Suppose that a firm has several owners and that the future is uncertain in the sense that one out of many different states of nature will realize tomorrow. An owner''s time preference and risk attitude will determine the importance he places on payoffs in the different states. It is a...

A meta-analysis is used to study the average wage effects of on-the-job training. This study showsthat the average reported wage effect of on-the-job training, corrected for publication bias, is2.6 per cent per course. The analyses reveal a substantial heterogeneity between training...

We study a model of multilateral bargaining over social outcomes represented by the points in the unit interval. The acceptance or rejection of a proposal is determined by an acceptance rule represented by the collection of decisive coalitions. The focus of the paper is on the asymptotic...

Manchmal sind Privatisierungen im herkömmlichen Sinne nicht das effektivste Verfahren, um mit einen Erbe an Staatsunternehmungen zu verfahren, die den neuen wirtschaftlichen Bedingungen nicht mehr entsprechen. Dieser Beitrag greift auf einen ausgereiften Gesetzentwurf zurück, um eine...

This paper reports the results of a laboratory experiments on network formation among heterogeneous agents. The experimental design extends the basic Bala-Goyal (2000) model of network formation with decay and two-way flow of benefits by allowing for agents with lower linking costs or higher...

To study non-durable import demand, we extend previous work done by Clarida (1994) and Ceglowski (1991) by considering a two-good version of the life cycle model in which we introduce time-nonseparability in the households'' preferences. The model is estimated using quarterly data for US and...

We provide epistemic conditions for correlated rationalizability, which are considerably weakerthan the ones by Zambrano (2008). More specifically, we simultaneously replace mutual knowledge ofrationality and mutual knowledge of the event that every player deems possible only strategyprofiles...

In this paper we investigate the economic integration - industrial specialization nexus and unravel the relationship between trade and financial openness and industrial specialization. For a panel of 31 countries over the period 1970 to 2005, we find that trade integration relates negatively to...

In this paper, we consider a two-stage (sequential) game as introduced by Vickers (1985),Fershtman (1985), Fershtman and Judd (1987) and Sklivas (1987). This game models the situation where the owners of competing firms manipulate their managers'' incentive contracts for strategic reasons....

Redistribution is an inevitable feature of collective pension schemes. It is still largely an open question what people‘s preferences are regarding redistribution—both through pensions schemes as well as more generally. It would seem that economists have little to say about this question, as...