The (socio-)psychological concepts of individual aspiration for con- formity and consistency are integrated into the rational-choice frame- work. By using this integrative approach it is shown that after a shock the aspiration for conformity results in an equilibrium which deviates from the homo...

Recent experience shows that under certain conditions it can be assumed that demand for luxury goods is partly abnormal. To tackle the problem whether they can and should be taxed we (a) show that a positive slope of demand is possible by distinguishing snob and network benefits, (b) demonstrate...

In economic literature comparisons between the American and German Council of Economic Advisors lead to the result that the American Council works quite well, whereas the German Council is broadly criticised. Taking a closer look these conclusions are disputable. Therefore, in this contribution...

This contribution provides a game theoretical derivation of market demand as a function of the level and distribution of income in the considered economy: if (i) the price is low, everyone buys the good; if (ii ) the price is high, only the rich buy the good (a status good in a narrow sense). If...

Political reforms can be understood as the reconfiguration of formal institutions. The rational choice of formal institutions is the core topic of the New Institutional Economics research program. While bounded rationality is a core assumption of the New Institutional Economics and the reason...

Bei aller Hysterie, die sich an Begriffen wie "Klimakatastrophe" festmachen laesst und die aktuell fast schon zu Bestandteilen des Glaubensbekenntnis mutieren, ist es fuer Oekonomen, die sich mit Umwelt und Umweltguetern beschaeftigen, umso wichtiger, nuechtern, abgewogen und rational zu...

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