I present a model of international trade and foreign direct investment (FDI), where FDI is comprised of greenfield FDI and mergers and acquisitions (M&A). Working in a monopolistically competitive environment, merging firms do not reduce competition. Mergers are motivated by efficiency gains and...

Bayesian inference for DSGE models is typically carried out by single block random walk Metropolis, involving very high computing costs. This paper combines two features, adaptive independent Metropolis-Hastings and parallelisation, to achieve large computational gains in DSGE model estimation....

In this paper, we present a standard quality ladders endogenous growth model with one significant new assumption, that it takes time for firms to learn how to export. We show that this model without Melitz-type assumptions can account for all the evidence that the Melitz (2003) model was...

We model a player's uncertainty about other player's strategy choices as probability distributions over their strategy sets. We call a strategy profile robust to strategic uncertainty if it is the limit, as uncertainty vanishes, of some sequence of strategy profiles in each of which every...

This paper studies the evolution of peoples' models of how other people think - their theories of mind. First, this is formalized within the level-k model, which postulates a hierarchy of types, such that type k plays a k times iterated best response to the uniform distribution. It is found...

I exploit exogenous variation in the likelihood to obtain any sort of academic degree between January- and February-born individuals for 13 academic cohorts in England. For these cohorts compulsory schooling laws interacted with the timing of the CGE and O-level exams to change the probability...

This paper analyzes the productivity development in the German public theater sector for the seasons 1991/1992-2005/2006. Using a stochastic distance frontier approach that allows to decompose total factor productivity change into different sources we examine (a) whether Baumol's cost-disease...

We study the role of bush encroachment control for a farmer's income and income risk in a stochastic ecological-economic model of grazing management in semiarid rangelands. In particular, we study debushing as an instrument of risk management that complements the choice of an adaptive grazing...

In 2007 the world faced one of the biggest financial crises ever. It was the third important financial crisis in the last 12 years. Spillovers to the real economy and moral hazard behaviour of carpetbaggers resulted in enormous pressure on worldwide political institutions to approve a more...

Im Rahmen der aktuellen umweltpolitischen und öffentlichen Diskussion der Auswirkungen der Verpackungsverordnung tritt die Frage der ökologischen Vorteilhaftigkeit von Getränkekartons zunehmend in den Vordergrund. Um in diesem Kontext den Weg für eine sachliche Bewertung des zukünftigen...