This paper reexamines the Equity Premium Puzzle for the German stock market with control for inflation and taxation. Two methods for relaxing the assumption of aggregate consumption being equal to aggregate dividends are compared: the leverage approach and the usage of a bivariate stochastic...

The global dimension of environmental problems stresses the need of an internationally linked environmental environmental policy. The example of climate change policy shows, that environmental policy has to be a subject of a globally oriented international policy formulating operational targets...