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  • 1
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    Chicago: University of Chicago Press | ZBW – Leibniz Information Centre for Economics Kiel, Hamburg
    Publication Date: 2019-10-22
    Description: 9-ending prices, which comprise between 40%–95% of retail prices, are popular because shoppers perceive them as being low. We study whether this belief is justified using scanner price-data with over 98-million observations from a large US grocery-chain. We find that 9-ending prices are higher than non 9-ending prices, by as much as 18%. Two factors explain why shoppers believe, mistakenly, that 9-ending prices are low. First, we find that among sale-prices, 9-ending prices are indeed lower than non 9-ending prices, giving 9-ending prices an aura of being low. Second, at first, 9-ending prices were indeed lower than other prices. Shoppers, therefore, learned to associate 9-endings with low prices. Over time, however, 9-ending prices rose substantially, which shoppers failed to notice, because the continuous use of 9-ending prices for promoting deep price cuts draws shoppers’ attention to them, and helps to maintain-and-preserve the image of 9-ending prices as bargain prices.
    Description: Special Issue on Behavioral Pricing
    Keywords: M30 ; M31 ; L11 ; L16 ; L81 ; D12 ; D22 ; D40 ; D90 ; D91 ; E31 ; ddc:330 ; Behavioral Pricing ; Psychological Prices ; Price Perception ; Image Effect ; 9-Ending Prices ; Price Points ; Regular Prices ; Sale Prices
    Language: English
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  • 2
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    Hoboken: Wiley | Kiel, Hamburg: ZBW - Leibniz Information Centre for Economics
    Publication Date: 2020-11-27
    Description: We study the cost of breaching an implicit contract in a goods market. Young and Levy (2014) document an implicit contract between the Coca-Cola Company and its consumers. This implicit contract included a promise of constant quality. We offer two types of evidence of the costs of breach. First, we document a case in 1930 when the Coca-Cola Company chose to avoid quality adjustment by incurring a permanently higher marginal cost of production, instead of a one-time increase in the fixed cost. Second, we explore the consequences of the company’s 1985 introduction of “New Coke” to replace the original beverage. Using the Hirschman’s (1970) model of Exit, Voice, and Loyalty, we argue that the public outcry that followed New Coke’s introduction was a response to the implicit contract breach.
    Keywords: ddc:330 ; E31 ; K10 ; L11 ; L16 ; L66 ; M20 ; M30 ; N80 ; N82 ; Invisible Handshake ; Implicit Contract ; Customer Market ; Long-Term Relationship ; Cost of Breaching a Contract ; Cost of Breaking a Contract ; Coca-Cola ; New Coke ; Exit, Voice, and Loyalty ; Nickel Coke ; Sticky Prices ; Price Stickiness ; Rigid Prices ; Price Rigidity ; Cost of Price Adjustment ; Menu Cost ; Cost of Quality Adjustment
    Language: English
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  • 3
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    Amsterdam: Elsevier
    Publication Date: 2020-12-17
    Description: Livestock cultivation is a significant source of greenhouse gas (GHG) emissions, accounting for 14.5% of the total anthropogenic emissions. China is responsible for a considerable share of the global livestock emissions, particularly caused by pork production. We used the Kaya identity and the logarithmic mean Divisia index (LMDI) to decompose the national annual GHG emissions from enteric fermentation and manure management in pig farming in China from 1976 to 2016. We decomposed the sources of the emissions into five driving factors: (1) technological progress (e.g., feed improvement); (2) structural adjustment in the livestock sector; (3) structural adjustment in agriculture; (4) affluence; and (5) population growth. The results showed that the net GHG emissions from the pig sector in China increased 16 million tons (Mt) of carbon dioxide equivalents (CO2eq) during the study period. The decomposition analysis revealed that structural adjustment in agriculture, growing affluence, and population growth contributed to an increase of the GHG emissions of pork production by 23, 41, and 13 Mt CO2eq, respectively. The technological progress and structural changes in animal husbandry mitigated emissions by –51 and –11 Mt CO2eq, respectively. Further technological progress in pig production and optimizing the economic structures are critical for further reducing GHG emissions in China’s pig industry. Our results highlight the dominant role of technological changes for emission reductions in the pig farming.
    Keywords: ddc:630 ; livestock production ; carbon emissions ; manure management ; pig farming ; LMDI decomposition
    Language: English
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  • 4
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    Hoboken: Wiley
    Publication Date: 2020-12-19
    Description: Globally, grasslands are shaped by grazing and fire, and grassland plants are adapted to these disturbances. However, temperate grasslands have been hotspots of land-use change, and how such changes affect interrelations between herbivory, fire and vegetation are poorly understood. Such land-use changes are widespread on the Eurasian steppe, where the dissolution of the Soviet Union in 1991 triggered the abandonment of cropland and pasture on globally relevant scales. Thus, to determine how relationships between plant functional composition, grazing and fire patterns changed after the Soviet Union dissolved, we studied a 358,000 km² region in the dry steppe of Kazakhstan, combining a large field dataset on plant functional traits with multi-scale satellite data. We found that increases in burned area corresponded to decreases in livestock grazing across large areas. Furthermore, fires occurred more often with high cover of grasses with high leaf dry matter content and thus higher flammability, whereas higher grazing pressure favoured grazing-tolerant woody forbs and ruderal plants with high specific leaf area. The current situation of low grazing pressure represents a historically exceptional, potentially non-analogue state. We suggest that the dissolution of the Soviet Union caused the disturbance regime to shift from grazer to fire control. As grazing and fire each result in different plant functional compositions, we propose that this led to widespread increases in grasses and associated changes in steppe plant community structure. These changes have potentially occurred across an area of more than 2 million km², representing much of the world's largest temperate grassland area, with globally relevant, yet poorly understood implications for biodiversity and ecosystem functions such as carbon cycling. Additionally, future steppe management must also consider positive implications of abandonment (‘rewilding’) because reverting the regime shift in disturbance and associated changes in vegetation would require grazing animals to be reintroduced across vast areas.
    Keywords: ddc:330 ; disturbance ; grassland ; Kazakhstan ; land use ; Landsat ; livestock decline ; MODIS ; regime shift
    Language: English
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  • 5
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    Gütersloh: Bertelsmann Foundation | Kiel, Hamburg: ZBW - Leibniz Information Centre for Economics
    Publication Date: 2020-10-29
    Description: The Gnassingbé clan has ruled the country since 1967. The demand for political alternance, initiated by institutional and electoral reforms, constituted the major contentious issue between the government and the challengers of the Gnassingbé regime throughout the survey period. The legislative elections of 20 December 2018, boycotted by the major opposition parties, resulted in an easy victory of the ruling party. The first local elections since more than 30 years took finally place on 30 June 2019 and resulted in the victory of the ruling party. Shortly afterwards, in February 2020, the President won also the disputed presidential elections and even consolidated his power, assisted by the loyal army and security services. The outbreak of the Corona epidemic in Togo in April and the subsequent economic recession may have contributed to limit popular protest against the Gnassingbé regime. The human rights record of the government has improved but remains poor. Despite undeniable improvements to the framework and appearance of the regime's key institutions during the review period, democracy remains far from complete. However, the international community, notably Togo’s African peers, the AU and ECOWAS, followed a ‘laissez-faire’ approach in the interests of regional stability and their national interests in dealing with Togo. Economic growth remained stable at about 5% per annum (before Corona). Public investment in infrastructure and increases in agricultural productivity, notably of export crops, had been the key drivers of economic growth. However, growth remains vulnerable to external shocks and the climate and has not been inclusive. Positive growth was overshadowed by increasing inter-personal and regional inequality as well as an increase in extreme poverty. Moreover, money-laundering, illegal money transfers and trafficking grew alarmingly. The business climate improved considerably nevertheless.
    Description: Author's enhanced version
    Description: RÉSUMÉ: Le clan Gnassingbé dirige le pays depuis 1967. La revendication d'alternance politique, initiée par des réformes institutionnelles et électorales, a constitué le principal litige entre le gouvernement et les challengers du régime Gnassingbé tout au long de la période d'enquête. Les élections législatives du 20 décembre 2018, boycottées par les principaux partis d'opposition, se sont soldées par une victoire facile du parti au pouvoir. Les premières élections locales depuis plus de 30 ans ont finalement eu lieu le 30 juin 2019 et ont abouti à la victoire du parti au pouvoir. Peu de temps après, en février 2020, le président a remporté également les élections présidentielles contestées. Par cela il a même consolidé son pouvoir, aidé par l'armée fidèle et les services de sécurité. Le déclenchement de l'épidémie de Corona au Togo en avril 2020 et la récession économique qui a suivi, ont peut-être contribué à limiter les protestations populaires contre le régime de Gnassingbé. Le bilan du gouvernement en matière de droits humains s'est amélioré, mais reste médiocre. Malgré des améliorations indéniables du cadre et de l'apparence des principales institutions du régime pendant la période à l'examen, la démocratie reste loin d'être achevée. Cependant, la communauté internationale, notamment les pairs africains du Togo, l’UA et la CEDEAO, ont suivi une approche de «laissez-faire» dans l’intérêt de la stabilité régionale et de leurs intérêts nationaux face au Togo. La croissance économique est restée stable à environ 5 % par an (avant Corona). Les investissements publics dans les infrastructures et les augmentations de la productivité agricole, notamment des cultures d'exportation, ont été les principaux moteurs de la croissance économique. Cependant, la croissance reste vulnérable aux chocs externes et au climat, et le développement n'a pas été inclusive. La croissance positive a été éclipsée par l'augmentation des inégalités interpersonnelles et régionales ainsi que par une augmentation de l'extrême pauvreté. En outre, le blanchiment d’argent, les transferts d’argent illégaux et le trafic ont augmenté de façon alarmante. Le climat des affaires s'est néanmoins considérablement amélioré. ------------------------------------------------------------------------------------------------------------------------------------ ZUSAMMENFASSUNG: Der Gnassingbé-Clan regiert das Land seit 1967. Die Forderung nach politischer Abwechslung, die durch institutionelle Reformen und Wahlreformen ausgelöst wurde, war das Hauptstreitpunkt zwischen der Regierung und den Herausforderern des Gnassingbé-Regimes während des gesamten Untersuchungszeitraums. Die von den großen Oppositionsparteien boykottierten Parlamentswahlen vom 20. Dezember 2018 führten zu einem leichten Sieg der Regierungspartei. Die ersten Kommunalwahlen seit mehr als 30 Jahren fanden schließlich am 30. Juni 2019 statt und führten zum Sieg der Regierungspartei. Kurz darauf, im Februar 2020, gewann der Präsident auch die umstrittenen Präsidentschaftswahlen. Somit festigte er sogar seine Macht, unterstützt von der loyalen Armee und den Sicherheitsdiensten. Der Ausbruch der Corona-Epidemie in Togo im April und die anschließende wirtschaftliche Rezession haben möglicherweise dazu beigetragen, den Protest der Bevölkerung gegen das Gnassingbé-Regime zu begrenzen. Die Menschenrechtsbilanz der Regierung hat sich verbessert, ist aber weiterhin schlecht. Trotz unbestreitbarer Verbesserungen des Rahmens und des Erscheinungsbilds der wichtigsten Institutionen des Regimes im Berichtszeitraum bleibt die Demokratie bei weitem nicht umfassend. Die internationale Gemeinschaft, insbesondere die afrikanischen Kollegen Faure Gnassingbés in der AU und ECOWAS, verfolgten jedoch im Interesse der regionalen Stabilität und in ihren nationalen Interessen im Umgang mit Togo einen „Laissez-Faire“-Ansatz. Das Wirtschaftswachstum blieb stabil bei etwa 5% pro Jahr (vor Corona). Öffentliche Investitionen in die Infrastruktur und die Steigerung der landwirtschaftlichen Produktivität, insbesondere in Exportkulturen, waren die Haupttreiber des Wirtschaftswachstums. Das Wachstum bleibt jedoch anfällig für externe Schocks und das Klima und war nicht inklusiv. Das positive Wachstum wurde durch die zunehmende zwischenmenschliche und regionale Ungleichheit sowie die Zunahme der extremen Armut überschattet. Darüber hinaus nahmen Geldwäsche, illegale Geldtransfers und Menschenhandel alarmierend zu. Das Geschäftsklima hat sich dennoch erheblich verbessert.
