Am 28. Oktober 2011 wurde in Berlin der 8. Familienbericht an die Bundesministerin für Familie, Senioren, Frauen und Jugend übergeben. Er beschäftigt sich mit dem Thema »Zeit für Familie« und mit den Notwendigkeiten und Möglichkeiten einer Familienzeitpolitik. Für die Erstellung des...

Cumulative prospect theory introduced the weighting of probabilities as an additional component to capture risk attitudes. However, this addition would be a less significant challenge to expected utility theory (EU) if utility curvature and probability weighting showed strong positive...

If a small cost applies for learning the corporate tax rules in different countries, this can completely eliminate tax competition. This modified version of the Diamond paradox and can also explain the empirically observed tax cuts cum base broadening. © 2011 Elsevier B.V.

We show how norms can solve the distributional conflict inside a group in an anarchic environment and yield efficient coordination of collective action in a conflict with an external competitor. The equilibrium of the fully non-cooperative game with finite horizon has two interesting features....

This paper shows that it is profitable for a firm to hire an overoptimistic manager to commit to a certain investment strategy in an R&D tournament situation. In the unique symmetric equilibrium, all firms delegate to overoptimistic managers, where the optimal degree of overoptimism depends on...

In this paper we analyze the conditions under which a foreign direct investment (FDI) involves a net capital flow across countries. For this purpose, we investigate how multinational firms finance their foreign affiliates, globally or locally. We develop a contract theoretical model in which the...

Privatization of state-owned enterprises may have important welfare implications, in particular in less developed economies where markets are small and domestic firms are typically relatively weak, both technologically and financially. In these environments, a high-tech foreign investor...

Despite its importance for the analysis of life cycle behavior and, in particular, retirement planning, stock ownership by private households is poorly understood. Among other approaches to investigate this puzzle, recent research has started to elicit private households’ expectations of stock...