The research presented in this paper was motivated by the central role of infrastructure charing in European transport policy. It is dedicated to the question whether and to what extent marginal infrastructure costs of airports, e.g. the marginal costs of maintaining, renewing and operating...

This paper analyses the cost bahaviour of motorway renewal costs with the aim to derive an estimate of marginal infrastructure costs per vehicle-km of trucks as part of optimal road user charges. The analysis is based on cross-sectional data of motorway renewal costs and traffic volume per...

With the increasing profit orientation of German airport operators the question as to weather they possess market power is gaining more importance. Whereas there have been some studies about the degree of market power of individual airports in countries as Australia and Great Britain, the German...

The quantitative evaluation of research performance in business administration has recently gained some attention in German-speaking countries. This holds especially for rankings of persons, which are discussed controversially. Rankings of academics can be constructed in two different ways,...

We analyze the impact of different organizational structures on incentives to invest in railways: vertical integration, vertical separation, and a hybrid form. Economic theory predicts that vertical integration fosters socially optimal investment, whereas, due to potential hold-up problems, both...

We analyse the performance of simple investment strategies in IPOs based on a large sample of IPOs in Germany between 1985 and 2002. In particular, we compare the performance of the following strategies: Invest equally weighted in each IPO, invest market value weighted in each IPO, invest in an...

Despite their theoretical efficiency in selling shares to the public, auctions are not the preferred mechanisms of issuers in Initial Public Offerings (IPOs). Chemmanur and Liu (2006) [WP] and Sherman (2005) [JFE 78, 615-649] provide a rational explanation for this IPO auction puzzle. They argue...

We analyse the effect of overconfidence in a model of team-production with effort complementarities. We show that overconfidence may not only enhance an overconfident agent's effort but also that of a rational one. Focusing the agents' payoffs we see that this increase in effort can be to the...

This paper provides a rational choice-based analysis of the causes and consequences of surprise events. The paper argues that ignorance may be rational, but nonetheless produce systematic mistakes, inconsistent behavior, and both pleasant and unpleasant surprises. If ignorance and unpleasant...