The intercity bus market in Germany was deregulated in 2013. As a consequence, there is now a dense network of intercity bus lines. For the first time, the German state-owned railway company Deutsche Bahn AG faces intermodal competition in public intercity passenger land transport on a large...

Describing individual behavior, we will be concerned with an axiom system, which can be interpreted by Shephard's distance function. Based on this function, one can discover the individual's preference relation, from which the individual's demand function can be derived. We will realize that the...

Currently, only China has a parliament larger than the German Bundestag, which continues to grow due to the increasing number of overhang mandates. In 2016, Norbert Lammert, then president of the Bundestag, proposed to restrict it to 630 members by allocating mandates according to quotas for...

This paper takes a panel cointegration approach to the estimation of short- and long-run exchange rate pass-through (ERPT) to import prices in the European countries. Although economic theory suggests a long-run relationship between import prices and exchange rate, in recent empirical studies...

This paper uses information on export transactions by German firms from 2011 to document the role of characteristics of destination countries for export scope, where export scope is defined as the number of different products a firm exports to a destination market. It demonstrates that in line...

We investigate how the demographic composition of the workforce along the sex, nationality, education, age, and tenure dimension affects voluntary turnover. Fitting duration models for workers' job-to-job moves that control for workplace fixed effects in a representative sample of large...

We propose a model of "frugal aggregation" in which the evaluation of social welfare must be based on information about agents' top choices plus general qualitative background conditions on preferences. The former is elicited individually, while the latter is not. We apply this model to problems...

We consider the problem of testing for an omitted multiplicative long-term component in GARCH-type models. Under the alternative there is a two-component model with a short-term GARCH component that fluctuates around a smoothly time-varying long-term component which is driven by the dynamics of...

An accurate assessment of tail inequalities and tail asymmetries of financial returns is key for risk management and portfolio allocation. We propose a new test procedure for detecting the full extent of such structural differences in the dependence of bivariate extreme returns. We decompose the...

We provide a shrinkage type methodology which allows for simultaneous model selection and estimation of vector error correction models (VECM) when the dimension is large and can increase with sample size. Model determination is treated as a joint selection problem of cointegrating rank and...