This paper is the rst to empirically analyze the value to shareholders of the power to havea binding vote on management pay. We nd that in response to an unanticipated eventthat made it likely that an annual binding vote would become compulsory for Swiss publiccompanies, the apparent immediate...

This paper explores the relationship between dynamic consistency and theexisting notions of unambiguous events for Choquet expected utility preferences.A decision maker is faced with an information structure represented bya filtration. We show that the decision maker’s preferences respect...

A central role for economic policy involves understanding and reducing the impact of unexpected,extreme events. In this paper, we develop a simple economic framework with latentregime switches. This framework explains why investors and policymakers can decide not tohedge against extreme events,...

A central role for economic policy involves reducing the incidence of systemic downturns,when key economic variables experience joint extreme events. In this paper,we empirically analyze such asymmetric dependence using two approaches, correlationsand copulas. We document four findings. First,...

Managing the information flow within a big organization is a challenging task. Moreover, in a distributed decision-making process conflicting objectives occur. In this paper, artificial adaptive agents are used to analyze this problem.(...)

This paper discusses the necessity of models including complex adaptive systems in order to eliminate the shortcomings of neoclassical models based on equilibrium theory.

The behavior of boundedly rational agents in two interacting markets is investigated. A discrete-time model of coupled financial and consumer markets is described. The integrated model is then used to investigate feedback effects between the coupled markets. In particular, the influence of the...

This paper integrates market research within this lead user methodology and report a test of it in the rapidly evolving field of computer-aided systems for the design of printed circuit boards (PC-CAD).

This papers publishes a case study of JPS Medica Corporation. It deals with the global product development and the market launch in the orthopaedics implant business.

Regarding the growing task distribution in the area of design and product development (engineering) the idea of communities gets more importance next to the creation of classical development partnerships in engineering. Communities are known as a new organizational kind for users of electronic...