Seit Ende der sechziger Jahre wird mit unterschiedlicher Intensität auf die Innovationskrise und auf den Rückgang der Investitionstätigkeit deutscher Unternehmen hingewiesen. Zur Zeit erlebt dieses Thema vor allem im Zusammenhang mit der abnehmenden Wettbewerbsfähigkeit der deutschen Unternehmen im internationalen Vergleich wieder eine Renaissance. Mangelnde Innovationen und daraus resultierende Investitionslücken führen danach nicht nur zu einem verringerten Wirtschaftswachstum, sondern erschweren darüber hinaus auch den noch immer nicht vollständig bewältigten Strukturwandel, der aber vor dem Hintergrund der zunehmenden Globalisierung gefordert wird. Schließlich wird auf die arbeitsplatzerhaltende oder -schaffende Wirkung von Innovationen hingewiesen.

The standing debate regarding how preferences should be defined is still evident in research today. Are they invariant to current endowment as a neoclassical practitioner would proclaim, or reference dependent as a behavioural economist would state? This theoretical discrepancy, regarding how preferences should be defined, when agents are experienced at what they do is found by List (2003) to be non-existing. In recollection of this notation, this thesis investigates how professional agents adopt risk in reference to a point that a neoclassical practitioner would deem irrational. With data on professional golf players on the U.S professional golf tour during 2013-2018, I find evidence that players respond in terms of what risk they adapt to a normatively irrelevant reference point in accordance to what Prospect Theory would predict. Indicating that even experienced agents have reference dependent preference towards risk. To give what the data proclaim a causal interpretation I adopt a quasi-experimental regression kink design. My estimates indicate a causal kink at my artificial threshold but are proven fragile to bandwidth alterations. Even though a causal claim is questionable, a sensitivity analysis finds evidence that my artificial threshold drives the relationship. Supporting the viewpoint that preferences towards risk are reference dependent and that experience does not eradicate the difference between what we do and what we should do.

Hochsch. für Wirtschafts-, Rechts- und Sozialwiss., Diss.--St. Gallen, 2007.

Sammanfattning Beteendeekonomi var fram till år 1979 ett forskningsämne som saknade större motsättningar. Sedan 1700-talet var den allmänna uppfattningen att de beslut som individer fattade under risk var baserade på ett rationellt beteende. Daniel Kahneman och Amos Tverskys åsikt var polär mot den tidigare forskningen och baserat på deras kritik mot föregående studier inom beteendeekonomi presenterade de år 1979 prospektteorin, en teori som senare renderade i nobelpriset. Därefter har teorin utvecklats och år 1992 publicerade Tversky och Kahneman den kumulativa prospektteorin. Den kumulativa prospektteorin (1992) baseras på att individer frångår objektiva sannolikheter och istället utgår beslut från subjektiva preferenser och därav ett irrationellt beteende. Kahneman och Tversky ansåg att rationella individer inte alltid fattar beslut baserat på vilket alternativ som genererar den högsta nyttan utan tidigare erfarenheter och upplevelser resulterar i att individer agerar annorlunda. Ett flertal studier har funnit empiriskt bevis för att den kumulativa prospektteorin är applicerbar på investerare, däribland på förvaltare inom fonder samt inom private banking. Denna studies syfte är att med hjälp av tolv kvalitativa intervjuer erhålla en djupare förståelse huruvida den kumulativa prospektteorin är applicerbar på svenska fondförvaltare med inriktning på företagsobligationer. Samtidigt som allmänheten enligt de intervjuade förvaltarna tenderar att ha bristfälliga kunskaper gällande risker associerade till företagsobligationer anser många journalister, bland annat på grund av de förväntade räntehöjningarna, att obligationsmarknaden befinner sig i en bubbla. Detta gör företagsobligationsmarknaden intressant att undersöka. Studiens slutsats är att förvaltarna, i likhet med den kumulativa prospektteorin, agerar irrationellt vid investeringsbeslut. Detta på grund av att förvaltarna ger indikationer på att de inte enbart investerar i de företagsobligationer som genererar den högsta nyttan, det vill säga avkastning, utan tar stor hänsyn till risker kopplade till företagsobligationer. I likhet med teorin tenderar förvaltarna att hantera likviditetsproblematiken och kreditrisken i enlighet med den kumulativa prospektteorin. Vidare är studiens slutsats att förvaltarna, i kontrast till den kumulativa prospektteorin, övervärderar en redan hög sannolikhet för att ränte- och inflationsrisken ska påverka fonderna negativt. Dessutom ges indikationer att förvaltarna, i likhet med teorin, agerar riskavert mot vinster, men i kontrast till teorin, agerar de också riskavert mot förluster. Detta stöds bland annat genom att majoriteten av förvaltarna agerar med en hög grad av försiktighet samt deras bemötande av kreditrisk.

