Many of real-world public-goods are characterized by a marginal per capita return (MPCR) close to zero and have to be provided by large groups. Up until now, there is almost no evidence on how large groups facing a low MPCR behave in controlled public-good laboratory experiments involving...

This paper studies the variance risk premium from a new perspective by disaggregating the total premium into upper and lower semivariance premia. To this end, we provide novel tools for computing conditional expectations using traded options as well as moment generating functions. Across a...

In this note, we propose a method for efficient simulation of paths of latent Markovian state processes in a Markov Chain Monte Carlo setting. Our method harnesses available parallel computing power by breaking the sequential nature of commonly encountered state simulation routines. We offer a...

Die Unterstützung von Wirtschaftsclustern spielt in der Politik eine zentrale Rolle. Rückschlüsse auf positive Wachstumseffekte dieser Maßnahme können bislang nur vermutet, aber nicht empirisch nachgewiesen werden. Ursächlich dafür sind einerseits eine unscharfe Clusterdefinition in der...

Im Zuge der kommenden EU Strukturfondsperiode 2014 - 2020 verstärkt sich der politische Druck auf die Hochschulen ihrer Verpflichtung, die Wirtschaft aktiv mit F&E-Wissen zu versorgen, nachzukommen. Gerade in kleinstrukturierten Wirtschaftsräumen, in denen die Unternehmen aufgrund mangelhafter...

Financiers of social entrepreneurs are typically characterized as having some form of prosocial or CSR related objective. While in some studies such objectives have been formulated on an analytically inconvenient level, other contributions are limited only to charity finance. In this paper we...

We reexamine the claim that the effect of income on subjective well-being suffers from a systematic downward bias if one ignores that higher income is typically associated with more work effort. We analyze this claim using German panel data, controlling for individual unobserved heterogeneity,...

The strategic use of private information causes efficiency losses in traditional principal-agent settings. One stream of research states that these efficiency losses cannot be overcome if all agents use their private information strategically. Yet, another stream of research highlights the...

We apply the Day Reconstruction Method to compare unemployed and employed people with respect to their subjective assessment of emotional affects, differences in the composition and duration of activities during the course of a day, and their self-reported life satisfaction. Employed persons are...

If the production of a risk-neutral monopolist is in uenced by a random variable, then the expected prot is decreasing in the variance of the production process.