Incentives in Financial and Behavioral Economics - Essays in Applied Microeconomics
Buch in deiner Nähe kaufen
Beschreibung
This thesis deals with the empirical identification of incentive effects in various settings.
The central chapter looks at the financial crisis of 2007-2009 and the incentive effects caused by policy interventions in financial markets. A hypothesis controversially discussed by academics as well as policy makers is that public bailouts for banks destroy market discipline, that is the incentives for decentralized monitoring by market participants. In turn, this might induce stronger risk-taking by banks and finally make future crises more likely and severe. The thesis describes a new methodology to identify this effect and shows that market discipline strongly deteriorated during the crisis period.
In additional chapters, this thesis empirically identifies incentive effects in dynamic contest situations.
Autor*in
Florian Hett
Themen in »Incentives in Financial and Behavioral Economics - Essays in Applied Microeconomics«
Microeconomics Incentives Bank bailouts Market discipline Dynamic contests