Publikationen

We study the microlevel evolution of residential house prices using data on repeat sales on Manhattan Island from 2004 to 2015. We document that price comovement, even within a ZIP code, is a highly local and persistent phenomenon. The strength of such comovements vanishes with both spatial and temporal distance. Local underperformance is more persistent than local overperformance, particularly when house prices on aggregate level increase.

This paper examines games with non-neutral option labels (such as “A”, “B”, “A”, “A”) and finds surprisingly invariant behaviour across games. The behaviour closely resembles the choices people make when they have to bet on one of the options in individual lotteries. An option’s ‘representativeness’ (lack of distinguishing features) and ‘reachability’ (physical centrality, salience, and valence) determine choice behaviour in both the lotteries and the highly strategic games. There is no evidence of people best-responding to others’ betting(-like) behaviour. This is in line with the idea that once people decide that strategic reasoning would not take them any further, they pick an alternative as if they were betting on one of their ‘current best-responses’. The findings explain the well-documented seeker advantage in hide-and-seek games, as well as why participants often display behaviour that could be exploited by others. On top, they help understand why in national lotteries, people also tend to bet on identical subsets of the available numbers.

It is well established that the effectiveness of pay-for-performance (PfP) schemes depends on employee- and organization-specific factors. However, less is known about the moderating role of external forces such as market competition. Our theory posits that competition generates two counteracting effects—the residual market and competitor response effects—that vary with competition and jointly generate a curvilinear relationship between PfP effectiveness and competition. Weak competition discourages effort response to PfP because there is little residual market to gain from rivals, whereas strong competition weakens incentives because an offsetting response from competitors becomes more likely. PfP hence has the strongest effect under moderate competition. Field data from a bakery chain and its competitive environment confirm our theory and let us refute several alternative interpretations.

Constantinides and Perrakis (2002, 2007) derive a lower bound on the price of an option such that an investor increases her utility by buying the option at the ask price if the ask price is lower than the lower bound; and by writing the option at the bid price if the bid price is higher than upper bound. Contrary to the evidence in Constantinides, Jackwerth, and Perrakis (2009) and Constantinides, Czerwonko, Jackwerth and Perrakis (2011) who demonstrate several violations of mainly the upper bound on call prices and document a tradable anomaly by exploiting this mispricing, Wallmeier (2015) claims that practically all options on the S&P 500, Eurostoxx 50, and DAX indices lie within the bounds. The main reason for the discrepancy is that Wallmeier erroneously inflates the volatility input to the bounds by about 2% by using the at-the-money implied volatility which is approximately the risk-neutral volatility instead of the physical volatility, as required by the model.

Stress in teaching and teacher training is a well-known issue and stress management during teacher training may not only be affected by individual coping efforts, but also determined by private and work-related networks the individual is integrated in. In that regard, our article aims firstly to identify sources of social support in the German teacher training system and secondly to analyze interdependencies in dyadic coping interactions based on the Actor-Partner Interdependence Model. On the basis of questionnaire data from 307 German trainees and qualified teachers from vocational and general schools, we found that mentors, partners, fellow trainees, colleagues at school, parents, and good friends were named as the most supportive reference persons during teacher training. In a follow-up survey, data from 49 sources of support were obtained, which could be assigned to the corresponding (trainee) teachers (in the sense of support recipients). These dyads thus form the basis for the analysis of dyadic coping interdependencies. The results of the moderator analyses show, among other things, that support recipients who prefer the coping strategy palliative emotion regulation tend to react rather sensitively to contrary coping strategies of the source of support with regard to their stress symptoms. Social interactions in this respect can represent both protective as well as risk factors. Therefore, a system of complex social interdependencies must be considered when analyzing relational resilience among prospective teachers.

We study the causal relationship between geographic connectedness and development using one of the earliest massive trade expansions: the first systematic crossing of open seas in the Mediterranean during the time of the Phoenicians. We construct a geography based measure of connectedness along the shores of the sea. We relate connectedness to economic activity, which we measure using the presence of archaeological sites. We find an association between better connected locations and archaeological sites during the Iron Age, at a time when sailors began to cross open water routinely on a big scale. We corroborate these findings at world level.

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dc.contributor.author: Gonon, Philipp