Human capital not only generates market income but is a direct source of utility as well. The interaction between the non-economic motive for effort and the standard economic motive can generate multiple stationary solutions for individual household optimization. Depending on the initial...

Sequential majority voting over interconnected binary propositions can lead to the overruling of unanimous consensus. We characterize, within the general framework of judgement aggregation, under what circumstances this happens for some sequence of the voting process. It turns out that the class...

[Statement of the problem] The present work considers the problem of investment portfolio risk estimation, including dynamic adjustment for each new transaction. Any Bank portfolio has a complex structure. It consists of stocks, bonds and a set of derivative securities. A portion of bonds and...

Judgement aggregation is a model of social choice in which the space of social alternatives is the set of consistent evaluations (views) on a family of logically interconnected propositions, or yes/no-issues. Yet, simply complying with the majority opinion in each issue often yields a logically...

We use a unique rich newly built data set for German manufacturing enterprises to investigate the product differentiation firm performance relationship. We find that an increase in the degree of product diversification has a negative impact on profitability when observed and unobserved firm...

Dieser Beitrag nutzt das neu im Forschungsdatenzentrum der Statistischen Ämter verfügbare Umsatzsteuerstatistik-Panel mit Daten aus den Jahren 2001 bis 2005 für eine erste Untersuchung der Import- und Exportaktivitäten niedersächsischer Industrieunternehmen im Vergleich zu Unternehmen aus...

We use newly available representative panel data for manufacturing enterprises in West and East Germany to investigate the link between production-related subsidies and exports. We document that only a small fraction of enterprises is subsidized, and that exports and subsidies are positively...

Studies of the relationship between religion and economics can be divided into three major lines of research: behavioural economics of religion (microeconomic approach), macroeconomic consequences of religion and religious explanations of economic phenomena. Except for the third line strong...

Managed grasslands contribute in a number of ways to the biodiversity of European agricultural landscapes and provide a wide range of ecosystem services that are also of socio-economic value. Against the background of a rapid biodiversity loss in agricultural landscapes, increasing attention is...

We use a unique rich newly built data set for German manufacturing enterprises to investigate the relationship between product diversification and the stability of sales and employment. We find that contrary to portfolio theoretic considerations more diversified firms exhibit a higher...