Though the social choice of social institutions or social results is impossible there is, strictly speaking, no social choice individual evaluations of social institutions or results trivially are possible. Such individual evaluations can be deemed liberal either because they emphasize political...

In this paper a game model is considered whose strategically interacting agents are a polluting firm that can save abatement costs by illegal waste emissions and a monitoring agent (controller) whose job it is to prevent such pollution. When deciding on whether to dispose of its waste legally or...

When people decide about saving and consumption across the various periods of their life time they take into account their life expectancy when comparing present and future needs and resources for satisfying them. The experimental design, applied at two sites (Humboldt-University at Berlin and...

Overall, 72 subjects invest their endowment in four risky assets. Each com-bination of assets yields the same expected return and variance of returns. Illusion of expertise prevails when one prefers nevertheless the self-selected portfolio. After being randomly assigned to groups of four...

In seiner Besprechung der 1. Auflage dieser umfangreichen Einführung in die nicht-kooperative Spieltheorie lobte Martin A. Lobeck das anschauliche Beispielmaterial und schrieb: "Die Autoren, alle Volkswirtschaftler, legen den Schwerpunkt auf die ökonomischen Anwendungen der Spieltheorie und...