Griechenland ist gerettet - zumindest vorerst. Nach den Beschlüssen des Euro-Sondergipfels vom 21. Juli 2011 stehen dem Land zusätzliche Finanzmittel von über 100 Mrd. Euro zur Verfügung, die es erlauben, die aktuellen Löcher bei der Refinanzierung der Staatsschulden zu stopfen. Doch ist...

There is a fear that if Turkey were given admission to the EU massive migration to the other member countries of the EU would result. This paper develops a theoretical framework for the migration decision that takes into consideration the impact on uncertainty of some of the important economic...

Contingent claims with payoffs depending on finitely many asset prices are modeled as elements of a separable Hilbert space. Under fairly general conditions, including market completeness, it is shown that one may change measure to a reference measure under which asset prices are Gaussian and...

European call options are priced when the uncertainty driving the stock price follows the V. G. stochastic process (Madan and Seneta 1990). The incomplete markets equilibrium change of measure is approximated and identified using the log return mean. variance, and kurtosis. An exact equilibrium...

Der Vorschlag der EU-Kommission zur Deregulierung Freier Berufe von 2003 sieht vor, reglementierte Berufe in einer Kategorie zusammenzufassen. Dadurch sollen Berufe verschiedenster Art mit Freiberufen regulatorisch zusammengefügt werden, die weder die bisher üblichen Voraussetzungen der...

Power indices suggest that adding new members to a voting body may increase the power of an existing member, even if the number of votes of all existing members and the decision rule remain constant. This phenomenon is known as the paradox of new members. This paper shows that the paradox has...