Der Erfolg der marktorientierten Wirtschaftsreformen in Ungarn, Polen und der Sowjetunion hängt entscheidend davon ab, ob es diesen Ländern gelingt, die wirtschaftliche Zusammenarbeit mit ihren Nachbarn im Westen zu verstärken. Um die unvermeidliche Anpassungskrise meistern zu können, sind...

Eastern Europe is in the midst of a radical change. In order to increase the chances of success of their Perestroika, the reformers, especially those from Hungary, Poland and the Soviet Union, are striving for closer links between their countries and the economically-advanced Western , Europe....

The winds of change are blowing through Europe. In the western half of the divided continent the European Community (EC) is setting about to complete its Internal Market by the end of 1992, in the East various members of the Council for Mutual Economic Assistance (Comecon) are striving for a...

This paper explores the seasonal cycles of European agricultural commodity prices. We focus on three food crops (barley, soft and durum wheat) and on beef. We investigate whether seasonality is deterministic or unit-root stochastic and whether seasonal cycle for specific agricultural commodities...

We study the valuation of unit-linked life insurance contracts with surrender guarantees. Instead of solving an optimal stopping problem, we propose a more realistic approach accounting for policyholders’ rationality in exercising their surrender option. The valuation is conducted at the...

The current study integrates the repeated game approach to implicit contracts and the analysis of explicit bonus rules based on subjective performance evaluation to determine the optimal structure of the compensation scheme for the average white- collar employee. In contrast to previous...

Dieser Beitrag behandelt Begriff, Ursachen, Wirkungen sowie Bewertung und mögliche Ausgleichsmaßnahmen gestörter Vertragsparität. Dabei wird auf die ökonomische Verhandlungstheorie und die Theorie der Wettbewerbsmärkte zurückgegriffen. Es werden in der Rechtswissenschaft vorfindbare...

Mutually beneficial agreements might fail if the parties fear contractual opportunism. Litigation is supposed to be a remedy, but gives scope for another kind of opportunistic behavior which we call litigational opportunism: Even knowing that the opponent has fulfilled his obligations, a party...

Venture capital markets are characterized by multiple incentive problems and asymmetric information in an uncertain environment. All kinds of agency problems are present: moral hazard, adverse selection, hold-up problems, window dressing, etc. Entrepreneurs and venture capitalists enter into...