Robert Göx, Erfolgsabhängige Gehälter, Belohnung für den Zufall und der Einfluss des Managements auf die Gestaltung seines eigenen Vergütungssystems, Schmalenbachs Zeitschrift für betriebswirtschaftliche Forschung, Vol. Sonderhe (51), 2004. (Journal Article)
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Robert Göx, Jens Robert Schöndube, Strategic transfer pricing with risk averse agents, Schmalenbach Business Review (sbr), Vol. 56, 2004. (Journal Article)
In this paper we analyze strategic transfer pricing with risk- and effort-averse divisional managers. In contrast to earlier literature, we find that the existence of a standard agency problem allows transfer pricing to serve as a commitment device even if the transfer prices are not mutually observable. The reason is that transfer prices are set above marginal cost to solve the agency problem and not for strategic purposes. Therefore, delegating the pricing authority to a risk-averse manager implies that he sets a higher product price than does the risk-neutral owner, because at the divisional level the transfer price represents the relevant unit cost for pricing. We show that the optimal scope of managerial authority generally depends on both the risk premium and the intensity of competition in the product market. We also identify conditions under which the delegation of pricing responsibilities to risk-averse managers constitutes a dominant strategy equilibrium. |
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Thomas Keil, Building external corporate venturing capability, Journal of Management Studies, Vol. 41 (5), 2004. (Journal Article)
How firms build new capabilities to adapt to changing environments is at the core of strategic management. However, research has addressed this question only recently. In this paper, I propose a model that describes how firms develop a capability to create and develop ventures through corporate venture capital, alliances, and acquisitions. The model is based on two longitudinal case studies of large corporations operating in the information and communication technology sector in Europe. At the core of this model are learning processes that enable the firm to build up an external corporate venturing capability, by utilizing learning strategies both within and outside venturing relationships. To build this new capability, firms engage in acquisitive learning. Critical to deepening the capability acquired is adaptation of all knowledge to the firm specific context through experiential learning mechanisms. I also discuss the important role that initial conditions and knowledge management practices play in determining the direction and effectiveness of specific learning processes that lead to an external corporate venturing capability. |
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W Kirsch, David Seidl, Zu den Grundlagen des Marketing. Reflexionen vor dem Hintergrund der Grundlagenforschung, In: Management mit Vision und Verantwortung – eine Herausforderung an Wissenschaft und Praxis, Gabler, Wiesbaden, p. 343 - 362, 2004. (Book Chapter)
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W Kirsch, David Seidl, Zur Rolle der Entscheidungsforschung in einer anwendungsorientierten Betriebswirtschaftslehre, In: Risikoforschung und Versicherung, Verlag Versicherungswirtschaft, Karlsruhe, p. 277 - 314, 2004. (Book Chapter)
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W Kirsch, David Seidl, Steuerungstheorie, In: Handwörterbuch Unternehmensführung und Organisation, Schäffer-Poeschel, Stuttgart, p. 139 - 156, 2004. (Book Chapter)
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W Kirsch, David Seidl, Zu den handlungstheoretischen Grundlagen der Personalwirtschaftslehre, In: Personaltheorie als Beitrag zur Theorie der Unternehmung, Hampp, Mering, p. 139 - 156, 2004. (Book Chapter)
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David Seidl, The concept of "weak signals" revisited: A re-description from a constructivist perspective, In: Managing the Future: Developing Strategic Foresight in the Knowledge Economy, Blackwell, Oxford, p. 153 - 170, 2004. (Book Chapter)
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Felix Kübler, Is intertemporal choice theory testable?, Journal of Mathematical Economics, Vol. 40 (1-2), 2004. (Journal Article)
Kreps–Porteus preferences constitute a widely used alternative to time separability. We showin this paper that with these preferences utility maximization does not impose any observable restrictions on a household’s savings decisions or on choices in good markets over time. The additional assumption of a weakly separable aggregator is needed to ensure that the assumption of utility maximization restricts intertemporal choices. Under this assumption, choices in spot marketsare characterized by a strong axiom of revealed preferences (SSARP).Under uncertainty Kreps–Porteus preferences impose observable restrictions on portfolio choice if one observes the last period of an individual’s planning horizon. Otherwise there are no restrictions. |
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Pierre-Andre Chiappori, I Ekeland, Felix Kübler, Herakles M Polemarchakis, Testable implications of general equilibrium theory: A differentiable approach, Journal of Mathematical Economics, Vol. 40 (1-2), 2004. (Journal Article)
Is general equilibrium theory empirically testable? Our perspective on this question differs fromthe standard, Sonnenschein–Debreu–Mantel (SDM) viewpoint. While the SDM tradition considersaggregate (excess) demand as a function of prices, we suppose that what is observable is the equilibriumprice vector as a function of the fundamentals of the economy.We apply this perspective to anexchange economy where equilibrium prices and individual endowments are observable.We derivenecessary and sufficient conditions that characterize the equilibrium prices, as functions of initialendowments. Furthermore, we show that, if these conditions are satisfied, then the economy cangenerically be identified. Finally, we show that when only aggregate data are available, observablerestrictions vanish.We conclude that the availability of individual data is essential for the derivationof testable consequences of the general equilibrium construct. |
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Felix Kübler, Herakles Polemarchakis, Stationary Markov equilibria for overlapping generations, Economic Theory, Vol. 24 (3), 2004. (Journal Article)
