Der vorliegende Beitrag erörtert, inwiefern staatliche Subventionen ein Instrument zurInternalisierung ökonomischer Außenwirkungen (externer Effekte) sind, dass den Ergebnissendes Standortwettbewerbs zu mehr Effizienz verhilft. Der Wettbewerb um Direktinvestitionenwird durch ein einfaches...

We analyze a situation where a principal wants to induce two firms to produce an output, e.g. electricity from renewable energy sources. Firms can undertake non-contractible investments to reduce production cost of the output. Part of these investments spills over and also reduces productioncost...

[...]This paper studies a simple model of the talent-ownership mismatch — or failure ofmeritocracy — brought about by credit market imperfections that arise as a consequence ofagency problems in the borrower-lender relationship. Our model highlights the interactionbetween the market for...

In the view of most policymakers and economists,competition in retail banking takes place in localmarkets covering a relatively small geographic area.Banks are thought to design their services and settheir loan and deposit rates in response to the supply anddemand conditions prevailing in a...