Many poor countries are ill-adapted to the current leave alone a changing future climate, because they lack the necessary financial means to invest in efficient and cost-effective safeguarding measures. International endeavours to fund institutions, such as the Green Climate Fund, to provide...

In currency exchange markets, there is a conflict between individual decisions and the socially optimal solution. Whereas agents have a coordination motive to take the same position, at the social level effective market coordination per se is not socially valuable, and the central bank aims at...

We study a general static noisy rational expectations model, where investors have private information about asset payoffs, with common and private components, and about their own exposure to an aggregate risk factor, and derive conditions for existence and uniqueness (or multiplicity) of...

We present supportive empirical evidence and a new theoretical explanation for the negative selection into planned return migration between similar regions in Germany. In our model costly temporary and permanent migration are used as imperfect signals to indicate workers’ high but otherwise...

In the last decade, forced ranking systems where employees' bonuses depend on their rank assigned by superiors have become less popular. Whereas the inherently competitive structure of ranking systems provides high effort incentives, it might also increase incentives for misconduct. Previous...

History is replete with overt discrimination on the basis of race, gender, age, citizenship, ethnicity, marital status, academic performance, health status, volume of market transactions, religion, sexual orientation, etc. However, these forms of discrimination are not equally tolerable. For...

We propose a novel tournament design that incorporates the main properties of a round-robin tournament, a Swiss tournament, and a race. Following an equilibrium analysis, we compare 36 tournament structures inherent in our model and several well-known tournament models from the literature, on...