    Keywords: ddc:330 ; A14 ; F35 ; N97 ; O17 ; O55 ; Z13 ; Togo ; WAEMU ; ECOWAS ; West Africa ; African Studies ; Democratization ; Governance ; Fragile States ; Development ; ODA
    Language: English
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  • 6
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    Amsterdam [u.a.]: Elsevier
    Publication Date: 2020-11-24
    Description: This study analyses the effect of Kazakhstan’s 2003–2005 agricultural land reform on land rental and credit market participation. Although the reform declared an intention to facilitate efficient land allocation, we observe a major land concentration. We analyze whether new land relations stimulated land sales and rental markets and made credit more accessible. Utilizing data from two independent surveys before and after private land ownership was introduced, we demonstrate that the reform did not affect the land sales market but reorganized the land-rental market in a top-down fashion with the state remaining the principal landlord. The reform did not achieve the goal of providing access to land for the more skilled producers and did little to facilitate the use of owned land as collateral. The reform achievements are modest and bolder steps will be necessary to improve the functioning of Kazakhstan’s agricultural land markets.
    Keywords: ddc:330 ; land rental market ; credit market ; land reforms ; allocative efficiency ; Kazakhstan
    Language: English
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  • 7
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    Berlin: Springer
    Publication Date: 2020-11-20
    Description: Digitalisierung und Industrie 4.0 spielen im Rahmen der digitalen Vernetzung eine immer größere Rolle für den Maschinen- und Anlagenbau – und das sowohl als Anbieter als auch als Anwender digitaler Produkte. Digitale Geschäftsmodelle und neue Wettbewerber aus dem Bereich digitaler Plattformen stellen zunehmend Herausforderungen für die Maschinenbauunternehmen dar. Der Beitrag befasst sich mit den Digitalisierungsstrategien der Maschinenbauunternehmen ebenso wie mit dem Stand der Digitalisierung bei den Prozessen, Produkten und Geschäftsmodellen. Es werden Wirkungen der digitalen Transformation auf Beschäftigung untersucht sowie arbeits- und beschäftigungspolitische Herausforderungen in der Branche aus Sicht von Mitbestimmungsakteuren diskutiert. Daraus werden Gestaltungsfelder und strategische Orientierungen für die Mitbestimmungsträger erarbeitet.
    Keywords: ddc:330 ; Maschinenbau ; Digitalisierung ; Beschäftigung ; Mitbestimmung
    Language: German
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  • 8
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    Sevilla: Universidad Pablo De Olavide
    Publication Date: 2021-01-06
    Description: The unexpected occurrence of the COVID-19 outbreak has undeniably disrupted the normalcy of life. Stress has become an important concern in education since the COVID-19 outbreak. This descriptive-correlational online survey administered in August 2020 utilized the COVID-19 Perceived Stress Scale (COVID-19 PSS-10) to assess the COVID-19 perceived stress among employed Filipino teachers. Whitney U and Kruskal–Wallis tested for differences while Spearman’s rho was used to analyze the correlation between variables. Results demonstrated that more than half of teachers experienced moderate COVID-19 stress. Females experienced significantly higher COVID-19 stress compared to males. A negative correlation was noted between self-rated health and COVID-19 stress while a positive correlation was found between the perceive risk of getting COVID-19 infection and COVID-19 stress. This study highlights that steps must be undertaken to help teachers deal with the stress of the COVID-19 crisis as well as they must be provided or taught with stress management interventions during this pandemic. This study could be used as a baseline for future research to assess the impact of COVID-19 stress among professional teachers.
    Description: La aparición inesperada del brote de COVID-19 ha interrumpido sin lugar a dudas la normalidad de la vida. El estrés se ha convertido en una preocupación importante en la educación desde el brote de COVID-19. Esta encuesta en línea descriptiva-correlacional administrada en agosto de 2020 utilizó la Escala de estrés percibido COVID-19 (COVID-19 PSS-10) para evaluar el estrés percibido por COVID-19 entre los profesores filipinos empleados. Whitney U y Kruskal-Wallis probaron las diferencias mientras que la rho de Spearman se utilizó para analizar la correlación entre las variables. Los resultados demostraron que más de la mitad de los maestros experimentaron un estrés moderado por COVID-19. Las mujeres experimentaron un estrés por COVID-19 significativamente mayor en comparación con los hombres. Se observó una correlación negativa entre la salud autoevaluada y el estrés por COVID-19, mientras que se encontró una correlación positiva entre el riesgo percibido de contraer la infección por COVID-19 y el estrés por COVID-19. Este estudio destaca que se deben tomar medidas para ayudar a los maestros a lidiar con el estrés de la crisis de COVID-19, así como se les debe proporcionar o enseñar intervenciones de manejo del estrés durante esta pandemia. Este estudio podría usarse como base para futuras investigaciones para evaluar el impacto del estrés por COVID-19 entre los profesores profesionales.
    Keywords: ddc:330 ; COVID-19 ; corona virus ; pandemic ; mental health ; stress ; psychological well-being ; teachers ; educators
    Language: English
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  • 9
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    Kiel, Hamburg: ZBW - Leibniz Information Centre for Economics
    Publication Date: 2021-01-06
    Description: Pro-environmental behaviour (PEB) is often promoted by reinforcing or highlighting own benefits. However, considering that actors also care about the outcomes for others (i.e. they hold other-regarding preferences), PEB may also be encouraged by addressing these other-regarding preferences. In this paper, we review the results from social science experiments where interventions addressing other-regarding preferences were used to promote PEB. Based on our synthesis, we conclude that addressing other-regarding preferences can be effective in promoting (various types of) PEB in some, but not in all instances. Whether an intervention was effective depended inter alia on the pre-established preferences, cost structures and the perceived cooperation of others. Effective interventions included the provision of information on behavioural consequences, perspective-taking, direct appeals, framing and re-categorization. The interventions worked by activating other-regarding preferences, raising awareness about adverse consequences, evoking empathic concern and expanding the moral circle. We propose to take these findings as an impulse to examine policy instruments and institutions in terms of whether they activate and strengthen other-regarding preferences, thereby enabling collective engagement in PEB.
    Keywords: ddc:330 ; Q56 ; Y80 ; D90 ; pro-environmental behaviour ; experiments ; other-regarding preferences ; empathic concern ; preference activation ; review
    Language: English
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  • 10
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    Kiel, Hamburg: ZBW - Leibniz Information Centre for Economics
    Publication Date: 2021-01-07
    Description: Community-Led Local Development (CLLD) – in rural areas implemented as LEADER – is a well-established “territorial delivery mechanism”. The research topic of this contribution is to discuss the influence of different variables of the LEADER implementation on the performance of this place-based and participatory approach. The results are related to single variables of the LEADER implementation and their impact on LEADER performance.
