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Die ökologische Steuerreform als Instrument zur Etablierung einer Postwachstumsökonomie - Eine theoretische Analyse (2015)
Kroll, Lasse
Competition in Network Industries: The Case of the German Postal Market (2014)
Masri, Toufic M. El
The postal sector has a long monopolistic tradition in many countries; however, since the 1990s it has undergone considerable changes. At the beginning of that decade, the European Commission abolished exclusive rights within the postal system and opened up the market to new private postal providers and changes have continued to accelerate after two important European directives. Both directives were intended to improve the quality of service in the industry and to open up the market to competition. What has changed since the opening of the German postal market? A look at market shares measured by volumes of processed postal items, or by revenue, quickly reveals the prevailing dominance of the former monopolist Deutsche Post AG (DPAG). Despite an increasing number of market entries by private postal providers, it seems the German postal market is still characterized by the old monopolistic structures and that the aim of creating a competitive environment has not been fully achieved. This thesis deals with different competition issues from an economics perspective. The analyses are based on self-collected data and in-depth interviews conducted during on-site visits and thus provide first empirical evidence regarding the status quo in the German postal market.
Liability of Insurance Intermediaries: A Law and Economic Approach (2014)
Pape, Annika
Value Trade-Offs and Sustainability Policy : An Economic Analysis (2013)
Hoberg, Nikolai
This dissertation concerns the question of how economics can contribute to the analysis of trade-offs between values (or normative objectives). The analysis is illustrated for the case of policies that pursue the goal of sustainability. Methodologically, this is done by reflecting economic concepts in light of philosophical theories and using generic models to analyze trade-offs between particular values. In sum, the work shows how economics can help in analyzing the factual relationships between values by clarifying the set of feasible acts and outcomes. The first paper of this cumulative dissertation concerns the question what a general definition of efficiency with respect to normative objective implies about relationships between two values. In order to conceptualize relationships between values carefully, the analysis distinguishes instrumental from intrinsic values and discusses the question whether there is one intrinsic value (value monism) or many intrinsic values (value pluralism). Next, a small economic model is used to show that there can be different relationships between values such as win-win relationships and trade-offs in value-efficient states if there are three or more values. Further, the distinction between Pareto-efficiency (based on individual preferences) and value-efficiency (which can also include non-preference values) is used to study relationships between values. The second paper uses the definition of sustainability as inter- and intragenerational justice to discuss the relationship between these two objectives. The general aim of this paper is to discuss what economic concepts can contribute to the discussion of tradeoffs between justices. For this, a syntax of the concept of justice is employed, different relationships between justices are defined and economic concepts such as scarcity, efficiency and opportunity costs are transferred to the justice context. One result from this analysis is that there must be a trade-off between these two justices in such respective efficient outcomes. The third paper concerns an intertemporal mechanism leading to the well-known equity-efficiency trade-off in an intergenerational setting. For this, two central characteristics of intergenerational policy making are taken into account: irreversibility and ignorance (or unawareness). A pertinent example is the irreversible use of fossil fuels before and after the discovery of the effect of CO2 emissions on climate change. The trade-off between Pareto-efficiency and intergenerational equity that results from these two characteristics is shown in a model with two non-overlapping generations which use a non-renewable resource. In the model there is initial unawareness about an intergenerational externality from resource use that is only discovered after the irreversible use of the resource. A central result of the paper is the trade-off between intergenerational equity and efficiency that emerges if initially unknown sustainability problems arise after irreversible policies have been enacted. The fourth paper concerns the question what the concept of merit goods can contribute to discussions of sustainability. For this, the history of the concept is discussed, then merit goods are defined and connected to the philosophical literature on different conceptions of well-being. In the next step different challenges and opportunities of merit good arguments are discussed for the sustainability context. For example, it becomes clear that merit good arguments concern conceptions of well-being and do not directly concern the aspect of intergenerational distribution in sustainability problems.
