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Cornelli, Francesca; Felli, Leonardo - CESifo - 2000

The restructuring of a bankrupt company often entails the sale of such company. This paper suggests a way to sell the company that maximizes the creditors' proceeds. The key to this proposal is the option left to the creditors to retain a fraction of the shares of the company. Indeed, by...

Persistent link: https://www.econbiz.de/10005405745

The Scope of Auctions in the Presence of Downstream Interactions and Information Externalities

Koska, Onur A.; Onur, Ilke; Stähler, Frank - CESifo - 2015

We scrutinize the scope of auctions in the presence of downstream interactions and information externalities by using …-cost firm under incomplete information: a separating auction implies adverse selection and relies substantially on commitment to … allocation and transfer rules. A pooling auction serves as a commitment device against ex-post opportunistic behavior and …

Persistent link: https://www.econbiz.de/10011205382

Conflicts with Multiple Battlefields

Dan Kovenock J.; Roberson, Brian - CESifo - 2010

This paper examines conflicts in which performance is measured by the players' success or failure in multiple component conflicts, commonly termed “battlefields”. In multi-battlefield conflicts, behavioral linkages across battlefields depend both on the technologies of conflict within each...

Persistent link: https://www.econbiz.de/10008671699

Education, Unemployment and Migration

Eggert, Wolfgang; Krieger, Tim; Meier, Volker - CESifo - 2007

This paper studies a two-region model in which unemployment, education decisions and interregional migration are endogenous. The poorer region exhibits both lower wages and higher unemployment rates, and migrants to the richer region are disproportionally skilled. The brain drain from the poor...

Persistent link: https://www.econbiz.de/10005405804

Boon or Bane? Others' Unemployment, Well-being and Job Insecurity

Clark, Andrew; Knabe, Andreas; Rätzel, Steffen - CESifo - 2008

The social norm of unemployment suggests that aggregate unemployment reduces the well-being of the employed, but has a far smaller effect on the unemployed. We use German panel data to reproduce this standard result, but then suggest that the appropriate distinction may not be between employment...

Persistent link: https://www.econbiz.de/10005406142

Disposal of Petroleum Installations - Major Policy Issues

Osmundsen, Petter; Tveterås, Ragnar - CESifo - 2000

Following the Brent Spar controversy, the OSPAR countries reached a unanimous agreement in 1998 for the future rules for disposal of petroleum installations. The vast majority of existing offshore installations will be re-used or returned to shore for recycling or disposal. For installations...

Persistent link: https://www.econbiz.de/10005406247

Pensions and Fertility Incentives

Fenge, Robert; Meier, Volker - CESifo - 2003

This paper discusses the efficiency of a pay-as-you-go pension reform by introducing a child benefit in an endogenous fertility setting. In the model of a small open economy, higher fertility is associated with a reduction of lifetime labor supply. The optimum share of fertility-related pensions...

Persistent link: https://www.econbiz.de/10005406380

Using Happiness Surveys to Value Intangibles: The Case of Airport Noise

Praag, Bernard M.S. van; Baarsma, Barbara E. - CESifo - 2004

Inhabitants of houses near Amsterdam Airport are complaining of noise nuisance, caused by aircraft traffic. The usual assumption is that the effect of the externality will be perfectly reflected by house price differentials. This is based on the implicit assumption that there is a...

Persistent link: https://www.econbiz.de/10005416451

The Effect of Monetary Unification on Public Debt and its Real Return

Beetsma, Roel; Vermeylen, Koen - CESifo - 2005

We explore the implications of monetary unification for real interest rates and (relative) public debt levels. The adoption of a common monetary policy renders the risk-return characteristics of the participating countries more similar, so that the substitutability of their public debt increases...

Persistent link: https://www.econbiz.de/10005416489

Intra-Generational Externalities and Inter-Generational Transfers

Kolmar, Martin; Meier, Volker - CESifo - 2005

In an environment with asymmetric information the implementation of a first-best efficient Clarke-Groves-Vickrey (D’Aspremont-Gérard-Varet) mechanism may not be feasible if it has to be self-financing. By using intergenerational transfers, the arising budget deficit can generally be covered...

Persistent link: https://www.econbiz.de/10005416512