Browse Titles - 48 results
Can We Distribute Goods Efficiently Without Property Rights?
(Hamburg, Hamburg State: Latest Thinking, 2017), 15 mins
Even in the absence of absolute property rights, ex-post bargaining may lead to efficient distribution of goods, CHRISTOPH ENGEL explains in this video. The findings of this research thus extend the domain of the Coase theorem. In the experiment, with a society of two individuals and a single commodity, a good end...
Open Access
(Hamburg, Hamburg State: Latest Thinking, 2017), 15 mins
Description
Even in the absence of absolute property rights, ex-post bargaining may lead to efficient distribution of goods, CHRISTOPH ENGEL explains in this video. The findings of this research thus extend the domain of the Coase theorem. In the experiment, with a society of two individuals and a single commodity, a good ends up with the individual who values it most even if only relative property rights – i.e., rights only against other parties to a cont...
Even in the absence of absolute property rights, ex-post bargaining may lead to efficient distribution of goods, CHRISTOPH ENGEL explains in this video. The findings of this research thus extend the domain of the Coase theorem. In the experiment, with a society of two individuals and a single commodity, a good ends up with the individual who values it most even if only relative property rights – i.e., rights only against other parties to a contract – are provided.
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Field of Study
Business & Economics
Content Type
Instructional material
Date Published / Released
2017
Publisher
Latest Thinking
Speaker / Narrator
Christoph Engel, fl. 1988
Person Discussed
Christoph Engel, fl. 1988
Topic / Theme
Commercial products, Economics, Property rights
Copyright Message
Copyright © 2017 Latest Thinking
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Can We Maintain Normative Individualism when Allowing for Preferences to Be Adaptive?
produced by Latest Thinking (Hamburg, Hamburg State: Latest Thinking, 2017), 13 mins
Departing from the standard model of economics with the assumption that humans have fixed preferences, or tastes, more recent behavioral insights show that preferences are influenced by past consumption in a way that the status quo is often valued higher than alternatives. CARL CHRISTIAN VON WEIZSÄCKER adds this...
Open Access
produced by Latest Thinking (Hamburg, Hamburg State: Latest Thinking, 2017), 13 mins
Description
Departing from the standard model of economics with the assumption that humans have fixed preferences, or tastes, more recent behavioral insights show that preferences are influenced by past consumption in a way that the status quo is often valued higher than alternatives. CARL CHRISTIAN VON WEIZSÄCKER adds this “adaptiveness” to the standard model of preferences and shows that this still allows performing standard welfare analysis. In showi...
Departing from the standard model of economics with the assumption that humans have fixed preferences, or tastes, more recent behavioral insights show that preferences are influenced by past consumption in a way that the status quo is often valued higher than alternatives. CARL CHRISTIAN VON WEIZSÄCKER adds this “adaptiveness” to the standard model of preferences and shows that this still allows performing standard welfare analysis. In showing that improvement paths are always non-circular, the altered model even delivers a foundation to do behavioral welfare economics.
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Field of Study
Business & Economics
Content Type
Instructional material
Contributor
Latest Thinking
Date Published / Released
2017
Publisher
Latest Thinking
Speaker / Narrator
Carl Christian von Weizsäcker, 1938-
Person Discussed
Carl Christian von Weizsäcker, 1938-
Topic / Theme
Economic indicators, Economics
Copyright Message
Copyright © 2017 Latest Thinking
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Do Awards Yield Better Results in Enhancing Performance than Monetary Incentives?
(Hamburg, Hamburg State: Latest Thinking, 2017), 11 mins
Monetary incentives, even though apparently efficient in driving performance of workers, have drawbacks, explains BRUNO S. FREY. They can result in a reorientation of workers from their focus on quality towards merely meeting objectives. The experiment presented in this video studies the impact of replacing moneta...
Open Access
(Hamburg, Hamburg State: Latest Thinking, 2017), 11 mins
Description
Monetary incentives, even though apparently efficient in driving performance of workers, have drawbacks, explains BRUNO S. FREY. They can result in a reorientation of workers from their focus on quality towards merely meeting objectives. The experiment presented in this video studies the impact of replacing monetary incentives with symbolic awards. The positive effect on the performance of workers highlights the potential of a well calibrated awa...
