Economists praise the efficiency of the price mechanism in allocating scarce resources. Others, however, often reject it as unfair. In this study, we investigate the extent to which economists also differ from non-economists in how they value the fairness of the price system, and examine how...

In this paper, we examine students' attitudes towards various allocation mechanisms for a scarce resource. For this purpose, we have run a survey among officers of the German military who are enrolled in different courses of study (such as economics) at the University of the German Federal Armed...

This paper provides a hedonic price analysis of mobile telephones for the German market. We have assembled data on 302 different handsets from 25 manufacturers over the period from May 1998 to November 2003. While volume has a negative effect on the price of a mobile handset, the number of...

This paper offers a cartel explanation for the stability of German collective bargaining institutions.We show that a dense net of legal safeguards has been yarned around the wage setting cartel. These measures make deviation by cartel insiders less attractive and simultaneously erect entry...