ZEW Discussion Papers

We show that, since the inception of energy futures markets, prices have on average exhibited backwardation. Normal backwardation has also been the norm, but, because of the low power of the standard tests, most…

This paper presents an applied general equilibrium model for Germany. The model integrates specific labour market institutions in an otherwise standard general equilibrium framework. There are sectoral wage…

Venture capital is assumed to play an important role for the commercialization of innovative ideas and the development of high-technology industries in a region. This paper deals with the regional distribution…

This paper analyses the level of relative specialisation in terms of gross fixed capital formation in EU regions for the period between 1985 and 1994. Controlling for heteroscedasticity and potential endogeneity…

In this paper, we analyse the intergenerational transmission of poverty from Polish parents to their children through children´s educational attainment during the transition process of the 1990s. The…

Actors on print media markets face two di®erent (and interrelated) demand curves: the demand for copies and the demand for advertising space. This paper develops a realistic, yet simple, model of print media…

Computable general equilibrium (CGE) modeling has provided a number of important insights about the interplay between environmental tax policy and the pre-existing tax system. In this paper, we emphasize that a…

This paper analyzes decisions on emissions of a stock pollutant under uncertainty in a two period model. Decisions are based on a weighted average of expected utility (EU) and the MaxiMin criterion. I first show…

Taking account of sinks credits as agreed in Bonn and Marrakech, this paper illustrates how market power could be exerted in the absence of the US ratification under Annex 1 trading and explores the potential…