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Explore " volkswirtschaft" with insightful episodes like "Technologischer Fortschritt ist Teil der Normalität", "Oliver Fritz: „Coronawinter war Nackenschlag“ | Ep. 7", "Ambiguity aversion is the exception", "Why Countries Differ in Thin Capitalization Rules: The Role of Financial Development" and "How Does Firm Heterogeneity Affect International Tax Policy?" from podcasts like ""24 Tage - 24 Menschen - 24 Geschichten", "Pistenkilometer — There’s No Business Like Snow Business", "Volkswirtschaft - Open Access LMU - Teil 03/03", "Volkswirtschaft - Open Access LMU - Teil 03/03" and "Volkswirtschaft - Open Access LMU - Teil 03/03"" and more!

Episodes (100)

Technologischer Fortschritt ist Teil der Normalität

Technologischer Fortschritt ist Teil der Normalität

Seit Juli 2023 steht der deutsche Volkswirt Holger Bonin dem Institut für höhere Studien in Wien als wissenschaftlicher Leiter vor. Wie er sich in Wien eingelebt hat und warum technologischer Fortschritt nichts wirklich neues ist, bespricht er mit Sascha Ladurner.

Mehr Infos gibts wie immer in den Shownotes oder im Internet unter
www.zweihochzwei.at/adventskalender

Der Podcast entsteht mit freundlicher Unterstützung des österreichischen Gewerbevereins ÖGV
https://www.gewerbeverein.at

24 Tage - 24 Menschen - 24 Geschichten

deDecember 10, 2023

künstliche intelligenz

volkswirtschaft

Oliver Fritz: „Coronawinter war Nackenschlag“ | Ep. 7

Oliver Fritz: „Coronawinter war Nackenschlag“ | Ep. 7

Dr. Oliver Fritz ist Ökonom am WIFO – dem Österreichischen Institut für Wirtschaftsforschung in Wien – und vielzitierter Tourismusexperte. Das WIFO ist das führende Institut der angewandten empirischen Wirtschaftsforschung in Österreich und in seiner wissenschaftlichen Tätigkeit von Politik und Wirtschaft unabhängig.

Dr. Fritz betont die volkswirtschaftliche Bedeutung des Tourismus mit seinem aktuellen Anteil von 7,5 % am Bruttoinlandsprodukt. Im Zusammenhang mit dem Coronawinter 2020/2021 spricht er von einem „Nackenschlag für den österreichischen Tourismus“.

Der Winter- bzw. Skitourismus ist von der Wertschöpfung her bedeutender als der Sommertourismus, wobei letzterer mit Bewältigung der Finanzkrise Mitte der 2000-Jahre ein Comeback gefeiert hat – nicht zuletzt mit Sommerangeboten der Bergbahnen.

Inhaltsverzeichnis

00:10 Intro

01:49 WIFO und dortiges Aufgabenfeld von Dr. Fritz

02:56 Volkswirtschaftliche Bedeutung des Tourismus in Österreich

04:04 Aktueller Anteil des Tourismus am Bruttoinlandsprodukt: 7,5 %

05:26 Strategische Bedeutung des Tourismus als Teil der österreichischen Wirtschaft

07:13 Bedeutung des Tourismus in peripheren Regionen

08:57 Bedeutung des Wintertourismus bzw. schneegebundenen Tourismus im Vergleich zum Sommertourismus (dazu auch Entwicklung seit 1975)

13:20 Rolle der Bergbahnen beim Comeback des Sommertourismus

16:00 Klärung des Fachbegriffes „Satellitenkonto“

18:21 Coronawinter 2020/2021 aus Sicht des Ökonomen und Tourismusexperten

21:35 Auswirkungen der Pandemie auf einzelbetrieblicher Ebene, Bedeutung der staatlichen Hilfen in der Tourismuswirtschaft

24:44 Große Umwälzungen im Tourismus (Digitalisierung, Klimawandel etc.)