    Keywords: ddc:330 ; R19 ; LEADER ; rural development
    Language: English
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  • 11
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    Kiel, Hamburg: ZBW - Leibniz Information Centre for Economics
    Publication Date: 2021-01-07
    Description: Fostering innovation-driven regional development has become a major priority for public policy. Thus innovation is a crucial issue in Rural Development Programmes (RDP) to overcome challenges like economic development and demographic change. One part of RDP funded by the European Union, which explicitly addresses innovation, is LEADER: a bottom-up-oriented, participatory approach which relies on cooperation between local actors in the sense of a Community-led local development (CLLD). Stakeholders of different institutions and origins come together in a Local Action Group (LAG) to decide on the projects to be financed. Previous research provides evidence that rural communities are innovative when they have the necessary space and power to act. There is, however, little knowledge about the factors, which are crucial for the power to act, and about the policy framework that provides the necessary space in CLLD-context. The aim of the paper is hence to identify factors, which influence the implementation of innovative projects. Our analysis builds on surveys among LAG-managers, LAG-members and beneficiaries in 115 LEADER areas in four federal states in Germany (Hesse, Lower-Saxony, North Rhine-Westphalia and Schleswig-Holstein). Since the explanatory is a dummy variable we used logit models for the analysis. Overall, 56% of the beneficiaries classified their own project as innovative. There are, however, large differences between the different federal states. Our econometric results suggest that origin of the project idea and the type of beneficiary significantly influence the likelihood of innovation. The expectation that heterogeneity fosters innovative ideas is not supported by our analyses.Fostering innovation-driven regional development has become a major priority for public policy. Thus innovation is a crucial issue in Rural Development Programmes (RDP) to overcome challenges like economic development and demographic change. One part of RDP funded by the European Union, which explicitly addresses innovation, is LEADER: a bottom-up-oriented, participatory approach which relies on cooperation between local actors in the sense of a Community-led local development (CLLD). Stakeholders of different institutions and origins come together in a Local Action Group (LAG) to decide on the projects to be financed. Previous research provides evidence that rural communities are innovative when they have the necessary space and power to act. There is, however, little knowledge about the factors, which are crucial for the power to act, and about the policy framework that provides the necessary space in CLLD-context. The aim of the paper is hence to identify factors, which influence the implementation of innovative projects. Our analysis builds on surveys among LAG-managers, LAG-members and beneficiaries in 115 LEADER areas in four federal states in Germany (Hesse, Lower-Saxony, North Rhine-Westphalia and Schleswig-Holstein). Since the explanatory is a dummy variable we used logit models for the analysis. Overall, 56% of the beneficiaries classified their own project as innovative. There are, however, large differences between the different federal states. Our econometric results suggest that origin of the project idea and the type of beneficiary significantly influence the likelihood of innovation. The expectation that heterogeneity fosters innovative ideas is not supported by our analyses.
    Keywords: ddc:330 ; R1 ; Innovation ; Rural development ; LEADER ; evaluation
    Language: English
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  • 12
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    Cologne: University of Cologne, Centre for Financial Research (CFR)
    Publication Date: 2021-01-15
    Description: We document a long-lasting association between a common societal phenomenon, early-life family disruption, and investment behavior. Controlling for socioeconomic status and family background, we find fund managers who experienced the death or divorce of their parents during childhood exhibit a stronger disposition effect, take lower risk, and are more likely to sell their holdings following risk-increasing firm events. The results are consistent with persistent symptoms of post-traumatic stress and strengthen as treatment intensifies. The evidence adds to our understanding of the role of social factors and "nurture" in finance as well as the origin of investment biases.
    Description: January 2021
    Keywords: ddc:330 ; G11 ; G23 ; G41 ; Disposition effect ; Family disruption ; Feelings ; Formative experience ; Investor behavior ; Risk-taking ; Social finance
    Language: English
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  • 13
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    London: Taylor & Francis | Kiel, Hamburg: ZBW - Leibniz Information Centre for Economics
    Publication Date: 2021-01-13
    Description: The COVID-19 pandemic has amplified longstanding concerns about mounting levels of corporate debt in the United States. This article places the current conjuncture in its historical context, analysing corporate indebtedness against the backdrop of increasing corporate concentration. Theorising leverage as a form of power, we find that the leverage of large non-financial firms increased in recent decades, while their debt servicing burdens decreased. At the same time, smaller firms experienced sharp deleveraging alongside increasing debt servicing costs. Crucially, smaller corporations also registered severe losses over this period, while large corporations remained profitable, and in fact doubled their net profit margins from the early-1990s to the present. Taken together, the results from our mapping exercise uncover a series of dramatic changes in the financial fortunes of large versus smaller firms in recent decades, a phenomenon we refer to as the great debt divergence. We explain this divergence with reference to the dynamics of power in the era of ‘shareholder capitalism’, and we argue that the US political economy in the post-COVID 19 world is likely to resemble the pre-COVID 19 one, only with more market turmoil, more concentration, more inequality, and even less investment.
    Keywords: ddc:330 ; P16 ; H63 ; G3 ; capital as power ; corporate concentration ; Covid-19 crisis ; debt ; leverage
    Language: English
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  • 14
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    Kiel, Hamburg: ZBW - Leibniz Information Centre for Economics
    Publication Date: 2021-01-12
    Description: Basically the current study sought to assess the perception of students regarding the role of teacher communication skills in their academics success. Comprehensive questionnaire carrying information including communication skills aspects of the study were designed to achieve the set objectives. Communication skill is the ability to convey and share information with others in an efficacious way. It is a very vital skill and used widely in all work sectors. Communication is an important skill for every modern student to master. Advances in digital media, changing career landscapes, and greater competition in colleges and workplaces makes improving student communication skills a must. In any education system, teacher’s quality is the most important factor influencing student’s scholastic achievement. Teacher’s quality plays a pivotal and decisive role in students’ academic progress. These qualities are quantified by their skills, knowledge, and qualifications.
    Keywords: ddc:330 ; Professional Development ; Teacher Education ; Communication Skills
    Language: English
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  • 15
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    Köln: Bundesanzeiger-Verlag
    Publication Date: 2021-01-14
    Description: Der Zugelassene Wirtschaftsbeteiligte (AEO) wurde mit Wirkung vom 1. Januar 2008 geschaffen. Zwölf Jahre sind vergangen, nach denen es nun erneut gilt, eine Zwischenbilanz zu ziehen (die zweite Kurzbilanz) - wurden die Erwartungen und Antragszahlen erreicht, was gibt es an Neuerungen und welche Tendenzen sind erkennbar? Erneut werden neben den Zahlen für die EU-27/28 auch die Zahlen für Norwegen und die Schweiz dargestellt, obwohl die AEO-Zahlen in beiden Ländern weiter bescheiden sind. Die Anzahl der AEO-Bewilligungen stagniert in einigen Mitgliedstaaten, während in anderen die Zahl stark ansteigt. Die Entwicklungen in dieser Spätphase der AEO-Bewilligung sind dynamisch und teilweise überraschend aber oft schwankend, gegenläufig und nicht eindeutig. Aber ist es wirklich die Spätphase? Eine detaillierte Analyse der Erteilungsraten für 2019 deutet in manchen Mitgliedstaaten auf eine neue Erteilungswelle hin - dazu gehören Dänemark, Litauen, Rumänien und erneut Großbritannien sowie Irland (im Hinblick auf den Brexit ein deutliches Bekenntnis der britischen Wirtschaft für den Außenhandel und die Sicherheit der Lieferkette)! Großbritannien springt 2019 erstmals auf Rang 5 der AEO-Rangliste. Der Brexit brachte somit einen neuen AEO-Schub (v.a. im UK und in Irland). Ein Ausblick auf den Ende Januar 2020 vollzogenen geregelten Brexit und die Auswirkungen auf die AEO-Bewilligung wird gegeben.
    Description: Zweitveröffentlichung im kostenlosen AW-Serviceguide 2021. Erstveröffentlichung in der AW-Prax 4/2020, S. 148-153
    Keywords: ddc:330 ; K33 ; K34 ; Zollrecht ; Unionsrecht ; Unionszollkodex ; Sichere Lieferkette
    Language: German
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  • 16
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    Toronto: The Bichler and Nitzan Archives
    Publication Date: 2021-01-14
    Description: The theory of capital as power (CasP) is radically different from conventional political economy. In the conventional view, mainstream as well as heterodox, capital is seen a 'real' economic entity engaged in the production of goods and services, and capitalism is thought of as a mode of production and consumption. Finance in this approach is either a mere reflection/lubricant of the real economy (the mainstream view), or a parasitic fiction (the heterodox perspective). CasP rejects this framework. Capital, it argues, is not a productive economic entity, but a symbolic representation of organized societal power writ large, and capitalism should be analysed not as a mode of production and consumption, but as a mode of power. In this approach, finance is neither a reflection nor a fiction, but the symbolic language that organizes and creorders - or creates the order of - capitalized power. These are foundational claims. They go to the very heart of political economy, and they have far-reaching implications. So far-reaching, in fact, that if we accept them, we must rewrite, often from scratch, much of the theory, history and possible futures of the capitalist order. Many have complained about CasP being aloof. Our approach, they have argued, insists on being 'right' - to the exclusion of all others. It shows no interest in 'building bridges'. It dismisses neoclassical liberalism altogether, and although sometimes sympathetic to Marx, it aims not to revise Marxism, but to discard it altogether. In this research note - excerpted and revised from our 2020 invited-then-rejected interview with Revue de la regulation - we explain the basis for these complaints and why CasP and conventional political economy cannot be easily bridged. Stated briefly, the problem is not unwillingness but built-in barriers. As it stands, political economy cannot accept capital as power. Its very foundations prevent it from doing so.
    Keywords: ddc:330 ; P16 ; D46 ; C18 ; capital as power ; Marxism ; neoclassical economics ; political economy ; power ; value
    Language: English
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    Köln: Institut der deutschen Wirtschaft (IW)
    Publication Date: 2021-01-14
    Description: This paper calls for an increased discourse between Fridays for Future and representatives of business. Fridays for Future play a key role in educating the public and raising awareness of scientific reports, such as the Intergovernmental Panel on Climate Change (IPCC) assessment, which demonstrate the urgency with which we must tackle climate change. This is important to gain world attention on pressing questions of our time. At the same time, it is crucial to examine the main drivers in our socio-economic system to understand that the spread of information alone is insufficient to bring fundamental change. Human behaviour remains propelled by both the quest for prosperity and the call for a fair and sustainable economic system. We need to understand how to expand our economy in a sustainable way, how business can foster sustainable innovations and how to motivate consumers to support companies by buying green products. Companies are the necessary key for green innovations. These innovations are only as strong as their demand. Concern about the environment has widely spread in our society. At the same time this concern is not always translated into our actions. Behavioural Economics integrates psychological insights of human behaviour into economic theory and shows us solutions how to overcome the attitude-behavior-gap. Our aim is to work out how behavioural economics can be used to support environmentally friendly practices with incentives. All of our purchase decisions are influenced by cognitive biases. It is estimated that 40 percent of our day-to-day decisions are based on habits. The status quo bias or the discounting of future value often hinder pro-environmental behaviour. Therefore, purely apportioning blame will not result in changes. Instead, an adjustment of the framework through restructuring incentives to overcome biases can as a piece of the puzzle help to achieve the change required. Through the recognition of human "defaults" these can then be harnessed to nudge green actions. Similarly, the individual structural pursuit of profit can be channelled towards green growth. Through the spread of information and effective incentives, we can spark innovations which defuse tensions between economic growth and environmental protection, facilitating sustainable development.
