The paper compares the pay-as-you-go system and a capital funded system of old age insurance. The capital funded system has a higher rate of return. Pension income can be obtained at lower costs for the individual. This implies efficiency gains in terms of higher savings and reduced distortion...

Rail commuter traffic in Germany has undergone substantial institutional changes since the railway reform of 1994 has come into effect. Short-distance rail passenger transport has been "regionalized". From 1996 onwards, regional authorities— either on the Länder-layer or even below on the...