Essays in Cultural Economics - Economic Consequences of Religion (2013)
León, Anja Köbrich
Against the background of recent economic attempts to explain individual economic decisions by structural and institutional factors, this thesis examined to what extent cultural norms exhibit quantitatively important explanatory power for individual economic outcomes, namely individual’s savings and working choices. While an extensive literature deals with the relation between culture and aggregate economic outcomes, those results obtained may reveal distorted cultural effects due to unobserved omitted variables at the country level. Thus, for the purpose of this thesis, four empirical studies were conducted based on individual and household level data for the USA and Germany, respectively. Due to difficulties in defining a coherent concept of culture, Chapters 2 to 4 use individual religiosity, as measured by one’s religious affiliation and religious involvement, as a proxy for culture. Using individual survey data for the USA, namely the PSID, for the years 2003 to 2009, the aim of Chapter 2 was, firstly, to analyze the extent to which religious beliefs and religious commitment are associated with distinct individual savings behavior as a basis for culture-induced heterogeneity in aggregate economic outcomes. One’s religiosity was found in the cross-sectional analysis to be a robust determinant of individual savings choices, even once I control for differences in individual characteristics. To identify the causal effect of religion on individual savings choices, secondly, the results from the multivariate analysis were verified by using the longitudinal structure of the PSID and by an instrumental variable approach, where own individual religious belief were instrumented with the share of one’s religious tradition in the region of ancestry. Neither of these approaches was able to replicate the positive relation between religious affiliation and savings behavior found in the cross-sectional analysis Although the estimates are subject to inefficiencies due to data limitations, this paper mainly sheds light on the endogeneity bias inherent in the relation between cultural factors and economic outcomes. However, taking actively part in religious activities was found to affect the amount saved positively. Thus, one may argue that religious traditions impose religious rules and establish social networks that enhance an individual’s ability and willingness to save money. As opposed to the vital religious market in the USA, Chapters 3 and 4 analyzed the relationship between individual religiosity and risk-taking preferences as well as individual financial behavior within Germany. Using German micro-data, namely the GSOEP, for the years 2003 and 2004, while controlling for the overall level of general risk assessment, evidence is provided that different religious affiliations are associated with distinct financial risk taking attitudes as well as with distinct individual propensities to trust strangers, another central determinant of a household’s financial choices. Further, the extent to which religion-induced heterogeneity in risk-taking preferences actually influences investment and trusting decisions of households in Germany was examined. As compared to the results obtained for the relation between religiosity and savings behavior in the USA, the main differences in economic attitudes and behavior in Germany occur between Christian and Non-Christian religions. However, religious networks were found in both countries to be more important for economic outcomes than religious belief. Chapter 5 purposed to replicate epidemiological studies conducted for North America (Fernández, 2007; Fernández and Fogli, 2009; Gevrek et al., 2011) in Germany using a quite smaller sample which were drawn from data provided by the GSOEP for the years 2001 to 2011. Applying probit and Tobit estimation techniques the results contradict the findings obtained by these previous contributions. While cultural norms towards labor market behavior of women, as measured by past female LFP rates in the country of own or parental origin, were found to be negatively associated with labor market outcomes for first-generation immigrant women in Germany, no statistically significant relation was revealed for the second generation. However, in accordance with the findings from Chapters 2 to 4, religiosity, and especially the Islamic belief, was showed to be negatively related to labor market outcomes of both generations.
Essays in Empirical Population Economics (2012)
Humpert, Stephan
All of the papers contained in this thesis address the topic of population economics, especially in relation to labor markets. The first chapter, Introduction, gives an overview of the papers discussed in this thesis. In the second chapter, Age and Gender Differences in Job Opportunities, job opportunities for older workers are analyzed. Newly-employed women and men who are older than the age of 55 are more limited in their occupational choices than younger women and men. Different measures of segregation such as the Duncan Index and Hutchens Index show unequal distribution of jobs over age. Older women in particular face the highest segregation. Several years of the IAB Employment Sample are used in the analysis. In the third chapter, Explaining Age and Gender Differences in Employment Rates: A Labor Supply Side Perspective, the labor supply of older individuals is analyzed. The comparison of reservation wages and entry wages shows age- and gender-specific differences. Nonemployed individuals at the age of 55 and older have the highest reservation wages. Reservation wages for females are always higher than those for males. Entry wages increase with age for males, but not for females. Furthermore, the job satisfaction of women decreases with age while satisfaction with leisure tends to increase. This may explain why employment rates for females are lower than for males. The German Socio-Economic Panel (GSOEP) data is used in the paper. In the forth chapter, Somewhere over the Rainbow: Sexual Orientation Discrimination in Germany, sexual orientation-based differences in income are analyzed. Although Germany has an anti-discrimination law that has explicitly prohibited discrimination on the basis of sexual orientation since 2006, there are significant income differences for gay men and lesbian women. While gay men have an income discount of 5 to 6 percent relative to married heterosexual men, lesbian women have an income premium of 9 to 10 percent relative to heterosexual married women. These differences within the gender types can be explained partially by selection into specific occupations and sectors. One wave of the German Mikrozensus data is used in the analysis. The fifth chapter, A Note on Happiness in Eastern Europe, is no more related to Germany, but takes an international position. Estimations on life satisfaction show typical results, such as a u-shaped effect in relation to age. Marriage and a good state of health have positive effects on life satisfaction or utility, while individual unemployment has a negative effect. Several years of the European Values Study (EVS) and the World Value Survey (WSV) are used in the paper. The thesis is finished by a final chapter, Conclusion
