Valuing ecosystem services with microeconomic underpinnings presents challenges because these services typically constitute nonmarket values and contribute to human welfare indirectly through a series of ecological pathways that are dynamic, nonlinear, and difficult to quantify and link to appropriate economic spatial and temporal scales. This paper develops and demonstrates a method to value a...

We study the extent to which firm financial performance is passed on workers in form of higher wages and degree this pass-through has changed over period 2002- 2018. use both value added per worker a measure quasi-rents as measures performance. Value standard used internationally. Quasi-rents better approximate resources available be shared between firms it takes into account rental cost capita...

This study investigates the impact of excessive entrepreneurial activity on natural resource rents. We employ ecological perspective to argue that while entrepreneurship is usually associated with innovation and improved efficiency, thus reduced rents, may increase rents harm environment. Investigating a global sample 70 countries over 11 years (2006–2016) using advanced techniques address econ...

The Internet technology reduces the cost of transmitting and exchanging information. ECNs exploit this opportunity to enable investors to place quotes at very little cost and compete with incumbent stock exchanges. Does this quasi–free entry situation lead to competitive liquidity supply? We analyze trades and order book dynamics on Nasdaq and Island. The Nasdaq touch is frequently undercut by ...

In Bartling, Fehr and Schmidt (2012) we show theoretically and experimentally that it is optimal to grant discretion to workers if (i) discretion increases productivity, (ii) workers can be screened by past performance, (iii) some workers reciprocate high wages with high effort and (iv) employers pay high wages leaving rents to their workers. In this paper we show experimentally that the produc...

This paper considers a simple model of credit cycles driven by moral hazard in financial intermediation. Financial agents or bankers must earn moral-hazard rents, but the cost of these rents can be efficiently spread over an agent's entire career, by promising large late-career rewards if the agent has a consistently successful record. Dynamic interactions among different generations of financi...

We show that information sharing among banks may serve as a collusive device. An informational sharing agreement is an a-priori commitment to reduce informational asymmetry between banks in future lending. Hence, information sharing agreements tend to increase the intensity of competition in future periods and, thus, reduce the value of informational rents in current competition. We contribute ...

Much of the nation has experienced steep declines in housing prices in recent years. In Manhattan, however, apartment sales prices did not fall as sharply. A study of price-rent ratios in the New York City borough concludes that, while apartment rents are driven by supply and demand forces, apartment sales prices are driven in part by speculative factors, and they sometimes rise or fall to leve...