In diesem Beitrag wird nach Wegen gesucht, die nichtmarktlichen Leistungen der Schweizer Landwirtschaft gezielter als bislang in die Landwirtschaftliche Gesamtrechnung zu integrieren. Dabei werden drei Methoden geprüft: Die Erfassung der leistungsbezogenen Direktzahlungen, die Ermittlung der...

With rapid urban expansion and loss of open space, attractive local landscapes will continue to gain importance in location decisions and on political agendas. The present study reviews the evidence on the local economic role of landscape amenities from two major strands of empirical research,...

Risk management and asset pricing benefit from simple functional descriptions of the distribution of real asset returns. Recently, several authors have proposed that asset returns in real stock markets are distributed according to a hyperbolic distribution. While asset returns are generated by...

The corporate governance structure of monasteries is analyzed to derive new insights into solving agency problems of modern corporations. In the long history of monasteries, some abbots and monks lined their own pockets and monasteries were undisciplined. Monasteries developed special systems to...

The main interest of this paper is to compare the value of education systems of different countries. For this reason I use data on workers who have completed their education before immigrating to Switzerland to estimate a country specific return to education. I estimate the standard...

In this paper we study experimentally four remedies to overcome inefficiencies that arise from the incompleteness of contracts. These remedies are reciprocity, repeated game effects, social embeddedness, and incentive contracts. In our baseline treatment we find that reciprocity is a powerful...

This paper analyzes individual decision making under risk. It is assumed that an individual does not have a preference relation on the set of risky lotteries. Instead, an individual possesses a probability measure that captures the likelihood of one lottery being chosen over the other. Choice...

One of the most basic questions in economics concerns the effects of competition on market prices. We show that the neglect of both fairness concerns and decision errors prevents a satisfactory understanding of how competition affects prices. We conducted experiments which demonstrate that the...