We conduct a prisoner’s dilemma experiment with a punishment/reward stage, where punishments and rewards are risky. This is compared with a risk free treatment. We find that subjects do not change their behavior in the face of risky outcomes. Additionally, we measure risk attitude and the...

This paper experimentally investigates whether risk-averse individuals punish less if the outcome of punishment is uncertain than when it is certain. Our design includes three treatments: Baseline in which the one-shot prisoner’s dilemma game is played; Certain Punishment in which the...

On the eve of the financial and economic crisis of 2008/09, the European Economic and Monetary Union (EMU) could look back to a decade of remarkable macroeconomic stability. Somewhat surprisingly, though, inflation differentials across member states have been substantial and persistent, causing...

This article examines the driving forces of the magnitude, composition and duration of refugee movements caused by conflict and persecution. The decision to seek temporary or permanent refuge in the region of origin or in a more distant asylum destination is based on inter-temporal optimization....

This paper proposes a new perspective for studying decentralization by considering it as the unbundling of public goods provision. We define centralization as the bundled provision of public goods from different tiers (national, sub-national or local) by one single provider held accountable by...

This paper explicitly models strategic interaction between two independent national fiscal authorities and a single central bank in a simple New Keynesian model of a monetary union. Monetary policy is constrained by the zero lower bound on nominal interest rates. Coordination of fiscal policies...

Dieser Aufsatz diskutiert Wege zur Lösung von Umweltproblemen. Einen Weg bietet die Wirtschaftswissenschaft: Sie hat ökonomische Instrumente entwickelt, die der Umwelt einen Marktpreis zuordnen und so den Marktmechanismus zur Lösung von Umweltproblemen einsetzten. Dieser Weg der...