Jacob Goeree, Charles R. Plott, John Wooders, Bidders' Choice Auctions: Raising Revenues Through the Right to Choose, Journal of the European Economic Association, Vol. 2 (2-3), 2004. (Journal Article)
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 Simon P. Anderson, Jacob Goeree, Charles A. Holt, Noisy Directional Learning and the Logit Equilibrium, The Scandinavian Journal of Economics, Vol. 106 (3), 2004. (Journal Article)
We specify a dynamic model in which agents adjust their decisions toward higher payoffs, subject to normal error. This process generates a probability distribution of players' decisions that evolves over time according to the Fokker-Planck equation. The dynamic process is stable for all potential games, a class of payoff structures that includes several widely studied games. In equilibrium, the distributions that determine expected payoffs correspond to the distributions that arise from the logit function applied to those expected payoffs. This ""logit equilibrium"" forms a stochastic generalization of the Nash equilibrium and provides a possible explanation of anomalous laboratory data. |
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Andrea Schenker-Wicki, Das System der Hochschulfinanzierung in der Schweiz – ein weiterführender Ansatz für Deutschland, In: 10 Jahre Hochschulreformen seit dem Eckwertepapier: Anstösse, Massnahmen, Erfolge, Duncker & Humblot, Berlin, p. 107 - 122, 2004. (Book Chapter)
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Alexandre Ziegler, A Game Theory Analysis of Options: Corporate Finance and Financial Intermediation in Continuous Time, Springer Verlag, Heidelberg, 2004. (Book/Research Monograph)
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Marc Paolella, Markus Haas, Stefan Mittnik, Mixed normal conditional heteroskedasticity, Journal of Financial Econometrics, Vol. 2 (2), 2004. (Journal Article)
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Marc Paolella, Modeling higher frequency macroeconomic data: an application to German monthly money demand, Applied Economics Quarterly (Konjunkturpolitik), Vol. 50 (2), 2004. (Journal Article)
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Marc Paolella, Markus Haas, Stefan Mittnik, A new approach to markov-switching GARCH models, Journal of Financial Econometrics, Vol. 2 (4), 2004. (Journal Article)
The use of Markov-switching models to capture the volatility dynamics of financial time series has grown considerably during past years, in part because they give rise to a plausible interpretation of nonlinearities. Nevertheless, GARCH-type models remain ubiquitous in order to allow for nonlinearities associated with time-varying volatility. Existing methods of combining the two approaches are unsatisfactory, as they either suffer from severe estimation difficulties or else their dynamic properties are not well understood. In this article we present a new Markov-switching GARCH model that overcomes both of these problems. Dynamic properties are derived and their implications for the volatility process discussed. We argue that the disaggregation of the variance process offered by the new model is more plausible than in the existing variants. The approach is illustrated with several exchange rate return series. The results suggest that a promising volatility model is an independent switching GARCH process with a possibly skewed conditional mixture density |
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Irene Bertschek, Ulrich Kaiser, Productivity Effects of Organizational Change: Microeconometric Evidence, Management Science, Vol. 50 (3), 2004. (Journal Article)
This paper analyzes the relationship between investment in information and communication technologies (ICT), non-ICT investment, labor productivity, and workplace reorganization. Firms are assumed to reorganize workplaces if the productivity gains arising from workplace reorganization exceed the associated reorganization costs. Two different types of organizational change are considered: enhancement group work and flattening of hierarchies. Empirical evidence is provided for a sample of 411 firms from the German business-related services sector. We develop and estimate a model for labor productivity and firms' decision to reorganize workplaces that allows workplace reorganization to affect any parameter of the labor productivity equation. Our general and flexible methodology allows us to properly take account of strategic complementarities between the input factors and workplace reorganization. The estimation results show that changes in human resources practices do not significantly affect firms' output elasticities with respect to ICT, non-ICT capital, and