We use a stylized model to show that, if transfers to the poor are founded on a security argument, there is a negative trade-off between law enforcement expenditures and criminality. In contrast, if transfers are based on altruism, the correlation between the same variables may appear positive....

In den letzten fünfzehn Jahren ist das Wissenschaftssystem erheblich in Bewegung geraten. Einen Aspekt unter vielen bildet dabei die wissenschaftspolitische Forderung nach verstärkter Verwertungsorientierung öffentlicher Forschungsergebnisse. Fehlende ""Erfolge"" im Wissens- und...

In den letzten fünfzehn Jahren ist das Wissenschaftssystem erheblich in Bewegung geraten. Einen Aspekt unter vielen bildet dabei die wissenschaftspolitische Forderung nach verstärkter Verwertungsorientierung öffentlicher Forschungsergebnisse. Fehlende "Erfolge" im Wissens- und...

How do geographic frictions affect firm organization? We show theoretically and empirically that geographic frictions increase the use of middle managers in multi-establishment firms. In our model, we assume that a CEO's time is a resource in limited supply, shared across headquarters and...

We introduce an innovative theoretical framework for the valuation and replication of derivative transactions between defaultable entities based on the principle of arbitrage freedom. Our framework extends the traditional formulations based on credit and debit valuation adjustments (CVA and...

This paper analyzes the relationship between investment in information and communication technologies (ICT), non-ICT-investment, labor productivity and workplace reorganization. Firms are assumed to reorganize workplaces if the productivity gains arising from workplace reorganization exceed the...