Heterogeneity During the Financial Market Crisis 2007/2008 – Liquidity and Solvency Risks to Different Financial Intermediaries (2012)
Schmielewski, Frank
Due to the financial markets disturbances of 2007/2008, a considerable number of financial intermediaries such as banks, credit institutions and asset management companies noticed substantial liquidity shortages, difficulties to refinance their operations as a result of a drying out of appropriate refinancing sources, and withdrawals of deposits by consumers. These turbulences in the financial markets forced governments and central banks to increase liquidity provisions to ensure a sufficient aggregate liquidity of the financial industry. Furthermore, policy-makers decided on bailouts of banks or on supporting financial intermediaries by governmental warranties or liquidity provisions to avoid a substantial number of insolvencies of banks and other financial institutions that may have rapidly deteriorated the global financial industry. In the aftermath of the crisis, politicians and economists discussed these decisions controversially because interventions by governments and central banks appear to have a deep impact on the global economy particularly in the financial industry. Moreover, legislative and regulatory authorities decided on increasing their vigilance, particularly with focus on principal-agent problems within certain sectors of the financial industry. A considerable amount of recent research papers has focused on the dynamics of liquidity shortages that suggest the recent crisis being related to both an increasing funding liquidity risk and an emerging market liquidity risk. Self-amplifying interdependencies appear to connect these two dimensions of liquidity risk that during the period 2007 to 2008 have led to the contagion effects in the global financial industry. Only little research work so far has provided evidence from the financial crisis in 2007/2008 while focusing on the German financial industry. Thus, my doctoral dissertation covers three research papers that address the occurrence of substantial liquidity risk and default probability within the German financial industry over the course of the financial crisis of 2007/2008. My first publication co-authored with Daniel Schmidt, Leuphana University of Lüneburg, entitled ‘Consumer reaction to tumbling funds - Evidence from retail fund outflows during the financial crisis 2007/2008’ focuses on funding liquidity risk of German retail funds. Contrary to the findings reported in some of the extant literature, our study indicates that over the past few years a change in investors’ behavior patterns means that investment decisions are made at short notice, and that shares are redeemed in a discriminatory manner when funds perform poorly. By using data assembled from 1672 retail funds in Germany over the period March 2008 to April 2010, we are able to show that in general, both the prior fund performance and prior net redemptions have a statistically significant influence on fund outflows. Moreover, there are indications that in recent crises situations that have resulted in the withdrawal of shares investors react fast to market signals. My second research paper entitled ‘Leveraging and risk-taking within the German banking system: Evidence from the financial crisis in 2007 and 2008’ examines the risk-taking attitudes of distinguishable German banking sectors. This study intends to examine whether the German banking system displays pro-cyclical behavior during 2000 to 2011, and to what extent specific sectors of the German banking system show significant balance sheet operations to increase their leverage during years of booming asset prices. The results of this study demonstrate that different sectors of the German banking system did operate their business more or less pro-cyclical. It also provides empirical evidence that certain banking sectors did favor refinancing their assets by short-term borrowing in the interbank market to increase their leverage during periods of extraordinary high returns in financial markets. Moreover, this study shows that banks, which operate above average leverages, tend to report a high volatility of return on assets and low distances-to-default. Finally, my third paper entitled ‘Are private banks the better banks? An insight into the ownership structure and risk-taking attitudes of German banks.’, and co-authored with Thomas Wein, Leuphana University of Lüneburg, tries to enlighten the influence of the different principal-agent relationships on the risk-taking attitudes of German banks. In this study, we propose our hypothesis that the distinguishable principal-agent relationships of German banks are significantly influencing the risk-taking attitudes of bank managers. Particularly, we intend to substantiate the theory that banks owned by dispersed shareholders or federal state authorities face a higher relevance of principal-agent problems than other banking sectors due to a missing ability to monitor bank managers. Our results underline that these problems appear to mislead bank managers showing an unreasonable risk-taking behavior. In a first stage, we rely on a theoretical model explaining that from the bank owners’ viewpoint three factors of the principal-agent relationships are determining the probability of choosing the optimal portfolio of risky assets. These factors cover the ability to control bank managers, the risk pooling capabilities of bank owners and bank managers, and the incentives of seeking high returns. To support our hypothesis we apply an empirical study to the distances-to-default of different German banking sectors. This demonstrates that risk-taking attitudes of banks are closely related to banks’ ownership. Consequently, our findings offer evidence, that legislative and regulatory authorities should increase their vigilance in terms of principal-agent problems within certain sectors of the banking industry.
