Deutsche Privathochschulen — ein „emerging market“?

Zusammenfassung  Die Universit?t Witten/Herdecke stand kurz vor einer Insolvenz. Im Sog der Geschehnisse ist ihr Pr?sident Birger P. Priddat im Dezember 2008 von seinem Amt zurückgetreten. Er skizziert hier den Bildungsmarkt in Deutschland. Prof. Dr. Birger P. Priddat, 59, ist Inhaber des Lehrstuhls für Politische ?konomie an der Universit?t Witten/Herdecke und war dort bis vor kurzem Pr?sident.     

Foreign Institutional Investment,Ownership, and Liquidity: Real and Informational Frictions

The literature widely documents the negative liquidity impact of foreign participation in firms that permit high foreign institutional ownership. This paper employs a unique setting for the limited participation of qualified foreign institutional investors (QFIIs) in China's A-share market and examines how this impacts on stock liquidity in emerging markets. Contrary to the findings in the literature, foreign investor participation helps enhance the liquidity of affected stocks by promoting trade activities and price discovery. The improvement in liquidity does not occur through the information friction channel, but rather the real friction channel. Our results are robust to endogeneity issue and the possible influence of the global financial crisis, industry effects and the stock exchange. Further, the liquidity improving effects of QFII are even stronger when the analysis is performed on a subsample of QFII firms.     

When More Poor Means Less Poverty: On Income Inequality and Purchasing Power

We show theoretically that the poor can benefit from price changes induced by higher income inequality. As the number of poor increases, the market for products aimed toward the poor grows, and such products become more profitable. As a result, there are circumstances where an increase in income inequality associates with higher purchasing power of the poor. Using cross‐country data on the price of one kilogram of rice and the price of a Big Mac hamburger, we confirm a negative association between income inequality and the price of inferior goods, robust to the inclusion of a large set of control variables. Results are also robust to a first difference specification and to a two‐stage instrumental variables approach. Examining economic well‐being, it is thus important to analyze not only the incomes of households, but also the prices of the products and services that they buy.     

Taking the Lab to the Field: Experimental Tests of Alternative Mechanisms to Procure Multiple Contracts

The first part of the paper reports the results from a sequence of laboratory experiments comparing the bidding behavior for multiple contracts in three different sealed bid auction mechanisms; first-price simultaneous, first-price sequential and first-price combinatorial bidding. The design of the experiment is based on experiences from a public procurement auction of road markings in Sweden. Bidders are asymmetric in their cost functions; some exhibit decreasing average costs of winning more than one contract, whereas other bidders have increasing average cost functions. The combinatorial bidding mechanism is demonstrated to be most efficient. The second part of the paper describes how the lab experiment was followed up by a field test of a combinatorial procurement auction of road markings.     

Tenants' participation — A study of residential service planning

During recent years there has been a large interest in residential service in Sweden. Several experiments and investigations have been carried out concerning various service facilities in residential districts and attempts to let the tenants themselves participate in the planning of this service. One of the most comprehensive projects is the one that was conducted in the district of Högaholm in Malmö. This article reports from an evaluation of the planning procedure in this district, where opinions and wants of the tenants have been continually collected in order to make the residential service as good as possible. The article mainly comprises a presentation of how the tenants participated in the planning process, an analysis of the reasons why this planning failed in some respects and a comparison to other research in this field.

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Zusammenfassung Der Beitrag beschäftigt sich mit schwedischen Erfahrungen mit der Berücksichtigung von Mieterwünschen. Dem Versuch, Bewohner an der Planung ihrer eigenen Wohnumwelt zu beteiligen, war bereits eine Reihe von Untersuchungen gewidmet. Eines der umfassendsten Projekte ist im Gebiet von Högaholm in Malmö durchgeführt worden. Der Aufsatz berichtet über die Vorgehensweise bei der Planung in diesem Gebiet, bei der die Wünsche und Vorstellungen der Bewohner systematisch erfaßt wurden, um die Anlagen des Wohngebietes möglichst gut daran anzupassen. Er schildert vor allem, auf welche Weise die Bewohner in den Planungsprozeß einbezogen wurden, analysiert dann die Ursachen dafür, daß die Partizipation in mancher Beziehung fehlschlug, und zieht Vergleiche zu anderen Forschungsergebnissen.

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Jerker Nilsson is a Research Assistent at the Department of Business Administration, University of Lund, PO box, S-220 05 Lund 5, Sweden. He wishes to express his thanks to Britt Pedersen, who is a Lecturer at the Department of Building Function Analysis at the Lund Institute of Technology. Britt Pedersen has not only given valuable advice for this article, but she has also been deeply involved in the Högaholm experiment of residential service.     

Determinants of firm performance: The relative importance of economic and organizational factors

We decompose the inter-firm variance in profit rates into economic and organizational components. Using a representative model from each paradigm we find that both sets of factors are significant determinants of firm performance. Further findings are that the two effects are roughly independent and that organizational factors explain about twice as much variance in profit rates as economic factors.     

Über die Bedeutung von Alltagsauffassungen für das Wirtschaftsgeschehen

Economics has begun to analyse its actors in a new light. Behavioural economics analyses real motives, reasons, attitudes and belief structures, individual and shared mental models, emotions, etc. The everyday behaviour of actors is generally incompatible with rational choice behaviour. Economic theory responds to this disconnect with modified models of rationality, but we have to be aware that defining rationality is aimed more at a normative conception of elegant model-building than it is at trying to explain real behaviour. “Real actors” have models, patterns and interpretations of their own in their economic everyday lives. Thus, economic theory must begin to take into account actors operating according to rules and theories different from those of the general economic models.     

Über periodische und angenäherte Beharrungszustände

Man stösst in den verschiedensten Zweigen der angewandten Mathematik — so in der Statistik, in der Versicherungstechnik, in der Physik, u.s.w. — sehr oft auf die Berechnung von Grössen, die als durch einen fortlaufenden Zugang irgend eines erzeugenden Elementes, deren Wirkung auf die zu studierende Grösse auf eine bestimmte Zeitdauer begrentzt ist, aufgebaut angesehen werden können.