    Keywords: ddc:330 ; F64 ; Q56 ; Q58 ; Umweltmanagement ; Nachhaltige Entwicklung ; Nudge
    Language: English
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    Berlin: Hochschule für Wirtschaft und Recht Berlin, Institute for International Political Economy (IPE)
    Publication Date: 2021-01-14
    Description: This paper offers an analysis and critique of the Green Industrial Revolution proposed by the Labour Party in 2019. It identifies this policy as a variant of the Keynesian Green New Deal, which has been interpreted favourably by many socialists as a programme for climate stabilisation and an ecologically restorative, egalitarian organisation of the economy. The Green Industrial Revolution pointed towards a hybrid mixed economy whose main features would have been state policy orientation towards and large investments in renewables, efficiencies and retrofitting; as well as a renewed public sector and reforms to corporate ownership. This was predicated on a contradictory policy of green growth. On the contrary, this paper develops a concept of the critical energy constraints to growth, which highlights how, in terms of its focus on "the national economy" and aversion to major infrastructural changes to reduce energy use, Labour's programme was insufficient. Nonetheless, its openings and advantages are considered alongside and in light of these contradictions. They suggest the need for economic and ecological policies that recognise both the critical energy constraints to growth and the antagonistic relation between capital and labour internationally.
    Keywords: ddc:330 ; Q58 ; Q43 ; F52 ; B51 ; Alternative Ökonomie ; Energiewende ; Sozialdemokratische Partei ; Keynesianismus ; Großbritannien
    Language: English
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  • 19
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    Kiel, Hamburg: ZBW - Leibniz Information Centre for Economics
    Publication Date: 2021-01-09
    Description: Consumption rivalry generates variation in the choice sets decision-makers face. Not taking into account such variation may generate biased demand estimates. It remains unclear how this impacts estimation accuracy because researchers often lack information on temporal variation in product availability. This paper uses information on the exact set of available alternatives at the time of choosing to formulate time-variant deterministic constraints. In an application to the market for public charging infrastructure for electric vehicles, I show that incorporating this information significantly improves the out-of-sample forecasting accuracy of individual choice and hence the aggregate demand estimates for local charging facilities.
    Keywords: ddc:330 ; H23 ; H42 ; H54 ; Q41 ; Q48 ; Discrete choice ; Preference estimation ; Consumption rivalry ; Electric Vehicles
    Language: English
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    Kiel, Hamburg: ZBW - Leibniz Information Centre for Economics
    Publication Date: 2021-01-09
    Description: This paper examines the welfare impact of hosting refugees in Ethiopia, one of the largest refugee-hosting countries worldwide. The findings reveal different implications depending on the type of household welfare metric. While reducing consumption expenditure per capita and increasing the probability of falling into consumption poverty, it has no effect on wealth and the status of wealth poverty. Decomposing consumption expenditure per capita into food, education, and other non-food components, the results further reveal that it alters the composition of consumption, as it solely affects food consumption expenditure. The consumption effects prevail in rural areas with no effects in urban centers while no heterogeneity is found concerning wealth and wealth poverty results. Key mechanisms explaining the adverse consumption effects include displacement of hosts from salaried employment and a spike in prices of agricultural inputs but not changes in the extent of societal cooperation.
    Keywords: ddc:330 ; O12 ; O15 ; E24 ; Z13 ; Refugees ; Consumption ; Wealth ; Poverty ; Employment ; Price ; Cooperation
    Language: English
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  • 21
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    Düsseldorf: Düsseldorf Institute for Competition Economics (DICE)
    Publication Date: 2021-01-12
    Description: We study whether and how parents interfere paternalistically in their children's intertemporal decision-making. Based on experiments with over 2,000 members of 610 families, we find that parents anticipate their children's present bias and aim to mitigate it. Using a novel method to measure parental interference, we show that more than half of all parents are willing to pay money to override their children's choices. Parental interference predicts more intensive parenting styles and a lower intergenerational transmission of patience. The latter is driven by interfering parents not transmitting their own present bias, but molding their children's preferences towards more time-consistent choices.
    Keywords: ddc:330 ; C90 ; D1 ; D91 ; D64 ; J13 ; J24 ; O12 ; Parental paternalism ; Time preferences ; Convex time budgets ; Present bias ; Intergenerational transmission ; Parenting styles ; Experiment
    Language: English
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  • 22
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    Göttingen: Volkswirtschaftliches Institut für Mittelstand und Handwerk an der Universität Göttingen (ifh)
    Publication Date: 2021-01-16
    Description: Die vorliegende Studie untersucht die ökonomische Reaktion des Handwerks in Baden-Württemberg auf die Corona-Krise anhand von mehreren Indikatoren. Betrachtet werden zum einen die Ein- und Austragungsdynamik in die Handwerkskammerverzeichnisse während der Corona-Krise und in Vergleichszeiträumen, die Altersstruktur sowie Eintragungsgründe. Zum anderen erfolgt eine Betrachtung der Gründungsfinanzierung in Deutschland und eine Analyse der Gründungsunterstützung in Baden-Württemberg sowie eine Betrachtung der Entwicklung der Meisterkurse und der erwarteten Absolventenzahlen. Auf Basis dieser Indikatoren zur Wirkung der Corona-Krise können Rückschlüsse auf Gründungen und Betriebsübernahmen im Handwerk in Baden-Württemberg gezogen werden.
    Keywords: ddc:330 ; Betriebsaufgaben ; Betriebsgründungen ; Corona-Krise ; Gründungsfinanzierung ; Handwerk ; Konjunktur ; Meisterkurse
    Language: German
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  • 23
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    Kiel: Kiel Institute for the World Economy (IfW)
    Publication Date: 2021-01-16
    Description: Sovereign debt crises are difficult to solve. This paper studies the "holdout problem", meaning the risk that creditors refuse to participate in a debt restructuring. We document a large variation in holdout rates, based on a comprehensive new dataset of 23 bond restructurings with external creditors since 1994. We then study the determinants of holdouts and find that the size of creditor losses (haircuts) is among the best predictors at the bond level. In a restructuring, bonds with higher haircuts see higher holdout rates, and the same is true for small bonds and those issued under foreign law. Collective action clauses (CACs) are effective in reducing holdout risks. However, classic CACs, with bond-by-bond voting, are not sufficient to assure high participation rates. Only the strongest form of CACs, with single-limb aggregate voting, minimizes the holdout problem according to our simulations. The results help to inform theory as well as current policy initiatives on reforming sovereign bond markets.
    Keywords: ddc:330 ; F34 ; G15 ; H63 ; K22 ; Sovereign default ; debt restructuring ; international financial architecture ; creditor Coordination
    Language: English
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  • 24
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    Frankfurt a. M.: Leibniz Institute for Financial Research SAFE
    Publication Date: 2021-01-19
    Description: With the second wave of the Covid-19 pandemic in full swing, banks face a challenging environment. They will need to address disappointing results and adverse balance sheet restatements, the intensity of which depends on the evolution of the euro area economies. At the same time, vulnerable banks reinforce real economy deficiencies. The contribution of this paper is to provide a comparative assessment of the various policy responses to address a looming banking crisis. Such a crisis will fully materialize when non-performing assets drag down banks simultaneously, raising the specter of a fullblown systemic crisis. The policy responses available range from forbearance, recapitalization (with public or private resources), asset separation (bad banks, at national or EU level), to debt conversion schemes. We evaluate these responses according to a set of five criteria that define the efficacy of each. These responses are not mutually exclusive, in practice, as they have never been. They may also go hand in hand with other restructuring initiatives, including potential consolidation in the banking sector. Although we do not make a specific recommendation, we provide a framework for policymakers to guide them in their decision making.
    Keywords: ddc:330
    Language: English
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  • 25
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    Basel: MDPI
    Publication Date: 2021-01-19
    Description: This paper examines the world wheat market leadership using price discovery occurring in wheat futures markets of the United States (U.S.) and Europe. An error correction model (ECM) generalized autoregressive conditional heteroskedasticity (GARCH), and semi-parametric dynamic copula methods are used for this purpose. The results indicate a positive link between U.S. and Europe price discovery which is stronger, fluctuating less after August 2010 because of a drought occurring in the Black Sea region, and then lessens, fluctuating more after 2015 with the changing wheat trade map. Furthermore, after 2015, wheat market leadership moved from the U.S. to the European market, meaning price discovery is primarily located by the Marché à Terme International de France (MATIF) futures market.
    Keywords: ddc:330 ; price discovery ; wheat market leadership ; error correction model-GARCH ; cointegration analysis ; dependence analysis ; semi-parametric copula
    Language: English
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  • 26
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    Göttingen: University of Göttingen, Center for European, Governance and Economic Development Research (cege)
    Publication Date: 2021-01-19
    Description: Self-employment contributes to employment growth and innovativeness and many individuals want to become self-employed due to the autonomy and exibility it brings. Using "subjective well-being" as a broad summary measure that evaluates an individual's experience of being self-employed, the chapter discusses evidence and explanations why self-employment is positively associated with job satisfaction, even though the self-employed often earn less than their employed peers, work longer hours and experience more stress and higher job demands. Despite being more satisfied with their jobs, the self-employed do not necessarily enjoy higher overall life satisfaction, which is due to heterogeneity of types of self-employment, as well as motivational factors, work characteristics and institutional setups across countries.
