Co-determination refers to a set of rules and institutions which form an interlocking system and as such provide the unique structure of German corporate governance. This essay deals with the reasons responsible for bringing the structure about. In particular, the decision making process leading...

Research on traditional store shelf effects has shown that a product’s absolute and relative shelf position may strongly affect consumer choices. In this paper, we examine whether such shelf effects are still at play in an online grocery store. While traditional ‘eye-level’ placement is no...

This paper is concerned with the number of profiles at which a nondictatorial social choice function is manipulable. For three or more alternatives the lower bound is derived when the social choice function is nondictatorial and unanimous. In the case of three alternatives the lower bound is...

We introduce trustworthy traders in bilateral trading. Trustworthy traders do not misrepresent their private information. We prove that an increase in the levels of trust (probabilities that traders are trustworthy) can reduce the maximum attainable probability of trade among the strategic...

Harmonization of the law, in Europe and elsewhere, can be a theory driven process in which law and economics research (J.E.L. code K) can play an important role. With the example of a recent German case, the Waterpenny case, and an established piece of legislation, the Civil Code, it is shown...

Coordination failures constitute an alternative explanation for underemployment that complements the Keynesian and neo-classical views. The paper proposes to distinguish three classes of models with coordination failures. The classes are formed by strategic models with or without a coordinating...

This study investigates the investor relations activities on the Internet of companies listed on the Euronext stock exchange. For this purpose, the homepages of the 50 largest listed companies in each of the countries Belgium, France and the Netherlands were searched and screened for investor...

The paper analyses the impact of working time (reduction) on wages and unemployment. Using a union bargaining framework, I show that working time reduction leads to wage moderation in terms of annual remuneration. This result is independent of the bargaining regime, as it holds for the...

Dynamic TU-games are considered which consist of a finite player set, a finite sequence of TU-games and a profile of intertemporal utility functions. At every stage a (restrictively) additive solution is applied to the TU-game, which results in a stream of payoff distributions, evaluated by the...

Recent empirical work has shown that ongoing international financial integration facilitates cross-country consumption risk-sharing. While these studies typically employ absolutemeasures to account for a country''s integration in international capital markets, we devise a relative measure that...