Although auctions have many desirable properties, they have two undesirable features from buyers' perspective: Auctions impose waiting costs on buyers, which leads to "false trading". Sometimes, buyers pass up other valuable opportunities while waiting for the results of the auction. Other...

"This study analyses the extent and determinants of temporary employment in Switzerland and performs an evaluation of these contracts using data from the first three waves of the Swiss Household Panel (SHP), i.e. for the years 1999 to 2001. It is shown that temporary employment is most common...

Dieser Beitrag untersucht die potentiellen Beschäftigungseffekte von Direktinvestitionen der Unternehmen des Dienstleistungssektors für die Schweiz. In einer theoretischen Perspektive werden zunächst die Konsequenzen der Besonderheiten von Dienstleistungsgütern gegenüber Industriegütern...

We investigate the suitability of securitization as an alternative to reinsurance for the purpose of transferring natural catastrophe risk. We characterize the conditions under which one or the other form of risk transfer dominates using a setting in which reinsurers and traders in financial...

This paper analyses the potential employment effects of foreign direct investment in the Swiss services industry. First, the theoretical analysis considers the consequences on domestic employment resulting from the specific characteristics of services compared with those of industrial goods. It...

In this paper, unique data from the Swiss National Bank on foreign direct investment (FD1) of Swiss firms, disaggregated according to recipient country and industrial sector for the years 1985 to 1997 are analysed for the first time. The analysis is performed on an aggregate, country-wide level...

When information is costly, a seller may wish to prevent prospective buyers from acquiring information, for the cost of information acquisition is ultimately borne by the seller. A seller can achieve the desired prevention of information acquisition through posted-price selling, by offering...

A few recent papers have derived estimates of the representative agent's risk aversion by comparing the statistical density of asset returns and the state-price density. The implied risk aversion estimates obtained in these studies are puzzling, exhibiting (i) pronounced U-shaped patterns (a...