|02.11.2016|| Christoph Engel, Max-Planck-Institut Bonn|
The Price of Moral Rights: A Field Experiment
U.S. copyright law is firmly rooted in utilitarian principles. This approach has not been universally adopted. Copyright authors in Europe do not only enjoy legal protection of their economic interests in exploiting the works they have created, but they are also protected in their non-pecuniary interests. Authors have the right to be named as author of their work, to control alterations of their work, and to retract their work in case their artistic beliefs have changed. Apart from the special case of visual arts, these moral rights receive much less protection under U.S. copyright law. We address this debate empirically and present the first incentive-compatible field experiment on moral rights. We elicit the preferences of over 200 authors from 24 countries worldwide and compare the valuation of moral rights by U.S. and European authors. We find that a majority of authors are not willing to trade moral rights in the first place, that they demand significant prices in case they decide to trade and that U.S. authors do not behave very differently from their European counterparts. The study does not only have important implications for the design of copyright law on both sides of the Atlantic. It also calls into question whether a purely incentive-based theory of copyright law is sufficient to capture the complex relationship between human behavior and creativity. It proposes a clean identification approach which may also be used in other areas of intellectual property research.
|09.11.2016||Tobias Berg, Frankfurt School of Finance & Management|
“Brexit” and Financial Sector Development – Evidence from the Global Syndicated Loan Market
In this paper, we analyze the effect of the Brexit vote on the UK syndicated loan market. The UK is one of the leading financial centers worldwide and the loan market is one of the major sources of funding for firms, particularly in Europe. It is therefore important to understand the implications of the prospect of leaving the EU for both UK and international firms and banks. Using a difference-in-differences analysis we find the following results: issuances in the UK syndicated loan market dropped by 25% after the Brexit vote relative to a set of comparable syndicated loan markets. This decline is concentrated in lending to domestic firms and by domestic banks. We only observe a small and insignificant decline in lending by international firms and from international banks in the UK syndicated loan market. These results suggests that the Brexit vote primarily affected UK banks and borrowers with – so far – limited consequences for international activities in the UK syndicated loan market.
|16.11.2016||Martin Karlsson, Universität Duisburg-Essen|
The Sooner the Better? Compulsory Schooling Reforms in Sweden
This paper evaluates the impact of two parallel educational reforms increasing instructional time in the Swedish primary school on earnings and further socio-economic later-life outcomes. The reforms extended the compulsory years of schooling from 6 to 7 years and the annual term length from 34.5/36.5 to 39 weeks per year. Gradually introduced over the 1930-1950 period in more than 2,500 Swedish school districts, the extensions generated large exogenous variation in educational attainment at different points in primary school while at the same time the overall school system and curricula remained unchanged. Thus, the reforms constitute an ideal quasi- experimental setting for analysing the long-run causal impact of compulsory education keeping other school characteristics fixed. Affecting large shares of the population, the reforms had large impacts on educational attainment, but only up to the new compulsory level. Using a purpose built data-set on reform status combined with high-quality administrative data on individual level for a number of later-life outcomes we show that the compulsory schooling reform had moderate average returns on earnings and further non-monetary outcomes. Our results thus confirm the most recent findings on returns to education in and outside the United States based on compulsory schooling law changes. In contrast, the extensions of term length tend to be more effective in raising earnings.
|23.11.2016||Claudius Steinhardt, BW Universität München|
Differentiated Time Slot Pricing under Routing Considerations in Attended Home Delivery
In this paper, we study an e-grocer’s tactical problem of differentiated time slot pricing in attended home delivery. The purpose of differentiating delivery prices is to influence customers’ choice behavior concerning the offered time slots, such that cost-effective delivery schedules on an operational level can be expected and overall profit is maximized. We present a mixed-integer linear programming formulation of the problem, in which delivery costs are anticipated by explicitly incorporating routing constraints, and we model customer behavior by a general non-parametric rank-based choice model. Concerning cost anticipation, we also propose a model-based approximation that enables application to real-world problem sizes. In a setup inspired by an industry partner operating in urban areas, we then perform a comprehensive computational study that reveals the value of the model-based approximation as a supporting instrument for an e-grocer’s pricing decisions in practice. In particular, we demonstrate the superiority of the model-based approximation for real-world problem sizes to a benchmark approach, which is adapted to our setting from the differentiated slotting literature (Agatz et al. 2011). Also, all approaches discussed in this paper clearly outperform a unit price approach and other standard pricing heuristics that are regularly applied in practice.
|30.11.2016||Rainald Borck, Universität Potsdam|
Pollution and city size: Can cities be too small?
|11.01.2017||Philip Jung, TU Dortmund|
|18.01.2017||Andreas Fuchs, Universität Heidelberg|
|25.01.2017||Fabian Paetzel, Helmut Schmidt Universität Hamburg|
Entitlements and Loyalty in Groups: An Experimental Study
|01.02.2017||Cédric Wasser, Universität Bonn|
Optimal Structure and Dissolution of Partnerships
|08.02.2017||Andriy Zapechelynuk, University Glasgow|
Robust Sequential Search