    Keywords: ddc:330 ; L26 ; J24 ; J28 ; self-employment ; entrepreneurship ; subjective well-being ; job satisfaction ; lifesatisfaction
    Language: English
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  • 27
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    Basel: MDPI
    Publication Date: 2021-01-19
    Description: The study investigates how the agricultural sector can respond to a growing non-food biomass demand. Taking Germany as an example, a stylized case of biomass production under conditions of technological advance and constantly growing demand is modelled. It is argued that biomass producers might seek to adjust their farm size by simultaneously optimizing benefits from the production scale and transaction cost savings, where transaction costs are measured using Data Envelopment Analysis. The results extend the debate on transaction costs and structural change in agriculture by revealing a possible synergy and trade-off between transaction cost savings and benefits from (dis)economies of scale. They show that if larger farms cannot economize on transaction costs, then investments in land and labor, needed to adjust to higher biomass demand, partly compromise the returns to scale, which decelerates the farm size growth. A higher degree of asset specificity gives rise to transaction costs and reduces the rate at which the farm size decreases. Smaller producers may disproportionally benefit from their higher potential of transaction cost savings, if advanced technologies can offset the scale advantage of larger farms. The findings inform policymakers to consider this complex effect when comparing the opportunities of smaller and larger agricultural producers in the bioeconomy.
    Keywords: ddc:330 ; agricultural biomass ; Data Envelopment Analysis ; economies of scale ; Germany ; optimal farm size ; transaction costs
    Language: English
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  • 28
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    Amsterdam: Elsevier
    Publication Date: 2021-01-19
    Description: While the rural exodus dominates public and scientific debates, considerably less attention has been given to studying why the overwhelming majority of people worldwide remain immobile. As a consequence of this, the reasons why people stay, especially in economically weaker rural areas, are still not fully understood. This paper aims to contribute to closing this gap by addressing the question of why rural people stay put despite inter-regional welfare. Based on the Theory of Planned Behaviour (TPB) we model staying intentions of villagers in rural Kazakhstan, where many people leave toward urban areas. Our model focuses on staying behaviour, but explicitly includes the leave option as the alternative to staying, as well as both staying and leaving barriers. We apply a cutting edge partial least square structural equation model. Our study reveals the existence of an interaction between staying and leaving barriers. Thus, any policies reducing rural-urban migration barriers have a multiplier effect as people view staying as comparatively more difficult when leaving becomes easier. We further show that existing positive narratives of urban life weaken staying intentions. However, the strongest factor slowing rural exodus is not related to the rural economy, but to the future prossspects of children, including access to high-quality educational institutions in close proximity.
    Keywords: ddc:330 ; Central Asia ; Kazakhstan ; Migration ; Non-migration ; Theory of Planned behaviour ; Partial least square modelling
    Language: English
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  • 29
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    Vienna: Institut für Höhere Studien - Institute for Advanced Studies (IHS)
    Publication Date: 2021-01-19
    Description: We develop an econometric modelling framework to forecast commodity prices taking into account potentially different dynamics and linkages existing at different states of the world and using different performance measures to validate the predictions. We assess the extent to which the quality of the forecasts can be improved by entertaining different regime-dependent threshold models considering different threshold variables. We evaluate prediction quality using both loss minimization and profit maximization measures based on directional accuracy, directional value, the ability to predict adverse movements and returns implied by a trading strategy. Our analysis provides overwhelming evidence that allowing for regime-dependent dynamics leads to improvements in predictive ability for the Goldman Sachs Commodity Index, as well as for its five sub-indices (energy, industrial metals, precious metals, agriculture, livestock). Our results suggest the existence of a trade-off between predictive ability based on loss and profit measures, which implies that the particular aim of the prediction exercise carried out plays a very important role in terms of defining which set of models is the best to use.
    Keywords: ddc:330 ; Q02 ; C53 ; F47 ; Commodity prices ; forecasting ; threshold models ; forecast performance ; states of economy
    Language: English
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  • 30
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    Vienna: Institut für Höhere Studien - Institute for Advanced Studies (IHS)
    Publication Date: 2021-01-19
    Description: In this paper, we study the relative importance of demand and technology shocks in generating business cycle fluctuations, both at the aggregate level and at the level of individual industries. We construct a New Keynesian DSGE model that is highly disaggregated at the industry level with an input-output network structure. Measured productivity in the model fluctuates in response to both technology and demand shocks due to endogenous factor utilization. We estimate the model by the simulated method of moments using U.S. industry data from 1960 to 2005. We find that the aggregate technology shock has zero variance. Exogenous shocks to technology are necessary for our model to fit the data, but these shocks are exclusively industry-specific, uncorrelated across industries. The bulk of the aggregate fluctuations, including those in aggregate measured productivity, are explained through shocks to aggregate demand. This shock structure is supported by a host of information from the disaggregate data. Our second finding is that about half of the decrease in the cyclicality of measured productivity in the U.S. after the mid-1980s can be explained by the reduction in the size of demand shocks, in line with the narrative of the great moderation.
    Keywords: ddc:330 ; E32 ; E24 ; E37 ; business cycles ; productivity ; industries ; factor utilization ; input-output linkages ; networks
    Language: English
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    Hamburg: Universität Hamburg, Zentrum für Ökonomische und Soziologische Studien (ZÖSS)
    Publication Date: 2021-01-20
    Description: The Cambridge Journal of Economics witnessed an important debate between Mark Pernecky and Paul Wojick on the one side and Rod Thomas on the other about the usefulness of Thomas Kuhn's sociology and philosophy of science in explaining why Keynes's revolutionary ideas exposed in the General Theory have been 'lost in translation'. This brief note is an attempt to reconcile Pernecky and Wojick's claim that Keynes's new economics of the General Theory and Walrasian General Equilibrium are incommensurable paradigms in a Kuhnian understanding and Thomas's critique that - if they were incommensurable - Pernecki and Wojick's appraisal of Keynes's paradigm as a better approximation to the 'real world' than Walsrasian General Equilibrum is inconsistent within that very Kuhnian framework.
    Keywords: ddc:330 ; B2 ; B40 ; B5 ; Keynes ; Kuhn ; Paradigm ; Incommensurability
    Language: English
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  • 32
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    Hamburg: Europa-Kolleg Hamburg, Institute for European Integration
    Publication Date: 2021-01-20
    Description: Nowadays, humanity encounters many problems connected to the use of natural resources. International actors have established diverse global initiatives and regional and national legal reforms linked to the issue. Thus, this study provides a comparison of selected provisions regarding information disclosure orders of the EITI Standard 2019 and the EU Directives. The paper presents a descriptive comparison of two prominent legal mechanisms enhancing good governance in the extractive industries sector: The Extractive Industries Transparency Initiative (hereafter the EITI) and the EU Directives. Moreover, the study briefly discusses the meaning of the good governance concept and the significance of the principles of transparency as a tool to strengthen fiscal and non-fiscal accountability in the extractive industries sector. The author argues that developing resource-rich countries should join the EITI and support the initiative by implementing legal mechanisms promoting good governance in the natural resources sector. The findings of the study are summarised in the conclusion.
    Keywords: ddc:320 ; The EU Directives ; the Extractive Industries Transparency Initiative ; the EITI Standard 2019 ; sustainable development ; good governance ; transparency ; natural resources sector
    Language: English
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    Hamburg: Universität Hamburg, Zentrum für Ökonomische und Soziologische Studien (ZÖSS)
    Publication Date: 2021-01-20
    Description: In der Debatte über die Pluralisierung der Volkswirtschaftslehre sind Beiträge aus der Nachbardisziplin der Soziologie bisher kaum aufgegriffen worden. Dabei hat sich hier mit der Neuen Wirtschaftssoziologie ein Forschungsstrang etabliert, dessen Selbstverständnis dezidiert in einer kritischen Auseinandersetzung mit der Neoklassik verankert ist. So bietet die Neue Wirtschaftssoziologie diverse Anknüpfungspunkte für die heterodoxe Kritik am Mainstream. Vor allem im Hinblick auf das mikroökonomische Gleichgewichtsgewichtsmodell der Neoklassik liefert die Neue Wirtschaftssoziologie wichtige Erkenntnisse, welche die Funktionsweise von Märkten nicht nur anhand des Preismechanismus erklären. Die Analyse offenbart gleichwohl ganz deutlich, dass eine umfassende Anschlussfähigkeit der Neuen Wirtschaftssoziologie an die heterodoxe Kritik nur bedingt gegeben ist. Die methodologischen Unterschiede zwischen den Wirtschaftswissenschaften und der (Wirtschafts-)Soziologie zeigen die Grenzen einer soziologischen Mainstreamkritik.
    Keywords: ddc:330 ; A12 ; B13 ; B41 ; Z13 ; Neoklassik ; Neue Wirtschaftssoziologie ; Methodologie ; Paradigma
    Language: German
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  • 34
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    Hamburg: Europa-Kolleg Hamburg, Institute for European Integration
    Publication Date: 2021-01-20
    Description: The transformation from Kyoto to Paris has been analysed by international relations scholars, international law, and transnational governance theory. The international relations literature looks at the climate regime from a perspective of power distribution, state interests, institutions, and multilateral negotiations. International law theory focuses on legal analysis and design of international climate agreements. The transnational governance literature examines the participation of transnational actors at different levels of governance. However, each of these theories overlooks a bilateral trend of cooperation in a multilateral setting that arises as a part of construction or reconstruction of the international regime. Cooperation on climate change between the European Union and the United States deserves special scientific attention. Over the last 30 years of climate negotiations, these nations have met many challenges. However, these challenges currently give opportunities to revise the New Transatlantic Agenda and build a fruitful bilateral partnership and policy coordination in the area of climate change.
    Keywords: ddc:320 ; Bilateral cooperation ; climate change ; environmental treaties ; European Union ; global governance ; soft law ; subnational actors ; United States of America
    Language: English
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  • 35
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    Cologne: University of Cologne, Centre for Financial Research (CFR)
    Publication Date: 2021-01-20
    Description: M&A rumors cause anxiety, distraction, and reduced employee morale due to the implicit threat of job loss. Using an international sample of rumors that do not result in public bids, we show that firm productivity temporarily declines after M&A rumors surface. This productivity dip is more pronounced for target firms and for firms in countries with less employment protection, collective bargaining, and long-term orientation. Stock returns mirror these results, suggesting that rumors destroy shareholder value. The evidence fosters our understanding of the implications of a common phenomenon in financial markets, i.e., rumors, and the dark side of the takeover threat.
