This paper studies the role of strategy and the order book mar-ket mechanism in price dynamics and the order flow behaviour. To this end we analyse a zero-intelligence agent model of a dynamic limit order market. Stylised facts of limit order markets are shown to be influenced and, in some...

This working paper surveys theoretical and empirical work about market liquidityand market liquidity risk. It addresses interested practitioners as well asstudents who want to gain a quick overview about the latest progress in researchin market liquidity.

Dieses Projekt untersucht wie Marktsignale in Form von Preisinformationen im Bereichdes Frequenzmanagements genutzt werden können, um nicht nur die Frequenzvergabe,sondern auch Festlegungen hinsichtlich der Nutzungsart, der Emissionscharakteristikaund der Exklusivität optimal steuern zu...

Pay-What-You-Want (PWYW) is a participative pricing mechanism which is characterizedby the fact that consumers have maximum control over the price they pay. We discuss thebusiness relevance of PWYW and extend the findings of Kim et al. (2009) using latentclass regression. Two different classes...

The price mecanism is the primary means of information transferin decentralized economic systems. High prices indicate highdemand, whereas low prices indicate low demand. Thus prices arethe signals for accelerating or slowing production. However, usingsequential, multi-unit auctions, we show...

Idiosyncratic risk attitudes are usually assumed to be commonly knownand restricted to own payos. However, the alternatives faced by a decisionmaker often involve risks for others' payos as well. Motivated by theimportance of other-regarding preferences in social interactions, this paperexplores...

Der vorstehende Beitrag hat untersucht, ob die Praxis, „defensive bids“ inStaatsanleiheauktionen abzugeben oder die Veröffentlichung einer künstlich erhöhten „Bid toCover-Ratio“ durch die Emittenten von Staatsanleihen sowie ihre „Primary Dealers“ eineverbotene Marktmanipulation im...

Unternehmerisches Handeln ist soziologisch gesehen ein Typus des Handelns, der unter den Bedingungen der Moderne exemplarisch für Handeln überhaupt stehen kann, verbindet es doch Freimut zu riskanter Entscheidung mit dem Anspruch auf rationale Verlässlichkeit...

Do academic scientists bring valuable human capital to the companies they found or join? If so, what are the particular skills that compose their human capital and how are these skills related to firm performance? This paper examines these questions using a particular group of academic...