28:31 Abgestimmtes Lebensraum- und Destinationsmanagement: Orientierung an Lebensqualität und Wertschöpfung statt nackten Nächtigungszahlen

30:50 Soziale Dimension der Nachhaltigkeit aus Sicht der Reisenden, ökologische Nachhaltigkeit des gut gemachten Massentourismus

36:23 Ischgl zwischen Après-Ski-Exzessen und Skitourismus höchster Qualität

37:54 Tourismus als Chance für den Einstieg in den Arbeitsmarkt

40:50 Paradoxon Tourismus für Regionalentwicklung und Beschäftigung in der Peripherie, Schwierigkeiten der Betriebe Mitarbeiter*innen zu finden und an sich zu binden, Bedeutung der Unterkünfte und von organisierter Kinderbetreuung

44:05 Persönliche Skibiografie von Dr. Fritz

46:05 Erfahrungen in der Erlebnisarena St. Corona am Wechsel in der Wintersaison 2020/2021

47:52 Verabschiedung

48:06 Outro

Links

Kontakt

Pistenkilometer — There’s No Business Like Snow Business

de-atJune 09, 2021

digitalisierung

volkswirtschaft

lebensqualität

Ambiguity aversion is the exception

Ambiguity aversion is the exception

An extensive literature has studied ambiguity aversion in economic decision making, and how ambiguity aversion can account for empirically observed violations of expected utility-based theories. Almost all relevant applied models presume a general dislike of ambiguity. In this paper, we provide a systematic experimental assessment of ambiguity attitudes in different likelihood ranges and in the gain domain, the loss Domain and with mixed outcomes. We draw on a unified framework with more than 500 participants and find that ambiguity aversion is the exception, not the rule. We replicate the usual finding of ambiguity aversion for moderate likelihood gains. However, when introducing losses or lower likelihoods, we observe either ambiguity neutrality or even ambiguity seeking behavior. Our results are robust to different elicitation procedures.

Volkswirtschaft - Open Access LMU - Teil 03/03

deJanuary 01, 2015

volkswirtschaft

munich discussion papers in economics

Why Countries Differ in Thin Capitalization Rules: The Role of Financial Development

Why Countries Differ in Thin Capitalization Rules: The Role of Financial Development

In the absence of financial frictions, the purpose of thin capitalization rules is to limit multinational firms’ possibilities of engaging in tax planning via debt shifting. This paper analyzes the effects of thin capitalization rules in the case where firms have limited access to external funding. First, we show that a host country allows positive internal interest deductions if its financial development is sufficiently low. This amount increases when the financial development of the host country worsens. Then we ask which of the two most common thin capitalization rules used in practice is better suited to maximizing welfare of the host country. We show that welfare under a safe haven rule is higher than under an earnings stripping rule if firms are not able to manipulate transfer prices. Welfare, however, can be higher under an earnings stripping rule if firms are able to manipulate transfer prices. The analysis provides an explanation for why countries differ in the strictness and in the type of thin capitalization rule.

Volkswirtschaft - Open Access LMU - Teil 03/03

deJanuary 01, 2015

volkswirtschaft

seminar für wirtschaftspolitik

How Does Firm Heterogeneity Affect International Tax Policy?

How Does Firm Heterogeneity Affect International Tax Policy?

Volkswirtschaft - Open Access LMU - Teil 03/03

deJanuary 01, 2015

volkswirtschaft

seminar für wirtschaftspolitik

Network Effects and Switching Costs in the US Wireless Industry

Network Effects and Switching Costs in the US Wireless Industry

I develop an empirical framework to disentangle different sources of consumer inertia in the US wireless industry. The use of a detailed data set allows me to identify preference heterogeneity from consumer type-specific market shares and switching costs from churn rates. Identification of a localized network effect comes from comparing the dynamics of distinct local markets. The central condition for identification is that neither the characteristics defining consumer heterogeneity nor the characteristics defining reference groups are a (weak) subset of the other. Being able to separate switching costs and network effects is important as both can lead to inefficient consumer inertia, but depending on its sources policy implications may be very different. Estimates of switching costs range from US-$ 316 to US-$ 630. The willingness to pay for a 20%-point increase in an operator’s market share is on average US-$ 22 per month. My counterfactuals illustrate that both effects are important determinants of consumers’ price elasticities potentially translating into market power that helps large carriers in defending their dominant position.

Volkswirtschaft - Open Access LMU - Teil 03/03

deNovember 17, 2014

volkswirtschaft

c6 - kommunikations- und transporttechnologien

munich discussion papers in economics

discussion paper series of sfb/tr 15 governance and the efficiency of economic systems

Economic Returns to Speaking the Right Language(s)? Evidence from Kazakhstan's Shift in State Language and Language of Instruction

Economic Returns to Speaking the Right Language(s)? Evidence from Kazakhstan's Shift in State Language and Language of Instruction

This paper investigates the economic returns to language skills and bilingualism. The analysis is staged in Kazakhstan, a multi-ethnic country with complex ethnic settlement patterns that has switched its official state language from Russian to Kazakh. Using two newly assembled data sets, we find negative returns to speaking Kazakh and a negative effect of bilingualism on earnings while Russian was the official state language in the 1990s. Surprisingly, the Kazakh language continues to yield a negative wage premium 13 years after it has been made official state language. While we do neither find evidence for an ethnically segmented labor market nor for reverse causality, the low economic value of the Kazakh language can be explained by the comparatively poor quality of schools with Kazakh as language of instruction. Based on PISA data, we illustrate that scholastic achievements are substantially lower for pupils taught in Kazakh, despite the official support for the titular language. Our results suggest that switching the official state language without appropriate investments in school resources is unlikely to cure the economic disadvantage of a previously marginalized language.

