Der vorliegende Beitrag zeigt, dass die Festlegung der Fertigungstiefein der Gegenstromplanung von Strategien kein stringentes Instrumentder Unternehmensführung ist. Die Top-Down und Bottom-Up Analyseüber die hierarchischen Ebenen der Unternehmens-, Wettbewerbs- undFunktionalstrategie liefert...

We study the impact of ambiguity on two alternative institutions of nancial intermediationin an economy where consumers face uncertain liquidity needs. The ambiguitythe consumers experience is modeled by the degree of condence in their additive beliefs. Weanalyze the optimal liquidity allocation...

The paper examines the effects of ambiguity in regulation on the equilibriumallocation. Under ambiguous bailout policy, agents’ suffer from a lack of informationwith regards to the insolvency resolution method, which would bechosen by the regulator if a financial institution fails. In this...

Bubbles in asset markets have been documented in numerous experimentalstudies. However, all experiments in which bubbles occurpay dividends after each trading day. In this paper we study whetherbubbles can occur in markets without dividends. We investigate therole of two features that are...

The long-run evolution of per-capita income exhibits a structural breakoften associated with the Industrial Revolution. We follow Mokyr (2002) and embedthe idea that this structural break reflects a regime switch in the evolution of technologicalknowledge into a dynamic framework, using Airy...

We study the optimal R&D trajectory in a setting where new technologiesare never perfect backstops in the sense that there is no perfectlyclean technology that eventually solves the pollution problem once andfor all. New technologies have stings attached, i.e. each emits a specificstock...

Banking regulators often practice forbearance and ambiguity in insolvency resolutions. The paperexamines the effects of regulatory forbearance and ambiguity in a context of allocational efficiency.Bailouts, liquidations and their stochastic policy mix lead to suboptimal allocations if banks do...

Financial intermediaries may increase economic efficiency through intertemporal risk smoothing.However without an adequate regulation, intermediation may fail to do this. This paper studiesthe effects of a production shock in a closed economy and compares abilities of market-based andbank-based...

In this paper, we investigate the external effects of the parent's de-cisions on the number of newly born children and the firm's decisions on theamount of polluting emissions that occur in industrial production. We employan optimal control model which comprises three stock variables...

When designing incentives for a manager, the trade-off between insuranceand a “good” allocation of effort across various tasks is oftenidentified with a trade-off between the responsiveness (sensitivity, precision,signal-noise ratio) of the performance measure and its similarity(congruity,...