Wir untersuchen die Bedingungen, unter denen infolge der Globalisierung, insbesondere des Verfalls der (Informations-) Transaktionskosten Wettbewerbspolitik möglich ist. Zunächst zeigen wir in einem theoretischen Abschnitt die Folgen der veränderten Transaktionskosten auf institutionelle...

This paper investigates contagion effects. In a model with highly and lowly informed investors we show that a currency crisis in one country can trigger a crisis in another country. Portfolio losses of the highly informed investors in one country will force them to withdraw capital from the...

Der Außenbeitrag einer Ökonomie wird nach dem intertemporalen Ansatz zum Verständnis der Leistungsbilanz verursacht durch inländische Spar- und Investitionsentscheidungen. Dieser Ansatz wird erweitert um eine theoretische und empirische Analyse der Auswirkungen laufender internationaler...

In dem vorliegenden Papier wird untersucht, inwieweit Verbraucherschutz und der Informationsstand von Konsumenten einen Einfluss auf die Entwicklung einer Industrie haben. Hierzu wird das evolutorische Simulationsmodell von Winter (1984) um einen explizit modellierten Konsumsektor in Anlehnung...

This paper considers a model of spatial allocation of investment capital under uncertainty. We demonstrate that the spatial concentration of economic activity depends upon properties of risk preferences deeper than risk aversion. The degree of so-called relative prudence unambiguously decides...

This paper examines the interplay between the real and financial decisions of the competitive firm under output price uncertainty. The firm faces additional sources of uncertainty that are aggregated into a background risk. We show that the firm always chooses its optimal debt-equity ratio to...

The prospect theory is one of the most popular decision-making theories. It is based on the S-shaped utility function, unlike the von Neumann and Morgenstern (NM) theory, which is based on the concave utility function. The S-shape brings in mathematical challenges: simple extensions and...

Mis-match of trade statistics between developed and developing countries indicate a substantial mis-invoicing of trade figures, primarily by developing country traders. This is due to the inflexible exchange rate regimes, severe import restrictions and export subsidies prevailing in LDCs. In...

The asymmetry between the patient as a layman and the physician as an expert is a key element in health economics. However, a change to a higher degree of patient autonomy has taken place. Furthermore, there is a consensus in a positive correlation between general education and productivity of...