We discuss a problem concerning Dasgupta, Hammond, and Maskin''s (1979) definition of a rich domain and a very well-known result they established for these domains: on rich domains, if a social choice function is implementable in Nash strategies, then it is truthfully implementable in dominant...

We discuss a problem concerning Dasgupta, Hammond, and Maskin''s (1979) definition of a rich domain and a very well-known result they established for these domains: on rich domains, if a social choice function is implementable in Nash strategies, then it is truthfully implementable in dominant...

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 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....

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...

By a cooperative game in coalitional structure or shortly coalitional game we mean the standard cooperative non-transferable utility game described by a set of payoffs for each coalition that is a nonempty subset of the grand coalition of all players. It is well-known that balancedness is a...