Der Koalitionsvertrag der Bundesregierung sieht vor, dass der Einschlag in alten, naturnahen Buchenwäldern im öffentlichen Besitz gestoppt werden soll (SPD/Grüne/FDP 2021, Zeile 1219-1220). Im vorliegenden Thünen Working Paper werde für alte, naturnahe Buchenwälder mögliche Definitionen...

The paper explores utility measures by combining experiments with mathematical derivations in the psychophysics paradigm. The analysis on the ultimatum game experiment reveals evidences for the utility threshold and thus supports Bernoulli's utility logarithmic law. Both experimental results and...

This paper investigates whether preference interactions can explain why risk preferences change over time and across contexts. We conduct an experiment in which subjects accept or reject gambles involving real money gains and losses. We introduce within-subject variation by alternating...

The concept of ecosystems services has become an important model for linking the functioning of ecosystems to human welfare benefits. Understanding this link is critical in decision-making contexts. While there have been several attempts to come up with a classification scheme for ecosystem...

We investigate the relationship between certain subsets of the core for TU market games and competitive payoff vectors of certain markets linked to that game. This can be considered as the case in between the two extreme cases of Shapley and Shubik (1975). They remark already that their result...

This paper establishes, in the setting of Brownian information, a general equilibrium existence result under a stochastic differential formulation of intertemporal recursive utility. The present class of utility functionals is generated by a backward stochastic differential equation and...

We consider the inner core as a solution concept for cooperative games with non- transferable utility (NTU) and its relationship to competitive equilibria of markets that are induced by an NTU game. We investigate the relationship between certain subsets of the inner core for NTU market games...

We attempt to formulate and explain two types of self-fulfilling prophecy, called the Pygmalion effect (if a supervisor thinks her subordinates will succeed, they are more likely to succeed) and the Galatea effect (if a person thinks he will succeed, he is more likely to succeed). To this...

We anlyze the stochastic control approach to the dynamic maximization of the robust utility of consumption and investment. The robust utility functionals are defined in terms of logarithmic utility and a dynamically consisten convex risk measure. The underlying market is modeled by a diffusion...

In economic theory, utility depends on past, present and future outcomes. The experiment described in this paper suggests that utility also depends on people's attitudes, and that it can easily be manipulated through these attitudes. The results imply, first, that purely outcome-based models of...