Decision making typically requires judgements about causal relations. We need to know both the causal effects of our actions and the causal relevance of various environmental factors. Judgements about the nature and strength of causal relations often differ, even among experts. How to handle...

We analyze strategic firm behavior in settings where the production stage is followed by several periods during which only sales take place. We analyze the dynamics of the market structure, the development of prices and sales over time, and the implications for profits and consumer surplus. Two...

In many real life passenger railway networks, the types of stations and lines characterisethe halting stations of the train lines. Common types are Regional, Interregional or Intercity.This paper considers the problem of altering the halts of lines by both upgrading and downgrading stations,...

Georg Simmel (1858-1918) veröffentlichte 1899 und1907 seine Philosophie des Geldes. Die Rezeption in der amerikanischen Literatur betont den Ökonomisch-Geldtheoretischen Aspekt dieses Beitrages und sucht ihn in der österreichischen Tradition der Volkswirtschaftslehre zu verankern. Aus der...

A set of agents with different waiting costs have to receive a service of different length of time from a single provider which can serve only one agent at a time. One needs to form a queue and set up monetary transfers to compensate the agents who have to wait. We prove that no rule satisfies...

This study develops a new bias-corrected estimator for the fixed-effects dynamic panel data model and derives its limiting distribution for fixed T and N large. The bias-corrected estimator is derived as a bias correction of the least-squares dummy variable (within) estimator. It does not share...

Condorcet''s famous jury theorem reaches an optimistic conclusion on the correctness of majority decisions, based on two controversial premises about voters: they are competent and vote independently, in a technical sense. I carefully analyse these premises and show that: (i) whether a premise...

In this paper, we compare the cause and effect of immaterial rewards and sanctions oncooperation in a voluntary contributions experiment. We find that both rewards andsanctions increase contributions only when subjects interact repeatedly, though rewardsseem to be more effective than sanctions....

Increasing interest has recently been shown in analyzing the worst-case behavior of local search algorithms. In particular, the quality of local optima and the time needed to find the local optima by the simplest form of local search has been studied. This paper deals with worst-case performance...

We show the existence of an upper bound for the number of blocks required to get from one imputation to another provided that accessibility holds. The bound depends only on the number of players in the TU game considered. For the class of games with non-empty cores this means that the core can...