The paper examines the long-term implications of various reform options on retirement entry decisions and the actual retirement age of older workers. It focuses on the changes in pension legislation since 1992 and the reform options discussed by the German Social Security Reform Commission...

We analyze a bargaining model with one-sided uncertainty where the uninformed party makes all offers. In difference to the literature we allow contracts to include a variable in which the informed party's utility satisfies a standard sorting condition. For instance, a union on strike might offer...

This study quantifies the potential effects of aging on asset prices using a sophisticated overlapping generations (OLG) model with international diversification reflecting the global nature of capital markets. We show that the expected decline in the returns to capital will depend on the degree...

Contract design under incomplete information is typically analyzed in a bilaterally monopolistic setting. This holds particularly for screening games with transferable utility and private values. If the informed party's reservation value does not depend on its private information (its type), it...

We review theories of preferential decision making and apply them to explain and predict choices in experienced individuals. Specifically, we focus on decision problems for which the actor already has a potential solution or decision routine available. We start with a brief overview of research...

Disclosure of conflict of interest is currently seen as an effective tool for reducing threats to auditor independence. Cain, Loewenstein, and Moore (2005) provide evidence for perverse effects of disclosing conflict of interest. Using a controlled laboratory experiment, we replicate their...