Rational individuals may use a Public Service TV channel as a welfare improving institution to solve the paradox of being uninformed. To induce voters to watch unbiased serious informational content the Public Service TV channel is not only broadcasting (unbiased serious) news but also sport and...

If the government announces the termination of a subsidy paid for an irreversible investment under uncertainty, investors might decide to realize their investment so as to obtain the subsidy. These investors might have postponed an investment if future payment were assured. Depending on the...

Opportunistic politicians use the composition of public debt as a signal for competence. A competent government will not issue long-term nominal debt, as optimal to balance the budget, but long-term inflation-indexed debt. We consider politicians that pursue the objective of a balanced budget...

Aggregate votes for incumbent parties in post-war Germany were determined by the weighted-average growth of real per capita disposable income. Each percentage point of per capita real disposable income growth sustained over the legislative term yielded approximately two percentage points of...

Grandfather rights are currently used in the European Union to allocate airport slots. This article shows that airports prefer such a use-it-or-lose-it rule to unconditional property rights. Assuming that there are informational asymmetries between airports and air carriers because air carriers...

This paper analyzes greenhouse gas emissions that build up an atmospheric stock which depreciates over time. Weakly renegotiation- proof and subgame perfect equilibria in a game of international emission reduction exist if countries put a sufficiently high weight on future payoffs, even though...

Viewer's private information consumption generates external benefits for society, because information improves the ability of voters to control politicians. Our study compares two settings in a free-to-air TV market: a differentiated duopoly of private channels and an oligopoly with both private...

If an emission reduction agreement with participation of all players is not enforceable because politicians are too myopic or not able to commit themselves to sustainable policies or costs of reducing emissions are too high, strategic investments in research and development (R&D) of green...

This paper studies whether in Pakistan the dynamic behavior of unemployment, inflation, budget deficit and real GDP growth is systematically affected by the timing of elections. We cover the period from 1973-2009. Our results can be summarized as follows: 1. Unemployment tends to be lower in...

This study analyzes the minimum quality standard set by the European Union (EU) through Regulation 1371/2007 of Rail Passengers' Rights and Obligations. A welfare maximizing quality standard raises quality and consumer satisfaction, but does not improve the modal split of rail transport. A...