IX. Geld und kapital

Ohne Zusammenfassung     

Political consensus, uncertain preferences, and central bank independence

Models where monetary policy is delegated to an independentcentral bank using contracts or targets usually assume thatthe preferences of the principal and the agent are known withcertainty. However, if there is no consensus in society aboutthe relative costs of inflation and output stabilisation, thedelegation solution may not produce a better outcome for themedian voter than discretion This paper examines the robustnessof the institutional solutions to the credibility problem withuncertain preferences We also examine the related issue of whetherpolitical parties have an interest in moving towards centralbank independence     

ATTRACTING SKEPTICAL BUYERS: NEGOTIATING FOR INTELLECTUAL PROPERTY RIGHTS*

Expropriable disclosures of knowledge to prospective buyers may be necessary to facilitate the sale of intellectual property (IP). In principle, confidentiality agreements can protect disclosures by granting the seller rights to sue for unauthorized use. In practice, sellers often waive confidentiality rights. We provide an incomplete information explanation for the waiver of confidentiality rights that are valuable in complete information settings. Waiving sacrifices the protective value of confidentiality to gain greater buyer participation. Buyer skepticism, which reduces participation, arises endogenously from three elements: asymmetric information regarding seller IP, rent dissipation from competition for IP, and ex post costs from expropriation lawsuits.     

Agriculture in Europe 2000: An interim report on a cross-national research project

The futures research programme initiated by the European Cultural Foundation, Amsterdam, in 1968, under the general title of Plan Europe 2000, consists of four projects : Education, Industrialisation, Urbanisation and Agriculture.¹ Work on the last Agriculture Project commenced in September 1970. The prime aim of the project is to provide alternative “guiding images” of the roles and functions which agriculture could fulfil in Western Europe in the future.²     

Buchbesprechungen

Ohne Zusammenfassung     

A stability theorem for statistical experiments

Summary A theorem ofMüller [1974] on the convergence of statistical experiments on a polish space is extended to the abstract setting of a measurable space. The proof of the main result is remarkably elementary. The paper concludes with a discussion of several examples and counterexamples.     

VALUING BLUE FLAG STATUS AND ESTUARINE WATER QUALITY IN MARGATE,SOUTH AFRICA1

This study estimates the costs associated with reduced water quality and withdrawal of Blue Flag status in Margate, Kwazulu‐Natal, based on travel costs and contingent behaviour (reported change in visits contingent on a hypothetical scenario). Costs associated with hypothetical loss of Blue Flag status (based on reduced visits) range between R17 and R25 million per annum. Interestingly, Blue Flag status was withdrawn shortly after completion of the survey, owing to reduced water quality. This study therefore provides an estimate of the associated welfare losses, and of the benefits of actions to improve water quality and restore Blue Flag status.     

COOPERATIVE GAMES WITH GENERAL DEVIATION MEASURES

Cooperative games with players using different law‐invariant deviation measures as numerical representations for their attitudes towards risk in investing to a financial market are formulated and studied. As a central result, it is shown that players (investors) form a coalition (cooperative portfolio) that behaves similar to a single player (investor) with a certain deviation measure. An explicit formula for that deviation measure is obtained. An approach to optimal risk sharing among investors is developed, and a “fair” division of the cooperative portfolio expected gain, belonging to the core of a corresponding cooperative game, is suggested.