In this paper, we study the asset pricing implication of imprecise knowledge about rare events. Modeling rare events as jumps in the aggregate endowment, we explicitly solve the equilibrium asset prices in a pure-exchange economy with a representative agent who is averse not only to risk but...

Guanxi, a type of particularistic trust observed in Confucian societies has mostly been viewed as a static phenomenon. It is not clear how the role of guanxi changes over time during institutional transitions. This field study of twenty one small and medium enterprises (SMEs) located in two...

Zusammenfassung: Diese Arbeit liefert eine institutionenökonomische Sicht auf den chinesischen Bankensektor des Jahres 2005. Im theoretischen Teil werden etablierte makroprudentielle Indikatoren zur Prüfung der Bankenstabilität in einen Rahmen aus informellen und formalen marktregulierenden...

This article examines the type of economic analyses of capitalism presented by leading exponents of the neoclassical, marxian, Austrian and institutionalist schools of economic thought. Although each school has something to offer, it is argued that all except the institutionalist school are...

"Fisheries co-management as an alternative to centralised command and control fisheries management is often suggested as a solution to the problems of fisheries resource use conflicts and overexploitation. Various researchers have talked of the importance of studying the role of transaction...

Ziel und Inhalt der Arbeit ist es, auf Basis von Ressourcen und der Organisation (Koordination und Kontrolle) von Ressourcentransaktionen Erkl?rungen f?r die Generierung von Renten ?konomischer Akteure zu gewinnen. Dazu wendet sich die Arbeit folgenden Fragenkomplexen zu:1. Welche Renten- und...

Gegeben die individuell erfahrbaren Kosten der die Gesellschaft als Ganzes erfassenden Transformationsprozesse in Polen, und gegeben die Defizite bürokratischer Sozialpolitik, werden die theoretischen wie praktischen Möglichkeiten der römisch-katholischen Kirche Polens bei der Förderung von...

Innovation is novelty - it involves doing new things in new ways. So new products, new processes, new organizational methods, new services, and so on, are all part of innovation. Technological innovation transforms and improves the technical attributes and performance characteristics of products...

The representative firm has been a much-criticized concept, subject to conflicting interpretations with respect to both its configuration and its intended role in Marshall's Principles (the Principles).2 The concept found itself a focal point of much of the debate during the significant cost...

In their 1963 classic Scarcity and Growth Howard Barnett and Chandler Morse argued that resource scarcity did not threaten economic growth. A second investigation in the late 1970s, Scarcity and Growth Reconsidered, reached largely the same conclusion. The 25 years since that work was published...