This article discusses the notion of efficient statute law. The hypothesis that the common law develops towards efficiency is the organizing principle of the new law and economics as it originated at the University of Chicago School of Law. However, the hypothesis can be regarded as too limited....

The recent Bertelsmann buy-out of Springer ends 157 years of fiercely independent scholarly publishing. On Tuesday February 16, 1999, the European Commission decided that, although both companies are active in professional publishing, the takeover does not raise any competitive objections...

Harmonization of the law, in Europe and elsewhere, can be a theory driven process in which law and economics research (J.E.L. code K) can play an important role. With the example of a recent German case, the Waterpenny case, and an established piece of legislation, the Civil Code, it is shown...

Land value taxation in Germany has a long history pre-dating and post-dating Henry George''s own influence. Some of the ideas Henry George stood for had already taken root in German practice before him, and when his books began to appear almost simultaneously with their American editions in...

This paper investigates whether risk aversion and impatience are correlated with cognitive ability. We conduct incentive compatible choice experiments measuring risk aversion, and impatience over an annual time horizon, for a representative sample of roughly 1,000 German adults. A measure of...

This paper analyses the determinants of an important component of well-being amongindividuals aged 50 years or older in eleven European countries: satisfaction with social contacts. We use data from the Survey of Health, Ageing and Retirement in Europe and anchoring vignettes to correct for...

This paper empirically tests the principal-agent model prediction that the use of performance measures for incentive purposes is affected by the agent’s risk aversion. We find that the use of both accounting and market performance measures in executive compensation contracts decreases as the...

An often made distinction in the study of time in organizations is that between objective,linear, homogeneous, linear, measurable, Newtonian time, also called Chronos, andsubjective, non-linear, heterogeneous, experienced, event time, also designated as Kairos.These conceptions of time are...

There is a growing body of research in economics that studies the consequences of time-inconsistent preferences. This paper introduces time-inconsistent preferences in a general equilibrium setting. We discuss how the standard notion of competitive equilibrium should be extended in order to...

This study addresses the question of how trans-national regulations could stimulate environmentally friendly transportation. Effects of capacity limitations, costs and transit time requirements on the attractiveness of different containerized transportation modes are modeled for a representative...