Demographic changes and economic consequences: Demo-economic multiplier for Austria

"The aim of [this] paper is the development of the demo-economic accounting linkage (demo-economic multiplier) between population development and the production of goods and services in the context of a comparative static analysis." The demo-economic multiplier is derived to indicate the economic conseqences of different household types. The impact of population size and structure on the economy is evaluated. A model is derived based on the demographic pattern of the Austrian population for 1974     

Stickiness of Rental Rates and Developers’ Option Exercise Strategies

In this study we incorporate sticky rents into a real options model to rationalize the widely documented overbuilding puzzle in real estate markets. Given the assumption that developers’ objective function is to maximize total revenue by selecting an optimal occupancy level, our model provides a better explanation of the phenomena we observed in the real world than the traditional market-clearance based real options models. We also show that developers’ exercise strategies can be affected by the size and the type of property markets. In other words, developers’ exercise strategies could differ among markets and under different conditions. Submitted to Cambridge—Maastricht 2005 Symposium.     

Scarcity Message Effects on Consumption Behavior: Limited Edition Product Considerations

Recently, many luxury brands have begun to launch limited edition (LE) products. When this happens, advertisers implement two typical types of scarcity messages for LE products: limited‐time scarcity (LTS) versus limited‐quantity scarcity (LQS) messages (Cialdini, 2008). Prior research offered empirical evidence that these scarcity messages make consumers feel that LE products are more special, unique, and valuable, and thus, positively influence their evaluation of the product (Aggarwal, Jun, & Huh, 2011). The current study examined the differential effects of LTS and LQS messages on different types of LE products by focusing on consumers’ need for uniqueness.     

财富对创业的异质性影响——基于三省农户的实证分析

文章从动态视角重新考察了财富与创业的关系,并基于中国农村固定观察点的调查数据进行了实证分析,研究发现财富对创业的影响并非简单的单调关系。当农户资产处于0-98.70分位数区间(0<资产<26.84万元)时,农户资产越多越倾向于创业,这与静态模型的预测相同;但当资产处于98.70分位数之后的区间(资产≥26.84万元)时,样本自选择偏差的存在使二者呈负相关关系,即资产越多,创业概率越低,支持了动态模型的理论预测。文章还使用"人情收入"作为资产的工具变量来解决模型中可能存在的内生性问题,发现此结论依然稳健。     

What drives passenger loyalty to traditional and low-cost airlines? A formative partial least squares approach

Based on a case study involving passengers from Lufthansa, Croatia Airlines and Germanwings, we examine the determinants of passenger loyalty among users of traditional full-service airlines and of low-cost carriers. In particular, using formative modeling the study analyzes the effects of service quality and price on carrier choice and loyalty.     

The accomplishment of the Maastricht criteria with respect to initial debt

The reduction of government debt to 60% of the GDP in order to satisfy the requirements of the Maastricht Treaty for participation in the European Monetary Union is one of the primary economic-policy goals for most of the European Union countries. The first aim of the present paper is to characterize the optimal path of the primary surplus that leads to the achievement of this Maastricht target. Using optimal-control theory we are able to determine an upper bound of the public-debt-to-GDP ratio above which no retrenchment policy becomes effective. The second issue taken up is that of the sensitivity analysis with respect to the initial level of the debt-to-GDP ratio, the growth rate of the economy, the interest rate, the inflation rate, and the inverse of the velocity of the monetary base circulation.     

Downward wage rigidity and job mobility

Using data from the German Socio-Economic Panel (GSOEP) we study whether being individually affected by downward wage rigidity has an effect on layoffs, quits and intra-firm mobility. Within a structural empirical model we estimate the individual extent of wage rigidity. This is expressed by the wage sweep-up, which measures by how much individual wage growth increases through the effect of downward wage rigidity when compared to a counterfactual labour market with flexible wage setting. We find robust negative effects of wage sweep-up on quits and layoffs and some evidence for a positive association of wage sweep-up and promotion opportunities. This is consistent with a core-periphery view of the labour force, where a core work force is protected from layoffs and wage cuts and at the same time enjoys good promotion opportunities. On the other side a peripheral work force provides a buffer for adjustment and suffers from both flexible wages, more insecure jobs and less internal promotion opportunities.      

Zins und Unternehmergewinn im Gleichungssystem der stationären Wirtschaft

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