Volkswirtschaft - Open Access LMU - Teil 03/03

deNovember 01, 2014

volkswirtschaft

munich discussion papers in economics

Trade in Tasks and the Organization of Firms

Trade in Tasks and the Organization of Firms

We incorporate trade in tasks à la Grossman and Rossi-Hansberg (2008) into a small open economy version of the theory of firm organization of Marin and Verdier (2012) to examine how offshoring affects the way firms organize. We show that the offshoring of production tasks leads firms to reorganize with a more decentralized management, improving the competitiveness of the offshoring firms. We show further that the offshoring of managerial tasks relaxes the constraint on managers but toughens competition, and thus has an ambiguous impact on the level of decentralized management and CEO wages of the offshoring firms. In sufficiently open economies, however, managerial offshoring unambiguously leads to more decentralized management and to larger CEO wages. We test the predictions of the model based on original firm level data we designed and collected of 660 Austrian and German multinational firms with 2200 subsidiaries in Eastern Europe. We find that offshoring firms are 33.4% more decentralized than non-offshoring firms. We find further that the average fraction of managers offshored reduces the level of decentralized management by 3.1%, but increases the level of decentralized management by 4% in industries with a level of openness above the 25th percentile of the openness distribution. Lastly, we find that one additional offshored manager lowers CEO wages relative to workers by 4.9%.

Volkswirtschaft - Open Access LMU - Teil 03/03

deOctober 01, 2014

volkswirtschaft

munich discussion papers in economics

The Political Sustainability of a Basic Income Scheme and Social Health Insurance

The Political Sustainability of a Basic Income Scheme and Social Health Insurance

This paper studies how society votes on the payroll taxes of a basic income and a social health insurance scheme. Individuals differ along the two most important dimensions when it comes to the design of the two welfare schemes, namely, income and risk. Even though the introduction of a basic income scheme opens up the possibility for additional redistribution, it also crowds out social health insurance. We show that when both welfare schemes are open for debate, the political equilibrium is such that only the basic income scheme prevails. At the constitutional stage we determine which welfare scheme society agrees to implement behind the veil of ignorance and with a Rawlsian objective. Since social health insurance not only redistributes income from rich to poor but also from low-risk to high-risk agents, the doubly disadvantaged in society – low-income and high-risk agents – may lose out in the political process when a basic income scheme is in place. Depending on the amount of health care expenditure and the inequalities in income and risk, it may well be that a society will find it optimal to set up an institutional framework for a social health insurance scheme only.

Volkswirtschaft - Open Access LMU - Teil 03/03

deSeptember 06, 2014

volkswirtschaft

munich discussion papers in economics

Manager Characteristics and Credit Derivative Use by U.S. Corporate Bond Funds

Manager Characteristics and Credit Derivative Use by U.S. Corporate Bond Funds

This study provides a comprehensive overview of the use of credit default swaps by U.S. corporate bond funds and analyzes in detail whether certain characteristics of managers, in addition to the fundamentals of a fund, determine how their use these credit derivatives. Results suggest that a manager’s education, age, experience, and skill are positively correlated with a fund’s CDS holdings. In particular, managers holding a master’s degree or educated at prestigious universities prefer using CDS. However, funds with older, more experienced managers or these keeping higher assets under their management are more likely to take on credit risk via selling CDS protection. Younger managers or managers that were educated at prestigious universities rather tend to buy CDS protection possibly due to differing concerns about their careers. If considering the Heckman correction for self-selection of funds into CDS use, the aforementioned findings remain stable.

Volkswirtschaft - Open Access LMU - Teil 03/03

deSeptember 01, 2014

volkswirtschaft

munich discussion papers in economics

Voluntary Disclosure of Evaded Taxes - Increasing Revenues, or Increasing Incentives to Evade?

Voluntary Disclosure of Evaded Taxes - Increasing Revenues, or Increasing Incentives to Evade?

