We examine the evolution of decentralized clearinghouse mechanisms from the 13th to the 18th century; in particular, we explore the clearing of non- or limitedtradable debts like bills of exchange. We construct a theoretical model of these clearinghouse mechanisms, similar to the models in the...

Das Papier befasst sich modelltheoretisch mit dem empirischen Phänomen des „Demokratischen Friedens“, der Beobachtung also, dass Demokratien ihre Konflikte in der Regel nicht kriegerisch lösen. Die Grundlage meiner Analyse bildet das Modell von Fearon (1995), ein Verhandlungsspiel mit 2...

In "Bargaining to Lose: The Permeability Approach to Post Transition Resource Extraction" [1] Natasha Chichilnisky-Heal introduces an original and fertile explanation for the resource curse. Her "permeability" approach questions the treatment of the state as a decision maker having the public...

The current study shows that real estate prices in several countries reveal a significant and persistent seasonality, where the highest rates of return are obtained in the spring and early summer, and the lowest rates of return are obtained in the fall. This seasonality is explained by a joint...

In the course of current global economic crisis, once again it is observable how important international cooperation is. However, generally international negotiations are complicated and long and bargaining agreements are often unsatisfying. The Doha-Development Agenda negotiations can be taken...

In "Bargaining to Lose: The Permeability Approach to Post Transition Resource Extraction" Natasha Chichilnisky-Heal introduces an original and fertile explanation for the resource curse. Her "permeability" approach questions the treatment of the state as a decision maker having the public good...

As a case study of an ex-post evaluation of regulations, in this paper I evaluate the ‘uniform settlement rate requirement', a regulation that was introduced in 1986 and that was applied to the international telephone market in the U.S. for more than 20 years. In a bilateral market between the...

Existing long-term energy and climate scenarios are typically a rather simple extrapolation of past trends. Both qualitative and quantitative outlooks co-exist, but they often focus narrowly on individual perspectives, which is opposed to the interlinked and complex nature of energy and climate....

We analyze how globalization affects the allocation of talent across competing teams in large matching markets. Focusing on amplified superstar effects, we show that a convex transformation of payoffs promotes positive assortative matching. This result holds under minimal assumptions on how...

This note investigates price-formation mechanisms at work in the private art market. An analysis is provided on pricing of new artwork for the first sale. In a model with five different types of agents using a bargaining game approach, the artist's preferred market channel is identified. The...