[...]This paper studies a simple model of the talent-ownership mismatch — or failure ofmeritocracy — brought about by credit market imperfections that arise as a consequence ofagency problems in the borrower-lender relationship. Our model highlights the interactionbetween the market for...

The European Commission has been working to promote reform and modernisation ofrestrictive regulation in the professional services area since 2002. In a first stepresearch was carried out which included an independent study of professionalregulation by the Institute for Advanced Studies in...

Ökologie und Klimaschutz sind in aller Munde. Die politischen Parteien in Deutschland und anderswo sind sich weitgehend einig. Die Marktwirtschaft soll „ökologisch“ sein. Für Ökonomen ist dies Problem zumindest theoretisch ziemlich trivial. Die Emission von Klimagasen ist eine negative...

Neue Technologien und Innovationen stellen heutzutage wichtige Schlüsselelemente derWachstums‐ und Erfolgssicherung von Unternehmen dar. Durch einen in Geschwindigkeitund Intensität immer schneller zunehmenden Wettbewerb nehmen Innovationen eine immerzentralere Rolle im Praxisalltag von...

We analyze a two-stage game between two heterogeneous players.At stage one, common risk is chosen by one of the players. At stagetwo, both players observe the given level of risk and simultaneouslyinvest in a winner-take-all competition. The game is solved theoreticallyand then tested by using...

One possible strategy for both succession and new business development is employee ownership.New business formation as an employee-owned firm or cooperative may have some advantagesover formation as a sole proprietorship or partnership: pooling financial resources, spreading riskand combining...

The main contribution of this paper is a method that allows one to study the effects of different degrees ofcompetition.We find that optimal prices and profits are more sensitive to cooperative than to aggressive behavioron the part of competitors. With more aggressive policies, the average...

This paper assesses the impact of product market competition on job instability as proxied bythe use of fixed-term labor contracts. Using both worker data from the Spanish Labor ForceSurvey and firm data from the Spanish Business Strategies Survey, I show that job instabilityrises with...

Research and Development (R&D) and innovation are crucial features of the seed industry. To supportlarge R&D investments by the private sector, strong intellectual property rights, such as patents, arenecessary. The exclusivity granted by patents naturally creates market power positions and...