    Keywords: ddc:330 ; D24 ; G00 ; G34 ; J24 ; Employee rights ; Firm productivity ; Human capital ; M&A rumors ; Shareholder value ; Threat of job loss
    Language: English
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  • 36
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    Cologne: University of Cologne, Centre for Financial Research (CFR)
    Publication Date: 2021-01-20
    Description: While it is established that idiosyncratic volatility has a negative impact on the cross-section of future stock returns, the relationship between idiosyncratic volatility and future hedge fund returns is largely unexplored. We document that hedge funds with high idiosyncratic volatility outperform and this pattern is explained by the positive return effect of idiosyncratic volatility in their equity portfolio holdings. Hedge funds select stocks wisely by picking high-volatility stocks when they are undervalued and shying away from high-volatility stocks when they are overvalued or display lottery-like payoffs. They also trade derivatives in a way to profit from the positive volatility effect.
    Keywords: ddc:330 ; G11 ; G23 ; Hedge Funds ; Idiosyncratic Volatility Puzzle ; Equity Portfolio Holdings ; Derivatives ; Managerial Incentives ; Investment Performance
    Language: English
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  • 37
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    Essen: RWI - Leibniz-Institut für Wirtschaftsforschung
    Publication Date: 2021-01-21
    Description: Die Bereitschaft, freiwillige Zahlungen zum Ausgleich von CO2-Emissionen zu leisten, etwa bei Flügen, hat in den vergangenen Jahren erheblich zugenommen. Eine Möglichkeit, diese Kompensationsbereitschaft weiter zu erhöhen, besteht in der Aktivierung einer sozialen Norm, indem darauf aufmerksam gemacht wird, dass ein Emissionsausgleich gesellschaftlich erwünscht ist. Vor diesem Hintergrund untersucht dieser Beitrag die Bereitschaft, die durch Flugreisen verursachten CO2-Emissionen durch den Kauf von Ausgleichszertifikaten zu kompensieren anhand eines diskreten Entscheidungsexperimentes, das in eine Erhebung aus dem Jahr 2019 eingebettet wurde. Dabei wurde eine soziale Norm in zufälliger Weise vorgegeben, ebenso wie eine von drei Kompensationshöhen von 5, 10 oder 15 Euro. Im Ergebnis zeigt sich, dass 57,0% der Probanden sich dafür entscheiden, die Emissionen eines künftig anstehenden Fluges auszugleichen. Hierbei gibt es nur geringe, statistisch nicht signifikante Unterschiede zwischen der Gruppe, die mit einer sozialen Norm konfrontiert wurde, und der Kontrollgruppe. Auch die Kompensationshöhe scheint keinen statistisch signifikanten Einfluss auf die Kompensationsbereitschaft zu haben, möglicherweise weil die Unterschiede in den Kompensationshöhen gering sind.
    Keywords: ddc:330 ; D12 ; C25 ; Diskretes Entscheidungsexperiment ; Panelerhebung ; Klimawandel
    Language: German
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  • 38
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    Basel: MDPI
    Publication Date: 2021-01-28
    Description: Transition to a low-carbon, energy-efficient economy presents an opportunity to enhance the sustainability and competitiveness of manufacturing firms. The integration of energy-efficiency solutions into products resembles the concept of servitization that is now a lever for product com- petitiveness and, in turn, business performance. Based on empirical data from 293 manufacturers of electrical equipment or machinery and equipment, this paper analyzes the relation between energy-efficiency servitization capacity and performance using two structural equation models. To test the mediating role of servitization capacity, the first model uses strategic analysis of competitive structure to predict business performance, while the second model uses knowledge of the regulatory framework. Results suggest that both strategic analysis of competitive structure and knowledge of the regulatory framework positively influence performance via improving servitization capacity. With demand for new energy-efficient products expected to increase, products with a reduced en- ergy footprint and energy-management services are needed for industrial processes to contribute to decarbonizing the economy.
    Keywords: ddc:330 ; Energy efficiency ; manufacturing ; energy saving ; servitization ; green economy ; innovation
    Language: English
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    Thousand Oaks: Sage
    Publication Date: 2021-01-28
    Description: The evolution of knowledge networks has recently received a lot of attention from researchers. Empirical studies have shown that different types of proximities and network structural properties play a decisive role in tie formation. The present paper contributes to this literature by arguing that while these are crucial, they do not capture the full range of localities’ influence on the evolution of knowledge networks. We support our argument with an empirical study on the development of the biotechnology knowledge network of Berlin from the early 1990s till 2016. The network was created by combining data on co-patenting, co-authorship and joint R&D projects. Forces driving the evolution of the network were identified with separable temporal exponential random graph models (STERGM). In addition to the ‘usual suspects’ (main proximity dimensions and structural factors), we found that the network is still developing in the ‘shadow of the wall’. The different social contexts in the different parts of the city of Berlin still hamper the establishment of collaborative ties between the former East and the former West Germany even 30 years after reunification.
    Keywords: ddc:330 ; collaborative ties ; knowledge network ; network evolution ; the Berlin biotech cluster
    Language: English
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    Bonn and Cologne: University of Bonn and University of Cologne, Reinhard Selten Institute (RSI)
    Publication Date: 2021-01-28
    Description: We consider a dynamic economy in which agents are initially unaware of some risks. As awareness of these risks emerges, markets re-open so agents can re-optimize and purchase insurance. An inefficiency may nonetheless arise as the cost of insurance is not spread over time. This "savings mistake" does not arise in two benchmark cases. In those, the ability to re-trade fully negates the initial misperception of risks. We also demonstrate the possibility of unexpected default. This arises when agents borrow "too much" and once perceptions change, there is no equilibrium price at which they can refinance their debt.
    Keywords: ddc:330 ; coarse perceptions ; unforeseen risks ; sequential trading ; default
    Language: English
    Type: doc-type:workingPaper
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  • 41
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    Bonn and Cologne: University of Bonn and University of Cologne, Reinhard Selten Institute (RSI)
    Publication Date: 2021-01-28
    Description: We study the delegation problem between a principal and an agent, who not only has better information about the performance of the available actions but also has superior awareness of the set of actions that are actually feasible. The agent decides which of the available actions to reveal and which ones to hide. We provide conditions under which the agent finds it optimal to leave the principal unaware of relevant options. By doing so, the agent increases the principal's cost of distorting the agent's choices and thereby increases the principal's willingness to grant him higher information rents. We also consider communication between the principal and the agent after the contract is signed and the agent receives information. We show that limited awareness of actions improves communication in such signalling games: the principal makes a coarser inference from the recommendations of the privately informed agent and accepts a larger number of his proposals.
    Keywords: ddc:330 ; D82 ; D83 ; D86 ; Asymmetrische Information ; Prinzipal-Agent-Theorie ; Signalling ; Spieltheorie
    Language: English
    Type: doc-type:workingPaper
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  • 42
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    Berlin: Hochschule für Wirtschaft und Recht Berlin, Institute for International Political Economy (IPE)
    Publication Date: 2021-01-28
    Description: This paper seeks to understand the extent financialisation has had an impact on the rental housing market in Berlin. Specifically, it focuses on the financialisation of non-financial rental housing companies. The financial statements of five large, publicly listed, commercial rental housing companies in Berlin are examined for three operationalisations of financialisation: as a means of accumulation, as a mode of corporate governance, and as the prioritisation of short-term perspectives. Findings show no trends of firms increasingly relying on financial instruments for profit but did show increased shareholder orientation and short termism. Implications for the supply, price and quality of rental housing in Berlin are discussed.
    Keywords: ddc:330 ; G3 ; G32 ; L2 ; N2 ; R21 ; R31 ; financialisation ; homeownership ; firm ownership structure ; rental housing ; rental market ; Berlin
    Language: English
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  • 43
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    Zurich: University of Zurich, Department of Economics
    Publication Date: 2021-01-28
    Description: This paper studies the incentives for interim voluntary disclosure of verifiable information in probabilistic all-pay contests. Provided that the contest is uniformly asymmetric, full revelation is the unique perfect Bayesian equilibrium outcome. This is so because the weakest type of the underdog will try to moderate the favorite, while the strongest type of the favorite will try to discourage the underdog - so that the contest unravels. Self-disclosure is optimal even though a weak favorite or strong underdog may be induced to raise their efforts, i.e., show "dominant" or "defiant" reactions. To avert Pareto inferior unraveling, the favorite may prefer to shut down communication, but this is never the case for the underdog. We also consider partial information release, cheap talk, Bayesian persuasion, information design, correlation, and continuous types. Applications are discussed. The proofs employ novel arguments in monotone comparative statics and an improved version of Jensen's inequality.
    Description: Revised version, January 2021
    Keywords: ddc:330 ; C72 ; D74 ; D82 ; J71 ; Asymmetric contests ; incomplete information ; disclosure ; strategic complements and substitutes ; dominance and defiance ; Bayesian persuasion ; Jensen's inequality ; Spieltheorie ; Ungerechtigkeit ; Auskunft ; Dominanz ; Abweichendes Verhalten
    Language: English
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  • 44
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    Zurich: University of Zurich, Department of Economics
    Publication Date: 2021-01-28
    Description: I examine how one central aspect of the family environment - sibling sex composition - affects women's gender conformity. Using Danish administrative data, I causally estimate the effect of having a second-born brother relative to a sister for first-born women. I show that women with a brother acquire more traditional gender roles, as measured through their choice of occupation and partner. This results in a stronger response to motherhood in labor market outcomes. As a relevant mechanism, I provide evidence of increased gender-specialized parenting in families with mixed-sex children. Finally, I find persistent effects to the next generation of girls.
