Advances in Behavioral Economics

Transcription

1 Advances in Behavioral Economics

2 Professor Dr. Horst Todt

3 Friedel Bolle Michael Carlberg (Eds.) Advances in Behavioral Economies Essays in Honor of Horst Todt With 31 Figures and 11 Tables Springer-Verlag Berlin Heidelberg GmbH

4 Series Editors Wemer A. Müller Martina Bihn Editors Professor Dr. Friedel Bolle Europa-Universität Viadrina Lehrstuhl für Volkswirtschaftslehre, insbesondere Wirtschaftstheorie (Mikroökonomie ) Grosse Scharmstraße Frankfurt (Oder) Germany bolle@euv-frankfurt-o.de Professor Dr. Michael Carlberg Universität der Bundeswehr Institut für Theoretische Volkswirtschaftslehre Holstenhofweg Hamburg Germany carlberg@unibw-hamburg.de ISSN ISBN Cataloging-in-Publication Data applied for Die Deutsche Bibliothek - CIP-Einbeitsaufnahme Advances in behavioral economics: essays in honor of Horst Todt; with 11 tables I Friedel Bolle; Michael Carlberg. - Heidelberg; New York: Physica-Verl., 2001 (Contributions to economics) ISBN ISBN (ebook) DOI / This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concemed, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilm or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permission for use must always be obtained from Physica-Verlag. Violations are Iiable for prosecution under the German Copyright Law. Springer-Verlag Berlin Heidelberg 2001 Origina1ly published by Physica-Verlag Heidelberg in 2001 The use of general descriptive names, registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Softcover Design: Erlch Kirchner, Heidelberg SPIN / Printed on acid-free paper

5 Preface This volume is dedicated to Horst Todt who celebrated his seventieth anniversaryon March 14, All the contributors know Horst Todt personally and (with the exception of two younger co-authors) have accompanied his scientific career for several years, some as his assistants, some as his colleagues at the Frankfurt or Hamburg University, some as fellow members in scientific societies. All who know him acknowledge inspiring conversations on a broad field of issues often reaching far beyond the scope of economics. Being friendly and entertaining and without exaggerated personal ambition he often initiated work which others completed. In particular the two editors of this volume experienced and enjoyed the stimulating atmosphere at his Chair of Economics at the Hamburg University. We like to remember these scientifically and personally fruitful years under the tutorship of Horst Todt. The editors would like to thank the contributors to this volume for their readiness to cooperate and for the promptness of their delivery. The initial idea for a coherent theme was to pose questions rather than to give answers. A hundred years after David Hilbert (1900, on a conference in Paris) gave his famous catalogue of hundred important unsolved problems in Mathematics, might there be the time to formulate an equivalent catalogue in Economics? From the very beginning, we were not as ambitions as that. First of all, Economics are quite different from Mathematics though some outsiders to the professions may have the impression of a convergence. While in the case of all the hundred questions Hilbert posed, the underlying field had been developed by definitions and assumptions so that Hilbert could directly pose clear questions, in the cases of Economic problems, the main task is to develop the field. This is not a simple problem. While there is essentially one theory of Differential Equations and one Number Theory there are many Bargaining Theories and many Theories of International Trade. (The latter is apparent, if you compare the contributions of Hans Wismeth and Klaus SchOler in this volume.) In order to pose a concrete economic question, you first have to create an adequate environment for your question. Of course, you might define this as the main part of the problem. For our second remark, we have to apologize in advance; but we are sure that finally, all our renowned colleagues will agree with us. There is no Hilbert in Economic Science, and there has not been a Newton or a Gauss on whose shoulders a Hilbert could stand. Thus, a repetition of Hilbert's famous catalogue, this time in economics, is not possible. But it is never worthless to strive for high aims! We think that all the contributions of this volume have gained by the attempt to clarify

6 VI Preface the underlying assumptions, by the necessity to develop the field in order to arrive at precise questions. As examples for such attempts, you may regard the contributions of Manfred Holler and Arnis Vilks. We do not try to give an overview of the contributions here. From a thematic point of view the contributions are as heterogeneous as Horst Todt's interests in Economics are. The red threat through all these contributions may be conceptual and admittedly it is more or less visible. You may read the contributions to this volume under such a point of view but - of course - on the other hand every contribution is a self-contented piece of work which should arouse the interest of specialists on the respective topic. The editors and, as we think, all the contributors would like to thank Horst Todt for the inspiring common discussions we had. We all hope to continue having pleasant and fruitful times together. Frankfurt (Oder), Hamburg October 2000 Friedel Bolle Michael Carlberg

7 Contents Part I. On Horst Todt 1 In Honor of Horst Todt 3 2 Horst Todt in Tartu Karin Peschel Part II. Scientific Contributions 3 How Do Decisions Emerge? Generating Ultimatum Proposals Werner Giith 4 Economic Decisions by Approved Principles Rules of Thumb as Behavioral Guidelines Walter Buhr, Thomas Christiaans 5 Fairness, Power and their Relationship Manfred J. Holler 6 Solidarity Friedel Bolle, Alexander Kritikos 7 What is a Game? The Winner Takes it All Arnis Vilks 8 Monopolistic and Oligopolistic Imperfect Demand Competition Preferences of Suppliers for Demanders Jochen Schumann 9 The Global Homo Oeconomicus Integrating Economic Theories Hans Wiesmeth 10 International Trade and Spatial Markets Trade Policy from a Theory of Spatial Pricing Perspective Klaus SchOler 11 Trans-European Effects of "Trans-European Networks" Results from a spatial CGE analysis Johannes Brocker

8 VIII Contents 12 Asset Disposition and Economic Development John-ren Chen 13 Policy Mixes in a Monetary Union Michael Carlberg 14 High Order Strategic Thinking The Subscriber's Dilemma in an Experimental Stock Issuing and the Keynesian Beauty Contest Alexander Karmann, Marco Lehmann-WafJenschmidt 15 Imitation in a Two-Level Hexapoly Axel Ostmann, Reinhard Selten, Reinhard Tietz