This paper investigates the unique ways in which individuals assimilate new information into their beliefs about stock returns and examines the consequences of heterogeneous information processing on savings and investment decisions. Utilizing two exogenous information treatments from 2017 and 2018 surveys of German households, I discover that individuals' short-term return expectations shift by...
Together with experts from the Climate Friendly Materials Platform, academia, think tanks, politics, unions and industry we will discuss how the Carbon Border Adjustment Mechanism (CBAM) can be further developed or reformed for sectors with complex value chains steel, organic chemistry and aluminium). Currently these sectors lack a reliable framework that incentivizes investment in climate-neutral...
Mit der Abschaltung der letzten drei deutschen Kernkraftwerke im April 2023 stellen sich dringliche Fragen zu deren notwendigen Rückbau sowie zur Zwischen- und Endlagerung radioaktiver Abfälle. Vor dem Hintergrund der Energieknappheit und mit Blick auf geopolitische Spannungen werden jedoch in Deutschland und Europa Überlegungen über mittelfristige Perspektiven der Atomenergie laut, die selbst den...
The influential Indian Parliamentarian Mr. Jayant Sinha envisages a global climate alliance building on the concept of the European Union and its Green Deal – a community attractive to its members because it addresses the diverse needs and ensures that joint action benefits all. To ensure the inclusive nature and broaden the political ownership of such an initiative, Mr. Sinha launched a report on...
In current power markets, the bulk of electricity is sold wholesale and transported to consumers via long-distance transmission lines. Recently, decentralized local energy markets have evolved, often as isolated networks based on solar generation. We analyze strategic pricing, investment, and welfare in local energy markets. We show that local energy markets yield competitive equilibrium prices and ...
Self-efficacy reflects the self-belief that one can persistently perform difficult and novel tasks while coping with adversity. As such beliefs reflect how individuals behave, think, and act, they are key for successful entrepreneurial activities. While existing literature mainly analyzes the influence of the task-related construct of entrepreneurial self-efficacy, we take a different perspective and ...
