This paper exploits the unexpected decline of deaths from cardiovascular diseases since the 1970s as a large positive health shock that affected predominantly old-age mortality; i.e., the fourth stage of the epidemiological transition. Using a differences-in-differences estimation strategy, we...

We develop a dynamic two-period generalized beauty contest to study the optimal level of publicity when disclosed information is subject to multipliereffects inherent to social learning. We build upon the static case, where all agents receive a private signal about an unknown fundamental state...

In the European Union (EU), twenty Member States offer public innovation support for private research and development (R&D) activities through either subsidies or a combination of tax cuts and subsidies. Existing studies show ambiguous results regarding the effectiveness of public innovation...

This paper exploits the unexpected decline of deaths from cardiovascular diseases since the 1970s as a large positive health shock that affected predominantly old-age mortality; i.e., the fourth stage of the epidemiological transition. Using a differences-in-differences estimation strategy, we...

Die Einführung handelbarer Flächenzertifikate wird als Regulierungsinstrument zur Reduktion des Flächenverbrauchs in Deutschland diskutiert. Bislang fehlen jedoch empirische Studien zur Untersuchung der Wohlfahrts- und Umverteilungswirkung eines solchen cap & trade Systems. Insbesondere die...

Economic research on innovation has long discussed which policy instruments best foster innovativeness in individuals and organizations. One of the instruments easily accessible to policy-makers is innovation contests; however, there is ambiguous empirical evidence concerning how such contests...

This paper investigates barriers to effective knowledge spillovers for markets in which the product can be characterized as a credence good, i.e. its complexity impedes the evaluation of quality by customers both ex-ante and ex-post. We focus on the German market for energy efficiency...

Tradable development rights (TDR) are discussed as a mechanism to reduce land consumption while ensuring an efficient implementation of profitable building projects. We present a novel laboratory experiment on the feasibility of TDR and simulate the acquisition and trading of development rights....

The ways of decision making within the EU have significantly changed in the last decades: the rule of unanimity has been more and more substituted by majority voting in order to speed up decision-making processes in a Union of 27 heterogeneous member states. A third possibility is now offered by...

Suppose the value of a firm is endogenously determined by a manager's costly effort. We call this manager a distinguished player if he also can trade shares of the firm on a market. Arbitrage-free asset pricing theory suggests that the equilibrium market price reflects the value increasing...