Nearly 25 years after the German reunification, vastly different living conditions between East and West Germany still remain. This is particularly true for the distribution of net wealth which is of special importance for the well-being of individuals. Wealth provides utility in a number of...

Public-Private Partnerships (PPPs) are argued to be able to add greater value to innovation processes by fortifying the quality of innovation systems by linking regional public and private actors together and exploiting a wide range of sources of innovation. The effectiveness of interface...

We study product market competition between firm owners (principals) where workers (agents) decide on their efforts and, hence, on output levels. Two worker compensation schemes are compared: a piece rate compensation as a benchmark when workers' output performance is verifiable, and a...

We present a class of dynamic general-equilibrium models of education, innovation and technology transfer to explain the evolution of industries and aggregate growth in closed and open economies. Firms employ educated workers in order to develop higher-quality products. The realization of...

We study interfirm competition on a product market where effort decisions are delegated to the firms' workers. Intrafirm organization is captured by a principal-multiagent framework where firm owners implement alternative compensation schemes for the workers. We show that the value of delegation...

We present a model of price leadership on homogeneous product markets where the price leader is selected endogenously. The price leader sets and guarantees a sales price to which followers adjust according to their individual supply functions. The price leader clears the market by serving the...

Based on the acquiring-a-company game of Samuelson and Bazerman (1985), we theoretically and experimentally analyze the acquisition of a firm. Thereby we compare cases of symmetrically and asymmetrically informed buyers and sellers. This setting allows us to predict and test the effects of...

We use intraday stock index return data from both sides of the Atlantic during overlapping trading hours to analyze the dynamic interactions between European and US stock markets. We are particularly interested in differences of information transmission before, during, and after the financial...

We study the impact of gender quotas on the acquisition of human capital. We assume that individuals' formation of human capital is influenced by the prospect of landing high-pay top positions, and that these positions are regulated by gender-specific quotas. In the absence of quotas, women...