# University of Bonn, Germany

# Discussion Paper Serie A

Postal: Bonn Graduate School of Economics, University of Bonn, Adenauerallee 24 - 26, 53113 Bonn, Germany

Fax: +49 228 73 6884

Web page: http://www.bgse.uni-bonn.de

Fax: +49 228 73 6884

Web page: http://www.bgse.uni-bonn.de

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### 1999

**608 Monitoring and Internal Efficiency: A Comparison of Public and Private Ownership***by*Kessler, Anke & Christoph Lülfesmann**607 Modelling Economies of Scope***by*Nehring, Klaus und Clemens Puppe**606 Evolutionary Dynamics on Infinite Strategy Spaces***by*Oechssler, Joerg & Frank Riedel**605 A Theory of Diversity***by*Nehring,K. und C.Puppe**604 Strategic Mismatches in Sequential Contracting: The Case of Professional Partnerships***by*Kräkel, Matthias**603 Do New Brooms Sweep Clean? - Why and when Dismissing Managers Increases a Firm's Performance***by*Hvffler, Felix & Dirk Sliwka**602 On Synergies and Vertical Integration***by*Schmitz, Patrick & Dirk Sliwka**601 On Organizational Decision Rules and Innovative Activity***by*Sliwka, Dirk**600 On the Costs and Benefits of Delegation in Organizations***by*Sliwka, Dirk**599 Minimum-Cost Portfolio Insurance***by*C. D. Aliprantis & D. Brown & J. Werner**596 A Note on Minty Variational Inequalities and Generalized Monotonicity***by*John, Reinhard**591 Inequality and Political Consensus***by*Grüner, Hans Peter**589 Behavioral Heterogeneity***by*Werner Hildenbrand & Alois Kneip**543 A Positive Theory of Interregional Redistribution and Constitutional Choice***by*Hansen, N. & Kessler, A.S.

### 1998

**590 Robust Possibility and Impossibility Results***by*Schweizer, Urs**588 The Pareto-Improving Transition from a Pay-As-You-Go System to a Fully Funded System in a Model of Endogenous Growth***by*Gyarfas, G. & Marquardt, M.**587 Social Security, Unemployment, and Economic Growth***by*Marquardt, M.**586 Nonparametric Analysis of Cross Section Labor Supply Curves***by*Jang, I.**585 Quasimonotone Individual Demand***by*John, R.**583 Seniority Structure and Financial Intermediation***by*Schuhmacher, Joachim**582 Interregional Migration and Polarisation: A Theoretical Analysis***by*Biswas, Debashis & Margit, Sugata**581 The spanish family budget (EPF) data and the law of demand***by*Utikal, Inirida & Klaus J. Utikal**580 On J.M. Grandmont's Modelling of Behavioral Heterogeneity***by*Hildenbrand, K.**579 Distortionary Taxes Preserve the Environment***by*Gaube, Thomas**578 Contracts for Health Services: Quality Versus Excess Capacity***by*Boumls, Dieter & Gianni De Fraja**577 Management Style in Decision Making: Top Down or Bottom Up?***by*Will, Heide C. U.**576 External vs Internal Monitors: The Role of Restructuring Consequences and Information Technologies***by*Will, Heide C. U.**575 A non parametric analysis of distributions of household income and attributes***by*Hildenbrand, Werner & Alois Kneip & Klaus Utikal**572 Contingent Commodities and Implementation***by*Chattopadhyay, Subir & Luis C. Corchon & J�rg Naeve**571 Choice of Maturity and Financial Intermediation***by*Joachim Schuhmacher**570 Employers' Versus Employees' Contributions To The Social Security System***by*G. Corneo & M. Marquardt

### 1997

**567 Nonlinear wavelet smoothing of error distribution in a semi-parametric model***by*Z. Li & G. Chai & K.Xu

### 1996

**527 A Simple Theory of Harassment and Corruption***by*Sugata Marjit & Arijit Mukherjee**524 Incomplete Contracting and Target-Cost Pricing***by*Dieter Bös**523 Privatization and Restructuring: An Incomplete--Contract Approach***by*Dieter B”s**519 Incentives for information acquisition in firms***by*Heide C. U. Will**518 Costly Acquisition of Information with Incomplete Markets***by*Marta Laitenberger**517 Revisiting the Lemons Market***by*Anke S. Kessler**515 Expropriation and Control Rights: A Dynamic Model of***by*Monika Schnitzer**303 DP No. A--528 A Note on the Power of Revealed Preference Tests with Afriat Inefficiency***by*Reinhard Sippel

