Aufgabenfelder des Investitionscontrollings

Dem Investitionscontrolling obliegen vielf?ltige Planungsund Kontrollaufgaben, die sich über den gesamten Investitionsprozess hinweg erstrecken.     

Local and global consistency properties for student placement

In the context of resource allocation on the basis of priorities, Ergin (2002) identifies a necessary and sufficient condition on the priority structure such that the student-optimal stable mechanism satisfies a consistency principle. Ergin (2002) formulates consistency as a local property based on a fixed population of agents and fixed resources—we refer to this condition as local consistency and to his condition on the priority structure as local acyclicity. A related but stronger necessary and sufficient condition on the priority structure such that the student-optimal stable mechanism satisfies a more standard global consistency property is unit acyclicity.     

Probabilistic assignments of identical indivisible objects and uniform probabilistic rules

We consider a probabilistic approach to the problem of assigning k indivisible identical objects to a set of agents with single-peaked preferences. Using the ordinal extension of preferences we characterize the class of uniform probabilistic rules by Pareto efficiency, strategy-proofness, and no-envy. We also show that in this characterization no-envy cannot be replaced by anonymity. When agents are strictly risk averse von Neumann-Morgenstern utility maximizer, then we reduce the problem of assigning k identical objects to a problem of allocating the amount k of an infinitely divisible commodity.     

Ölpreisspirale ohne Ende?

Der Mineral?lbedarf in der Welt nimmt kr?ftig zu und ?l verteuert sich weiter. Die Preise für Benzin erreichten nach den Sturmsch?den im Golf von Mexiko neue Rekorde. Wird ?l demn?chst noch teurer?     

In eigener Sache

Ohne Zusammenfassung     

Foreign enterprises in mexico

The uses and drawbacks of foreign capital and multinational enterprises have been discussed more thoroughly in the past few years also in Mexico. The Third World Trade Conference of 1972 (UNCTAD III), at which President Echeverría came forward with proposals designed to involve foreign enterprises in the development process, and the introduction of two laws dealing with investment and technology have stimulated this debate.     

Internal rationality, imperfect market knowledge and asset prices

We present a decision theoretic framework in which agents are learning about market behavior and that provides microfoundations for models of adaptive learning. Agents are ‘internally rational’, i.e., maximize discounted expected utility under uncertainty given dynamically consistent subjective beliefs about the future, but agents may not be ‘externally rational’, i.e., may not know the true stochastic process for payoff relevant variables beyond their control. This includes future market outcomes and fundamentals. We apply this approach to a simple asset pricing model and show that the equilibrium stock price is then determined by investors? expectations of the price and dividend in the next period, rather than by expectations of the discounted sum of dividends. As a result, learning about price behavior affects market outcomes, while learning about the discounted sum of dividends is irrelevant for equilibrium prices. Stock prices equal the discounted sum of dividends only after making very strong assumptions about agents? market knowledge.