The paper describes boom-and-bust cycles within Hayek's framework of order and aims to provide an understanding of recurring crises in recent financial history. We argue that a boom-and-bust cycle is initiated by a displacement that lowers the degree of (ex-post) plan coherence (or order) in an...

What are the dynamic consequences of comprehensive integration shocks? The answer to this question appears all but trivial. We set up a dynamic macroeconomic model of a small open economy where both capital and labor are mobile and there are increasing returns to scale at the aggregate level....

Although the area of innovation economics dates back to the early twentieth century with the seminal contributions of Schumpeter (1911), it is only recently that governments have understood the role of a comprehensive approach towards public sector economics that puts innovation systems in the...

Die langfristigen Klimaschutzziele sehen bis zum Jahr 2020 im Vergleich zu 2008 eine Senkung des Primärenergieverbrauchs um 20% vor, bis zum Jahr 2050 wird eine Senkung um 50% angestrebt. Zur Erreichung dieser Ziele stehen zunehmend Maßnahmen zur Steigerung nachfrageseitiger Energieeffizienz...

The BoltzmannGibbs distribution is currently widely used in economic modeling. One of the applications is integrated with the DSGE (Dynamic Stochastic General Equilibrium) model. However, a question that arises concerns whether the BoltzmannGibbs distribution can be directly applied, without...

This article explores the influence of competitive conditions on the evolutionary fitness of different risk preferences. As a practical example, the professional competition between fund managers is considered. To explore how different settings of competition parameters, the exclusion rate and...

The paper explores utility measures by combining experiments with mathematical derivations in the psychophysics paradigm. The analysis on the ultimatum game experiment reveals evidences for the utility threshold and thus supports Bernoulli's utility logarithmic law. Both experimental results and...

The recent financial crises pointed out the central role of public and private debt in modern economies. However, even if debt is a recurring topic in discussions about the current economic situation, economic modeling does not take into account debt as one of the crucial determinants of...