Cooperative behavior as well as other cultural rules and values are made explicit in organizational units that procure and provide a common service. The common service is procured by a club, which consists of a user-value function, a representation governance, and a budget-allocation function....

The neoclassical way to cope with firms providing services, or with clubs procuring services, is restricted by the lack of institutional features. An institutional approach is introduced that requires a cooperative governance to realize the potential value-production by firms, or to realize the...

Abstract: How does publication pressure in modern-day universities affect the intrinsic and extrinsic rewards in science? By using a worldwide survey among demographers in developed and developing countries, we show that the large majority perceive the publication pressure as high, but more so...

We study social preferences in a three-person ultimatum game experiment with one proposer and two responders.Any responder can unilaterally punish the proposer.In three treatments, we vary the pecuniary consequences of rejection in such a way that upon rejection of one responder the other...

Many experimental studies indicate that people are motivated by reciprocity. Rabin (1993) develops techniques for incorporating such concerns into game theory and economics. His model, however, does not fare well when applied to situations with an interesting dynamic structure (like many...

Abstract: We compare default rates on conventional and Islamic loans using a comprehensive monthly dataset from Pakistan that follows more than 150,000 loans over the period 2006:04 to 2008:12. We find robust evidence that the default rate on Islamic loans is less than half the default rate on...

This paper estimates the price of ethics by studying the risk-return relation in socially responsible investment (SRI) funds. Consistent with investors paying a price for ethics, SRI funds in many European and Asia-Pacific countries strongly underperform domestic benchmark portfolios by about 5%...

The constrained egalitarian solution of Dutta and Ray (1989) for TU-games is extended to asymmetric cases, using the notion of weight systems as in Kalai and Samet (1987,1988). This weighted constrained egalitarian solution is based on the weighted Lorenz-criterion as an inequality measure. It...

The paper analyzes under what conditions spiteful preferences are evolutionarily stable applying the indirect evolution approach. With a quadratic material payo¤ function, spiteful preferences are evolutionarily stable for a large set of parameters. It is shown that strategic substitutability...

We present the results of a survey-experiment using a representative sample of the Dutch population in which we relate respondents' opinion about the tax deductibility of mortgages to their estimates about other people's opinion.The experiment employs three treatment variables: monetary...