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The Bonn Journal of Economics

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You are here: Home Issues Volume II(1) - July 2013

The Bonn Journal of Economics: Vol II (1)

K. Kölker, P. Korfmann and J. Kalb present the results of their Bachelor theses in this issue, while M. Engels introduces his Master thesis. Prof. Dr. Matthias Kräkel provides interesting insights in his work in tournament contracts with heterogeneous agents. In his essay about damages for negligent ratings Prof. Dr. Urs Schweizer presents his contributions to Law & Economics.



How to Obtain the Issue?

A free digital copy of The Bonn Journal of Economics (2.2 MB) is accessible online. In addition, all Theses and Contributions are available separately. Please refer to the list of articles below for the corresponding links.


The Bonn Journal of Economics: Volume II (1)


Size Does Matter — Incentives in Heterogeneous Cartels

Max Engels. Full Text.
The Bonn Journal of Economics. Vol 2, No. 1 (Jul. 2013), pp. 7-18.

Max Engels investigates incentives on cartel members to join a cartel. Engels conducted a survey on 36 non-confidential cartel decisions published by the European Commission and presents a model which could explain the empirical observations.

Psychology in Financial Markets — The Disposition Effect

Jonas Kalb. Full Text.
The Bonn Journal of Economics. Vol 2, No. 1 (Jul. 2013), pp. 19-30.

Jonas Kalb discusses the Disposition Effect. In financial markets, investors tend to hold losing stocks too long, whereas they sell winning stocks too fast. In his thesis, Kalb gives theoretical und empirical reasons for this phenomenon.

Debt Capacity for Short-Term Financing in Financial Crises

Katrin Kölker. Full Text.
The Bonn Journal of Economics. Vol 2, No. 1 (Jul. 2013), pp. 31-42.

Katrin Kölker presents a model that tries to explain a reduction in the amount of money that is borrowed against an asset. The debt is short-term, whereas the asset is based on a long term. Therefore, the debt needs to be rolled over. Kölker shows how the occurrence of financial crises can result in the drop of the debt capacity of the asset while the fundamental value remains constant.

News Shocks and the Business Cycle

Philipp Korfmann. Full Text.
The Bonn Journal of Economics. Vol 2, No. 1 (Jul. 2013), pp. 43-56.

Philipp Korfmann talks about the effects of news shocks to technology. News shocks are defined as expected future changes that affect the business cycles. Korfmann presents a version of a neoclassical model and discusses its effects on business cycle fluctuations.



On Optimal Tournament Contracts with Heterogeneous Agents

Prof. Dr. Matthias Kräkel. Full Text.
The Bonn Journal of Economics. Vol 2, No. 1 (Jul. 2013), pp. 57-66.

Prof. Dr. Matthias Kräkel considers optimal tournament contracts for heterogeneous agents. As has been emphasized in many contributions, tournaments do not work well under heterogeneous contestants since the equilibrium outcome is inefficient. However, Kräkel shows that under the optimal tournament contract heterogeneity per se is not a problem, even if handicaps are not applicable.

Damages for Negligent Ratings

Prof. Dr. Urs Schweizer. Full Text.
The Bonn Journal of Economics. Vol 2, No. 1 (Jul. 2013), pp. 67-79.

Prof. Dr. Urs Schweizer provides an economic analysis of a topical problem from tort law. Because rating agencies are often blamed for having contributed to recent financial crises, Schweizer discusses whether rating agencies should be punished. Doing so, he tries to show that the research topics in Laws and Economics are overlapping and both sides would benefit from a more serious interdisciplinary discourse.

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