Investitionsregulierung in Stromverteilnetzen

Within the context of the German incentive regulation, several investment incentives for Distribution System Operators are discussed. The concrete design seems to be quite complex and certain trade-offs are inevitable. The time delay problem within the existing regulation can be better covered by an improved design of the network enlargement factor. Alternatively, simplified cost recognition schemes can be considered, but the extent to which they might improve cost efficiency must be analysed in more detail. Incentives can also be created by rate-of-return adders. A crucial problem with these adders is that their economic adequacy is often not clearly derived. Additional instruments, e.g. sliding scales for specific costs, which are not covered by the (potentially improved) instruments already available are also discussed.     

Time consistent side payments in a dynamic game of downstream pollution

This note determines a rule to share a surplus gained when two countries or regions agree to coordinate their policies to reduce downstream pollution. An intertemporal decomposition scheme for the total side payment is proposed. This scheme has the following individual rationality property: in each subgame that starts along the cooperative trajectory, one country is guaranteed to receive a higher payoff in the cooperative solution than in the disagreement solution. For this country another notion of individual rationality obtains: this country will at any instant of time during the play of the game receive a higher payoff in the cooperative solution than in the disagreement solution.     

The Discount to NAV of Distressed Open-End Real Estate Funds

The Journal of Real Estate Finance and Economics - This paper examines the discount to NAV in the context of distressed German open-end real estate funds. This is a unique setting to study NAV...     

Averting economic collapse and the solipsism bias

We study the behavior of experimental subjects who have to make a sequence of risky investment decisions in the presence of network externalities. Subjects follow a simple heuristic—investing after positive experiences and reducing their propensity to invest after a failure. This result contrasts with the theoretical findings of Jeitschko and Taylor [Jeitschko, T.D., Taylor, C., 2001. Local discouragement and global collapse: A theory of coordination avalanches. Amer. Econ. Rev. 91 (1), 208–224] in which even agents who have only good experiences eventually stop investing because they account for the fact that others with worse experiences will quit. This can trigger sudden economic collapse—a coordination avalanche—even in the most efficient Bayesian equilibrium. In the experiment, subjects follow their own experiences and disregard the possible bad experiences of others—thus exhibiting behavior that we term “solipsism bias.” Solipsism results in sustained investment activity and thus averts complete collapse.     

Was kann stationäre Pflege bei Morbus Parkinson leisten?

Pflege mit Modellcharakter - Die Parkinson-Erkrankung und das Parkinson-Syndrom z?hlen bundesweit zu den h?ufigsten neurologischen Diagnosen im h?heren Lebensalter. Und durch die zunehmende Lebenserwartung der Menschen werden sie weiter an Relevanz gewinnen. Innovative Pflegekonzepte werden daher gebraucht.