It has been assumed that arbitrage profits are not possible in efficient markets, because future prices are not predictable. Here, we show that predictability alone is not a sufficient measure of market efficiency because of the influence an order has on its dynamics. We instead propose to...

We develop a comprehensive wealth index for cities that measures their endowment with environmental, energy, social, human, and economic capital stocks. We apply this index to the 100 largest autonomous cities in Germany. We find that (i) a good economic performance does not need to come at the...

In this paper we empirically investigate potential determinants of allowance (EUA) price dynamics in the European Union Emission Trading Scheme (EU ETS) during Phase II. In contrast to previous papers, we analyze a significantly longer time series, place particular emphasis on the importance of...

Oceans regulate our climate, provide us with natural resources such as food, materials, substances, and energy and are essential for international trade, recreational, and cultural activities. Free access to and availability of ocean resources and services, together with human development, have...

In diesem Beitrag untersuchen wir die nachhaltige Wohlfahrt der 100 größten kreisfreien deutschen Städte, ausgehend von einem umfassenden Wohlfahrtskonzept, das auch nicht-marktbasierende Größen enthält (Smith et al. 2001; Arrow et al. 2003; Alfsen und Greaker 2007; Dasgupta 2009; Arrow et al. 2010). Die...

In diesem Beitrag untersuchen wir die nachhaltige Wohlfahrt der 100 größten kreisfreien deutschen Städte, ausgehend von einem umfassenden Wohlfahrtskonzept, das auch nicht-marktbasierende Größen enthält (Smith et al. 2001; Arrow et al. 2003; Alfsen und Greaker 2007; Dasgupta 2009; Arrow et al. 2010). Die...

We investigate the socially optimal intervention in the global carbon cycle. Limiting factors are (i) increasing atmospheric carbon concentration due to fossil fuel-related carbon emissions, and (ii) the inertia of the global carbon cycle itself. Accordingly, we explicitly include the largest...