Jörg Baumberger

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The evidence from many experiments suggests that people are heterogeneous with regard to their abilities to make rational, forward looking, decisions. This raises the question when the rational types are decisive for aggregate outcomes and when the boundedly rational types shape aggregate results. We examine this question in the context of a long-standing(More)
for helpful comments. We are grateful for financial support by the Austrian National Bank (Jubiläumsfonds) under Project no. 9134. Abstract We use a model of self-centered inequality aversion suggested by Fehr and Schmidt (1999) to study voting on redistribution. We theoretically identify two classes of conditions when an empirically plausible amount of(More)
We show that controlling for subject of degree explains a significant part of the male/female gender wage differential amongst graduates. Using data from the labour force surveys of the United Kingdom and Germany, we find similar results in these two countries: subject of degree explains about 2-4 percent higher wages of male over female graduates after(More)
(Vienna) are acknowledged. I am grateful for financial support by the Zaugg foundation for basic research under project no. B11162107. I also thank the people at the Department of Economics at the London School of Economics for their hospitality. Abstract Moral considerations may matter much in voting because the costs of expressing support for a morally(More)
We study the role of reciprocity in a labor market field experiment. In a recent paper, Gneezy and List (2006) investigate the impact of gift exchange in this context and find that it has only a transient effect on long run outcomes. Extending their work to examine both positive and negative reciprocity, we find consonant evidence in the positive(More)
This paper studies the term structure implications of a simple structural economy in which the representative agent displays ambiguity aversion, modeled by Multiple Priors Recursive Utility. Bond excess returns reflect a premium for ambiguity, which is observationally distinct from the risk premium of affine yield curve models. The ambiguity premium can be(More)
Switzerland, traditionally a 'zero unemployment' economy, has seen an unprecedented rise in joblessness in the 1990s although unemployment fell again to a rather low level after 1997. This paper tests whether Switzerland experienced a negative relative net demand shock against the low skilled (like the US) during this period. It turns out that only workers(More)
In the past there was hardly any use of economic instruments in environmental policy, mainly command and control measures were used. More recently, ecological taxes became more popular and voluntary agreements have been proposed and implemented. Thus, the situation has changed at least somewhat, and we must ask what the reasons are for the (partly) new(More)
1 We thank the sales force manager and the five sales representatives who made this experiment possible. We are grateful to Therese Faessler for her able linguistic support. Abstract A substantive amount of lab experimental evidence suggests that the norm of reciprocity has important economic consequences. However, it is unclear whether the norm of(More)