This paper uses new household survey data to study expectation formation during the recent housing boom in Germany. The cross section of forecasts depends on only two household characteristics: location and tenure. The average household in a region responds to local conditions but underpredicts...

This paper implements a structural model of the yield curve with data on nominal positions and survey forecasts. Bond prices are characterized in terms of investors' current portfolio holdings as well as their subjective beliefs about future bond payoffs. Risk premia measured by an...

We review the recent literature on the determinants and effects of housing market expectations. We begin by providing an overview of existing surveys that elicit housing market expectations, and discuss how those surveys may be expanded in the future. We then document a number of facts about...

Controlling the performance of employed physicians, university professors, or tenured judges is a difficult managerial problem, because these professionals perform complex tasks that are hard to measure and because many of the economic incentives common to private-sector employees do not apply...

According to economic analysis, common-law courts resolve individual legal disputes and create new, judge-made law. In this article, I study both functions in a civil-law context by analyzing data for nine German labor courts of appeal (Landesarbeitsgerichte) in the period 1980-1996. Output of...

Professional judges receive a fixed salary and are largely exempt from disciplinary sanctions. How can performance still be secured? Judges share a culture consisting of work-related norms and values, derive status from their standing within the professional community, and are susceptible to...

Produkt- und Markenpiraterie haben sich zu einem weltweiten und stetig wachsenden Phänomen entwickelt. Neben den Originalherstellern, den Fälschern und dem Staat spielen Kunden, da diese die letztendliche Kaufentscheidung treffen, eine wichtige Rolle bei der Hervorbringung und der Bekämpfung...

Unternehmen stehen im Wettbewerb vor der Herausforderung, permanent neue Produkte hervorbringen zu müssen. Zudem sind für den Erhalt der Wettbewerbsposition kontinuierliche Qualitätsverbesserungen im bestehenden Produktangebot und in den Wertschöpfungsprozessen erforderlich. Ausgangspunkt...