The effects of preference characteristics and overconfidence on economic incentives [Elektronische Ressource] / vorgelegt von Florian Englmaier

Englmaier, M. Florian

Informations

• Publié par: ludwig-maximilians-universitat_munchen
• Publié le: 01 janvier 2005
• Nombre de lectures: 46
• Langue: English
• Poids de l'ouvrage: 1 Mo

Extrait

The Effects of Preference
Characteristics and Overconfidence on
Economic Incentives
Inaugural-Dissertation
zur Erlangung des Grades
Doctor oeconomiae publicae (Dr. oec. publ.)
im Jahr 2004
an der Ludwig-Maximilians-Universit at Munc hen
vorgelegt von
Florian Englmaier
Referent: Prof. Ray Rees
Korreferent: Prof. Dr. Klaus M. Schmidt
Promotionsabschlussberatung: 9. Februar 2005freifrei
Fur meine Eltern Hedwig und MartinfreiI
Acknowledgements
First and foremost I want to thank my thesis supervisor Ray Rees. He was not only
most helpful in inspiringly discussing ideas, insightfully commenting early drafts of my
papers and encouraging me but also willingly wrote numerous reference letters for schol-
arships and summer schools. As my boss at the Seminar fur Versicherungswissenschaft
he helped me a lot by co-funding these summer schools and enabling me to attend various
conferences. Moreover he helped a lot by keeping the administrative workload comparably
low.
I am also deeply indebted to Klaus M. Schmidt who agreed to serve as second supervisor
on my committee. I also bene tted a lot from his insightful comments, his outstanding
contract theory course and his numerous reference letters he provided for scholarships and
summer schools.
Monika Schnitzer completes my thesis committee as third examiner and I am grateful
for her comments on two of my papers.
Among my colleagues at the Seminar fur Versicherungswissenschaft Achim Wambach
deserves a special place, as he was the one who introduced me to the chair and who helped
me a lot to get started by providing numerous helpful hints and by co{authoring my rst
paper which is also part of this thesis.
Next to Achim my other colleagues Tobias B ohm, Irmgard von der Herberg, Ekkehard
Kessner, Andreas Knaus, Ingrid K onigbauer, Mathias Polborn (who introduced me to the
Aterri c typesetting software LT X), and Astrid Selder made being at the Lehrstuhl moreE
than a job. I was lucky to have colleagues whom I also count to my closest friends.
Also several other colleagues deserve my gratitude. I start with Christoph Eichhorn,
Gregor Gehauf, Marco Sahm and Florian W ohlbier who { being at Bernd Huber’s neigh-
boring chair { shared not only our famous common christmas parties but also numer-
ous lunches and helped to boost the Schnitzel demand in the Maxvorstadt. From the
remaining faculty Bj orn Achter, Bj orn Bartling, Stefan Brandauer, Georg Gebhardt, Flo-
rian Herold, Silke Hubner, Susanne Kremhelmer, Thomas Muller, Gun ther Oppermann,II
Markus Reisinger, Katharina Sailer, Ferdinand von Siemens, Daniel Sturm, and Hans
Zenger helped, each in her or his very special way, to write this dissertation.
Special thanks go to Markus Reisinger, my co{author on a paper not part of this
dissertation, and Tobias B ohm who were always available for insightful comments and
vivid discussions.
During the four years of my doctorate I had the chance to spend an academic year
at University College London. I am indebted to Tilman B orgers and Ste en Huck who
served as my supervisors there and gave me a new angle on numerous economic topics.
Rosie Mortimer and Liz Wilkinson were most helpful in handling any administrative
obligations. But there are several other people who also helped to make this year for me
a unique experience. I owe gratitude to Walter Becker, Philip Beckmann, Martin Bog,
Albrecht Glitz, Pedro Rey, Topi Mietinnen, Felix Munnic h, Peter Postl, and Arndt von
Schemde.
Special thanks go to Irmgard von der Herberg, Silke Hubner, and Brigitte Gebhardt
who were most helpful in handling all kinds of administrative problems.
Last but not least the student helpers at the Seminar fur Versicherungswissenschaft
were very helpful in making literature enquiries, copying, brewing co ee and making the
library a most pleasant place. Therefore I want to thank Florian Bitsch, Christa Dallat
Schwimmer, Barbara Fries, Nico Groz, Kinga Funk, Eva Kasper, Max von Liel, Elisabeth
Meyer, Florian Schwimmer, Martin Staudacher, and Brigitte Stieghorst.
For the various papers I wrote during the last I owe gratitude to numerous people.
For Incentive Contracts under Inequity Aversion, the second chapter of this disserta-
tion, which is joint work with Achim Wambach we are indebted to Tobias B ohm, Ernst
Fehr, Ray Rees, Hans Zenger and seminar participants at University College London,
the Zeuthen Workshop in Behavioral Economics, ESEM 2003 in Stockholm, at the Uni-
versities of Essex, Augsburg, Zurich and Munich for their comments and suggestions.
An earlier version of this paper [Englmaier and Wambach (2002)] circulated as CESifo
Workingpaper 809 under the title Contracts and Inequity Aversion.
For Moral Hazard and Inequity Aversion: A Survey, the third chapter of this disser-III
tation, I am indebted to my colleagues Ingrid K onigbauer, Markus Reisinger and Astrid
Selder for their valuable comments and suggestions. This paper is an invited contribution
to the VolumePsychology, Rationality and Economic Behaviour: Challeng-
ing Standard Assumptions, edited by Bina Agarwal and Alessandro Vercelli. I am
indebted to the editors for their comments and their patience.
For A Model of Delegation in Contests, the fth chapter of this dissertation, which
is joint work with Stefan Brandauer, we are indebted to Tobias B ohm, Ray Rees, Hans
Zenger, Ingrid K onigbauer and seminar participants at the University of Munich for their
comments and suggestions.
For A Strategic Rationale for Overcon dent Managers, the seventh chapter of this dis-
sertation, I am deeply indebted to Tobias B ohm and Hans Zenger for insightful discussions
and numerous valuable suggestions. Furthermore I bene tted from comments by Markus
Brunnermeier and seminar participants at the University of Munich.
In the last four years I had the chance to pursue two other projects. These papers are
not part of this dissertation but whilst working on them my understanding of economics
was in uenced by the discussions with my collaborators and the interaction with seminar
participants. I want to use this chance to thank those people for deepening my thinking
about economics.
For The Chopstick Auction: A Study of the Exposure Problem in Multi-Unit Auctions,
joint work with Pablo Guillen (Harvard Business School), Loreto Llorente (Navarra),
Sander Onderstal (Amsterdam), and Rupert Sausgruber (Innsbruck) we are indebted to
the organisors of BEAUTY2001 in Amsterdam, Ste en Huck, Theo O erman, Jean Ti-
role, and seminar participants at the Universities of Munich and Antwerp, the FEEM
conference on auctions in Milan, the NAKE research day, and at the 2004 EEA meet-
ing in Madrid. We are grateful for nancial support by the Austrian National Bank,
Jubilaeumsfonds, under Project No. 9134.
For Information, Coordination, and the Industrialization of Countries, which is jointly
written with Markus Reisinger, we thank Frank Heinemann, Stephan Klasen, Pedro Rey
Biel, Astrid Selder, and seminar participants at the University of Munich and the Uni-
versity College London, the Verein fur Socialpolitik in Zuric h (2003) and the 2003 EEAIV
meeting in Stockholm for their comments and suggestions.
Most importantly I am indebted to my parents Hedwig and Martin Englmaier who
worked hard to enable me to take a chance they never had. Their support for and trust
in all my decisions and plans helped me a lot.freifrei