The full potential of digital technologies remains unrealised and their benefits unequally shared because of insufficient investment in enabling intangible assets and communication networks within and across countries. The COVID-19 shock poses new challenges and opportunities. Drawing on past...

Die Aufwendungen für Online-Werbung sind in den vergangenen Jahren rasant gewachsen. Ihr Anteil am gesamten deutschen Werbemarkt lag 2007 bei sieben Prozent und die Tendenz zeigt weiter steil nach oben. Der Versuch von Microsoft, den weltweit zweitgrößten Suchmaschinenbetreiber, Yahoo, zu...

This paper analyses the equilibrium effects of individual information filters. Information is modelled as advertisements which are distributed across a population of consumers with heterogeneous preferences. An advertisement that provides knowledge about a product with little or no utility for a...

On November 14th, 2014, SUERF – The European Money and Finance Forum – and CNMV, Comisión Nacional del Mercado de Valores – the Spanish Authority for supervision of securities markets – jointly organized a conference in Madrid: Challenges in Securities Markets Regulation: Investor...

We examine to what extent a specific aspect of national culture — uncertainty avoidance — can explain cross‐country variations in (dis)trust in banks. Relying on data from the World Values Survey, we find that trust in banks is lower in countries that score high for Hofstede's uncertainty...

Twenty-five years ago Richard Epstein published Simple Rules for a Complex World, which would go on to become one of Epstein's most influential works. This essay, prepared for a conference and symposium to celebrate the anniversary of the book, applies the insights of Simple Rules in the context...

On November 14th, 2014, SUERF – The European Money and Finance Forum – and CNMV, Comisión Nacional del Mercado de Valores – the Spanish Authority for supervision of securities markets – jointly organized a conference in Madrid: Challenges in Securities Markets Regulation: Investor...

This article uses the example of one of the best-known global payment systems provided by an online platform, PayPal, to analyze the role of private legal orders in creating new markets beyond jurisdictional borders. It shows that a relatively uniform legal order reduces risks involved in...

This paper offers a framework for regulating internalities. Using a simple economic model, we provide four principles for designing and evaluating behaviorally-motivated policy. We then outline rules for determining which contexts reliably reflect true preferences and discuss empirical...

This paper outlines the main trends of the evolution of EU consumer legislation. It ends with some recent developments, in particular ADR and projects of standardisation organisations such as the CEN in the area of services. It draws the seemingly paradoxical conclusion that EU consumer law may...