战胜感性

如何恪守理性投资是每个投资者面临的难题。而神经经济学的一些新发现可以帮助你在解决这个难题时做得更好有时候,你会冲动地买进一只危险的股票。有时候,你的投资正在不停地贬值,可你就是没法卖出它。还有的时候,你明明知道自己该为退休做更充分的准备,但就是无法恪守自己的计划。对绝大多数投资者而言,这些不理智、短视的决定往往都是下意识的行为:就像看到蟑螂马上用报纸去打一样。但是,新诞生的神经经济学 (neuroeconomics)这个学科可以帮助投资者们学会如何抵制他们这种自我毁灭的倾向。     

THE FOOTBALL PLAYERS' LABOR MARKET: EMPIRICAL EVIDENCE FROM THE MAJOR EUROPEAN LEAGUES

The growing economic importance of professional football and the recent fundamental changes in the regulatory regime governing the football players' labor market together with the availability of detailed information on player salaries, transfer fees and contract lengths have convinced an increasing number of economists from all over Europe to devote their attention to the operation of that particular market. The following paper reviews the available evidence on the various dimensions of that market (remuneration, transfers, contracts and mobility) and points out some promising directions for further research.     

Codetermination and personnel policies of German firms: the influence of works councils on turnover and further training

The paper analyses the contribution of works councils to the overall success of German firms during the last few decades. It is argued that a successful implementation of flexible specialization strategies is the cornerstone of German prosperity. The acquisition and effective utilization of firm-specific skills is a precondition of successful flexible specialization. Effective skill utilization itself needs cooperation between employers and employees in order to safeguard the specific investments of either side. Thus, the crucial question is whether the dual system of worker representation in Germany, and particularly the part of the works councils therein, is an efficient institution in the sense that it guarantees the necessary co-operation. In analysing the effects of works councils on personnel turnover and vocational training, we find the works councils to be organizationally efficient, i.e., they balance out employers' and employees' interests. The legal structure underlying the dual system is found to be institutionally efficient because it guarantees this result. Even in times of crisis and if exposed to great pressure, the dual system seems to remain stable, as is illustrated in the light of recent labour market developments that have been triggered by German unification and the last recession.     

The impact of exogenous shocks on exits from the Catholic and Protestant churches in Germany, 1953–2015

In Germany, exits from the Catholic and Protestant churches have fluctuated considerably over the last 60 years. Much of the observable variation in these exits can be explained by exogenous shocks such as unpopular encyclicals by the Pope, German reunification, sexual abuse cases and financial scandals.     

A COMPARISON OF ALTERNATIVE MEASURES OF ECONOMIC WELL-BEING FOR GERMANY AND THE UNITED STATES

This paper, using six waves of data (1984-89) from the United States Panel Study of Income Dynamics (PSID) and the German Socio-Economic Panel (GSOEP), compares economic well-being using single year income, multi-year income, and wealth as measures. We find inequality to be greater in the United States than in Germany regardless of the measure used. However, the relative degree of inequality varies across measures. When we disaggregate our data by age and gender categories, in general we find greater inequality in the United States, but wealth inequality among older Germans is greater than it is among older Americans.     

Valuing improvements in lifetime endowments in markets with no borrowing

The objective is to determine whether single period data regarding willingness to pay for improvements in lifetime endowments when consumers cannot borrow can be used to measure the net present value of the improvements. When consumers who discount utility at the real interest rate can borrow and save, the willingness to pay for improvements in lifetime endowments is the net present value of the improvements. A single period measure of the willingness to pay for improvements in lifetime endowments without borrowing is at least as large as the improvement in the period in which the individual has the opportunity to obtain the stream of improvements. The sum of single period measures is an upper bound for the net present value of improvements in lifetime endowments. Previous versions of this paper have been presented at the following conferences: International Atlatic Economic Conference 2000, International Society for Technological Assessment in Health Care 2001, Society for the Advancement of Behavioral Economics 2001, and International Health Economics Association 2001. The author would like to thank Philip Clarke for his insight on the disutility associated with traveling and both Philip Clarke and Robert Brent for their insights on the potential importance of measuring willingness to accept. Support for work on this paper was provided by the International Trachoma Initiative. The author would also like to thank Richard Bowman and Eric Keuffel for their collaboration on the original willingness to pay analysis of the Gambian data that led to the new theoretical developments. Any remaining errors are solely the responsibility of the author.     

Influences of Personal,Social, and Environmental Factors on Workday Use Frequency of the Nearby Outdoor Recreation Areas by Working People

Contact with nature positively impacts one's wellbeing and overall health. This study examined the relevance of 16 personal, social, and living environment factors for workday use frequency of nearby outdoor recreation areas (NORAs) by 262 gainfully employed Swiss citizens. Hierarchical regression revealed that emotion work, sedentary work, low energy level, area knowledge, dog ownership, and temporal distance are significant predictors of workday NORA use frequency. The results suggest that social and personal conditions are more important predictors of the use frequency of NORAs than living environment factors and that the type and amount of work predicts nearby outdoor recreation behavior.     

The impact of managerial quality on organizational performance: evidence from German soccer

In this paper we use a novel panel data set from the German premier soccer league (Bundesliga) as a case to show how variations in managerial compensation impact positively upon organizational (team) success. Using stochastic frontier analysis, we find that a team that hires a better quality coach can expect to achieve a higher league points total by reducing technical inefficiency. However, our results also suggest that the market for head coaches may be allocatively inefficient in that coaches are paid below their marginal revenue products. Copyright © 2008 John Wiley & Sons, Ltd.     

The impact of customer reviews and advertisement efforts on the performance of experience goods in electronic markets

When searching products online, costumers are facing a multitude of information signals of product quality they need to process – both separately and jointly – for relevance and reliability. A potentially reliable informations source is past experience of customers expressed in online reviews. In this article, we analyse the impact of customer reviews and additional signals of quality on buying behaviour in electronic markets. To empirically estimate and separate the effects, we use data from the Apple App Store covering 5792 daily observations from 2015. We find clear evidence to suggest that reviews and ads have a significantly positive influence on download rates. We also find empirical evidence to suggest that a considerable degree of interaction is important in explaining variations in market performance, especially between customer average ratings and unanimity of customer reviews.