    Keywords: ddc:330 ; J12 ; J13 ; J16 ; J22 ; J24 ; J31 ; Gender norms ; gender conformity ; sibling sex ; occupational choice ; motherhood
    Language: English
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  • 45
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    Köln: Institut der deutschen Wirtschaft (IW)
    Publication Date: 2021-01-28
    Description: Seit Ausbruch der Corona-Pandemie haben sich in den sozialen Medien verschiedenste Verschwörungserzählungen ausgebreitet. Weiterhin werden traditionelle Medien im Allgemeinen stärker genutzt und als deutlich glaubwürdiger eingeschätzt als soziale Medien. Dies zeigt eine Auswertung der im Sommer 2020 erstmals durchgeführten deutschlandweiten Befragung der Ruhr-Universität Bochum und des Instituts der deutschen Wirtschaft. Allerdings informieren sich junge Menschen unter 30 Jahren immer häufiger in den sozialen Medien über das politische Geschehen. Dies ist besonders vor dem Hintergrund bemerkenswert, dass unter den Nutzern sozialer Medien eine Verschiebung der Deutungshoheit zugunsten sozialer Medien stattfindet und somit kommunikative Parallelgesellschaften entstehen könnten. Denn die Auswertung der Befragungsdaten zeigt, dass die Befragten diejenigen Medienformate als glaubwürdiger einschätzen, welche sie selbst nutzen. Ebenso legt die Analyse offen, dass Nutzer bestimmter Medien wie beispielsweise YouTube und Telegram eher Verschwörungsglauben zuneigen. Auch wenn die Analyse keine kausalen Zusammenhänge zwischen den Größen offenlegen kann, zeigt sie dennoch, dass die Nutzung bestimmter Medienformate mit einer Tendenz zum Verschwörungsglauben einhergeht. Ein Blick in die USA zeigt, wie die Nutzung von sozialen Medien im Besonderen durch (Noch-)US-Präsident Donald Trump die politische Debatte während seiner Amtszeit und den Wahlkampf emotional bestimmt und auch die Verbreitung von Falschmeldungen, so genannten fake news, begünstigt hat. Auch wenn in Deutschland die Glaubwürdigkeit der traditionellen Medien weit höher ist, deuten Analysen auch für Deutschland auf eine zunehmende Bedeutung von Fake News und der wachsenden Verbreitung von Verschwörungsglauben hin. Vor diesem Hintergrund ist es umso dringlicher die Medienkompetenz, im Besonderen auch der älteren Bevölkerung, welche anders als die "digital natives" nicht in einer digitalisierten Welt aufgewachsen ist, zu stärken. Zudem ist es gleichermaßen Aufgabe schulischer und politischer Bildung(sträger) aber auch des Journalismus, Diskurse zu ermöglichen und gleichzeitig dabei Fake News einzuordnen und ihre Verbreitung einzudämmen.
    Description: How Germans inform themselves about political events: Personal conversation and use of traditional media come first Despite the outbreak of COVID-19 and the associated spread of various conspiracy theories in the social media, traditional media continue to be more extensively used and are considered significantly more credible than social media in Germany. This is shown by a survey of the Ger-man resident population which was conducted by the Ruhr University Bochum (RUB) and the German Economic Institute in summer 2020. However, young people under the age of 30 years tend to use social media more frequently when informing themselves about political events. This is particularly remarkable as users of social media ascribe higher credibility to social media formats as opposed to non-users which might pave the way for communicative parallel societies. This can be explained by the fact that respondents generally consider those media formats as more credible that they use themselves. The analysis also reveals that users of certain social media such as YouTube and Telegram tend to believe in conspiracy theories. Even though the analysis cannot reveal any causal relationship between the variables, it nevertheless shows that the use of certain media formats can promote a tendency towards conspiracy beliefs. A look at the United States shows how the use of social media by (still) U.S. President Donald Trump has shaped the political debate during his term in office and the election campaign and also favored the spread fake news. Even though the credibility of traditional media in Germany is far higher when compared to the U.S., analyses indicate that fake news and the increasing spread of conspiracy beliefs are also spreading faster and more easily in Germany. Against this background, it is all the more urgent to strengthen media competence, especially among the older population, who, unlike "digital natives", have not grown up in a digitized world. In addition, it is equally the task of school and political education, but also of journalism, to facilitate discourse and at the same time classify fake news and contain its distribution.
    Keywords: ddc:330 ; D83 ; C83 ; Informationsverhalten ; Social Web ; Kommunikationsmedien ; Medienwirkung ; Befragung ; Deutschland
    Language: German
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  • 46
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    Köln: Institut der deutschen Wirtschaft (IW)
    Publication Date: 2021-01-28
    Description: In den letzten Jahren gab es in Deutschland Fortschritte bei der Bildungsgerechtigkeit. In jüngster Zeit wird jedoch deutlich, dass der Zusammenhang zwischen sozioökonomischer Herkunft und Bildungserfolg wieder größer wird. Dies kann auch auf die starke Zuwanderung zurückgeführt werden. Die Bildungschancen der Kinder werden in erheblichem Maße von den Eltern mitbestimmt. In vielen Ländern haben vor allem Eltern mit akademischem Bildungshintergrund in den letzten Jahren ihre materiellen und immateriellen Investitionen erhöht, um ihren Kindern gute Startmöglichkeiten zu verschaffen. Um die daraus resultierenden ungleichen Startchancen anzugleichen, kommt der frühkindlichen Förderung und der Schulbildung eine hohe Bedeutung zu. In diesen Bereichen sind jedoch weitere qualitative und quantitative Verbesserungen vorzunehmen, um die Bildungschancen aller Kinder deutlich zu erhöhen. Eine aktuelle Herausforderung hat ebenfalls starke Auswirkungen auf die Bildungsgerechtigkeit: die Corona-Krise. Wenn uneingeschränkter Präsenzunterricht an den Schulen und eine Förderung der Kinder in den Tageseinrichtungen nicht möglich ist, dann gewinnen die unterschiedlichen Möglichkeiten der Eltern, ihre Kinder zu unterstützen, noch einmal an Bedeutung. Das wiederum könnte die Ungleichheit der Bildungschancen abermals verschärfen.
    Description: Germany has been making good progress towards achieving equality of opportunity in its education system. Latterly, however, it has become clear that the correlation between socio-economic background and educational success is again becoming more pronounced, a phenomenon which can be partly attributed to the high level of immigration in recent years. Children's chances of educational success are to a large extent determined by their parents. In many countries, some parents, and particularly those with a university degree, have recently increased their material and immaterial investments in the start of their children's educational career. Early childhood support and school education are the means best suited to levelling the playing field again. However, if children's educational opportunities are to be significantly enhanced, further qualitative and quantitative improvements need to be made in both areas. A new challenge is having an additional adverse impact on equality of opportunity in education: the corona crisis. Where face-to-face lessons in schools and support for children in day-care facilities are no longer possible or are restricted, the different ways in which parents can support their children take on even greater significance. This, in turn, could again exacerbate the inequality of educational opportunity that many children face.
    Keywords: ddc:330
    Language: German
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  • 47
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    Köln: Institut der deutschen Wirtschaft (IW)
    Publication Date: 2021-01-28
    Description: Neid, Völlerei, Habgier, Wollust, Hochmut, Trägheit und Zorn - die sogenannten sieben Todsünden sind weitgehend bekannt und noch weiter verbreitet. Sie beschreiben sieben Motive und Verhaltensweisen, die viele Menschen im Alltag begleiten, aber zugleich als Vergehen moralisch gebrandmarkt sind. Ausgehend vom Ursprung und den Konsequenzen dieser in frühkirchlicher Tradition seit 400 n. Chr. als Todsünde bezeichneten Triebkräfte, wird hier ein neuer Blick auf sie gewagt. Statt einer rein tugendethischen Verurteilung der Menschen, die ihnen erliegen, wird ergründet, wie sich das Verhalten in andere Bahnen lenken und die Sehnsüchte steuern lassen, um die negativen Konsequenzen zu vermeiden. Diese utilitaristische Perspektive wird um verhaltensökonomische Erkenntnisse erweitert, auch um aufzuzeigen, wie Wirtschaft und Unternehmen mit dem Thema "Todsünden" umgehen können. Denn ein Vorwurf lautet, die Wirtschaft lebe ganz gut von unseren Sünden - etwa von der Völlerei, die sich zum Beispiel im Konsumrausch, bei Fast Fashion oder beim Flatrate-Saufen zeigt; oder vom Neid, der im Wettbewerb als Ansporn für Erfolge sorgen kann. Wie lassen sich die den Todsünden zugrunde liegenden Motive so verändern und lenken, dass für alle positive Folgen entstehen und die Gesellschaft nicht unter ihnen leidet? Wie kann und muss die ökonomische Theorie angepasst und im Sinne der Verhaltensökonomik weiterentwickelt werden, damit auch wenig rationales Verhalten erklärt werden kann? Was können Unternehmen tun, um aus diesen Lastern am Ende etwas Positives zu machen? Antworten auf diese Fragen bietet die vorliegende IW-Analyse.
    Description: Envy, gluttony, greed, lust, pride, sloth and wrath - the so-called seven deadly sins are widely known and even more widely committed. The terms describe seven motives and behavioural patterns which, despite being branded as vices, actually steer many people's conduct in their daily lives. The present study ventures a new look at these inner drives, traditionally regarded as "mortal sins" ever since they were designated as such by the early church in 400 AD. Instead of simply condemning those who succumb to these vices on ethical grounds, the authors investigate their origin and consequences and consider how behaviour can be redirected and desires controlled so as to avoid their negative influence. This utilitarian perspective is then expanded to include insights from behavioural economics showing among other things how the economy in general, and companies in particular, can deal with the issue of "mortal sins". After all, one common accusation is that the business world does very well out of our vices, exploiting gluttony, for instance, which manifests itself in such things as consumer frenzy, fast fashion and binge drinking; or envy, which can be a spur to success in competition. How can the motives underlying the deadly sins be transformed and channelled to ensure positive consequences for everyone and prevent them harming society? How can, indeed must, economic theory be adapted and developed with input from behavioural economics to make even less-than-rational behaviour explicable? What can companies do to turn these "sins" into something ultimately positive? Answers to these questions can be found in this IW Analysis.
    Keywords: ddc:330
    Language: German
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  • 48
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    Cham: Springer
    Publication Date: 2021-01-28
    Description: This book is the culmination of the COST Action CA15212 Citizen Science to Promote Creativity, Scientific Literacy, and Innovation throughout Europe. It represents the final stage of a shared journey taken over the last 4 years. During this relatively short period, our citizen science practices and perspectives have rapidly evolved. In this chapter we discuss what we have learnt about the recent past of citizen science and what we expect and hope for the future.
