Towards a New Paradigm: Stabilising Financial Markets

The pre-crisis paradigm focused exclusively on the positive role of finance. The new paradigm takes the other side of finance seriously and arrives at distinctly different trade-offs and regulatory approaches.     

社会理论法学的兴起———贡塔·托依布纳的生平、著述及影响

贡塔·托依布纳系当代社会理论法学大师,他在“法律与社会”“超国家法律”以及“正义 论”三个领域,结合卢曼的系统论和德里达的后现代语言哲学,分析当代社会的私法秩序,建构了独特 的社会理论法学。在法律与社会的关系上,托依布纳强调反思型法的作用,把合同视为调整来自不同 领域冲突理性的工具。他认为当代法秩序会脱离民族国家的影响,形成全球私法。正义论不是纯粹 的法哲学问题,它涉及的是法律与社会的调和,并且寻找适合社会的法教义学具体问题的答案。     

Trading with the crowd

We formulate and solve a multi-player stochastic differential game between financial agents who seek to cost-efficiently liquidate their position in a risky asset in the presence of jointly aggregated transient price impact, along with taking into account a common general price predicting signal. The unique Nash-equilibrium strategies reveal how each agent's liquidation policy adjusts the predictive trading signal to the aggregated transient price impact induced by all other agents. This unfolds a quantitative relation between trading signals and the order flow in crowded markets. We also formulate and solve the corresponding mean field game in the limit of infinitely many agents. We prove that the equilibrium trading speed and the value function of an agent in the finite N-player game converges to the corresponding trading speed and value function in the mean field game at rate $O(N^{-2})$. In addition, we prove that the mean field optimal strategy provides an approximate Nash-equilibrium for the finite-player game.     

Greenhouse Gas Emission Reduction Potentials in Europe by Sector: A Bootstrap-Based Nonparametric Efficiency Analysis

Environmental and Resource Economics - The reduction of greenhouse gas emissions is the key action to limit global warming. An important source of greenhouse gas emissions and pollution is...     

Editorial to the special issue “Structured Literature Reviews in Entrepreneurship Research-Taking Stock and Setting the Agenda”

Management Review Quarterly - Entrepreneurship as a phenomenon has changed a lot over the last years. At the same time entrepreneurship as an interdisciplinary research field has seen strong growth...     

Brand placements in video games: How local in-game experiences influence brand attitudes

Brand placements are omnipresent in video games, but their overall effect on brand attitudes is small and varies substantially between studies. The present research takes an evaluative conditioning perspective to explain when and how brand placements in video games influence brand attitudes. In two experiments with a 3D first-person video game, we show that only brands encountered during positive in-game experiences benefit from the placement, but not those encountered during negative in-game experiences. Building on the cognitive processes underlying evaluative conditioning, we also show that brand attitudes largely depend on the memory for the pairing of a brand with positive/negative in-game experiences. Pairing memory and thus also evaluative conditioning effects increase when players attend to the pairing of brands and positive/negative experiences, for example, when such pairings are a central part of the game's storyline. Overall, our findings show that evaluative conditioning and its cognitive mechanisms can be utilized to explain and predict advertising effects in applied settings, such as brand placements in video games.