Friedrich-H.-Tenbruck-Archiv eröffnet

Ohne Zusammenfassung     

The irreversibility effect and agency conflicts

This paper studies the influence of agency conflicts on the irreversibility effect. Using a dynamic variant of the static Baron and Myerson (Econometrica 50(4):911–930, 1982) adverse selection model, we characterize under which circumstances the irreversibility effect arises in the presence and absence of an agency conflict. In particular, we find that in the presence of an agency conflict the irreversibility effect arises in more circumstances than in the standard first-best analysis that abstracts from agency problems.     

Bildung und Übergang in den Ruhestand

On the basis of administrative data from the Research Data Centre (FDZ-RV) of the German Federal Pension Insurance, we examine the effects education has on the timing of retirement for employees in East and West Germany in 2007. The large sample size of the Scientific Use File of the pension inflow statistics (n = 29933) allows a differentiated analysis considering multiple dimensions. Using key demographic indicators such as sex, region, length of career and pension payments, we demonstrate the effects of the level of education on the age of retirement, measured in years between 60 and 65 or older. Our analysis shows that high skilled retire later than low skilled employees. The difference is smaller than one year. But the beginning of the high skilled careers is round about two years later, with higher pension payments. Based on this findings, we discuss to which extent skills can lengthen the lifetime career with respect to pull and push factors.     

Delegation,R&;D and competitiveness in a Bertrand duopoly

This paper studies the profitability of centralized investments in R&D versus decentralized price determination in a duopoly for Bertrand consumer markets. As a direct effect, R&D investments lower the firm’s production costs and thus increase c.p. the firm’s profits. However, as an indirect effect, lowering production costs causes market reactions and alters the competition between the firm and its competitors. In the extreme, aggressive competition can occur that diminish an investing firm’s profits. Delegating the price decision using an incentive contract distorts a manager’s perceived costs and induces a virtual cost increase in equilibrium. Trading off the factual cost reduction against a virtual cost increase we find that competition makes strategic delegation more attractive compared to investments in R&D. If firms are allowed to apply both strategies in combination, they concentrate on just one of them for strategic considerations.     

An approximation algorithm for a general class of parametric optimization problems

Journal of Combinatorial Optimization - In a (linear) parametric optimization problem, the objective value of each feasible solution is an affine function of a real-valued parameter and one is...     

Income per Natural: Measuring Development for People Rather Than Places

It is easy to learn the average income of a resident of El Salvador or Albania. But there is no systematic source of information on the average income of a Salvadoran or Albanian. We estimate a new statistic: income per natural—the mean annual income of all people born in a given country, regardless of where those people now reside. Income per natural often differs substantially from income per resident, both in its mean and in its distribution. A large part of this difference is caused by movement across borders. Indeed, for people from a number of developing countries, departing their country of birth is one of the most important sources of poverty reduction and material advancement. If economic development is that which raises human well‐being, then crossing international borders is not an alternative to economic development; it is a form of economic development.     

Enlisted Service Members' Transition Into the Civilian World of Work: A Cognitive Information Processing Approach

For many enlisted service members in transition, securing new jobs or careers is among their top priorities (B. Litz & S. M. Orsillo, 2004; U.S. Army Garrison Vicenza, n.d.). The complexity of enlisted soldiers' transitions combined with the significant number of 1st‐term enlisted soldiers returning to civilian life calls for career counselors to heighten their awareness of the specific needs of enlisted service members' entering or reentering the civilian sector. This article presents cognitive information processing theory as a foundation for working with enlisted military personnel who are transitioning into the civilian world of work.     

Social Metabolism and Labour in a Local Context: Changing Environmental Relations on Trinket Island

From a material and energetic perspective, this paper outlines the patterns of society-nature interactions of a local horticultural, hunter-and-gatherer population that lives on a remote island between India and Indonesia. Based on empirical research, we present several indicators to show an economic portfolio of a local society that combines horticulture, hunting and gathering activities with elements of industrialisation and market economy. In describing these environmental relations, the study narrows its focus to the use of three socio-ecological concepts, namely socio-economic metabolism, colonising natural processes, and the energetic return on investment. Using these concepts, we show the dynamics of social and environmental transformation at a local level and the consequences this may have for sustainability.     

Discrete Duration Models Combining Dynamic and Random Effects

Survivaldata may include two different sources of variation, namely variationover time and variation over units. If both of these variationsare present, neglecting one of them can cause serious bias inthe estimations. Here we present an approach for discrete durationdata that includes both time–varying and unit–specificeffects to model these two variations simultaneously. The approachis a combination of a dynamic survival model with dynamic time–varyingbaseline and covariate effects and a frailty model measuringunobserved heterogeneity with random effects varying independentlyover units. Estimation is based on posterior modes, i.e., wemaximize the joint posterior distribution of the unknown parametersto avoid numerical integration and simulation techniques, thatare necessary in a full Bayesian analysis. Estimation of unknownhyperparameters is achieved by an EM–type algorithm. Finally,the proposed method is applied to data of the Veteran's AdministrationLung Cancer Trial.