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Month: February 2017

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Paris Global Warming Agreement Is One More New Year’s Resolution

Forbes, 09.01.2017 | Hersh Shefrin

“[Hersh Shefrin] new book Behavioral Risk Management explains why deep seated psychological pitfalls underlie the biggest risk management failures from the last fifteen years, including our slow response to address global warming properly.[…] A very insightful volume […] lays out the missing components. The volume is titled Global Carbon Pricing: We Will If You Will. […] The authors of the introductory chapters that lay out the framework of the book are David MacKay, Peter Cramton, Axel Ockenfels, and Steven Stoft.”

Weltklimavertrag nur Flickwerk

FAZ, 03.02.2017

“Das weltweit gefeierte Klimaabkommen von Paris ist nach Auffassung des wissenschaftlichen Beirates beim Bundeswirtschaftsministerium nicht geeignet, das Ziel einer Begrenzung der Erderwärmung zu erreichen. […] Neben dem einheitlichen Mindestpreis für CO2-Emissionen sei es wichtig, alle Staaten am Klimaschutz zu beteiligen, heißt es in dem federführend von dem Kölner Ökonomen Axel Ockenfels bearbeiteten Papier.”

The hidden cost of downsizing: demotivating the remaining employees

LSE Business Review, 01.02.2017 | Frank Drzensky and Matthias Heinz

„Firms that lay off staff can see a significant reduction in the performance of their remaining workers, according to our experimental study. Our research suggests that firms that decide to ‘downsize’ their workforce should be wary of how the layoff decision is perceived by the remaining (“surviving”) workers. If the surviving staff interpret the decision as a way to boost profits at the cost of the workers, they might react negatively.”

Taxi drivers overcharge when passengers are on expenses

The Economist, 01.02.2017 | o.A.

“Moral hazard is a problem that crops up frequently in economics. People behave differently if they do not face the full costs or risks of their actions: deposit insurance makes customers less careful about choosing their banks, for example.[…] A newly published paper [“Second-Degree Moral Hazard in a Real-World Credence Goods Market” by Loukas Balafoutas, Rudolf Kerschbamer and Matthias Sutter] sets out to test this secondary problem by examining a common-enough situation—taking a taxi ride in a strange city.”

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