Empirical research has shown that in some situations subjects tend to assign a probability to a conjunction of two events that is larger than the probability they assign to each of these two events. This empirical phenomenon is traditionally called the conjunction fallacy. One of the best known...

Gegenstand der vorliegenden Arbeit ist ein Versuch, das Verhältnis zwischen wirtschaftsstatistischer Information und dem Ausschnitt der Wirklichkeit, über den sie etwas auszusagen behauptet, neu zu überdenken. Dabei geht es darum, einen Begriff der Problem- und Wirklichkeitsangemessenheit zu...

The paper proposes an analysis of money which starts from electronic money. In open contradiction to the traditional approach, characterized by a general lack of interest by theoreticians towards payment system issues, the paper argues that analysis of the distinctive characteristics of...

Risk is a concept which matters to many issues in economics and finance. The range of risk measures proposed goes from classics like variance to modern approaches like Value-at-Risk (VaR). In this paper, after a short characterization of managers' intuitive notion of risk, an overview on those...

Eine gut funktionierende Zusammenarbeit zwischen ehrenamtlichen und hauptamtlichen Mitarbeitenden, insbesondere aber zwischen der hauptamtlichen Geschäftsführung und dem ehrenamtlichen Vorstand, ist für den Erfolg einer jeden Nonprofit-Organisation (NPO) von zentraler Bedeutung. Aufgrund der...

This paper formalizes the new schemes of fiscal equalization that has been decided in 2009 and will be introduced at the local level in the canton of Fribourg (Switzerland) in 2011. It develops the political economy of the proposal with the aim of understanding the participative democratic...

According to IFRS 7, banks have to disclose the inputs used in measuring the fair value of financial instruments. For this purpose the standard defines a three-level measurement hierarchy. The reliability of fair values is expected to decrease with decreasing hierarchy level due to the lower...