Risk aversion in game theory is usually modeled using expected utility, which was criticized early on, leading to an extensive literature on generalized expected utility. In this paper we are the first to apply μ-σ theory to the analysis of (static) games. μ-σ theory is widely...

This contribution introduces a new direct measure of political media bias by analyzing articles and newscasts with respect to the tonality on political parties and politicians. On this basis we develop an index sorting the media in the political left to right spectrum. We apply the index to...

Fiscal restraints have been argued to force today's governments to internalize the externalities that result from extensive borrowing on future electorates and governments as well as on other countries by causing fiscal instability. In this article we provide an alternative argument for fiscal...

Evidence on behavior of experts in credence goods markets raises an important causality issue: Do fair prices induce good behavior, or do good experts post fair prices? To answer this question we propose and test a model with three seller types: the good choose fair prices and behave...

Purpose: A transformative service aims to improve wellbeing; however, current approaches have an implicit assumption that all wellbeing dimensions are equal and more dimensions led to higher wellbeing. The purpose of this paper is to present evidence for a new framework that identifies the...

Zusammenfassung Der Kreditkartenmarkt wird von zwei Firmen bestimmt: VISA und Mastercard/Eurocard. Der Einfluss der „Großen Zwei“ hat sowohl in den USA als auch in Europa wettbewerbsrechtliche Bedenken ausgelöst und den bisher kaum wirtschaftswissenschaftlich analysierten Kreditkartenmarkt...