Bank runs may serve to communicate information across agents, and thus enhance rather than thwart allocation efficiency by making the fundamentals determine the asset prices. Figuratively speaking, banks die (go bankrupt) singing a swan song (revealing hidden information). In this way bank runs...

We show that a rational expectations equilibrium need not be incentive compatible, need not be implementable as a perfect Bayesian equilibrium and may not be fully Pareto optimal, unless the utility functions are state independent. A comparison of rational expectations equilibria with core...

We show that a rational expectations equilibrium need not be incentive compatible, need not be implementable as a perfect Bayesian equilibrium and may not be fully Pareto optimal, unless the utility functions are state independent. A comparison of rational expectations equilibria with core...

In forschungsintensiven Industrien nimmt die räumliche Konzentration von Akteuren aus Wissenschaft, Wirtschaft und Politik immer größeren Einfluss auf die Standortwahl von Unternehmen. Zusätzlich unterstützen strukturpolitische Maßnahmen die Etablierung von Clusterinitiativen, um die...