Monetary incentives, even though apparently efficient in driving performance of workers, have drawbacks, explains BRUNO S. FREY. They can result in a reorientation of workers from their focus on quality towards merely meeting objectives. The experiment presented in this video studies the impact of replacing monetary incentives with symbolic awards. The positive effect on the performance of workers highlights the potential of a well calibrated award environment. The individual’s needs for recognition and acknowledgement of efforts show to be key elements in boosting intrinsic motivation.
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Field of Study
Business & Economics
Content Type
Instructional material
Date Published / Released
2017
Publisher
Latest Thinking
Speaker / Narrator
Bruno S. Frey, 1941-
Person Discussed
Bruno S. Frey, 1941-
Topic / Theme
Awards, Sense of duty
Copyright Message
Copyright © 2017 Latest Thinking
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Do People Choose Optimal Health Insurance Plans?
(Hamburg, Hamburg State: Latest Thinking, 2017), 14 mins
The health insurance market is driven by the individual choices consumers make on their insurance plans. The research presented in this video explores the questions of how consumers choose these plans, whether they are able to pick the plan most suited to their situation and whether they switch to another and bett...
Open Access
(Hamburg, Hamburg State: Latest Thinking, 2017), 14 mins
Description
The health insurance market is driven by the individual choices consumers make on their insurance plans. The research presented in this video explores the questions of how consumers choose these plans, whether they are able to pick the plan most suited to their situation and whether they switch to another and better health insurance plan when they have the opportunity to do so. JOACHIM WINTER explains that, after running statistical analyses and...
The health insurance market is driven by the individual choices consumers make on their insurance plans. The research presented in this video explores the questions of how consumers choose these plans, whether they are able to pick the plan most suited to their situation and whether they switch to another and better health insurance plan when they have the opportunity to do so. JOACHIM WINTER explains that, after running statistical analyses and conducting experimental surveys, his research group found that consumers do not tend to pick ideal plans because often they focus too much on price and not so much on other cost-influencing factors. The researchers also discovered that switching rates to other plans are very low. These findings have implications for behavioral economics as well since they more generally offer valuable data on consumers’ choice behavior.
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Field of Study
Business & Economics
Content Type
Instructional material
Contributor
Joachim Winter
Date Published / Released
2017
Publisher
Latest Thinking
Topic / Theme
Health insurance industry, Economics
Copyright Message
Copyright © 2017 Latest Thinking
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Does Compensation by Stock Options Induce Excessive Risk Appetite in Executives?
(Hamburg, Hamburg State: Latest Thinking, 2017), 11 mins
In the laboratory experiment presented in this video, experimental CEOs were compensated either through stock options or restricted company stock. It shows that stock options induce excessive risk taking in some cases and that company performance is generally better under compensation through restricted company st...
Open Access
(Hamburg, Hamburg State: Latest Thinking, 2017), 11 mins
Description
In the laboratory experiment presented in this video, experimental CEOs were compensated either through stock options or restricted company stock. It shows that stock options induce excessive risk taking in some cases and that company performance is generally better under compensation through restricted company stock. As FERDINAND M. VIEIDER points out, the main determinant of risk taking under compensation through stock options was found to be t...
In the laboratory experiment presented in this video, experimental CEOs were compensated either through stock options or restricted company stock. It shows that stock options induce excessive risk taking in some cases and that company performance is generally better under compensation through restricted company stock. As FERDINAND M. VIEIDER points out, the main determinant of risk taking under compensation through stock options was found to be the personal asset position of the experimental CEO.
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Field of Study
Business & Economics
Content Type
Instructional material
Contributor
Ferdinand M Vieider, fl. 2010
Date Published / Released
2017
Publisher
Latest Thinking
Topic / Theme
Financial investments, Stock market
Copyright Message
Copyright © 2017 Latest Thinking
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Does Compulsory Licensing Work as an Effective Antitrust Tool?
(Hamburg, Hamburg State: Latest Thinking, 2018), 12 mins
Innovation is very important for economic growth and, often, small start-ups are a key generator of innovation. For this, access to patents is essential for innovative start-ups. However, a few dominant companies often hold these patents in a market field and refuse to license their technology to others, as MONIKA...
