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Die europäische Richtlinie für Genpatente - eine ordnungspolitische Institution aus Sicht der Patenttheorie
Gilroy, Bernard Michael; Vollpert, Tobias - Volkswirtschaftliche Fakultät, … - 2002
The major legal regulation for patent protection of genetic inventions within the European Union (EU) is the so called 'Biopatentrichtlinie' (BPR). The goal of this guideline is the promotion of R&D in the area of genetic engineering. The following paper shows that the BPR lacks two important...
Persistent link: https://www.econbiz.de/10008533694
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Beware of feedback effects among trust, risk and public opinion: Quantitative estimates of rational versus emotional influences on attitudes toward genetic modification
Kelley, Jonathan - Volkswirtschaftliche Fakultät, … - 2014
Support for genetic modification in agriculture mainly stems from approval of food and agricultural goals. It is facilitated by trust in the judgment of scientific authorities and undermined by anxiety about the risks involved. But there are symptoms of danger: Any public opinion data that show...
Persistent link: https://www.econbiz.de/10011108400
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Causes of Financial Crises Past and Present: The Role of the This Time is Different Syndrome
Reinhart, Carmen; Rogoff, Kenneth - Volkswirtschaftliche Fakultät, … - 2012
In this note, we attempt to place the question of how we got to the global financial crisis that began as the US Subprime debacle in the summer of 2007 in the context of an international and historical comparative setting. It is of some poignancy that the “we” here refers to the wealthiest...
Persistent link: https://www.econbiz.de/10011259756
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Rational bubbles and the spirit of capitalism
Zhou, Ge - Volkswirtschaftliche Fakultät, … - 2011
This paper explores the existence of rational bubbles in the pricing of an asset that pays no dividend. I find that … when "the spirit of capitalism" is introduced into a growth model, rational bubbles do exist provided that the marginal …, could exist. This could provide a simple theoretical foundation to explore economic implications of the collapse of bubbles. …
Persistent link: https://www.econbiz.de/10009328131
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Exogenous and endogenous crashes as phase transitions in complex financial systems
Fry, John - Volkswirtschaftliche Fakultät, … - 2012
In this paper we provide a unifying framework for a set of seemingly disparate models for exogenous and endogenous shocks in complex financial systems. Markets operate by balancing intrinsic levels of risk and return. This remains true even in the midst of transitory external shocks. Changes in...
Persistent link: https://www.econbiz.de/10009647385
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Rational bubbles in emerging stockmarkets
Nunes, Mauricio; Da Silva, Sergio - Volkswirtschaftliche Fakultät, … - 2007
We detected rational bubbles in 22 emerging stockmarkets using both standard and threshold cointegration. Eighteen … stockmarkets experienced explosive bubbles (and some of them periodically collapsing bubbles as well). The remaining four markets … experienced periodically collapsing bubbles only. …
Persistent link: https://www.econbiz.de/10005836174
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Monetary Policy, Vagabonding Liquidity and Bursting Bubbles in New and Emerging Markets
Schnabl, Gunther; Hoffmann, Andreas - Volkswirtschaftliche Fakultät, … - 2007
contributed to bubbles in the new and emerging markets. Based on the monetary overinvestment theories of Hayek and Wicksell we … describe a wave of bubbles and crises that was initiated in Japan by an expansionary monetary policy in the mid 1980s. After … the burst of the Japanese bubble and sharply declining interest rates in Japan, carry trade transmitted the bubbles to …
Persistent link: https://www.econbiz.de/10005837325
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Leveraging the British Railway Mania: Derivatives for the Individual Investor
Campbell, Gareth - Volkswirtschaftliche Fakultät, … - 2010
During the British Railway Mania of the 1840s the promotion and construction of new railways increased dramatically. These new projects were generally financed by shares with uncalled capital, which allowed investors to make payments on an instalment basis over a period of several years. There...
Persistent link: https://www.econbiz.de/10008543046
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‘The Greatest Bubble in History’: Stock Prices during the British Railway Mania
Campbell, Gareth; Turner, John - Volkswirtschaftliche Fakultät, … - 2010
Although the British Railway Mania has been described as one of the greatest bubbles in history, it has been largely …
Persistent link: https://www.econbiz.de/10008543794
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A Vicious Cycle of Manias, Crashes and Asymmetric Policy Responses - An Overinvestment View
Hoffmann, Andreas; Schnabl, Gunther - Volkswirtschaftliche Fakultät, … - 2009
The business cycles theories of Wicksell (1898), Schumpeter (1912), Mises (1912), Hayek (1929, 1935) and Minsky (1986, 1992) explain business cycles by distorted prices on capital markets, buoyant credit expansion and overinvestment. The exuberance during the boom endogenously causes the...
Persistent link: https://www.econbiz.de/10008549598