Showing 71 - 80 of 94
Although explicitly installed as a transitory body, the Dutch telecommunication controller OPTA displays the typical signs of government institutions that seek to become indispensable. A conflict in OPTA''s two main policy objectives – guarding consumer prices through controlling the network...
Persistent link: https://www.econbiz.de/10005795836
The editors of Kyklos have asked the question: Is there a European economics? This short essay tries to give an answer … by first trying to provide a framework for a sensible answer in economics, and then following suit by illustrating how in … ORDO-approach, the sub-discipline of law and economics and the problem of European institutions as they are different from …
Persistent link: https://www.econbiz.de/10005795839
No abstract available
Persistent link: https://www.econbiz.de/10005795840
We present a laboratory experiment in which we investigate bidding behavior with independent private values in the recently proposed bisection auction, and compare it with two classical auction formats - the Vickrey auction and the English auction. We test whether subjects behave strategically...
Persistent link: https://www.econbiz.de/10005795845
In this paper we present a new iterative auction, the bisection auction, that can be used for the sale of a single indivisable object. We will show that the bisection auction is computationally more efficient than the classical English auction while it still preserves all characteristics the...
Persistent link: https://www.econbiz.de/10005795851
efficiency is the organizing principle of the new law and economics as it originated at the University of Chicago School of Law …
Persistent link: https://www.econbiz.de/10005795852
In drawing on modern finance theory, this note demonstrates the importance of financial instruments for large public sector projects. An explicit link to the theory of Henry George is made, and a public sector financing approach is being demonstrated by using the example of the Oder floodings in...
Persistent link: https://www.econbiz.de/10005795857
A state, for instance a health state, is characterized by a number of attributes to each of which a level is assigned. A specific collection of numerical values, for instance utilities, for all possible states is called a situation. The main purpose of the paper is to develop a class of methods...
Persistent link: https://www.econbiz.de/10005795859
This paper proposes a new duration-based backtesting procedure for VaR forecasts. The GMM test framework proposed by Bontemps (2006) to test for the distributional assumption (i.e., the geometric distribution) is applied to the case of VaR forecast validity. Using simple J-statistics based on...
Persistent link: https://www.econbiz.de/10008496470
This paper studies risk attitudes using a large representative survey and a complementary experiment conducted with a representative subject pool in subjects'' homes. Using a question asking people about their willingness to take risks "in general", we find that gender, age, height, and parental...
Persistent link: https://www.econbiz.de/10005042248