The severe crisis that affected the European Monetary Union has emphasized the prevailing interests of national governments and a lack of political leadership of the European institution , while the governance of the euro area has been incapable of an effective crisis management. The present...

The aim of the paper concerns the analysis of the contributions presented by Meade, Harrod and Hicks at the Symposium on Keynes’ General Theory during the Oxford Meeting in September 1936 to stress an important event for the development of macroeconomic theory. Moreover, this paper focuses on...

Most economic models are based on the self-interest hypothesis that assumes that material self-interest exclusively motivates all people. Experimental economists have gathered overwhelming evidence in recent years, however, that systematically refutes the self-interest hypothesis, suggesting...

The paper shows that an increase in competition has two effects on managerial incentives: It increases the probability of liquidation, which has a positive effect on managerial effort, but it also reduces the firm’s profits, which may make it less attractive to induce high effort. Thus, the...

Economic experiments interact with economic theories in various ways. First of all they are used to test economic theories. However, they can neither confirm nor falsify them in a strict sense. They rather inform us about the range of applicability, the robustness and the predictive power of a...

This paper analyzes a finitely repeated bargaining game with asymmetric information. It gives a tight characterization of the equilibrium path and the equilibrium payoffs of all sequential equilibria satisfying a weak Markov property. The method used allows for arbitrarily many different types...