverage and increase inequality. Meanwhile, firm-level codetermination through worker …

are close to proportionally represented among works councilors. Drawing on a retirement-IV strategy and event …

administrative data from Germany, we analyze 34,000 unexpected worker deaths, which, on average, raise the remaining workers' wages …