Culture and Economics

The question of how far it is necessary to include cultural factors in the analysis of economic processes has become topical again in recent years. The first contribution to this Forum introduces a cultural approach to economics. This is followed by an article that examines the transition processes in central and eastern Europe from an econocultural perspective. The next article deals with the concept of a country-specific national tax culture and its implications for tax policy, especially in the context of transformation processes. The final paper discusses Turkey’s economic culture and its possible impact on the country’s integration into the European Union. * This outline is in its main parts the result of cooperation with Bernd Remmele and Joachim Zweynert. The author wishes to express his indebtness to Inga Fuchs for central insights on this subject, and to Michael Wohlgemuth, who helped to finish this paper in a short period of time. ** This article originates in a research project on the historical and cultural path dependence of the transition processes in Central and Eastern Europe (with special focus on the Baltic Sea region). The project is carried out jointly by the Hamburg Institute of International Economics and the University of Hamburg and funded by the VolkswagenStiftung.     

Consumers’ perceptions of GM‐free labelled foods: A sensory experiment

As of today, the views of European consumers and policy makers on GM foods are still divided. While only few GM labelled foods (‘does contain’) have entered the market, GM‐free labelling (‘does not contain’) is increasingly introduced in many EU member states. This study aims to examine whether GM‐free labelling affects consumers’ sensory profiling, emotional conceptualizations and overall liking. Based on a within‐subjects experimental design, 126 Belgian subjects evaluated GM‐free and nonlabelled samples of three food products: yogurt, traditional biscuit (‘speculoos’) and crisps. The results show that overall liking did not differ significantly according to label (no vs. GM‐free), regardless of participants’ knowledge of, or attitude towards GMOs. Furthermore, regarding the impact of GM‐free labelling on consumers’ subjective taste perceptions and emotional profiling, few significant differences were reported for crisps and traditional biscuit. Regarding the latter, less positive and more negative emotional terms have been assigned to the GM‐free labelled sample. The findings of this study should be viewed in the context of the stringent EU mandatory GM food labelling policy, which led to an increase of GM‐free rather than GM labels. Future research is needed to further underpin these findings and examine differently framed labels in various settings.     

连锁董事理论:来自中国企业的实证检验

本文对散见于国内外的连锁董事文献进行了梳理，将之归纳为四种理论体系，即互惠理论、资源依赖理论、金融控制理论和管理控制理论。并依据每一种理论提出了相关假定。指出了数据来源，并选取了被解释变量、解释变量和其他变量。对相关理论进行检验，其结果证实了资源依赖理论，部分证实了金融控制理论和管理控制理论。这些结论表明现有的连锁董事理论对我国上市公司连锁董事的解释能力还待于深入研究。     

ESTIMATION OF CES PRODUCTION FUNCTIONS WITH NEUTRAL TECHNICAL CHANGE FOR INDUSTRIAL SECTORS IN THE FEDERAL REPUBLIC OF GERMANY 1958–1968

This paper discusses the estimation of the CES Production Function with Hicks-neutral technical change, and gives the results of an empirical study based on time series data (quarterly values) for sixteen industrial sectors in the Federal Republic of Germany (including West-Berlin), 1958–1968. The validity of the basic assumptions of the production model used in this investigation—neutrality of technical change and perfect competition—is tested by estimation of alternative specifications of the equations of this model. For this purpose two different methods of estimation were used.     

Are There Rational Bubbles in REITs? New Evidence from a Complex Systems Approach

This study applies a complex systems approach to test for the presence of rational bubbles in the Equity REITs market. The applied model is based on theoretical implications of the evolution of prices under rational bubble regimes. The advantage of the approach is twofold. The model is able to detect rational bubbles while they rise and to predict the most likely time of their collapse. We apply the model to daily price data on U.S. Equity REITs from 1989 to 2011. Our findings suggest the existence of a bubble for the period of 2003 to 2007. Tests for sub-markets reveal that the bubble developed in the Residential REITs market, but not in the Office REITs market.     

Worker Participation and Firm Performance: Evidence from Germany and Britain

The Freeman–Lazear works council/worker involvement model is assessed over two distinct industrial relations regimes. In non-union British establishments our measures of employee involvement are associated with improved economic performance, whereas for unionized plants negative results are detected. The suggestion is that local distributive bargaining can cause the wrong level of worker involvement to be chosen. Also consistent with the model is our finding that mandatory works councils do not impair, and may even improve, the performance of larger German establishments. Yet smaller plants with works councils under-perform, illustrating the problem of tailoring mandates to fit heterogeneous populations.     

Avoiding Backlash or Proving One’s Manhood? Beliefs About Gender Differences in Negotiation

Group Decision and Negotiation - Gender differences in negotiation are typically explained by processes that concern women (e.g., women anticipate backlash for assertive behavior). Research has...