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Ohne Zusammenfassung 相似文献
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Summary This paper is an empirical study of pricing in the Dutch mortgage market. For a narrowly defined set of endowment mortgages
(with a fixed lending rate of 10 years), we find that the price dispersion within lenders is larger than the dispersion across
lenders. Prices remain dispersed across lenders, even after controlling for characteristics of the borrower, the municipality
and the government bond rate. Apparently, the mortgage market is not fully transparent, which impedes competition in the mortgage
market. We also find that the price dispersion for mortgages sold by banks is smaller than that for mortgages sold by other
lenders. A likely explanation is that lenders using middlemen have higher agency costs.
We wish to express our gratitude to the National Mortgage Guarantee (Nationale Hypotheek Garantie) in Zoetermeer, in particular
Karel Schiffer and Hans Mersmann, for providing us access to their data as well as for their hospitality. We are grateful
to Wim van Assenbergh, Harry Garretsen, Ralph de Haas, Jan Lemmen, Clemens Kool, Job Swank and two anonymous referees of this
journal for their comments on previous versions of this article. 相似文献
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Abstract. The latest study investigating the cost–benefit ratio of apprenticeship training for Swiss companies has shown that most apprentices offset the cost of their training during their apprenticeship on the basis of the productive contribution of the work they perform. Given this outcome, it is worth investigating why so many firms choose not to train apprentices. Maximum-likelihood selection models were used to estimate the net cost of training for firms without an apprenticeship programme. The models show, firstly, that non-training firms would incur significantly higher net cost during the apprenticeship period if they would switch to a training policy and, secondly, that this less favourable cost–benefit ratio is determined less by cost than by absence of benefit. For the apprenticeship system as such the results indicate that, as long as training regulations and the market situation permit a cost-effective training of apprentices, companies do not need specific labour market regulations or institutions to offer training posts. In this respect, the Swiss findings might be of interest for the ongoing German discussion about the expected repercussions of a more general labour market deregulation on the apprenticeship training system. 相似文献
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Stefan C. Wolter 《Kyklos》2000,53(1):51-69
Wage expectations can play a significant role in a variety of economic areas. This study analyses the wage expectations of students who are on the verge of making a decision concerning their educational path or who have already reached such a decision. Since each student in our study has been asked to discuss expectations in relation to various educational scenarios, this data can be used to check certain human capital theory assumptions. It is possible to ascertain the wage effects which students expect from certain educational decisions. Moreover it is possible to assess the expected rates of return on education without asking the students directly. The results of this study make it clear that both in the USA and in Switzerland the wage expectations of students do not differ significantly from the cross‐sectional labor market data, despite considerable heterogeneity in some cases. 相似文献
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Using a repeat-sales methodology, this paper finds that estimates of house price risk based on aggregate house price indices substantially underestimate the true size of house price risk. This is the result of the fact that aggregate house price indices average away the idiosyncratic volatility in house prices. Additional results show that the idiosyncratic risk exceeds the hedging benefits of home ownership. These results imply that for many home owners, owning a house may well add more price risk than it hedges away. These findings are based on a detailed dataset of individual housing transactions in the Netherlands. 相似文献
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This paper reports on an Austrian research project that deals with the question how the Austrian society could cope with long-lasting low economic growth. Various causes of low-growth that are relevant for Austria (a deteriorating balance of trade, increasing resource prices, consumer restraint of households and less immigration) have been identified, leading to an only moderate gross domestic product growth of 0.55 % per year. The resulting impact on the economy is substantial: the labour market suffers from a shortage of labour supply (due to reduced migration) and from a reduced demand for labour (due to reduced demand in consumption, investments and exports). Subsequently, less employment decreases the development of the disposable income of private households (tax rates and social security contributions held constant). Related to this, public debt is higher due to reduced tax incomes and slightly growing public expenditures. From an ecological perspective, resource consumption increases at a slower rate, however, no absolute reduction can be reached. CO2 emissions also slightly increase. Therefore, it cannot be assumed that low growth necessarily leads to the achievement of energy and environmental policy goals. Based on these results, a policy scenario was used to analyze whether and how policy measures are able to cope with the negative consequences of persistent low growth. The results reveal that the selected measures are suitable to reduce negative economic effects: The implementation of reduced working time and an eco-social reform of levies might improve the labour market situation. The negative effects on the national budget can be diminished by a reduction of environmentally harmful subsidies. Induced behaviour changes of private households can reduce energy and resource-intensive consumption. 相似文献
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Salespeople have considerable autonomy in the choices they make with respect to both the types and amounts of resources they deploy in pursuing potential customer accounts and specific sales opportunities. Building from a prospect theory framework and also leveraging self-justification theory, this research reports the results of three experimental studies conducted on practicing salespeople. The experiments help shed light on several factors that might influence a critical form of salesperson resource allocation decision — the allocation of the salesperson's own ‘selling time’ which is devoted to a specific sales opportunity. Study 1 establishes that an escalation of commitment effect exists when salespeople pursue a new customer opportunity, and that “competitive intensity” is a key variable that attenuates the escalation of commitment effect. Study 2 demonstrates that a salesperson's “selling efficacy” – or their confidence in their abilities and decision-making in sales – has important, but mixed, effects on the salesperson's allocation of scarce resources. Finally, study 3 broadens this research by showing that environmental factors such as the extent to which the salesperson has ‘disclosed’ their pursuit of a new sales opportunity within their own organization can also influence the escalation of commitment effect on how they allocate resources in pursuit of that business. The article's broader contribution is that it offers an overdue and preliminary glimpse into the levers which shape and influence how, when, and why salespeople apply resources in the pursuit of new customers. 相似文献
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Common knowledge and quantification 总被引:5,自引:0,他引:5
Summary. The paper consists of two parts. The first one is a concise introduction to epistemic (both propositional and predicate)
logic with common knowledge operator. As the full predicate logics of common knowledge are not even recursively enumerable,
in the second part we introduce and investigate the monodic fragment of these logics which allows applications of the epistemic
operators to formulas with at most one free variable. We provide the monodic fragments of the most important common knowledge
predicate logics with finite Hilbert-style axiomatizations, prove their completeness, and single out a number of decidable
subfragments. On the other hand, we show that the addition of equality to the monodic fragment makes it not recursively enumerable.
Received: March 7, 2001; revised version: April 4, 2001 相似文献