Produktrückgaben und Preise im Versandhandel: Ein internationaler Vergleich

E-Commerce sales have been constantly rising over the past years. Among the reasons for this trend are advantages such as reduced search costs and low transaction costs for the buyer. A disadvantage of online shopping is that customers cannot inspect the product they buy online. In Germany, customers are entitled to get full refund when withdrawing from any distance selling. Customers can withdraw from a contract within two weeks without any explanation. Many retailers in the USA do not refund the full price to the customer in case of product return and charge restocking fees. A reason for such a restrictive return policy is the reduction of opportunistic product returns. In this paper, the authors compare prices in online-shops for identical products in the USA and Germany. The comparison shows that the alleged consumer protection achieved by a legal prohibition of restocking fees leads to higher average prices for electronic products in Germany.     

Soziale Ungleichheiten beim Schulstart

Although there is a regular age of school entry in Germany, some children start school later than usual and some children start ahead of schedule. While there has been some decrease in delayed school entries in the last years, the rate of premature school entry has increased substantially. Paradoxically, while the delayed entry is primarily because professionals rate a child as not ready for school, the premature entry is mainly based on parents’ choice. The first aim of the paper is to discover whether kindergarten attendance can reduce the risk of a delayed entry. The arguments and hypotheses are mainly based on the theory on the ecology of human development of Bronfenbrenner. The empirical analyses demonstrate that low educated families profit most by kindergarten attendance, but only if the child begins attending the care institution before reaching age four. The second aim concerns considerations in regard to the decision of prematurely entering school. Socio-economic conditions are not as important at this point as compared with a delay in school entry. However, there are some effects indicating that higher educated parents foster a premature entry to elementary schools. The analyses are based on over 1.400 children in the relevant age group and their parents taking part in the large nationwide German Socio-Economic Panel Study (SOEP).     

COMMON COMPONENTS OF RISK AND UNCERTAINTY ATTITUDES ACROSS CONTEXTS AND DOMAINS: EVIDENCE FROM 30 COUNTRIES

Attitudes towards risk and uncertainty have been indicated to be highly context‐dependent, and to be sensitive to the measurement technique employed. We present data collected in controlled experiments with 2,939 subjects in 30 countries measuring risk and uncertainty attitudes through incentivized measures as well as survey questions. Our data show clearly that measures correlate not only within decision contexts or measurement methods, but also across contexts and methods. This points to the existence of one underlying “risk preference”, which influences attitudes independently of the measurement method or choice domain. We furthermore find that answers to a general and a financial survey question correlate with incentivized lottery choices in most countries. Incentivized and survey measures also correlate significantly between countries. This opens the possibility to conduct cultural comparisons on risk attitudes using survey instruments.     

A Model Specification Test For GARCH(1,1) Processes

We provide a consistent specification test for generalized autoregressive conditional heteroscedastic (GARCH (1,1)) models based on a test statistic of Cramér‐von Mises type. Because the limit distribution of the test statistic under the null hypothesis depends on unknown quantities in a complicated manner, we propose a model‐based (semiparametric) bootstrap method to approximate critical values of the test and to verify its asymptotic validity. Finally, we illuminate the finite sample behaviour of the test by some simulations.