### 1995

**534 Incomplete Contracting and Price--Cap Regulation***by*Dieter Bös**511 Which Improves Welfare More: Nominal or Indexed Bond?***by*Michael Magill & Martine Quinzii**509 Dynamic Gains from Trade***by*Peter Funk**506 Endogenous Growth, Temporary Equilibrium, and the Direction of Change***by*Peter Funk**504 Existence and Uniqueness of Equilibria in the CAPM with a Riskless Asset***by*Torsten Hens & Andreas Löffler**500 Economies with Interacting Agents***by*Alan P. Kirman**489 The Design of Incentives in the Presence of Lobbying Activity***by*Joachim H. Wessels**488 The Role of Tying Contracts for the Optimal Marketing of Durable Products***by*Ulrich Kamecke**484 Debt versus Foreign Direct Investment: The Impact of Sovereing Risk on the Structure of Capital Flows to Developing Countries***by*Monika Schnitzer**483 Joint Distribution of Demand Functions and Price Expectation Functions, and Structural Properties of Market Demand***by*Isabelle Maret**480 Incomplete Contracts and Privatization***by*Klaus M. Schmidt**475 Mass Privatization, Management Control and Efficiency***by*Dieter B”s & Phillipp Harms**474 Privatization, Technology Choice and Aggregate Outcomes***by*Nico A. Hansen**473 Endogenous Technology Choice and the Big Push***by*Nico A. Hansen**469 Metonymy and Cross Section Demand***by*Igor V. Evstigneev & Werner Hildenbrand & Michael Jerison**468 Market Demand Functions in the CAPM***by*Thorsten Hens & Andres L=EEffler**453 Creating Creditworthiness through Reciprocal TradeIncomplete Contracts and Privatization***by*Monika Schnitzer

### 1994

**512 Economic Possibilities for the Grandchildern of John Maynard Keynes***by*Peter Funk**508 Satiation and Underdevelopment***by*Peter Funk**466 Exchange Rates and Perfect Competition***by*Thorsten Hens**465 On the Stability of Intertemporal Equilibria with Rational Expectations***by*Thorsten Hens**462 A Theory of Fashion Based on Segmented Communication***by*Giacomo Corneo & Olivier Jeanne**461 Conspicuous Consumption and the Existence of Upward Sloping Demand Curves***by*Giacomo Corneo & Olivier Jeanne**459 Optimal Choice From Known Rewards With Uncertain Response***by*Z. Govindarajulu & Klaus J. Utikal**456 Aggregate Consumer's Expenditure and Income***by*Alois Kneip & Werner Hildenbrand**452 The Interaction of Explicit and Implicit Contracts***by*Monika Schnitzer

