In this paper we use a simple bureaucracy model of fiscal illusion to analyze the impact of intergovernmental grants on the cost effciency of local jurisdictions. We find that a higher degree of redistribution…

This paper studies implications of uncertainty about the arrival date of a competitive CO2 backstop technology for the design of cost-effective CO2 emission trading schemes. For this purpose, we develop a…

This paper analyses the employment consequences of policies aimed to support biofuels in the European Union. The promotion of biofuel use has been advocated as a means to promote the sustainable use of natural…

This paper examines return predictability when the investor is uncertain about the right state variables. A novel feature of the model averaging approach used in this paper is to account for finite-sample bias…

This study tests for financial constraints on R&D investment and how they differ from capital investment. To identify constraints in the access to external capital, we employ a credit rating index. Our models…

Many studies investigate the relationship between R&D expenditures as an input and patents as an intermediate product or output of a knowledge production function. We suggest that the productivity of research…

Die Schülerzahlen gehen zurück, die digitale Interaktion nimmt zu, und die Diskussion um die Bedeutung der Familie für die Humankapitalbildung nagt an der Schule. In diesem Beitrag beschäftige ich mich mit der…

Um Hinweise für die Erträge von Investitionen in die Fähigkeiten von Kindern im Vorschulalter geben zu können, möchten wir in diesem Beitrag die Ergebnisse von Simulationen zur Diskussion stellen. Der…