Risks that are associated with an uncertain trading world have been dealt with using two different techniques in the literature: defensive, or insurance approaches, and preventive, or self-protection approaches. Much of the earlier work was emphasized by security issues but with the end of the...

Expected Utility theory is not only applied to individual choices but also to ethical decisions, e.g. in cost-benefit analysis of climate change policy measures that affect future generations. In this context the crucial question arises whether EU theory is able to deal with 'catastrophic...

We investigate the sensitivity of consumer surplus estimates to parametric assumptions on individual preference heterogeneity in a discrete choice framework. We compare results from a parametric random coefficients logit model and a recently proposed nonparametric sieve estimator. In particular,...

Die vorliegende Veröffentlichung soll einen Überblick über die Ziele, Funktionen, theoretischen Strukturierungsansätze, Instrumente & Grenzen des Bildungscontrolling geben. Dieses stellt eine Querschnittsfunktion des Personalmanagements dar, die pädagogische und ökonomische Überlegungen...

This is the first study of corporate-bond mutual fund performance that examines detailed security-level holdings and returns. The new database allows us to decompose the costs and benefits of active management. In contrast to prior research on equity funds that shows evidence of stock-selection...

To justify substantial carbon emission reductions, recent literature on cost-benefit analysis of climate change suggests discounting environmental quality at a lower discount rate than the standard consumption discount rate. Recent literature also shows that a theoretical foundation for such a...

In the mid-nineties, near all european governments look almost desperately for a panacea against sluggish growth and high unemployment. Since this problem concerns mainly low-skilled workers, the creation of low-profile jobs in the personal service sector still seems to be one of the most...

One of the major scientific challenges posed by the EU Water Framework Directive (WFD) is the de-sign of a decision support process that meets the directive's requirement to achieve good status using a cost-effective combination of measures. This paper presents BASINFORM, a new decision tool for...