Research in behavioral economics has uncovered the widespread phenomenon of people making decisions against their own good intentions. In these situations, the government might want to intervene, indeed individuals might want the government to intervene, to induce behavior that is closer to what...

The institutional governance approach sees national economies embedded in a bundle of non-market types of coordination (e.g. corporate hierarchies, networks, associations and the state). Governance oriented research explores configurations of governance types in sectoral, regional and national...

This dissertation analysis the consequences of interjurisdictional competition for a mobile tax base for the efficiency of the public sector and the growth potential of a jurisdiction.

Already before the EU Directive 96/92/EG was passed in 1996, some countries in the EU had started their liberalisation process for energy markets. So, in 1991, Norway established a national power market that in 1996 turned into the multinational power exchange Nord Pool, including all Nordic...

We propose the relaxation algorithm as a simple and powerful method for simulating the transition process in growth models. This method has a number of important advantages: First, it can easily deal with a wide range of dynamic systems including stiff differential equations and systems giving...

In the last twenty years economics has created much of lasting value and real potential: it has been a very fertile period. But economics has also suffered from what I shall term collective amnesia covering whole areas of public policy. And on policy and the role of government it has,...

An equivalent !-martingale measure (E!MM) for a given stochastic process Sis a probability measure R equivalent to the original measure P such that S isan R-!-martingale. Existence of an E!MM is equivalent to a classical absenceof-arbitrage property of S, and is invariant if we replace the...

We solve the problem of mean-variance hedging for general semimartingale modelsvia stochastic control methods. After proving that the value process of theassociated stochastic control problem has a quadratic structure, we characteriseits three coefficient processes as solutions of semimartingale...

Our paper explores the role of time preferences on household debt maturity choice. Wefind that in countries where people are more patient in the long term, planning horizons in householddebt portfolios are significantly longer, as the optimal maturity of loans is considerably higher.The...