Open Access
(Hamburg, Hamburg State: Latest Thinking, 2018), 12 mins
Description
Innovation is very important for economic growth and, often, small start-ups are a key generator of innovation. For this, access to patents is essential for innovative start-ups. However, a few dominant companies often hold these patents in a market field and refuse to license their technology to others, as MONIKA SCHNITZER explains in this video. She has investigated whether antitrust measures, such as compulsory licensing, are an effective tool...
Innovation is very important for economic growth and, often, small start-ups are a key generator of innovation. For this, access to patents is essential for innovative start-ups. However, a few dominant companies often hold these patents in a market field and refuse to license their technology to others, as MONIKA SCHNITZER explains in this video. She has investigated whether antitrust measures, such as compulsory licensing, are an effective tool to deal with this problem. Using the 1956 consent decree as a case study, her team examined whether the compulsory licensing measures imposed on the Bell System – a monopolistic provider of telecommunications services in the United States in the 1950s – promoted follow-on innovation. Indeed, the researchers found that it worked in fields outside of telecommunications, but not so much inside Bell’s own market field. Analyzing the reasons for this, this empirical study demonstrates that compulsory licensing can be an effective antitrust remedy under certain conditions.
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Field of Study
Business & Economics
Content Type
Instructional material
Date Published / Released
2018
Publisher
Latest Thinking
Speaker / Narrator
Monika Schnitzer, 1961-
Person Discussed
Monika Schnitzer, 1961-
Topic / Theme
Patents
Copyright Message
Copyright © 2018 Latest Thinking
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Does Knowledge About the Presence of a Maverick in the Market Influence the Price Level?
(Hamburg, Hamburg State: Latest Thinking, 2017), 12 mins
The experiment presented in this video constructs a heterogeneous duopoly of firms – on the one hand a firm with an internal structure leading to low prices, and on the other hand a firm acting collusively in price-setting. MICHAEL KURSCHILGEN explains that transparency about the competitor’s internal structur...
Open Access
(Hamburg, Hamburg State: Latest Thinking, 2017), 12 mins
Description
The experiment presented in this video constructs a heterogeneous duopoly of firms – on the one hand a firm with an internal structure leading to low prices, and on the other hand a firm acting collusively in price-setting. MICHAEL KURSCHILGEN explains that transparency about the competitor’s internal structure hampers tacit collusion: If the collusive firm is aware of the other firm’s internal structure, the firms will compete on prices an...
The experiment presented in this video constructs a heterogeneous duopoly of firms – on the one hand a firm with an internal structure leading to low prices, and on the other hand a firm acting collusively in price-setting. MICHAEL KURSCHILGEN explains that transparency about the competitor’s internal structure hampers tacit collusion: If the collusive firm is aware of the other firm’s internal structure, the firms will compete on prices and prices will decline; otherwise, both firms will collude on price-setting and prices will rise.
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Field of Study
Business & Economics
Content Type
Instructional material
Contributor
Michael Kurschilgen, fl. 2007
Date Published / Released
2017
Publisher
Latest Thinking
Topic / Theme
Market competition, Price fixing
Copyright Message
Copyright © 2017 Latest Thinking
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Does the Instrument of Opposition During the Patent Filing Process Need to Be Improved?
(Germany: Latest Thinking), 12 mins
Patents are a very useful tool for supporting innovations by setting incentives for companies to invest in research and developments. However, only those innovations should be protected by a patent that are truly inventive. Otherwise, patents might actually end up stifling innovations rather than supporting them....
Open Access
(Germany: Latest Thinking), 12 mins
Description
Patents are a very useful tool for supporting innovations by setting incentives for companies to invest in research and developments. However, only those innovations should be protected by a patent that are truly inventive. Otherwise, patents might actually end up stifling innovations rather than supporting them. This happens in the case of patent thickets where there are overlapping patents that block each other. DIETMAR HARHOFF explains that th...
