What determines the risk structure of financial portfolios of German households? In this paper we estimate the determinants of the share of financial wealth invested in three broad risk classes. We employ a new econometric approach - the so called fractional multinomial logit model - which...

The paper derives analytical transitions probabilities following an exogenous shock to the deterministic component in the conditional logit model. The solution draws on the postestimation distribution of the model's stochastic component, identified on the basis of a direct utility maximization...

This paper studies whether the transition from a centrally planned to a market economy offers new perspectives for those who, in economic terms, were relatively deprived under the old regime. Previous empirical research on this question has been limited by the availability of representative...

This paper studies whether the transition from a centrally planned to a market economy offers new perspectives for those who, in economic terms, were relatively deprived under the old regime. Previous empirical research on this question has been limited by the availability of representative...

Ten years after the worldwide financial and economic crisis was triggered by the American real estate market, real estate prices are rising around the globe. Concerns about a new housing bubble are growing. The present report based on OECD data for 20 countries demonstrates that this concern is...

The paper discusses different methods to deal with unobservable variables: Kalman-Filtering, principal components, factor analysis, LISREL, MIMIC, DYMIMIC, PLS with respect to parameter estimation and forecasting. We got very good results by an extension of Kalman-Filtering called AS (general...

In this paper, we present a case study of the imputation in a complex household survey - the first wave of the German Panel on Household Finances (PHF). A household wealth survey has to be built on a questionnaire with rather complex logical structure mainly because the probes of many wealth...

Beer sales in Germany are confronted for several years with a shrinking market share in the market of alcoholic beverages. I use the approach of sales response function (SRF) models as in Polasek and Baier (2010) and adapt it to time series observation of beer sales for simultaneous estimation....

The success of climate change measures is highly dependent on household behaviour as one of the most important emission sources of carbon dioxide. Private heating, electricity consumption or private transport are important key levers to reduce households´ impacts on climate change. The paper...