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Capacity Mechanisms on Central European Electricity Markets: Effects on Consumers, Producers and Technologies until 2033

The reduced attractiveness of investments in reliable power plants under conditions of liberalized markets and the transition towards renewable energies has brought a discussion on capacity policies to Europe. We use a partial equilibrium model to compare important effects of three basic policies. A strategic reserve policy and a capacity market policy with administratively set capacity targets, and ...

Does the Arrival of a Formal Financial Institution Alter Informal Sharing Arrangements?

The Weekend Effect: A Trading Robot and Fractional Integration Analysis

This paper provides some new empirical evidence on the weekend effect, one of the most recognized anomalies in financial markets. Two different methods are used: (i) a trading robot approach to examine whether or not there is such an anomaly giving rise to exploitable profit opportunities by replicating the actions of traders; (ii) a fractional integration technique for the estimation of the (fractional) ...

Longitudinal Transactions between Personality and Occupational Roles: A Large and Heterogeneous Study of Job Beginners, Stayers, and Changers

Social norms are central to theoretical accounts of longitudinal person-environment transactions. On the one hand, individuals are thought to select themselves into social roles that fit their personality. On the other hand, it is assumed that individuals' personality is transformed by the socializing pressure of norm demands. These two transactional directions were investigated in a large and eterogeneous ...

The Impact of Education on Personality: Evidence from a German High School Reform

This paper investigates the short-term effects of a reduction in the length of high school on students' personality traits using a school reform carried out at the state level in Germany as a quasi-natural experiment. Starting in 2001, academic-track high school (Gymnasium) was reduced from nine to eight years in most of Germany's federal states, leaving the overall curriculum unchanged. This enabled ...

The Freedom of Others: On Behavioral Responses to Mass-Releases from Prisons in the German Democratic Republic (East Germany)

Using a wide range of administrative criminal, prison, and police records from the GDR, the paper estimates the incapacitation effect on crime. The paper analyzes a unique quasi-natural experiment: A collective pardon of essentially all GDR prison population in 1987. An instrumental variable strategy is applied to relate crime and recidivism rates to pardon-induced releases from prison....

Supplier Fixed costs and Retail Market Monopolization

Abstract:This article investigates how suppliersxed costs may translate into downstream market monopolization. Considering a vertical structure with perfectly competitive upstream firms that deliver a homogenous good to a differentiated retail duopoly, we show that upstream fixed costs may help to monopolize the downstream market. We find that downstream prices are increasing in upstream firms...

The Gender Gap in Entrepreneurship: Not Just a Matter of Personality

Why do entrepreneurship rates differ so markedly by gender? Using data from a large representative German household panel, we investigate to what extent personality traits, human capital, and the employment history influence the start-up decision and can explain the gender gap in entrepreneurship. Applying a decomposition analysis, we observe that the higher risk aversion among women explains a large ...

The Welfare Impact of Parallel Imports: A Structural Approach Applied to the German Market for Oral Anti-Diabetics

We investigate the welfare impact of parallel imports using a large panel dataset containing monthly information on sales, ex-factory prices, and further product characteristics for all 649 anti-diabetic drugs sold in Germany between 2004 and 2010. We estimate a two-stage nested logit model of demand, and on the basis of an oligopolistic model of multi-product firms, we then recover the marginal costs ...

How You Ask Is What You Get: Willingness-to-Pay for a QALY in Germany

We report results of a survey of a representative sample of the German population in which respondents were asked for their willingness-to-pay (WTP) for either an extension of their life or an improvement in their health corresponding to a gain of one quality-adjusted life year (QALY). While one version of the survey exactly copied the questionnaire used in the EuroVaQ project (Pennington et al. 2014), ...