A fundamental question regarding the design of electricity markets is whether adding auctions to the continuous intraday trading is improving the performance of the market. To approach this question, we assess the experience with the implementation of the 3 pm local auction for quarters in Germany at the European Power Exchange (EPEX SPOT) in December 2014 to assess the impact on trading volumes/liquidity, ...
Compared to the rest of Europe, Germany exhibits an especially high concentration of wealth. According to estimates based on a microsimulation model, a German wealth tax could generate an estimated ten to 20 billion euros per year in revenue—even with high tax allowances—and slightly reduce the inequality of income distribution, as well. Collection costs would range from four to eight percent in relation ...
Tax competition for capital has led to a trend where many countries levy lower taxes on interest income, often introducing differential taxation between interest and business income. This study analyzes the effect on firm debt usage. We exploit Germany’s 2009 tax reform, which introduced a final withholding tax on interest income with a flat rate 18 percentage points below the unchanged tax rate on ...
This paper analyses the impact of the introduction of electromobility in Austria, focusing specifically on the potential demand for electric vehicles in the automotive market. We estimate discrete choice behavioral mixture models considering latent variables; these allows us to deal with this potential demand as well as to analyze the effect of different attributes of the alternatives over the potential ...
Preferences over jobs depend on wages and non-wage aspects. Variation in wealth may change the importance of income as a motivation for working. Higher wealth levels may make good non-wage characteristics relatively more important. This hypothesis is tested empirically using a reduced form search model in which differential job leaving rates identify willingness to pay for non-wage aspects of jobs. ...
Unemployment is a major challenge to individuals' development. An important personal resource to ameliorate the negative impact of unemployment may be perceived control, a general-purpose belief system. Little is known, however, about how perceived control itself changes with the experience of unemployment and what the antecedents, correlates, and consequences of such change in perceived control are ...