At a stationary Markov equilibrium of a Markovian economy of overlapping generations, prices at a date-event are determined by the realization of the shock, the distribution of wealth and, with production, the stock of capital. Stationary Markov equilibria may not exist; this is the case with intra-generational heterogeneity and multiple commodities or long life spans. Generalized Markov equilibria exist if prices are allowed to vary also with the realization of the shock, prices and the allocation of consumption and production at the predecessor date-event. (Stationary) Markov $ \epsilon $ -equilibria always exist; as $ \epsilon \rightarrow 0, $ allocations and prices converge to equilibrium prices and allocations that, however, need not be stationary. |
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Ilan Kremer, Kjell G. Nyborg, Underpricing and market power in uniform price auctions, Review of Financial Studies, Vol. 17 (3), 2004. (Journal Article)
In uniform auctions, buyers chosse demand schedules as strategies and the same "market clearing" price for units awarded. Despite the widespread use of these auctions, the extant theory shows that they are susceptible to arbitrarily large underpricing. We make a realistic modification to the theory by letting prices, quantities, and bids be discrete. We show that underpricing can be made arbitrarily small by choosing a sufficiently small price tick size and a sufficiently large quantitity multiple. We also show how one might improve revenues by modifying the allocation rule. A trivial change in the design can have a dramatic impact on prices. Our conclusions are robust to bidders being capacity constrained. Finally, we examine supply uncertainty robust equilibria. |
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Lorenz Hilty, Claudia Som, Andreas Köhler, Assessing the Human, Social, and Environmental Risks of Pervasive Computing, Human and Ecological Risk Assessment, Vol. 10 (5), 2004. (Journal Article)
The vision of Pervasive Computing is built on the assumption that computers will become part of everyday objects, augmenting them with information services and enhanced functionality. This article reports on the approach we have used to assess potential side effects of this development on human health and the environment, and the major risks we identified. Social risks such as the risk of conflicts between users and non-users of the technology were also included because of their potential indirect adverse health effects. Assessing a technological vision before it has materialized makes it necessary to deal with two types of uncertainty: first, the uncertainty of how fast and to what extent the technology will be taken up and how it will be used; second, the uncertainty of causal models connecting technology-related causes with potential health or environmental effects. Due to these uncertainties, quantitative methods to evaluate expected risks are inadequate, Instead, we developed a "risk filter" that makes it possible to rank risks according to a set of qualitative criteria based on the Precautionary Principle. As the overall result, it turned out that Pervasive Computing bears potential risks to health, society, and/or the environment in the following fields: Non-ionizing radiation, stress imposed on the user, restriction of consumers' and patients' freedom of choice, threats to ecological sustainability, and dissipation of responsibility in computer-controlled environments. |
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Andrea Schenker-Wicki, Die Pathologie der Krise und die Nationale Alarmzentrale, 2004. (Other Publication)
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Andrea Schenker-Wicki, Thomas Griessen, M. Hofacker, M. Patussi, Systemanalyse und Wirkungsprüfung, 2004. (Other Publication)
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Dieter Pfaff, Value-Based Management and Performance Measures: Cash Flow versus Accrual Accounting, In: The Economics and Politics of Accounting, Oxford University Press, p. 81 - 102, 2004. (Book Chapter)
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The Economics and Politics of Accounting, Edited by: Christian Leuz, Dieter Pfaff, Anthony Hopwood, Oxford University Press, Oxford, 2004. (Edited Scientific Work)
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Matthias Müller, Lerneffizienz mit E-Learning, Rainer Hampp Verlag, München/Mering, 2004. (Book/Research Monograph)
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Jacob Goeree, Theo Offerman, The Amsterdam Auction, Econometrica, Vol. 72 (1), 2004. (Journal Article)
The Amsterdam auction has been used to sell real estate in the Dutch capital for centuries. By awarding a premium to the highest losing bidder, the Amsterdam auction favors weak bidders without having the implementation difficulties of Myerson's (1981) optimal auction. In a series of experiments, we compare the standard first-price and English auctions, the optimal auction, and two variants of the Amsterdam auction. With strongly asymmetric bidders, the second-price Amsterdam auction raises substantially more revenues than standard formats and only slightly less than the optimal auction. |
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Jacob Goeree, Charles A. Holt, A Model of Noisy Introspection, Games and Economic Behavior, Vol. 46 (2), 2004. (Journal Article)
We use a laboratory experiment to study the extent to which investors’ choices are affected by limited loss deduction in income taxation. We first compare investment behavior in the no tax baseline to a tax control setting, in which the income from investments is taxed. We find that investors significantly reduce their risk-taking as predicted by theory. Next we compare the baseline investment choices to choices under three different types of income taxation. We observe that risk-taking is significantly increased with partial and with capped loss deduction, but is unaffected by a tax system that allows no loss deduction. Since in all these treatments the after tax outcomes of the prospects were identical, we conjecture that investors have a positively biased perception of partial and capped loss deduction that promotes their willingness to take risks. |
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