Essays zur Verbreitung und den Auswirkungen der Drittelmitbestimmung in Deutschland (2010)
Boneberg, Franziska Sophie
Betriebliche Arbeitnehmermitbestimmung stellt Gegenstand zahlreicher Studien dar. Unternehmerische Mitbestimmung konnte sich dagegen als Themenschwerpunkt in der ökonomischen Diskussion bisher nicht ausreichend durchsetzen, weshalb umfangreicher Forschungsbedarf angemerkt wird. Mit der vorliegenden Dissertation wird dieser Aufforderung in fünf Papieren nachgekommen. Dabei wird sich ausschließlich auf die Drittelmitbestimmung in GmbHs des westdeutschen Dienstleistungssektors konzentriert. In dem Papier „Die Aufsichtsratslücke im Dienstleistungssektor. Ausmaß und Bestimmungsgründe“ wird eine Analyse der Verbreitung der Drittelmitbestimmung im westdeutschen Dienstleistungssektor durchgeführt. Während im Industriebereich die Gewährung von Mitbestimmungsrechten äußerst verbreitet war, stellt sich die Frage, ob diese Tatsache auch für den Dienstleistungssektor zutrifft. Letzterer zeichnet sich in Deutschland, im Gegensatz zum verarbeitenden Gewerbe, durch kontinuierliches Wachstum aus. Die Arbeit demonstriert, dass - entgegen den rechtskräftigen Regelungen- weniger als die Hälfte aller GmbHs im westdeutschen Dienstleistungssektor mit 500 bis 2000 Beschäftigten einen Aufsichtsrat und folglich Mitbestimmung auf Unternehmensebene aufweisen. Zur Erklärung der ermittelten Aufsichtsratslücke wird in dem Papier eine ökonometrische Analyse potenzieller Bestimmungsgründe für das verbreitete Fehlen durchgeführt. Diese demonstriert, dass sich sowohl die Organisationsform des Hauptgesellschafters als auch die Beschäftigtenzahl auf die Wahrscheinlichkeit des Bestehens eines Aufsichtsrates auswirken. Das Unternehmensalter spielt als Einflussgröße hingegen keine wichtige Rolle. Das Papier wurde in der Zeitschrift für Industrielle Beziehungen Ausgabe 04/2009 veröffentlicht. Auf eine Replik, die mit dem Artikel veröffentlicht worden ist, wurde in der ersten Ausgabe der Zeitschrift Industrielle Beziehungen 2010 entsprechend mit einer Replik geantwortet (siehe Kapitel 3). Um die resultierenden Ergebnisse besser einordnen zu können, wurden für das zweite Papier „Recht und Realität von Mitbestimmung im westdeutschen Dienstleistungssektor: 11 Fallstudien“ Interviews durchgeführt. Ziel war es insbesondere, die im ersten Papier herausgearbeiteten Bestimmungsgründe für das verbreitete Nicht-Vorhandensein von Aufsichtsräten zu überprüfen. In 11 Befragungen in verschiedenen Regionen Deutschlands erklären Vertreter der Arbeitgeber- und Arbeitnehmerseite, weshalb in ihrem Unternehmen kein Aufsichtsrat existiert. Außerdem wird die Stellung des Betriebsrates sowie die Bedeutung von Mitbestimmung im Allgemeinen erläutert. Die Fallstudien demonstrieren, dass Arbeitgeber und Belegschaft die Bildung von Betriebsräten in der Regel begrüßen. Ein Aufsichtsrat wird hingegen als überflüssig erachtet. Insgesamt zeigt die Analyse, dass Arbeitnehmermitbestimmung auf Abteilungsebene mehr Bedeutung beigemessen wird als in den gesetzlich vorgeschriebenen Institutionen. In dem Papier „The Economic Consequences of one-third Co-determination in German Supervisory Boards: First Evidence for the Service Sector from a New Source of Enterprise Data“ werden mögliche ökonomische Auswirkungen des Drittelbeteiligungsgesetzes analysiert. Unternehmen mit und ohne Aufsichtsräte werden im Hinblick auf ihren Erfolg (Profitabilität und Value added per employee) verglichen. Die Ergebnisse zeigen, dass Unternehmen mit Aufsichtsrat im Schnitt eine höhere Produktivität aufweisen. Mögliche Einflüsse auf die Rentabilität einer Unternehmung erweisen sich als nicht signifikant. Schließlich geht es in dem fünften Papier „One-third Co-determination in German Supervisory Boards and its Economic Consequences. New Evidence for Employment“ um potenzielle Auswirkungen unternehmerischer Mitbestimmung auf die Beschäftigungsentwicklung. Der Aufsatz ist erst der zweite in der Mitbestimmungsforschung, der sich dieser Thematik widmet. In einem Regressionsmodell wird ermittelt, dass die Existenz eines Aufsichtsrates nicht signifikant mit dem Beschäftigungsniveau korreliert. Die Besonderheit des Forschungsdesigns besteht zunächst darin, dass erstmals Unternehmen gleicher Größenordnung und gleicher Branche, die sich insbesondere durch die Existenz eines Aufsichtsrates unterscheiden, in Hinblick auf ihre wirtschaftliche Performanz verglichen