Patents are a very useful tool for supporting innovations by setting incentives for companies to invest in research and developments. However, only those innovations should be protected by a patent that are truly inventive. Otherwise, patents might actually end up stifling innovations rather than supporting them. This happens in the case of patent thickets where there are overlapping patents that block each other. DIETMAR HARHOFF explains that this situation should be avoided by the mechanism of opposition: After the patent is granted by the patent examiner, third parties have the opportunity to oppose the examiner’s decision. As described in this video, the researchers used graph theory to analyze patent thickets involving three companies to uncover in which situations this instrument fails. Their findings indicate that, if a patent holder is embedded in such a thicket, they are less likely to challenge a patent application to avoid an escalation between the parties that might end up in court. Furthermore, if there is a large number of companies that could oppose a certain patent, the incentive for any of these companies to oppose is reduced as only one of them has to shoulder the costs of the process while all of them benefit.
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Field of Study
Business & Economics
Content Type
Documentary
Contributor
Dietmar Harhoff, fl. 1991
Publisher
Latest Thinking
Topic / Theme
Inventions, Legal contracts, Patents
Copyright Message
Copyright © 2017 Latest Thinking
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How are Purchasing Decisions Impacted by the Compromise Effect?
(Germany: Latest Thinking, 2019), 11 mins
The compromise effect can be observed in the consumer’s tendency to avoid extreme ends of the available range when making purchasing decisions. In this video, MARKO SARSTEDT investigates the origins of the compromise effect. Describing an experiment that interrogates the effects of a lowering of cognitive capabi...
Open Access
(Germany: Latest Thinking, 2019), 11 mins
Description
The compromise effect can be observed in the consumer’s tendency to avoid extreme ends of the available range when making purchasing decisions. In this video, MARKO SARSTEDT investigates the origins of the compromise effect. Describing an experiment that interrogates the effects of a lowering of cognitive capability on purchasing decisions, Sarstedt argues that rather than involving fast or intuitive decision making, the compromise effect is gr...
The compromise effect can be observed in the consumer’s tendency to avoid extreme ends of the available range when making purchasing decisions. In this video, MARKO SARSTEDT investigates the origins of the compromise effect. Describing an experiment that interrogates the effects of a lowering of cognitive capability on purchasing decisions, Sarstedt argues that rather than involving fast or intuitive decision making, the compromise effect is grounded in deliberate and demanding thought processes. The research provides a platform for further work examining the links between other effects (e.g., the attraction effect and the phantom decoy effect) and cognitive depletion.
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Field of Study
Psychology
Content Type
Instructional material
Date Published / Released
2019
Publisher
Latest Thinking
Speaker / Narrator
Marko Sarstedt, fl. 2010
Person Discussed
Marko Sarstedt, fl. 2010
Topic / Theme
Consumer products, Consumers, Scientific research, Scientific method
Copyright Message
Copyright © 2019 Latest Thinking
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How Can an Entrepreneurial Mindset be Developed to Encourage Poverty Reduction?
(Latest Thinking, 2018), 11 mins
Good entrepreneurs play a key role in helping poor countries to prosper. In this video, MICHAEL FRESE asks us to consider the fundamental importance of psychological mindset in the development of successful entrepreneurs. Over a two year period, Frese analyzed outcomes achieved by groups of entrepreneurs that had...
Open Access
(Latest Thinking, 2018), 11 mins
Description
Good entrepreneurs play a key role in helping poor countries to prosper. In this video, MICHAEL FRESE asks us to consider the fundamental importance of psychological mindset in the development of successful entrepreneurs. Over a two year period, Frese analyzed outcomes achieved by groups of entrepreneurs that had received different forms of training and found that individuals who had been trained to develop an entrepreneurial mindset had been (on...
Good entrepreneurs play a key role in helping poor countries to prosper. In this video, MICHAEL FRESE asks us to consider the fundamental importance of psychological mindset in the development of successful entrepreneurs. Over a two year period, Frese analyzed outcomes achieved by groups of entrepreneurs that had received different forms of training and found that individuals who had been trained to develop an entrepreneurial mindset had been (on average) 30% more profitable. With important implications for poverty reduction in the developing world, backed by the World Bank, Frese is looking at extending his study to countries including Jamaica, Ethiopia, and Mozambique.
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Field of Study
Business & Economics
Content Type
Instructional material
Contributor
Michael Frese, fl. 1978
Date Published / Released
2018
Publisher
Latest Thinking
Topic / Theme
Economic development, Entrepreneurship
Copyright Message
Copyright © 2018 Latest Thinking
×