Ist die EU-Agrarpolitik ihr Geld wert?

Expenditure for the Common Agricultural Policy (CAP) has been in the centre of recent policy debate in the preparation of the Financial Framework for the period 2014–2020. Expenditure has generally been considered as the necessary costs for the achievement of the CAP objectives. The authors of this article argue that expenditure is not equal to the economic costs of a policy. Moreover, they claim that the main part of CAP expenditure is not well targeted for the achievement of the CAP’s objectives. The bulk of expenditure is for direct payments tied to agricultural land and, hence, contributes little if anything to CAP’s objectives as laid down in the treaties of the European Union or officially articulated elsewhere.     

The Research Field “Modeling Business Information Systems”

The research field “Modeling business information systems” has a long tradition in the scientific discipline of Business and Information Systems Engineering (BISE). The present paper highlights research shaping the research field, discusses challenges impairing the development of the research field in the coming years, and outlines elements of a future research agenda.     

Do Entrepreneurs Need Firms? A Contribution to a Missing Chapter in Austrian Economics

The Review of Austrian Economics -     

Brown's original fictitious play

What modern game theorists describe as “fictitious play” is not the learning process George W. Brown defined in his 1951 paper. Brown's original version differs in a subtle detail, namely the order of belief updating. In this note we revive Brown's original fictitious play process and demonstrate that this seemingly innocent detail allows for an extremely simple and intuitive proof of convergence in an interesting and large class of games: nondegenerate ordinal potential games.     

The use of trading strategies by fund managers: some first survey evidence

A questionnaire survey has found that most fund managers rely on the strategies of buy-&-hold, momentum and contrarian trading. These strategies are typically applied mutually. Their use is rooted in the attributes and beliefs of the respective fund managers: buy-&-hold traders are fundamentally oriented, risk averse and are less (over)confident than others. Momentum traders appear as the least risk-averse professionals, going aggressively with the trend. Contrarian traders, however, show signs of overconfidence and peculiar risk aversion, both indicating difficulties in successful strategy implementation. The behavioural patterns revealed are not easily reconciled with efficient markets.     

U.S. Imports by origin: A system approach

Zusammenfassung U.S.-Importe nach Ursprungsl?ndern: Ein systematischer Ansatz.- Die amerikanischen Import-Nachfragefunktionen werden für sieben Ursprungsregionen gesch?tzt. Sie alle werden aus demselben Strukturmodell abgeleitet und gemeinsam gesch?tzt unter Beachtung der Restriktionen, die sich aus der Nachfragetheorie ergeben. Dieses Verfahren stellt sicher, da\ das System von Importnachfragefunktionen intern konsistent ist; die statistische Effizienz wird erh?ht. Die Ergebnisse zeigen, da\ die Elastizit?ten der Importe in bezug auf den eigenen Preis je nach Ursprungsregion sehr stark voneinander abweichen und da\ die besten Substitutionsm?glichkeiten zwischen Einfuhren aus Japan und denen aus einigen europ?ischen L?ndern bestehen.

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Resumen Las importaciones de los EEUU según su origen: un análisis sistemático. - Se estiman funciones de demanda de importaciones de los EEUU para siete regiones de origen. Las funciones de importaciones son derivadas de un mismo modelo estructural y estimadas simultáneamente respetando las restricciones sugeridas por la teoría de la demanda. Este procedimiento asegura que el sistema de funciones de demanda de importaciones sea consistente y que se mejore la eficiencia estadística. Los resultados indican que las elasticidadesprecio de la demanda de importaciones varían ampliamente entre las regiones de origen y que las mejores oportunidades para sustituír importaciones se encuentran en las importaciones provenientes del Japón y de algunos países de Europa.

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Résumé Importations des E.U. par origine: une approche systématique. - L’auteur estime des fonctions de la demande importatrice des E.U. pour sept régions d’origine. Toutes les fonctions d’importation sont dérivées du même modèle structurel, et elles sont estimées en commun sous les restrictions suggérées par la théorie de la demande. Cette procédure assure que le système des fonctions de demande importatrice est internement consistant et l’efficience statistique est augmentée. Les résultats indiquent que les propres élasticités de prix des importations varient largement entre des régions d’origine et que les possibilités de substitution sont les plus grandes entre les importations du Japon et les importations de quelques pays européens.