Many countries apply lower fines to tax evading individuals when they voluntarily disclose the tax evasion they committed. I model such voluntary disclosure mechanisms theoretically and show that while such mechanisms increase the incentive to evade taxes, they nevertheless increase tax revenues net of administrative costs. I then test the effects of voluntary disclosure in two separate empirical analyses. First, I confirm that voluntary disclosure mechanisms increase tax evasion, using the introduction of the 2009 offshore voluntary disclosure program in the U.S. for identification. Second, I quantify the tax revenues of voluntary disclosures by considering how some state-level governments in Germany bought whistle-blower data from foreign bank employees, thereby increasing the detection probability and the usage of voluntary disclosures.

Volkswirtschaft - Open Access LMU - Teil 03/03

deAugust 12, 2014

volkswirtschaft

munich discussion papers in economics

Political Booms, Financial Crises

Political Booms, Financial Crises

We show that political booms, measured by the rise in governments’ popularity, predict financial crises above and beyond other better-known early warning indicators, such as credit booms. This predictive power, however, only holds in emerging economies. We show that governments in emerging economies are more concerned about their reputation and tend to ride the short-term popularity benefits of weak credit booms rather than implementing politically costly corrective policies that would help prevent potential crises. We provide evidence of the relevance of this reputation mechanism.

Volkswirtschaft - Open Access LMU - Teil 03/03

deAugust 01, 2014

volkswirtschaft

munich discussion papers in economics

Modern secondary education and economic performance: the introduction of the Gewerbeschule and Realschule in nineteenth-century Bavaria

Modern secondary education and economic performance: the introduction of the Gewerbeschule and Realschule in nineteenth-century Bavaria

Do new school types focusing on practical and business-related knowledge lead to increased economic performance? To analyze this question, this paper examines the introduction of two types of modern secondary education, the Gewerbeschule and its successor, the Realschule, in nineteenth-century Bavaria. Since opening of these schools is arguably endogenous – as it were mainly the prosperous, big cities that opened one – the estimated treatment effect capturing the economic influence of the Gewerbeschule/Realschule will lead to biased results. To alleviate this bias, I adopt propensity score matching to compare relatively alike counties with and without these schools. Using historical county-level data on business formations, tax revenues, employment structure, and patent holdings, OLS regression analysis shows that the opening of a modern secondary school is in general positively associated with economic performance several years later.

Volkswirtschaft - Open Access LMU - Teil 03/03

deAugust 01, 2014

volkswirtschaft

wirtschaftsgeschichte

munich discussion papers in economics

The Price Sensitivity of Health Plan Choice: Evidence from Retirees in the German Social Health Insurance

The Price Sensitivity of Health Plan Choice:
Evidence from Retirees in the German Social Health Insurance

We investigate two determinants of the price sensitivity of health plan demand: the size of the choice set and the salience of premium differences. Using variation in both features in the German Social Health Insurance (SHI) and information on health plan switches of retirees in the German Socio Economic Panel, augmented with information on individuals’ choice sets we find that retirees react less to potential savings from switching when they have more plans to choose from and when differences between premiums are less salient. Simplifying choices could save consumers money and improve the functioning of the health insurance market.

Volkswirtschaft - Open Access LMU - Teil 03/03

deJuly 01, 2014

volkswirtschaft

munich discussion papers in economics

Product versus Process: Innovation Strategies of Multi-Product Firms

Product versus Process: Innovation Strategies of Multi-Product Firms

This paper studies the innovation strategies of multi-product firms in industries with different scope for product differentiation. In a simple model of multi-product firms, we show that returns to product versus process innovation are industry-specific. Demand and cost linkages induce a natural distinction between the returns to product and process innovation. In highly differentiated industries, the cannibalization effect is lower and, therefore, firms invest more in product innovation. In homogeneous industries, firms internalize intra-firm spillover effects and invest more in process innovation. We test the predictions from the model using Brazilian firm-level data, with information on investment efforts over time. Following a major exchange rate devaluation, firms have better access to foreign markets and exploit economies of scale in innovation. However, detailed information on product and process innovation allows us to evaluate differential effects across industries. We con.rm the predictions from the theoretical model and show that the type of innovation depends on the industry scope for differentiation.

