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...

In this paper we apply standard cartel theory to identify the major institutional stabilizers of Germany's area tariff system of collective bargaining between a single industry union and the industry's employers association. Our cartel analysis allows us to demonstrate that recent labor policy...

The German reserve power market was subject to important regulatory changes in recent years. A new market design was created by synchronization and interconnection of the four control areas. In this paper, we analyze whether or not the reforms led to lower prices for minute reserve power (MRP)....