    Keywords: ddc:330 ; D83 ; D89 ; Z00 ; Citizen Science ; Possible Futures of Citizen Science ; Funding and Citizen Science ; Public Policy and Citizen Science ; Project Management and Organisation ; Scientific Impact ; Public Participation ; Scientific Literacy
    Language: English
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  • 49
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    Hoboken: Wiley
    Publication Date: 2021-01-28
    Description: Changes in land management and climate alter vegetation dynamics, but the determinants of vegetation changes often remain elusive, especially in global drylands. Here we assess the determinants of grassland greenness on the Mongolian Plateau, one of the world's largest grassland biomes, which covers Mongolia and the province of Inner Mongolia in China. We use spatial panel regressions to quantify the impact of precipitation, temperature, radiation, and the intensity of livestock grazing on the normalized difference vegetation indices (NDVI) during the growing seasons from 1982 to 2015 at the county level. The results suggest that the Mongolian Plateau experienced vegetation greening from 1982 to 2015. Precipitation and animal density were the most influential factors contributing to higher NDVI on the grasslands of Inner Mongolia and Mongolia. Our results highlight the dominant effect of climate variability, and especially of the precipitation variability, on the grassland greenness in Mongolian drylands. The findings challenge the common belief that higher grazing pressure is the key driver for land degradation. The analysis exemplifies how representative wall-to-wall results for large areas can be attained from exploring space–time data and adds empirical insights to the puzzling relationship between grazing intensity and vegetation growth in dryland areas.
    Keywords: ddc:630 ; China ; climate change ; grassland ; livestock grazing ; NDVI ; spatial panel regression ; vegetation growth
    Language: English
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  • 50
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    Bonn and Cologne: University of Bonn and University of Cologne, Reinhard Selten Institute (RSI)
    Publication Date: 2021-01-28
    Description: Many important intertemporal decisions are made by groups rather than individuals. What happens to collective decisions when there is internal conflict about the tradeoff between present and future has not been thoroughly investigated so far. We study experimentally the causal effect of group members' heterogeneous payoffs from waiting on intertemporal choices. We find that three-person groups behave more patiently than individuals. This effect stems from the presence of at least one group member with a high payoff from waiting. We analyze additional treatments, group chat content, and survey data to uncover the mechanism through which heterogeneity in groups increases patience.
    Keywords: ddc:330 ; C91 ; C92 ; D03 ; D90 ; patience ; time preferences ; group decisions ; payoff heterogeneity ; experiment
    Language: English
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    Bonn and Cologne: University of Bonn and University of Cologne, Reinhard Selten Institute (RSI)
    Publication Date: 2021-01-28
    Description: We study whether and how parents interfere paternalistically in their children's intertemporal decision-making. Based on experiments with over 2,000 members of 610 families, we find that parents anticipate their children's present bias and aim to mitigate it. Using a novel method to measure parental interference, we show that more than half of all parents are willing to pay money to override their children's choices. Parental interference predicts more intensive parenting styles and a lower intergenerational transmission of patience. The latter is driven by interfering parents not transmitting their own present bias, but molding their children's preferences towards more time-consistent choices.
    Keywords: ddc:330 ; C90 ; D1 ; D91 ; D64 ; J13 ; J24 ; O12 ; Parental paternalism ; Time preferences ; Convex time budgets ; Present bias ; Intergenerational transmission ; Parenting styles ; Experiment
    Language: English
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  • 52
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    Berlin: Hochschule für Wirtschaft und Recht Berlin, Institute for International Political Economy (IPE)
    Publication Date: 2021-01-28
    Description: In the Republic of Ireland, the activities of MNEs drive real demand on one level and severely distort conventional national accounts statistics on another. This poses a problem for the valid estimation of the Irish demand regime since key variables such as the wage share of GDP are skewed and strongly correlated with omitted variables that determine some components of demand. This paper summarises the real and distortionary effects of MNEs in Ireland, and then adjusts and controls for these effects as much as possible in an econometric estimation of the underlying Irish demand regime. Both ordinary least squares and three stage least squares estimators are used, the latter as an attempt to deal with the issue of simultaneity bias that confronts all empirical attempts at demand regime estimation. The main results of this paper are twofold. Firstly, Ireland is found to be wage-led in the specifications that adjust and control for the influence of MNEs. Second, the average effective corporate tax rate (AECTR) on foreign affiliates in Ireland is found to be statistically significant in explaining investment. This, alongside indicative foreign affiliate statistics, supports the view that Ireland may be "tax competition-led", in the sense implied by Woodgate (2020), where a lower AECTR has a net positive effect on aggregate demand in Ireland (though at the expense of other nations). The implications of these findings for policy are drawn.
    Keywords: ddc:330 ; E11 ; E12 ; E25 ; C22 ; C36 ; Distribution ; demand regime ; Ireland ; tax competition ; profit shifting
    Language: English
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  • 53
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    Zurich: University of Zurich, Department of Economics
    Publication Date: 2021-01-28
    Description: This paper develops a framework to systematically study how changes in market conditions affect the equilibrium inequality between heterogeneous agents. By stating our setting as a "competition for market shares", we can derive inequality predictions for vastly different competition models. This approach allows us to identify a common structure, e.g., in monopolistic competition, perfect competition, or competition for prizes, that explains why these models deliver similar inequality predictions. We apply our results to problems from trade, competition theory, consumption inequality, political economics and marketing, and relate some of the predicted inequality patterns to empirical evidence.
    Keywords: ddc:330 ; C65 ; D30 ; D41 ; E10 ; L11 ; M37 ; Inequality analysis ; market shares ; power functions ; monopolistic competition ; perfect competition competition for prizes
    Language: English
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  • 54
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    Basel: MDPI
    Publication Date: 2021-01-28
    Keywords: ddc:630
    Language: English
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  • 55
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    Bonn and Cologne: University of Bonn and University of Cologne, Reinhard Selten Institute (RSI)
    Publication Date: 2021-01-28
    Description: We present an easy to implement measure for the political position of news outlets based on politicians' selective sharing of news items. Politicians predominantly share news items that are in line with their political position, hence, one can infer the political position of news outlets from the politicians' revealed preferences over news items. We apply our measure to twelve major German media outlets by analyzing tweets of German Members of Parliament (MPs) on Twitter. For each news outlet under consideration, we compute the correlation between the political position of the seven parties in the 19th German Bundestag and their MPs' relative number of Twitter referrals to that outlet. We finnd that three outlets are positioned on the left, and two of them are positioned on the right. Several robustness checks support our results.
    Keywords: ddc:330 ; H41 ; L82 ; L86 ; P16 ; political media bias ; political position ; selective sharing ; social media ; Twitter
    Language: English
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  • 56
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    Bonn and Cologne: University of Bonn and University of Cologne, Reinhard Selten Institute (RSI)
    Publication Date: 2021-01-28
    Description: The importance of user-generated content is growing as media consumption is moving online; yet, investigations of media bias on user-generated content platforms are rare. We develop a novel procedure to detect coverage bias - i.e., bias in the amount of coverage certain topics or issues receive - on user-generated content platforms. We proceed in two steps. First, we focus on a sample of homogeneous observations and control for observable differences. Second, we compare the coverage of our observations between different language versions of the same platform in a difference-in-differences framework, which allows us to disentangle coverage bias from unobserved heterogeneity between observations. We apply our procedure to Wikipedia and examine whether it has a coverage bias in its biographies of German (and French) Members of Parliament (MPs). Our analysis reveals a small to medium size coverage bias against MPs from the center-left parties in Germany and in France. A plausible explanation are partisan contributions to the Wikipedia biographies, as we show by analyzing patterns of authorship and Wikipedia's talk pages for the German case. Practical implications of our results include raising users' awareness of coverage bias when searching for and processing information obtained on user-generated content platforms.
    Keywords: ddc:330 ; L82 ; L86 ; P16 ; bias ; media bias ; media economics ; social media ; user-generated content
    Language: English
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  • 57
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    Bonn and Cologne: University of Bonn and University of Cologne, Reinhard Selten Institute (RSI)
    Publication Date: 2021-01-28
    Description: This paper evaluates the effect on crime of creating a fundamental modern-day institution: centralized professional police forces tasked with preventing crime. We study the 1829 formation of the London Metropolitan Police - the first professional force worldwide. Using newly digitized and geocoded crime and police data together with difference-indifferences and pre-post designs, we find evidence of a significant reduction in violent crimes (despite the possibility of off-setting increases in clearance and reporting rates). In contrast, a reduction in property crime is not visible.
    Keywords: ddc:330 ; K42 ; N93 ; H0 ; police ; crime ; deterrence ; economic history ; institutions
    Language: English
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  • 58
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    Bonn and Cologne: University of Bonn and University of Cologne, Reinhard Selten Institute (RSI)
    Publication Date: 2021-01-28
    Description: We develop a model of rational bubbles based on leverage and the assumption of an imprecisely known maximum market size. In a bubble, traders push the asset price above its fundamental value in a dynamic way, driven by rational expectations about future price developments. At a previously unknown date, the bubble will endogenously burst. Households optimally decide whether to lend to traders with limited liability. Bubbles increase welfare of the initial asset holders, but reduce welfare of future households. We provide general conditions for the possibility of bubbles depending on uncertainty about market size, traders' degree of leverage and the risk-free rate. This allows us to discuss several policy measures. Capital requirements and a correctly implemented Tobin tax can prevent bubbles. Implemented incorrectly, however, these measures may create the possibility of bubbles and can reduce welfare.
    Keywords: ddc:330 ; E44 ; G01 ; G12 ; Bubbles ; Rational Expectations ; Market Size ; Liquidity ; Financial Crises ; Leveraged Investment ; Capital Structure
    Language: English
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  • 59
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    Bonn and Cologne: University of Bonn and University of Cologne, Reinhard Selten Institute (RSI)
    Publication Date: 2021-01-28