Economic evaluation of projects involving changes in mortality risk conventionally assumesthat lives are statistical, i.e., that risks and policy-induced changes in risk are small andsimilar among a population. In reality, baseline mortality risks and policy-induced changes inrisk often differ...

In many countries environmental policies and regulations are implemented to improveenvironmental quality and thus individuals’ well-being. However, how do individuals valuethe environment? In this paper, we review the Life Satisfaction Approach (LSA) representinga new non-market valuation...

This paper intends to provide an evaluation of where the economic research onhappiness stands and in which interesting directions it might develop...

For two independent principles of intergenerational equity, the implied discount rate equals the growthrate of real per-capita income, say 2%, thus falling right into the range suggested by the U.S. Office ofManagement and Budget. To prove this, we develop a simple tool to evaluate small policy...

People spend more and more time commuting and often find it a burden. According to economics, the burden of commuting is chosen when compensated either on the labor or on the housing market so that individuals utility is equalized....

Wir analysieren die Entscheidungssituation eines Jungunternehmers, der die Nachfolge eines mittelständischen Altunternehmers als Eigentümer und Geschäftsführer antreten möchte. Zu diesem Zweck unterbreitet der Jungunternehmer dem Senior ein Übernahmeangebot, wobei der Jungunternehmer...

Im Mittelpunkt der Analyse steht die übergangsweise Zusammenarbeit zwischen Senior und Nachfolger bei einem Nachfolge-Management-Buy-in/Management-Buy-out. An einem einfachen Modell wird gezeigt, dass ein externer Kapitalgeber neben der Finanzierungsfunktion vor allem auch die Rolle eines...

We analyze the two goals behind the European Bologna Process of increasing student mobility: enabling graduates to develop multi-cultural skills and increasing the quality of universities. We isolate three effects: 1) a competition effect that raises quality; 2) a free rider effect that lowers...

In their book The Power to Tax, Brennan and Buchanan have pointed to a central weakness of the traditional theory of public finance and especially of the theory of optimal taxation: This approach overlooked the problem of governmental power and the tendency of this power to be abused. It was...

In practice, central banks have been confronted with a trade-off between stabilising inflation and output when dealing with rising oil prices. This contrasts with the result in the standard New Keynesian model that ensuring complete price stability is the optimal thing to do, even when an oil...