Volkswirtschaft - Open Access LMU - Teil 03/03

deJune 25, 2014

volkswirtschaft

munich discussion papers in economics

Multi-Product Firms, Endogenous Sunk Costs, and Gains from Trade through Intra-Firm Adjustments

Multi-Product Firms, Endogenous Sunk Costs, and Gains from Trade through Intra-Firm Adjustments

In this paper, I investigate welfare gains associated with trade induced intra-firm adjustments of multi-product firms. To disentangle the welfare gains, I split up the R&D portfolio of a multi-product firm into three different channels: i) product innovation, ii) investments in the degree of product differentiation, and iii) process innovation. Trade integration enables firms to exploit economies of scale as innovation requires upfront development costs and encourages firms to spend more on R&D. I derive the indirect utility function and show that consumers bene.t from this behavior through a larger product range (love of variety) which is also more differentiated (love of diversity). Furthermore, a larger market is associated with technology upgrading. The resulting cost savings are passed on to consumers, leading to welfare gains from lower prices.

Volkswirtschaft - Open Access LMU - Teil 03/03

deJune 25, 2014

volkswirtschaft

munich discussion papers in economics

Multi-Product Offshoring

Multi-Product Offshoring

In this paper, we incorporate offshoring of labor-intensive goods in a model with multi-product firms, and explore its implications in partial and general oligopolistic equilibrium. We identify important aspects of this phenomenon and argue that improvements in offshoring opportunities can affect the geographic organization of a firm and its product range. Multi-product firms internalize supply linkages (flexible manufacturing) and demand linkages (cannibalization effect). In partial equilibrium, we find that more products are produced offshore on a larger scale and firms expand their product range with better prospects for offshoring. We identify the cannibalization effect as an important transmission mechanism within multi-product firms and show that the latter effect hits domestic labor demand in addition to the well-known relocation effect. Interestingly in general equilibrium these effects lead to adjustments in domestic factor prices and may cause a partial re-relocation of product lines.

Volkswirtschaft - Open Access LMU - Teil 03/03

deJune 25, 2014

volkswirtschaft

munich discussion papers in economics

Financial Innovation and Fragility

Financial Innovation and Fragility

In this paper, I evaluate the impact of innovative activity of financial agents on their fragility in a competitive framework. There exist a vast array of concerns about the interconnection of financial innovations, financial distress of firms and financial crises provided by theoretical arguments. I build on these and assess empirically the causal link between a financial agents' innovativeness and stability. Using a unique data set on financial innovations in the USA between 1990 and 2002, I show that a larger degree of innovation negatively (positively) affects firm stability (fragility) after controlling for the underlying firm characteristics. The results are robust against different modifications of innovation measures and against different fragility parameters indicating profitability, activity risk and risk of insolvency.

Volkswirtschaft - Open Access LMU - Teil 03/03

deJune 23, 2014

volkswirtschaft

munich discussion papers in economics

Determinants of Capital Structure in Non-Financial Companies

Determinants of Capital Structure
in Non-Financial Companies

In this paper, we evaluate firm-, industry- and country-specific factors determining a firm's capital structure. The empirical validity of several capital structure theories has been ambiguous so far. We shed light on the main drivers of leverage and depict differences in industry and country characteristics. Using a short panel data set with a large cross-section, we are able to show that firm size, industry leverage, industry growth and tax shield positively affect leverage ratios, while profitability and liquidity have negative impacts. Moreover, our model is an improvement over Rajan and Zingales' (1995) four-factor core model in terms of explaining data variation. The results are robust against different panel estimators, decompositions and over time.

Volkswirtschaft - Open Access LMU - Teil 03/03

deJune 23, 2014

volkswirtschaft

munich discussion papers in economics

Social anchor effects in decision-making under ambiguity

Social anchor effects in decision-making under ambiguity

I experimentally examine whether feedback about others' choices provides an anchor for decision-making under ambiguity. In a between-subjects design I vary whether subjects learn choices made individually by a "peer" in a first part when facing the same task a second time, and whether prospects are defined over gains or losses. My key findings are that the relative ambiguity attitude (compared to the peer's) significantly matters for shifts in individual attitudes, and that dynamics considerably differ between gain and loss domains. For gains, learning to be comparably ambiguity averse increases the likelihood for such shifts, relative to the individual condition; for losses, this likelihood decreases only if peers learn to exhibit exactly the same attitude. Further, I observe imitative shifts towards the peer's attitude in the gain domain, but only towards neutrality in the loss domain. Shifts towards neutrality for losses also appear significant without social anchor suggesting that ambiguity seeking might not be particularly robust. Moreover, cognitive ability positively correlates to shifts towards neutrality in the gain domain, but has no impact in the loss domain.

Volkswirtschaft - Open Access LMU - Teil 03/03

deJune 05, 2014

volkswirtschaft

munich discussion papers in economics

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