werden können. Zusätzlich stellt die Verwendung eines kombinierten Datensatzes ein Charakteristikum der vorliegenden Arbeit dar. Im Rahmen des Dissertationsvorhabens werden Mikrodaten aus Erhebungen der amtlichen Statistik mit Daten aus externen Quellen verknüpft. Grund dafür ist, dass die Erhebungen der amtlichen Statistik keine Informationen über das Vorhandensein eines Aufsichtsrates enthalten. Diese Informationen sowie die Angaben über die Eigentümerstruktur wurden aus einer kommerziellen Datenbank der Firma Hoppenstedt entnommen und im Falle unvollständiger Angaben durch eigene Recherchen ergänzt. Die Verknüpfung findet über einen sowohl in den Mikrodaten der amtlichen Statistik als auch in dem selbständig aufgebauten Datensatz enthaltenen Schlüssel statt, den Angaben zu Registergericht und Handelsregister-Nummer.
Essays on Comparative Advantages in Self-Employment and on Formerly Unemployed Founders (2010)
Oberschachtsiek, Dirk
This dissertation is based on three empirical studies on the thematic complex of the comparative advantages of self-employment and business start-ups out of unemployment. The first study examines the characteristics of persons who present a broad range of experience in terms of professional competencies. The extent to which self-reported entrepreneurial competence and the assessment of professionally self-employed activities correlate with the number of professional competencies acquired is examined in particular. It emerged from previous studies that the tendency to establish new businesses increases with the variety of experience. More recent studies show, however, that different causes may lie behind this correlation. The results of this study show that both entrepreneurial competence and the estimation of self-employment increase with the number of professional competencies. However, the analyses would indicate that entrepreneurial competence (self-assessment) is more strongly correlated and that an actual increase in qualifications lies behind the self-assessed entrepreneurial competence. Moreover, it emerges that self-assessed entrepreneurial competence increases at decreasing marginal rates with the number of professional competencies. The second study examines the extent to which professional background and, in particular, the professional and employment experience of an individual influence the duration he or she remains in self-employment. This is studied on the basis of data from a survey of founders who become self-employed out of unemployment. The study is based on the idea that individual characteristics can be used productively in different forms of employment and that specific competence and comparative characteristics affect the time-dependent exit from self-employment. The results initially confirm previous findings, in particular that firm characteristics do not play a very significant role in the decision to start up a business from a position of unemployment. Broad-based qualifications plus business skills, a high level of intrinsic motivation for self-employment and exploitable professional experience display a strong positive correlation with the duration in self-employment; this would suggest corresponding comparative advantages for self-employment. However, business skills alone reduce the time-dependent probability of survival in self-employment and accelerate exits into employment. The third study analyzes features of local labor markets in terms of their influence on the duration of self-employment. The basis of the study is provided by process-produced data generated by the German Federal Employment Agency on the employment biographies of individuals who received support in establishing businesses with a view to exiting unemployment. Individual characteristics were examined in addition to regional determinants. The idea behind the study is that local labor market conditions can have different comparative effects on income possibilities in both positions of employment and self-employment. The exit from self-employment is described as a change in work activity which arises following the evaluation of different income options. The results show that local labor market conditions have a considerable influence on the duration of self-employment and that the effect of local labor market conditions is very complex. The results would prompt the expectation that a one-dimensional perspective based on the local unemployment