Auf dem Markt für Informationen über feine Weine konnte sich Robert M. Parker eine dominante Stellung als sogenannter Weinkritiker aufbauen. Der vorgelegte Beitrag hat zum Ziel, die ökonomischen Mechanismen und „Geschäftsmodelle“ offen zu legen, die hinter Parkers Erfolg als Weinkritiker...

The more rapidly prices adjust to incorporate information, the more effi-cient the respective market is. The paper transfers the weak and the semi strong form of efficient market hypothesis proposed for capital markets to the market for fine wine. An empirical investigation using data on red...

Why is discovery in the Old Economy mostly financed by investors whereas entrepreneurs in the New Economy usually remain self-employed? The paper tries to answer this question based on a semi-formal analysis.

Berichte über phänomenale Preissteigerungen bei feinen Weinen in der zweiten Hälfte der 90er Jahre haben die Frage aufgeworfen, ob sich Weine als Kapitalanlagen eignen könnten. Während diese Frage bezogen auf den Durchschnitt aller Weine sicher zu vernei-nen sein dürfte, ist dennoch nicht...

One of the most striking empirical patterns of horse race betting markets is the favourite-longshot bias: Bets on favourites have dramatically higher expected returns than bets on longshots. The literature offers a couple of different, though not mutually exclusive, explanations based on risk...

In every country in the world parties to private litigation are subject to a predetermined fee shifting regime. While there are no institutionalized opt-out provisions so far, we demonstrate that such provisions could improve welfare. We argue that private negotiations are not a viable...

Higher education is subsidized worldwide, although with pronounced differences in levels of subsidization. While public funds account for about 90% of universities budgets in Scandinavian countries, the share of public funds in Great Britain and the US is less that 30%. Subsidization is...

This study addresses the issue of poor intercomparability of measurements of organic photovoltaic (OPV) devices among different laboratories. We present a round robin performance testing of novel OPV devices among 16 laboratories, organized within the framework of European Research...

Empirical studies of horse race betting in the U.S., the UK, and Australia have established the so called favorite-longshot bias. Studies find that on average, bets on longshots lose much more than do bets on favorites. This means that longshots are overbet and favorites are underbet. By using a...

Empirical studies of horse race betting in the US, the UK, Australia, and Germany have empirically established the so called favorite-longshot bias. It was found that bets on longshots on average lose much more than bets on favorites. The theoretical literature on wagering markets has offered a...