### 1993

**507 On the Dynamic Efficiency of the Market System***by*Peter Funk**455 Implicit Collusion in Hierarchical Relationships***by*Joachim Wessels**425 Asset Bubbles, Pay-As-You-Go Systems and Dynamic Efficiency***by*Günther Lang**424 Walrasian Comparative Statics***by*Donald J. Brown & Rosa L. Matzkin**422 Wage Formation in a Centralized Matching Market***by*Ulrich Kamecke**421 Excess Demand with Incomplete Markets***by*Jean-Marc Bottazzi & Thorsten Hens**420 Foreign Direct Investment under Oligopoly: Profit Shifting of Profit Capturing?***by*Eckhard Janeba**419 Cooperation in R and D - The Case of Patent Infringement Agreements***by*Sugata Marjit**418 Dominance or Maximin: How to Solve an English Auction***by*Ulrich Kamecke**416 On Stationary Monetary Equilibria in Overlapping Generations Models with Incomplete Markets***by*Piero Gottardi**415 Tree-Structured Histogram Estimation Based on a Simple Class of Wavelets***by*Joachim Engel**414 An iterative bandwidth selector for Kernel estimation of densities and their derivatives***by*Engel,Joachim & Herrmann,Eva & Gasser,Theo**413 On the empirical evidence of microeconomic demand theory***by*Hildenbrand,Werner**412 Russel on Gorman`s Engel curves: A correction***by*Jerison,Michael**410 Reputation in pertubed repeated games***by*Cripps,Martin & Scmidt,Klaus & Thomas,Jonathan**409 Overshooting adjustment to tariff protection***by*Keuschnigg,Christian**407 Financing public goods: Voluntary contributions and income taxation***by*Nett,Lorenz & Peters,Wolfgang**406 Income taxation and voluntary provision of public goods -Some counterintuitive results-***by*Nett,Lorenz & Peters,Wolfgang**405 The uniqueness of the subscription equilibrium with en- dogeneous labour supply***by*Nett,Lorenz & Peters,Wolfgang**396 Tying trade flows: A theory of countertrade***by*Marin,Dalia & Schnitzer,Monika**395 Stochastic equilibria on graphs II***by*Evstigneev,Igor & Taksar,Michael**394 Auctions with independent valuations***by*Funk,Peter**393 The direction of technological change***by*Funk,Peter**376 Privatization in Europe: A comparison of approaches***by*unknown

### 1992

**592 Asynchrony and Learning in Serial and Average Cost Pricing Mechanisms: An Experimental Study***by*Chen, Yan**417 Option Contracts and Renegotiation - A Solution to the Hold-Up Problem***by*Georg Nöldeke & Klaus M. Schmidt**392 Just resource sharing among generations: Equity,efficiency and optimal population***by*Lang,Guenther**391 Stochastic equilibria on graphs,I***by*Evstigneev,Igor & Taksar,Michael**390 Family expenditure data,Heteroscedasticity and the law of demand***by*Hildenbrand,Werner & Kneip,Alois**389 Testing aregression model when we have smooth alternatives in mind***by*Haerdle,Wolfgang & Kneip,Alois**387 Partially revealing rational expectations equilibria with nominal assets***by*Rahi,Rohit**386 Dynamic effects of tariff liberalization: An intertemporal CGE approach***by*Keuschnigg,Christian & Kohler,Wilhelm**385 Francis Ysidro Edgeworth: Perfect competition and the Core***by*Hildenbrand,Werner**384 Infinite horizon,Incomplete markets***by*Magill,Michael & Quinzii,Martine**383 Testing choquet expected utility***by*Mangelsdorff,Lukas & Weber,Martin**381 Asset pricing with heterogeneous consumers***by*Constantinides,George & Duffie,Darrel**380 Existence and optimality of equilibria in markets with tradeable derivative securities***by*Henrotte,Philippe**379 Aggrgation,Learning and Rationality***by*Grandmont,Jean-Michel**378 Interest income evasion in a two-country model***by*Tillmann,Georg**377 Tax evasion in an open economy***by*Tillmann,Georg**375 Negative effects of compettition in a Medical-service market***by*Nett,Lorenz**374 Privatization and management incentives in the transition period in Eastern Europe***by*Schmidt,Klaus & Schnitzer,Monika**373 Portfolio characterization of risk aversion***by*Werner,Jan & Wang,Zhenyu**372 Politische Regeln als unvollstaendige Vertraege: Ursache von Staatsversagen***by*Schweizer,Urs**371 Markov fields over countable partially ordered sets: Extrema and splitting***by*Evstigneev,Igor & Vyatscheslavovitsch Greenwood & Priscilla Edson**370 Economics of ageing***by*Boes,Dieter**369 Double inefficiency in optimally organized firms***by*Boes,Dieter & Peters,Wolfgang**368 Searching for structure in curve samples***by*Gasser,Theo & Kneip,Alois**367 Model estimation in non-linear regression under shape invariance***by*Kneip,Alois & Engel,Joachim**366 Institutional choice: A contract-theoretic approach***by*Schweizer,Urs**363 Computersimulierte Gleichgewichtsanalyse***by*Hildenbrand,Kurt**355 Stability of general equilibria with incomplete markets: The case of mutual fund***by*Hens,Thorsten

