Abstract This paper discusses policy options to reduce underpricing in initial public offerings (IPOs). It surveys recent theoretical insights into the causes and welfare implications of underpricing and reviews evidence on the signalling hypothesis, the winner’s curse model, the role of...

Although software piracy is often described as a threat to innovation, only a minority of publishers has chosen to adopt hardware keys, the most secure technology protecting intellectual property in software. A survey of German software publishers reveals that they demand different levels of...

Several experimental studies have observed substantial violations of transitivity for decisions between risky lotteries over monetary outcomes. The goal of our experiment is to test whether these violations also affect the evaluation of health states. A particular feature of our experimental...