rate does not provide an adequate measure of general economic conditions. Increasing regional unemployment reduces the duration of self-employment while increasing uncertainty on the local labor market results in its extension. Moreover, all local characteristics display reducing to reversing marginal effects. Tests of individual characteristics show that persons from small businesses, master craftsmen and foremen, and persons with high income premiums remain longer in their last employment situation than the controls. These characteristics are clearly associated with comparative advantages for self-employment. The study also corroborates the impression that people with business backgrounds quickly leave self-employment for employed positions.
Cultural Economics: Empirical Applications in the German Cultural Sector (2010)
Last, Anne-Kathrin
Against the background of the dependence of cultural institutions on public funding and the increasing pressure on public budgets, this thesis aims to make a contribution to the economic analysis of the German cultural sector. For this purpose, three empirical studies focusing on the German cultural sector are conducted, using different methods to quantify the analyzed effects. Chapter 2 describes an application of the contingent valuation method (CVM) for assessing public approval of the amount of subsidies spent on cultural facilities. For our analysis, we conducted a contingent valuation study to capture the willingness to pay (WTP) for the municipal cultural supply in Lüneburg, Germany. To identify the factors associated with the respondents’ WTP, we supplemented an ordinary least squares (OLS) and a Tobit regression model with a quantile regression (QR) model. The findings suggest the existence of non-use values. Since the QR analyzes the coefficients at different points of the distribution of the dependent variable, it accounts for the heterogeneity of preferences. Overall, the results indicate that the QR can provide useful information in deriving implications for cultural policy. In contrast to the consumption-oriented approach of chapter 2, chapters 3 and 4 focus on the production of performing arts in public theaters. Data were taken from the theater reports published by the German Stage Association (Deutscher Bühnenverein) from 1993 to 2007. Chapter 3 uses a stochastic frontier analysis approach to analyze the efficiency of German public theaters. Whether the assumption of cost-minimizing behavior is reliable in the case of public theaters is of particular interest. Thus, in addition to the input distance function model, we employ a cost function model in order to evaluate whether the cost-minimizing behavior can be maintained. We also applied several panel data models that differ in their ability to account for unobserved heterogeneity to evaluate the impact of unobserved heterogeneity on the efficiency estimates. The results indicate that the cost-minimizing assumption cannot be maintained. We also find a considerable unobserved heterogeneity across the theaters that causes a significant variation in the models’ efficiency estimates. Taken together, our results suggest that there is still space for improvement in the employment of resources in the area of performing arts production in Germany. The third study, presented in Chapter 4, discusses the development and sources of productivity in German public theaters. As labor costs increase, productivity decreases over time; this phenomenon is referred to as ”Baumol’s cost-disease”. However, productivity is not influenced only by technological change; technical efficiency and scale efficiency also play a role. Thus, which of the three factors are positive or negative drivers for productivity change in the case of German public theaters is of particular interest. Using a stochastic distance frontier approach to decompose the total factor productivity into the three different sources of productivity the findings indicate that there is no significant technological progress that can countervail the negative productivity trend caused by increasing wages and, thus, support the cost-disease hypothesis. Furthermore, increasing returns to scale for the majority of theatres were found. Chapter 5 summarizes the main results of the three empirical analyses. This is followed by concluding remarks on the need for further research.
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