Dieser Aufsatz diskutiert alternative Anreizmechanismen für pharmazeutische Innovationen zur Bewältigung globaler Gesundheitsprobleme. Patent Buyouts, bei denen ein öffentlicher Fonds einen Aufschlag auf den durch ein Auktionsverfahren ermittelten privaten Wert zahlt, würden die Effizienz...

In this paper, we empirically assess the effects of the winner's curse in auctions for toll road concession contracts. Such auctions are common-value auctions for incomplete contracts prone to pervasive renegotiations. We address three questions in turn. First, we investigate the overall effects...

It is almost certain that the US Congress is going to pass some kind of comprehensive climate change legislation that in some fashion will have mandatory limits or costs for the production of Carbon Dioxide. How this legislation is constructed will have enormous impacts on the economy and the...

We consider the design of a market for a single asset where a finite number of risk averse traders may trade to share risk from asset endowments. We derive the direct mechanisms that maximize a linear combination of expected revenue and allocative efficiency. We find that the first best...

Renewable natural capital — terrestrial and marine ecosystems, fisheries, biodiversity, and groundwater — is in decline around the world affecting livelihoods of millions of people. Natural capital market design uses economic theory and analysis to develop practical solutions for...

By now, almost every business has an internet presence, and is likely engaged in e-commerce. What are the major risks perceived by those engaged in e-commerce and electronic payment systems? What potential risks, if they become reality, may cause substantial increases in operating costs or...

We analyze auctions for the settlement of credit default swaps (CDS) theoretically and evaluate them empirically. The requirement to settle in cash with an option to settle physically leads to an unusual two-stage process. In the first stage, participants affect the amount of the bonds to be...

In 2009, the promise of a comprehensive federal cap and trade bill to address climate change fell apart. At least in part, this was due to the fears that exotic 'carbon' financial instruments might cause more financial crises. As California launches it economy wide carbon trading system, and...

We use a unique hand collected data set of 6,258 auctions from the online football manager game Hattrick to study determinants and effects of reserve prices. We find that chosen reserve prices exhibit both very sophisticated and suboptimal behavior by the sellers. On the one hand, reserve prices...

This paper discusses alternative incentive mechanisms for encouraging pharmaceutical innovations that support global health policy priorities. Patent buyouts, in which a public fund pays a mark-up on private valuations from sealed-bid second-price auctions, would boost the efficiency of research...