Bubbles in asset markets have been documented in numerous experimental studies. However, all experiments in which bubbles occur pay dividends after each trading day. In this paper we study whether bubbles can occur in markets without dividends. We investigate the role of two features that are...

Many decisions in politics and business are made by teams rather than by single individuals. In contrast, economic models typically assume an individual rational decision maker. A rapidly growing body of (experimental) literature investigates team decisions in different settings. We study team...

Für von der deutschen Umsatzsteuer befreite Finanzdienstleistungen ist der Vorsteuerabzug grundsätzlich ausgeschlossen. Da die meisten Finanzdienstleistungsunternehmen auch zum Vorsteuerabzug berechtigte Umsätze tätigen, sind die Eingangsumsätze dieser Unternehmen in einem zum...

In Deutschland steht wieder einmal eine große Steuerreform an. Zum Jahresbeginn 2001 soll das Steuersenkungsgesetz in Kraft treten, in dessen Zentrum grundlegende Änderungen bei der Einkommens- und Unternehmensbesteuerung stehen. Diese Steuerreform ist oft mit einer im internationalen...

This paper surveys the rapidly growing theoretical literature on international environmental agreements. The surveyed contributions are classified according to the conceivable strategies to create incentives for the participation in and compliance with environmental conventions. The proposed...

Many decisions in politics and business are made by teams rather than by single individuals. In contrast, economic models typically assume an individual rational decision maker. A rapidly growing body of (experimental) literature investigates team decisions in different settings. We study team...

National reductions of CO2 emissions as a way to manage unilaterally the use of global environmental resources can be interpreted as the noncooperative provision of an international public good. This paper analyses two basic sources of inefficiency if countries abate their emissions...

The paper explores the prospects for international environmental cooperation in a context of limited enforcement, if we allow for side-payments between countries and sequential moves in the implementation of the agreement. The framework of the analysis is a static model of heterogenous countries...

Lacking payment systems become a bottleneck for the vision of the Information Economy. In many cases payments of fractions of a cent, so-called micropayments, are of particular interest. In this paper we propose a framework to evaluate payment systems. The framework consists of a well structured...