Seit Ende der sechziger Jahre wird mit unterschiedlicher Intensität auf die Innovationskrise und auf den Rückgang der Investitionstätigkeit deutscher Unternehmen hingewiesen. Zur Zeit erlebt dieses Thema vor allem im Zusammenhang mit der abnehmenden Wettbewerbsfähigkeit der deutschen Unternehmen im internationalen Vergleich wieder eine Renaissance. Mangelnde Innovationen und daraus resultierende Investitionslücken führen danach nicht nur zu einem verringerten Wirtschaftswachstum, sondern erschweren darüber hinaus auch den noch immer nicht vollständig bewältigten Strukturwandel, der aber vor dem Hintergrund der zunehmenden Globalisierung gefordert wird. Schließlich wird auf die arbeitsplatzerhaltende oder -schaffende Wirkung von Innovationen hingewiesen.

Diese Untersuchung verfolgt das Ziel, einen wissenschaftlichen Beitrag zum besseren Verständnis des Zusammenhangs von Dienstleistungsqualität und Kundenzufriedenheit im Kontext von Kfz-Versicherungen zu leisten. In der ersten Zielsetzung wird untersucht, ob sich einerseits SERVQUAL als ein Messinstrument für die Erhebung der Dienstleistungsqualität und andererseits ein multidimensionales Messinstrument für das Zufriedenheitskonstrukt bei Kfz-Versicherungen eignen. In der zweiten Zielsetzung wird versucht mit den Eigenschaften der Prospect Theory den Zusammenhang zwischen den beiden Konstrukten "Dienstleistungsqualität" und "Kundenzufriedenheit" zu erklären und zu beschreiben. (Autorenref.)

This dissertation studies two interesting business cycle issues. The first issue concerns the effectiveness of tax policies in stimulating an economic recovery. The second issue concerns the costs of business cycle fluctuations to an investor who chooses to invest in risky assets. The first essay evaluates the effectiveness of the "end of double tax" policy in stimulating an economic recovery by analyzing the transitional dynamics of the economy's aggregates toward the steady states. The effectiveness of this policy is compared with two alternative policies that reduce corporate income or personal income taxes. Although all of these tax policies are found to stimulate the economy's levels of output and investment, the "end of double taxation" appears to exert the most significant impact on the aggregate levels of these variables in the short run. Based on this finding, we claim that the "end of double taxation" is an effective policy for stimulating an economic recovery in the short-run. In a thought-provoking exercise Lucas (1987 and 2003) argues that the welfare costs of business cycles is negligible. The second essay follows up on this argument by incorporating prospect theory into the formulation of individual preferences. Prospect theory proposes that agents care about changes in their wealth level rather than the level of their final wealth, and individuals are also taken to be more sensitive to losses than gains in their financial wealth. According to the prospect theory, therefore, the agents take fluctuations in the asset returns seriously. Results from empirical tests find that an individual investor, on average, would give up2.58-9.49% of the average returns, she receives from investing in the risky asset, in order to eliminate all the fluctuations associated with her asset returns. This result is interpreted as an indication of much larger welfare costs than Lucas' estimates.

