In this paper we investigate the response of prices to shocks based on a survey of Austrian firms. We find that firms are more likely to change prices after a cost shock than after a demand shock. In this vein, our analysis suggests that regular customers are an important explanation for price...

By studying the effect of different patterns of demand in an evolutionary selection model this paper shows how product differentiation reduces competitive selection pressure and thus increases the chances for the coexistence of firms. With the example of a duopoly it shows that: (1) a monopoly...

This paper develops a financial market stress indicator based on monthly data reflecting the functioning and stability of Austria’s financial system. We aggregate individual time series in a composite indicator using principle component analysis and identify episodes of heightened financial...

We introduce a method of measuring voting power in simple voting games with correlated votes using the Bahadur parameterisation. With a method for measuring voting power with correlated votes, we can address a question of practical importance. Given that most of the applied power analysis is...

Passenger car traffic is among the main contributors to anthropogenic greenhouse gas (GHG) emissions, which are responsible for climate change. It is also an important indicator used to forecast these emissions in integrated climate-economic models. This paper develops scenarios for global...

A joint probability distribution on the set of voting profiles is called second-order invariant if the probability of a jury collectively making the correct decision under simple majority rule (Condorcet's probability) is independent of second-order correlations. This paper establishes the...