### 1991

**382 Judged knowledge and ambiguity aversion***by*Keppe,Hans-Juergen & Weber,Martin**365 A more robust definition of subjective probability***by*Machina,Mark & Schmeidler,David**362 Privatization in East Germany: A survey of current issues***by*Boes,Dieter**361 Corporate income tax competition,Double taxation treaties, and foreign direct investment***by*Janeba,Eckhard**360 Fair intergenerational redistribution policy***by*Lang,Guenther**358 Mixed oligopoly-A survey-***by*Nett,Lorenz**357 R&D Innovation in a mixed duopolistic market***by*Nett,Lorenz**354 Sunspot equilibria in finite horizon models with in- complete markets***by*Hens,Thorsten**353 Structure of general equilibrium models with incomplete markets and a single consumption good***by*Hens,Thorsten**352 Existence of equilibria in nonconvex economies without ordered preferences***by*Hara,Chiaki**351 Nonparametric estimation of common regressors***by*Kneip,Alois**350 On the structure of economies with production***by*Folkertsma,Carsten**348 Bertrand and Walras euilibria in large economies***by*Funk,Peter**347 Public pensions,Family allowances and endogenous growth***by*Peters,Wolfgang**346 Ein Verfahren zur Konstruktion synthetischer Mikrodaten aus aggregierten Strukturinformationen***by*Gyarfas,Gabor & Quinke,Hermann**345 The weak axiom of revealed preference and homogeneity of demand functions***by*John,Reinhard**344 Arbitrage and existence of equilibrium in infinite asset markets***by*Brown,Donald & Werner,Jan**343 Feasibility of predatory pricing in acapacity-constrained duopoly***by*Corneo,Giacomo & Jeanne,Olivier**342 Using right incentives when cheating can be detected***by*Peters,Wolfgang**341 Figure 4 Manuscript for lecture at Festkollegium for Gerard Debreu***by*Vind,Karl**340 A neo bayesian foundation of the maximin value for two-person zero- sum games***by*Hart,Sergui & Modica,Salvatore & Schmeidler,David**339 Hostile versus friendly takeovers***by*Schnitzer,Monika**338 Strongly balanced cooperative games***by*Le Breton,Michel & Owen,Guillermo & Weber,Shlomo**337 Lindhalian type equilibria and the Core in exchange Modelswith externalities***by*Vasil`ev,Valery A.**335 Discrimination as a solution to the productivity/full Employment dilemma in a soviet type economy***by*Corneo,Giacomo G.**334 Breach of trust in takeovers and the underinvestment effect***by*Schnitzer,Monika**333 Reputation and equilibrium characterization in repeated games of conflicting interests***by*Schmidt,Klaus M.**332 A note on the Core and Neumann-Morgenstern Solutions of simple games***by*Breton,Michael Le & Weber,Shlomo**330 The costs and benefits of privatization***by*Schmidt,Klaus M.**329 Staatsverschuldung und Demokratie***by*von Weizsaecker,Robert**328 Intergenerational incidence and Pareto improving tax reform***by*Keuschnigg,Christian**327 When employees free ride - A theory of inefficiency***by*Boes,Dieter & Peters,Wolfgang**305 Intergenerationally Neutral Taxation***by*Christian Keuschnigg

