This paper introduces a democratic voting process into an OLG economyin order to analyze the effects of a rising old-age dependency ratio on the composition ofgovernment spending and endogenous economic growth. Forward-looking agents vote eachperiod on the public policy mix between productive...

This paper employs an augmented version of the UECCC GARCH specificationproposed in Conrad and Karanasos (2010) which allows for lagged in-mean effects,level effects as well as asymmetries in the conditional variances. In this unifiedframework we examine the twelve potential intertemporal...

Incentives often fail in inducing economic agents to engage in a desirableactivity; implementability is restricted. What restricts implementability?When does re-organization help to overcome this restriction?This paper shows that any restriction of implementabilityis caused by an identification...

In a simple New Keynesian model, we derive a closed form solution for the inflationpersistence parameter as a function of the policy weights in the central bank’s Taylorrule. By estimating the time-varying weights that the FED attaches to inflationand the output gap, we show that the...

Sollen in Zukunft ambitionierte Ziele der nachhaltigen Flächennutzung erreicht werden, wiezum Beispiel das 30-Hektar-Ziel aus der Nachhaltigkeitsstrategie der rot-grünenBundesregierung aus dem Jahre 2002, dann müssen politische Strategien gefunden werden,die es erlauben, weitgehende...

The paper deals with the search for optimal slack grade conditions. The evaluation of the optimal slack grade takes into account the relationship be-tween slack and organizational performance and efficiency measures of re-source allocation. Organization and behavioural theory deliver some...

In a punishment experiment, we separate the demand for punishmentin general from a possible demand to conduct punishmentpersonally. Subjects experience an unfair split of their earnings froma real effort task and have to decide on the punishment of the personwho determines the distribution....

It is well known that the rock-paper-scissors game has no pure saddle point. Weshow that this holds more generally: A symmetric two-player zero-sum game hasa pure saddle point if and only if it is not a generalized rock-paper-scissors game.Moreover, we show that every finite symmetric...

We show that for many classes of symmetric two-player games, the simple decision rule \imitate-the-best" can hardly be beaten by any other decision rule. Weprovide necessary and sufficient conditions for imitation to be unbeatable and showthat it can only be beaten by much in games that are of...

Sick-pay is a common provision in labor contracts. It insures workersagainst a sudden loss of income due to unexpected absences andhelps them smooth consumption. Therefore, many governments findsick-pay socially desirable and choose to mandate its provision. Butsick-pay is not without its...