For insurers conducting traditional activities: prudential measures need to recognize the medium and long term nature of the liabilities; appropriate buffers should be used effectively to minimize pro-cyclical effects...

Today efficient states can be represented as sovereign authorities governing successful economies that provide high, stable and rising standards of welfare for their citizens. Such states emerged slowly and painfully over centuries of geopolitical rivalry and conflict among aristocracies for...

Gemeinnützigkeit steht umgangssprachlich für freiwilliges gemeinwohlorientiertes undnicht auf materiellen Gewinn ausgerichtetes bürgerschaftliches Engagement. Die Bedeutungeines solchen Engagements wurde von der Enquete-Kommission „Zukunft desBürgerschaftlichen Engagements“ im Auftrag...

The ability to cooperate in collective action problems — such as those relating to the useof common property resources or the provision of local public goods — is a key determinant ofeconomic performance. In this paper we discuss two aspects of collective action problemsin developing...

Over the last decades, empirical research on subjective well-being in the socialsciences has provided a major new stimulus to the discourse on individual happiness.Recently this research has also been linked to economics where reported subjective wellbeingis often taken as a proxy measure for...

This paper analyzes the role of public and private responsibility in the provision of publicgoods. We emphasize that a typical public good will require many different inputs whichraises the possibility of partnerships to exploit comparative advantages of different parties.But hold-up problems...

This paper explores the feasibility and desirability of CorporateSocial Responsibility (CSR). We identify CSR with creation of publicgoods or curtailment of public bads. Using a model with pro…t-maximizing …firms, the paper shows that there is a direct parallel be-tween CSR and traditional...

Effective provision of public goods is a key determinant of quality of life. Conventional approaches to poverty measurement look only at private goods, butthis view is too narrow. Access to safe drinking water, sanitation, transport,medical care, and schools is essential both as a direct...

In order to understand inefficient institutions, one needs to understand what mightcause the breakdown of a political version of the Coase Theorem. This paper considersan environment populated by ex-ante identical agents and develops a model of powerand distribution where institutions (the...

This article examines the nature of human behavior in a nested socialdilemma referred to as the Spillover Game. Players are divided into twogroups with positive production interdependencies. Based on theoreticallyderived opportunistic, local, and global optima, our experimental...