Die Chemische und Pharmazeutische Industrie ist nicht zuletzt wegen ihrer starken Export- und Forschungsorientierung einer der Wachstumsträger der deutschen Volkswirtschaft. Prinzipiell gilt dies auch für Ostdeutschland. Wie in diesem Beitrag gezeigt wird, sind insbesondere die dortigen...

In the past few years permit trading has become a popular policy instrument to achieve emissions reductions or other environmental goals at minimal cost. There are already a number of existing regimes on firm as well as on national level in which permits for SO2, NOX and CO2 emissions but also...

In seinem Kommentar setzt sich Ferdinand Dudenhöffer, Universität Duisburg-Essen, mit den Elektromobilitätsprojekten der Bundesregierung – den sogenannten »Schaufenstern« für Elektromobilität – auseinander. Deutschland sollte nach dem Regierungsprogramm zum »Leitmarkt für...

We consider a planner who chooses between two possible public policies and ask whether a referendum or a cost benefit analysis leads to higher welfare. We find that a referendum leads to higher welfare than a cost benefit analyses in "common value" environments. Cost benefit analysis is better...

This paper examines the social opportunity cost of a hypothetical public project in Australia and compares these values with the cost of the project as measured by factor prices. Since 2001, the Australian taxation system has included an ad valorem tax, the Goods and Services Tax, however...

We show that project evaluation should be based on free cash flows at nominal prices. We present a case where the results from the constant price method are biased upwards and there is a risk to accept bad projects. It is a widespread practice to evaluate projects at constant prices. With an...

The methodology and uses of Monte-Carlo simulation technique are presented as applied to the analysis and assessment of risk in the evaluation of investment projects. The importance of risk analysis in investment appraisal is highlighted and the stages in the process introduced. The results...

The so-called anomalies that arise in the computation and interpretation of the Net Present Value (NPV) and the Internal Rate of Return (IRR) can be easily overcome if the properties of the NPV function are taken into account and it is clearly defined what is an investment and what is a credit....