We analyze the efficiency defense in merger control. First, we show that the relationship between exogenous efficiency gains and social welfare can be non-monotone. Second, we consider both endogenous mergers and endogenous efficiencies and find that merger proposals are largely aligned with a...

In Zeiten steigender Informationsüberlastung müssen Werbemedien zielgruppengerecht ge-staltet werden, damit die Werbebotschaft bei den Kunden wie gewünscht ankommt. Das moderne Eye-Tracking-Verfahren bietet Unternehmen die Möglichkeit, mit Hilfe modernster Technik, Werbemittel schon im...

The purpose of this paper is to identify main components and driving forces behind an innovation process in order to support regions in organising their endogenous innovation process. To that end, we study models of an innovation process and analyse the case of Sophia Antipolis. This theoretical...

National labour market institutions interact across national boundaries when product markets are global. Labour market policies can thus entail spill-overs, which suggest that there are benefits from international policy coordination. This paper studies the effects of wage subsidies in an...

This paper builds a DSGE model for a small open economy (SOE) in which the central bank systematically intervenes both the domestic currency bond and the FX markets using two policy rules: a Taylor-type rule and a second rule in which the operational target is the rate of nominal currency...

In diesem Beitrag werden sowohl persönliche Steuern des Agenten als auch die vom Prinzipal zu tragende Unternehmenssteuer in ein Agency-Modell des LEN-Typs integriert. Wir analysieren die Auswirkungen dieser Steuern auf die optimale Anreizgestaltung. Für das Grundmodell mit nur einer...

Premium subsidies have been advocated as an alternative to social health insurance. These subsidies are paid if expenditure on health insurance exceeds a given share of income. In this paper, we examine whether this approach is superior to social insurance from a welfare perspective. We show...

In this paper we empirically examine a heterogeneous bounded rationality version of a hybrid New-Keynesian model. The model is estimated via the simulated method of moments using Euro Area data from 1975Q1 to 2009Q4. It is generally assumed that agents' beliefs display waves of optimism and...