Wettbewerbspolitik in der digitalen Wirtschaft

Digital content and services providers like Alphabet (formerly Google) or Facebook have become an indispensable part of our everyday lives and are among the highest valued firms in the economy as a whole. Most digital markets are characterized by direct and indirect network effects and therefore also by so-called two-sided platforms. To date it is not clear to how much market power these firms actually possess, which is a prerequisite for a possible policy intervention. The authors discuss measuring market power within the existing European legal framework and propose new legal rules in the field of digital markets. As the limitations of current instruments such as the SSNIP test point out, new approaches for the analysis of markets in the context of Internet-based platforms are necessary. The authors prefer modifying competition law to sector-specific regulations of internet-based businesses. They also discuss the implications that the use of big data has on competition policy. The author Günter Knieps focusses on the network evolution of the future all-IP Internet, which should neither be disturbed by regulatory technology policy nor by network neutrality regulation.     

The Impacts of Chronic Wasting Disease and its Management on Recreational Hunters

This paper examines the site choices of recreational deer hunters in context of changing levels of chronic wasting disease (CWD) and its management in Alberta. CWD is a prion disease that affects wild cervids and is found in Saskatchewan and Alberta. There are no known human health risks from CWD but the condition is fatal for cervids. The methodological approach employed utilizes both revealed and stated preference data collected from resident hunters using a computer‐based survey. The results suggest that while hunting behavior is not significantly altered by current CWD levels and management programs, there would be some changes given higher prevalence and spread levels of the disease. To avoid a situation of high CWD spread and prevalence, hunters would be willing to pay on average $20.35 per trip to keep CWD at current levels. This translated into just under a million dollars of direct economic value. Although the estimate is not large compared to other provincial economic activities, when added up over a number of years the economic losses could be substantial. Le présent article examine les choix de site des amateurs de chasse au cerf en fonction de l’évolution de la maladie débilitante chronique des cervidés (MDC) et de la gestion de cette maladie en Alberta. La MDC est une maladie à prions qui frappe les cervidés sauvages, notamment en Saskatchewan et en Alberta. Cette maladie ne semble pas présenter de risques pour la santé humaine, mais elle demeure fatale pour les cervidés. Nous avons utilisé une approche méthodologique comprenant des données sur les préférences révélées et les préférences déclarées des chasseurs résidents, recueillies au moyen d’un sondage informatisé. D’après les résultats, bien que les niveaux actuels de la MDC et les programmes de gestion n’aient pas entraîné de changements considérables sur le plan du comportement de chasse, une hausse de la prévalence et des niveaux de propagation de la maladie pourrait toutefois entraîner certains changements. Afin d’éviter une augmentation de la propagation et de la prévalence de la MDC, les chasseurs se sont dit prêts à verser en moyenne 20,35 $ par voyage de chasse pour contenir la maladie aux niveaux actuels, ce qui représenterait une valeur économique directe de près de un million de dollars. Bien que cette estimation soit faible par rapport aux autres activités économiques provinciales, les pertes financières cumulées sur un certain nombre d’années pourraient toutefois être substantielles.     

Project management: a methodology for success

Project management's ultimate measurement is the successful integration of new technology into the culture of the organization. The first and most crucial step in any implementation is the specification and subsequent selection of the equipment or technology. It is important to make the "right" choice--one where the technology provides value-added services to the users so it helps them do their jobs better now and in the future. Making a "wrong" choice can severely impact even the best-managed implementation (and project managers' careers). There is simply no margin for error--so getting it right the first time is not merely an option, it is a prerequisite for success.     

Recent Developments in Credit Markets

We summarize recent developments in the credit derivative markets. We show the role of dependence between individual debtors in portfolio derivatives in a study of implied correlation. The risk of changing dependence structures between stock and bond markets becomes evident in an example of capital structure arbitrage. How credit derivatives can introduce new risks is illustrated by the example of “overlay” in basket derivatives.     

Auswirkungen von Enhanced Annuities auf den Bestand eines Versicherers

The value for money of a standard annuity is the higher, the longer the life expectancy of an insured, and therefore it is only acceptable for persons with an above average life expectancy. The discrepancy is intensified by tax regulations that favor lifelong annuity payments opposed to a lump sum. This discrimination of impaired insureds could be prevented if so-called enhanced annuities were offered, i.e. products where the annuity paid is the larger, the lower the person’s life expectancy. The article presents a quantitative comparison of the risk profile of insurance companies offering standard annuity contracts compared to enhanced annuities and an analysis of the impact of adverse selection on a standard insurer. By definition of individual mortality rates a heterogeneous insurance portfolio is specified. Besides we model the individual underwriting of enhanced annuities. A Monte Carlo Simulation provides results to compare the profit/loss situation of a portfolio of traditional annuity products and a portfolio of enhanced annuities with individual underwriting of different quality and to assess the impact of selection effects.