The purpose of this project was to broaden my skill set and responsibilities within a well-established theatre company by transitioning from performer to director. I would accomplish this goal by using my extensive knowledge of the inner-workings of the Redlands Theatre Festival, while applying my own set of techniques, philosophies, and judgments. The project was based around the Redlands Theatre Festival’s (RTF) production of The Hot L Baltimore, written by Lanford Wilson, performed by resident actors and the acting company of RTF. I was given the opportunity to direct the play under the supervision of the Artistic Producing Director and founder of the then 40-year-old theatre company. The assignment had one main component: directing a successful production in an already-established company of experienced theatre artists. This main task was riddled with myriad complications in its production methodology. Contributing factors to the success of this project included thorough research of the period and material, a strong background in acting, creativity and the willing suspension of disbelief amongst performers and audience, trial and error, and the drive to share my passion of theatre. Many opinions and critiques were available upon the opening of the production and I am confident that this project was a success, in many ways. The play was well-received by audiences, as well as a positive and educational experience for the performers. Upon the completion of the project, I have a deeper understanding of the specialized techniques that are required, and necessary, for me to amass future successes in similar endeavors with the Redlands Theatre Festival.

This study models and examines how changes in marketing information affects the degree of investor¡¦s risk aversion, and in turn, influences investor¡¦s decision-makings process under uncertainty. Under the mixed assumptions, the theoretical evidence in this study indicates that cumulative prospect theory (CPT) investors have propensity to discipline their depreciated assets and to sell their appreciated assets. Further, I find that CPT investors have less incentive to sell their holdings with higher advertising than ones with lower advertising when facing a paper gain or a paper loss. The empirical evidence indicates that advertising can help funds stem cash outflows, and finds investors are less willing to sell high performing investments with high fund family advertising than investments with low fund family advertising, and are more reluctant to redeem losing mutual funds with high fund family advertising than funds with low fund family advertising. For loser funds, a possible explanation from this study is that advertising seems to re-enforce the efficacy of recent investor decisions and adjust their beliefs to confirm past decisions, thus lets investors have more incentive to continue holding losing funds. For winner funds, this study infers that advertising may signal product quality, increase consumer satisfaction, brand equity and consumer loyalty that lead investors satisfied with their past decisions to have a greater propensity to retain their winning investments.

In recent years, in order to adjust to the global trend, the financial policy and development in Taiwan change rapidly. With constant transformation and mergers, the banking industry attempted to upgrade the advantages of competition. The employees have to face diverse financial products and the compression and alternation of the personnel. The enterprises value the employees¡¦ satisfaction of psychological contract and the employees hold the attitude of professional commitment. Thus, the employees can explore better direction of prospect and the enterprises can also manage appropriate arrangement of work force. In addition, financial professional capacity is the capital and core value of banking industry. In this environment with severe competition and with the concern of personal development, the employees would contribute differently in terms of their specialty. In order to keep the excellent employees, the enterprises remain mutually beneficial relationship with the employees with mutual respect and commitment. The employees also value the professional cultivation which will be beneficial for the maintenance of the talents and developmental management of the organization. This research regarded the employees of local banking industry as the targets and distributed 510 questionnaires and there were 398 returned. As to the analysis of data, the researcher used reliability analysis, factor analysis, t-test analysis of independence, analysis of variance (ANOVA), Pearson¡¦s product-moment correlation analysis and multiple regression analysis. Based upon the empirical survey, the researcher obtained the following significant findings: 1.Seniority of current position revealed difference with regard to salary of psychological contract. 2.Gender and educational degree revealed larger gap upon professional identification. 3.Gender, age, marital status, educational degree, type of company, service seniority in the company revealed prominent difference with regard to development of prospect. 4.In Psychological contract, appropriateness at work, degree of learning satisfaction and inclination of staying revealed prominent negative correlation. Professional identification revealed prominent positive correlation with pursuing secure life, challenging life, professional life and promotional life. Inclination of staying revealed prominent positive correlation with pursuing secure life, challenging life and promotional life.