labor, although most of the point estimates of the individual output elasticities and of the control variables for observable firm heterogeneity are larger if workplace reorganization is realized. We therefore apply the Kernel density-estimation technique and demonstrate that for firms with organizational change, the entire labor productivity distribution shifts significantly out to the right if workplace reorganization takes place, indicating that workplace reorganization induces an increase in labor productivity that is attributable to complementarities between the various input factors and workplace reorganization. By contrast, firms without organizational change would not have realized significant productivity gains if they had reorganized workplaces. |
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Phu Nguyen Van, François Laisney, Ulrich Kaiser, The Performance of German Firms in the Business-Related Service Sector: A Dynamic Analysis, Journal of Business & Economic Statistics, Vol. 22 (3), 2004. (Journal Article)
We analyze the performance of firms from the German business-related service sector for 1994-2000. Performance is measured by ordinal assessment of changes in total sales. We estimate first-order Markov chain models using extensions of the multinomial logit model: a linear index model with alternative specifications of heterogeneity and a semiparametric model. The preferred specification involves heterogeneity connected to the firm and the type of transition. Our findings include that size has a positive effect on performance, young firms outperform older competitors, a single creditor has a stabilizing effect, diversification has a negative impact, and performance is significantly affected by legal status. Measuring performance through profit rather than sales does not alter the qualitative results. |
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IfM-Bonn-Forschungsnews zum Mittelstand. IfM Bonn, Edited by: Uschi Backes-Gellner, Bonn, 2004. (Edited Scientific Work)
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Zeitschrift für Betriebswirtschaft, Edited by: Uschi Backes-Gellner, G Fandel, Wolfgang Kürsten, Wiesbaden, 2004. (Edited Scientific Work)
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Zeitschrift für KMU und Entrepreneurship (ZfKE), Edited by: T Volery, U Fueglistaller, Uschi Backes-Gellner, Duncker & Humblot, Berlin, 2004. (Edited Scientific Work)
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Jahrbuch zur Mittelstandsforschung. IfM Bonn, Edited by: Uschi Backes-Gellner, D Bös, DUV Gabler, Wiesbaden, 2004. (Edited Scientific Work)
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Schriften zur Mittelstandsforschung. IfM Bonn, Edited by: Uschi Backes-Gellner, D Bös, DUV Gabler, Wiesbaden, 2004. (Edited Scientific Work)
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Uschi Backes-Gellner, Unternehmensnachfolge, 2004. (Other Publication)
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Uschi Backes-Gellner, Der Beitrag der Berufsbildung zum Unternehmenserfolg und Entwicklung des beruflichen Qualifikationsbedarfs, 2004. (Other Publication)
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Sybille Sachs, Edwin Rühli, Changing managers’ values towards a broader stakeholder orientation, Corporate Governance, Vol. 5 (2), 2004. (Journal Article)
Challenged by recent incidents as they occurred at Enron, WorldCom, Disney and Xerox, management has to rethink its values and to consider the expectations of their stakeholders. In reality, it can be observed that some firms are already on a learning path to adopt a broader stakeholder‐oriented view than before. In order to implement the stakeholder view better into strategic thinking of management, top managers have to change their values which are challenged by stakeholder‐oriented incentives. Based on three comparative case studies some first propositions are developed. |
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Uschi Backes-Gellner, Johannes Mure, Berufliche Weiterbildung, In: Gabler Wirtschaftslexikon, Gabler, Wiesbaden, p. 365 - 366, 2004. (Book Chapter)
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Helmut Max Dietl, Egon Franck, S Winter, Discovery in the New Economy - why entrepreneurs may not contract with investors, In: Modern concepts of the theory of the firm : managing enterprises of the New Economy, Springer, Berlin, p. 386 - 397, 2004. (Book Chapter)
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Helmut Max Dietl, Egon Franck, Effizienzanalyse von Transferrestriktionen im europäischen Profifussball, Edition Sportkönomie, Sportmanagent (3), 2004. (Journal Article)
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