The idea that individuals adapt their behaviors in response to changes in incentive systems is fundamental to most economic analysis. This paper incorporates the concept of price discovery costs into the incentive theory to offer a theoretical model and empirical evidence on the differential...

Recently, increase of the gold prices attracts interest again together with the affects of the latest financial crisis. Main objective of this study is to determine factors affecting the gold prices. The study includes montly data between June, 1992 and March, 2010. Oil prices, USA exchange...

Using the fixed and random effect panel regression models the paper tries to empirically examine the incentive effects of federal transfers on states’ own-revenue. Per capita resource transfers from the centre are found to be significant and negatively associated with states’...

Lump-sum rebates can protect price-discriminators against reselling. Large customers, however, can bargain for a larger rebate. This paper shows how sellers can make a credible commitment to not bargain: a price discriminating formula is published as a Most-Favoured-Customer (MFC) contract: if...

In order to avoid too many tied games after playing the five-minute overtime period, the National Hockey League introduced two rule changes in the 1999-2000 season. First, a team that loses in overtime receives one point instead of zero points. Second, the number of skaters in overtime is...

Die ordonomische These, dass man von Walter Eucken als einem Klassiker der Ordnungsethik auch heute noch wichtige Lektionen lernen kann, wird in diesem Beitrag in fuenf Schritten entwickelt. Der erste Argumentationsschritt identifiziert einige Rezeptionsschwierigkeiten, die einem angemessenen...

Recently issued U.S. Federal Energy Regulatory Commission regulations require comparable treatment of demand reduction and generation in the wholesale electric market so that they are compensated at the same market clearing price. The new regulations measure demand reduction as a reduction from...

Beginning in 1998, all students in the state of Texas who graduated in the top 10% of their high school classes were guaranteed admission to any in-state public higher education institution, including the flagships. While the goal of this policy is to improve college access for disadvantaged and...

This paper investigates the processing of repeated complex information. The focus of this study is whether additional information and the introduction of performance-based payoffs have an influence on judgment. Therefore, an experiment is designed to investigate the degree of precision and of...