In empirischen und theoretischen Untersuchungen wird die Rolle von Verträgen für das Zustandekommen von ökonomischen Transaktionen auf Arbeitsmärkten betont. Da die Investitionstätigkeit in Sach- und Humankapital sowie in Forschung und Entwicklung häufig spezifisch erfolgt, ist es...

Chapter 1 is joint work with Günter Franke, University of Konstanz, and Markus Herrmann, HSBC London, and addresses the question how collateralized debt obligation (CDO-) transactions are designed. An important issue is the information asymmetry about the quality of securitized debt between...

Our study uses the data collected during the implementation of the tobacco buyout program inKentucky to evaluate how rural households, diverse in income, age, family structure, location,education level, and other characteristics, made a choice between annuities and a lump-sumpayment. Subjects in...

Impulsivity and inconsistency in intertemporal choice have been attracting attention in econophysics and neuroeconomics. Although loss of self-control by substance abusers is strongly related to their inconsistency in intertemporal choice, researchers in neuroeconomics and psychopharmacology...

The Maschler-Perles solution is the unique bargaining solution which is superadditive and satisfies the usual covariance properties. We provide two proofs for superadditivity that do not rely on the standard traveling time.

A cephoid is an algebraic ("Minkowski") sum of finitely many prisms in R^n. A cephoidal game is an NTU game the feasible sets of which are cephoids. We provide a version of the Shapley NTU value for such games based on the bargaining solution of Maschler-Perles.

This thesis develops an equilibrium framework for strategic exercise of geographical market entry option. The theoretical model analyses the impact of asymmetries of the competing firms such as follower entry barrier and asymmetric profitability on the optimal market entry timing and firm...

Existing theoretical literature fails to explain satisfactorily the differences between the pay of workers that are covered by collective agreements and others who are not. This study aims at providing a model framework which is amenable for an analysis of this issue. Our general-equilibrium...