### 1990

**516 Invariant points of low dimensional curve families***by*Klaus J. Utikal**510 Modelling Aggregate Consumption Expenditure and Income Distribution Effects***by*Werner Hildenbrand & Alois Kneip**505 A New Method for Detecting Neural Interconnectivity***by*Klaus J. Utikal**486 Markovian interval processes I: Nonparametric inference***by*Klaus J. Utikal**331 On hierachical spatial competition***by*Weber,Shlomo**326 Signalling devices for the supply of semi public goods***by*Ruys,Pieter & van der Laan,Gerard & Talman, Dolf**325 Dynamic efficency and capital accumulation***by*Lang,Guenther**324 The role of sunk costs in entry deterrence in a mixed oligopolistic market***by*Nett,Lorenz**323 Voluntary provision of public goods and non-neutral income taxation***by*Nett,Lorenz & Peters,Wolfgang**322 Tax policy,Investments in human capital and productivity***by*Nerlove,Marc & Razin,Assaf & Sadka,Efraim & von Weizsaecker,Robert**321 A strategic interpretation of the Gale Shapley Algorithm in a multi- item oral auction***by*Kamecke,Ulrich**320 Is the price of a riskier asset more volatile?***by*Drees,Burkhard & Eckwert,Bernhard**319 The price volatility of bubbly and non-bubbly assets when agents have non-time-seperable preferences***by*Drees,Burkhard & Eckwert,Bernhard**318 A simple resolution of the excess volatility puzzle***by*Drees,Burkhard & Eckwert,Bernhard**317 On large games with bounded essential coalitians***by*Winter,Eyal & Holtz Wooders,Myrna**316 Economic theory teaches that economic theory teaches us nothing***by*Rothschild,Michael**315 Bargaining with deadlines and random delays***by*Ching-to,Albert Ma & Manove,Michael**314 Bootstrap confidence bands***by*Haerdle,Wolfgang & Nussbaum,Michael**312 Stochastic and structural fiscal policy in a monetary stationary economy***by*Eckwert,Bernhard**311 Price level fluctuations under the real bills doctrine and the quality theory***by*Drees,Burkhard & Eckwert,Bernhard**309 Computation and Multiplicity of Equilibria***by*Timothy J. Kehoe**308 Income distribution and efficiency: The role of social security***by*Nerlove,Marc & Razin,Assaf & Sadka,Efraim & von Weizsaecker,Robert**307 Alterssicherung und demographische Inzidenz: Verteilungstheoretische Konsequenzen der Rentenreform 1992***by*unknown**306 A More Robust Definition of Subjective Probability***by*Mark J. Machina & David Schmeidler**304 Switching Away From Probability One Beliefs***by*Georg Nöldeke & Eric van Damme**303 Commitment through Incomplete Information in a Simple Repeated Bargaining Model***by*Klaus M. Schmidt**302 Allocative Effects of Financial Assets and the Long Run Neutrality of Money when Markets are Incomplete***by*Bernhard Eckwert**301 Large Random Graphs in Pseudo-Metric Spaces***by*Hans Haller**300 Internationale und intertemporale Effekte der Kapitaleinkommensbesteuerung***by*Christian Keuschnigg**299 Hostile versus friendly takeovers***by*Schnitzer,Monika**298 Ordered linear smoothers***by*Kneip,Alois**288 Optimal Insurance: A Nonexpected Utility Analysis***by*Edi Karni**287 The Costs and Benefits of Privatization***by*Klaus M. Schmidt**286 Non-Existence and Inefficiency of Equilibria with American Options and Convertible Bonds***by*Charles M. Kahn & Stefan Krasa**285 The Risk of Financial Assets and the Volatility of their Equilibrium Prices when Agents have Non-Time-Separable Preferences***by*Burkhard Drees & Bernhard Eckwert**284 Public Pensions in Transition - An Optimal Policy Path***by*Wolfgang Peters**283 Investment and the Aggregation of Risks***by*Jayasri Dutta & Heraklis Polemarchakis**282 An Equivalence Result for the Core of an Economy with a Public Good***by*Shlomo Weber & Hans Wiesmeth**281 Nonlinear Price Schedules and Monetary Equilibrium***by*Bernhard Eckwert**280 On the Structure of Market Excess Demand in an Intertemporal General Equilibrium Model***by*Thorsten Hens**279 Population Aging and Social Security: A Politico-Economic Model of State Pension Financing***by*Robert K. von Weizsäcker**278 Notes on Price-Cap Regulation***by*Dieter Bös**277 The Anticompetitive Potential of Best Price Clauses***by*Monika Schnitzer**276 The Transition to a Cash Flow Income Tax***by*Christian Keuschnigg**275 Unique Implementation of the King Solomon Dilemma by Successive Elimination of Dominated Strategies***by*Chun-Lei Yang**274 Intergenerational Contracts and Their Decomposition: A Comment***by*Günter Lang**273 Linear Income Taxes: The Interaction Between State and Taxpayers***by*Hans Wiesmeth**272 Optimality of Stationary Asset Equilibria Under Real Stochastic Monetary Shocks***by*Bernhard Eckwert**271 The Timing of Information in a General Equilibrium Framework***by*Jonathan Berk