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On the existence and prevention of asset price bubbles

Enders, Zeno; Hakenes, Hendrik - 2010

We develop a model of rational bubbles based on the assumptions of unknown market liquidity and limited liability of … condition for whether rational bubbles are possible. Based on this analysis, we discuss several widely-discussed policy measures … with respect to their effectiveness in preventing bubbles. A reduction of manager bonuses or a Tobin tax can create or …

Persistent link: https://www.econbiz.de/10010286704

Nonlinear Incentive Provision in Walrasian Markets : A Cournot Convergence Approach

Hellwig, Martin - 2004

The paper studies insurance with moral hazard in a system of contingent-claims markets. Insurance buyers are modelled as Cournot monopolists or oligopolists. The other agents condition their expectations on market prices, as in models of rational-expectations equilibrium with asymmetric...

Persistent link: https://www.econbiz.de/10010274197

How to determine whether regional markets are integrated?: theory and evidence from European electricity markets

Gebhardt, Georg; Höffler, Felix - 2007

Prices may differ between regional markets if transport capacities are limited. We develop a new approach to determine to which extent such differences stem from limited participation in cross-border trader, i.e. lack of integration, rather than from bottlenecks. This approach considers both...

Persistent link: https://www.econbiz.de/10010264823

Institutionelle Ergonomie : Verhaltensrelevante Variablen zur Beeinflussung kooperativen Verhaltens in sozialen Dilemmata

Beckenkamp, Martin - 2004

Im folgenden wird zunächst an einem konkreten Beispiel illustriert, worin die Pointe der 'institutionellen Ergonomie' liegt. Anschließend wird das Gemeingutdilemma als ein wichtiges Problem für institutionelles Design vorgestellt. Anhand dieses Beispielproblems sollen dann alle weiteren...

Persistent link: https://www.econbiz.de/10010261476

Behavioral Law and Economics : eine kritische Einführung

Englerth, Markus - 2004

Zunehmend erfährt die auf den Annahmen der neoklassischen Ökonomie ruhende Analyse des Rechts Kritik und Konkurrenz durch andere sozialwissenschaftliche Disziplinen. Die vorderste Front bilden dabei die klassischen Verhaltenswissenschaften, insbesondere die kognitive Psychologie. Ihre Kritik...

Persistent link: https://www.econbiz.de/10010261477

Banks without Parachutes : Competitive Effects of Government Bail-out Policies

Hakenes, Hendrik; Schnabel, Isabel - 2004

The explicit or implicit protection of banks through government bail-out policies is a universal phenomenon. We analyze the competitive effects of such policies in two models with different degrees of transparency in the banking sector. Our main result is that the bail-out policy unambiguously...

Persistent link: https://www.econbiz.de/10010261478

Is there an optimization in bounded rationality? : The ratio of aspiration levels

Beckenkamp, Martin - 2004

Simon's (1955) famous paper was one of the first to cast doubt on the validity of rational choice theory; it has been … supplemented by many more papers in the last three and a half decades. Nevertheless, rational choice theory plays a crucial role in … classical and neoclassical economic theory, which presumes a completely rational agent. The central points characterizing such …

Persistent link: https://www.econbiz.de/10010261480

Inconsistency in the Law : In Search of a Balanced Norm

Engel, Christoph - 2004

, authoritative statements of fact, output and outcome are taken up in turn. Definitions rely on mathematical set theory, and on basic …

Persistent link: https://www.econbiz.de/10010261481

Cost and Benefits from Infrastructure Competition : Estimating Welfare Effects from Broadband Access Competition

Höffler, Felix - 2005

Competition between parallel infrastructures incorporates opposing welfare effects. The gain from reduced deadweight loss might be out- weighed by the inefficient duplication of an existing infrastructure. Using data from broadband internet access for Western Europe 2000-2004, this paper...

Persistent link: https://www.econbiz.de/10010261482

Bank size and risk-taking under Basel II

Hakenes, Hendrik; Schnabel, Isabel - 2005

This paper discusses the relationship between bank size and risk-taking under Pillar I of the New Basel Capital Accord. Using a model with imperfect competition and moral hazard, we find that small banks (and hence small borrowers) may profit from the introduction of an internal ratings based...

Persistent link: https://www.econbiz.de/10010264763