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Information Frictions among Firms and Households

We survey samples of German firms and households to document novel stylized facts about the extent of information frictions among the two groups. First, firms' expectations about macroeconomic variables are closer to expert forecasts and less dispersed than households', consistent with higher information frictions among households. Second, the degree of dispersion and the distance from expert ...

Managers' Risk Preferences and Firm Training Investments

We provide the first estimates of the impact of managers' risk preferences on their training allocation decisions. Our conceptual framework links managers' risk preferences to firms' training decisions through the bonuses they expect to receive. Risk-averse managers are expected to select workers with low turnover risk and invest in specific rather than general training. Empirical evidence ...

Myths and Facts About Inequality

Which Decision Theory Describes Life Satisfaction Best? Evidence from Annual Panel Data

We use an annual household panel to test which features of prospect theory can be supported by measures of life satisfaction. We also test whether recalled or expected life satisfaction is anchored at current life satisfaction and adjusted in the direction of the recall or expectation. Using a fixed effects estimator we find that life satisfaction contains features of both classic expected utility ...

Impact of Inequality-Related Media Coverage on the Concerns of the Citizens

Income distribution and inequality play a central role in the public and political debate in many developed and democratic countries. An increasing literature on (mis)perception of the distribution of income reveals that people have very little knowledge about the degree of inequality in the society and its development over time. The jury is still out on what actually drives the perception of inequality ...

Does the Mortality of Individuals with Severe Disabilities Contribute to the Persistent East–West Mortality Gap Among German Men?

After three decades since reunification male life expectancy in East Germany still lags behind that of West Germany. Unlike most of the prior studies focusing on the role of socioeconomic factors, this study aims at assessing the contribution of the population with severe disabilities to the persistent East–West male mortality gap. Our analysis is mainly based on the German Pension Fund data. It is ...

SOEP Practice Dataset

Dataset Information This dataset in Stata format is based on the original SOEP data, but provides the data in significantly altered and fully anonymous form. This means that the practice dataset can be used without the need for any contracts or user agreements. The practice dataset consists of original variables, covers five time points, and is available in the “long” format. The dataset ...

Does compulsory schooling affect health? Evidence from ambulatory claims data

Using claims data on more than 23 million statutorily insured, we investigate the causal effect of schooling on health in the largest and most comprehensive analysis for Germany to date. In a regression discontinuity approach, we exploit changes in compulsory schooling in West Germany to estimate the reduced form effect of the reforms on health, measured by doctor diagnoses in ICD-10 format covering ...

Is there a gender gap in equity-based crowdfunding?

Compared to their male peers, female entrepreneurs tend to face greater obstacles in raising venture funding from business angels, venture capitalists, and financial institutions. In this paper, we investigate whether this gender gap also exists in equity crowdfunding. Based on data from the German equity crowdfunding market, we find that ventures with and without female managing directors are equally ...

Within-Track Differentiation and Leisure Activities as Strategies of Distinction

Die sozial integrative Bildungsexpansion der letzten Jahrzehnte hat in Deutschland den früheren „elitären“ Status des Gymnasiums und seines Abschlusses, des Abiturs, verwässert. Da es im Gegensatz zu Großbritannien, den USA oder Frankreich in Deutschland keine expliziten „Elite“-Institutionen gibt, bleibt die Frage, wie soziale Privilegien in Zeiten der Bildungsexpansion intergenerationell weitergegeben ...