@techreport{Andres2024, type = {Working Paper}, author = {Andres, Maximilian}, title = {Equilibrium selection in infinitely repeated games with communication}, series = {CEPA Discussion Papers}, journal = {CEPA Discussion Papers}, number = {75}, issn = {2628-653X}, doi = {10.25932/publishup-63180}, url = {http://nbn-resolving.de/urn:nbn:de:kobv:517-opus4-631800}, pages = {38}, year = {2024}, abstract = {The present paper proposes a novel approach for equilibrium selection in the infinitely repeated prisoner's dilemma where players can communicate before choosing their strategies. This approach yields a critical discount factor that makes different predictions for cooperation than the usually considered sub-game perfect or risk dominance critical discount factors. In laboratory experiments, we find that our factor is useful for predicting cooperation. For payoff changes where the usually considered factors and our factor make different predictions, the observed cooperation is consistent with the predictions based on our factor.}, language = {en} } @techreport{BruttelPetrishcheva2024, type = {Working Paper}, author = {Bruttel, Lisa Verena and Petrishcheva, Vasilisa}, title = {Does communication increase the precision of beliefs?}, series = {CEPA Discussion Papers}, journal = {CEPA Discussion Papers}, number = {74}, issn = {2628-653X}, doi = {10.25932/publishup-62936}, url = {http://nbn-resolving.de/urn:nbn:de:kobv:517-opus4-629367}, pages = {1 -- 33}, year = {2024}, abstract = {In this paper, we study one channel through which communication may facilitate cooperative behavior - belief precision. In a prisoner's dilemma experiment, we show that communication not only makes individuals more optimistic that their partner will cooperate but also increases the precision of this belief, thereby reducing strategic uncertainty. To disentangle the shift in mean beliefs from the increase in precision, we elicit beliefs and precision in a two-stage procedure and in three situations: without communication, before communication, and after communication. We find that the precision of beliefs increases during communication.}, language = {en} } @techreport{Nastasa2024, type = {Working Paper}, author = {Nastasa, Ruxandra}, title = {Germany and the EU's pursuit of gender equality in peace and security}, series = {Staat, Recht und Politik - Forschungs- und Diskussionspapiere}, journal = {Staat, Recht und Politik - Forschungs- und Diskussionspapiere}, number = {16}, publisher = {Universit{\"a}tsverlag Potsdam}, address = {Potsdam}, issn = {2509-6974}, doi = {10.25932/publishup-62850}, url = {http://nbn-resolving.de/urn:nbn:de:kobv:517-opus4-628501}, pages = {1 -- 15}, year = {2024}, abstract = {The Women, Peace and Security Agenda (WPSA) is an international framework addressing the disproportionate impact of armed conflict on women and girls and promoting their meaningful participation in peacebuilding efforts. The Security Council called on Member States to develop National Action Plans (NAPs) to operationalize the four pillars of the Agenda. This study looks at the relevant steps undertaken by both Germany and the European Union. The author calls for improvements on either level and makes four recommendations.}, language = {en} } @techreport{BruttelEisenkopfNithammer2024, type = {Working Paper}, author = {Bruttel, Lisa Verena and Eisenkopf, Gerald and Nithammer, Juri}, title = {Pre-election communication in public good games with endogenous leaders}, series = {CEPA Discussion Papers}, journal = {CEPA Discussion Papers}, number = {73}, issn = {2628-653X}, doi = {10.25932/publishup-62395}, url = {http://nbn-resolving.de/urn:nbn:de:kobv:517-opus4-623952}, pages = {28}, year = {2024}, abstract = {Leadership plays an important role for the efficient and fair solution of social dilemmas but the effectiveness of a leader can vary substantially. Two main factors of leadership impact are the ability to induce high contributions by all group members and the (expected) fair use of power. Participants in our experiment decide about contributions to a public good. After all contributions are made, the leader can choose how much of the joint earnings to assign to herself; the remainder is distributed equally among the followers. Using machine learning techniques, we study whether the content of initial open statements by the group members predicts their behavior as a leader and whether groups are able to identify such clues and endogenously appoint a "good" leader to solve the dilemma. We find that leaders who promise fairness are more likely to behave fairly, and that followers appoint as leaders those who write more explicitly about fairness and efficiency. However, in their contribution decision, followers focus on the leader's first-move contribution and place less importance on the content of the leader's statements.}, language = {en} } @techreport{EstrinKhavulKritikosetal.2024, type = {Working Paper}, author = {Estrin, Saul and Khavul, Susanna and Kritikos, Alexander and L{\"o}her, Jonas}, title = {Access to digital finance}, series = {CEPA Discussion Papers}, journal = {CEPA Discussion Papers}, number = {72}, issn = {2628-653X}, doi = {10.25932/publishup-62326}, url = {http://nbn-resolving.de/urn:nbn:de:kobv:517-opus4-623261}, pages = {27}, year = {2024}, abstract = {Financing entrepreneurship spurs innovation and economic growth. Digital financial platforms that crowdfund equity for entrepreneurs have emerged globally, yet they remain poorly understood. We model equity crowdfunding in terms of the relationship between the number of investors and the amount of money raised per pitch. We examine heterogeneity in the average amount raised per pitch that is associated with differences across three countries and seven platforms. Using a novel dataset of successful fundraising on the most prominent platforms in the UK, Germany, and the USA, we find the underlying relationship between the number of investors and the amount of money raised for entrepreneurs is loglinear, with a coefficient less than one and concave to the origin. We identify significant variation in the average amount invested in each pitch across countries and platforms. Our findings have implications for market actors as well as regulators who set competitive frameworks.}, language = {en} } @techreport{NastanskySiris2024, type = {Working Paper}, author = {Nastansky, Andreas and Siris, Sarah}, title = {Risikoverbund zwischen Banken und Staaten}, series = {Statistische Diskussionsbeitr{\"a}ge}, volume = {56}, journal = {Statistische Diskussionsbeitr{\"a}ge}, doi = {10.25932/publishup-61989}, url = {http://nbn-resolving.de/urn:nbn:de:kobv:517-opus4-619891}, pages = {50}, year = {2024}, abstract = {Die Begrenzung systemischer Risiken ist essentieller Bestandteil der neuen internationalen Finanzmarktordnung. Dabei galt es nicht nur die Verflechtung der Banken untereinander, sondern auch die Verbindung zwischen den Staatsfinanzen und der Solvenz der nationalen Bankensysteme (dem sog. Risikoverbund zwischen Staat und Banken) zu durchbrechen. Der Beitrag beleuchtet die Entwicklung der Forderungen gegen{\"u}ber Staaten in den Bankbilanzen der Eurol{\"a}nder und des Eurosystems im Zeitverlauf sowie den daraus erwachsenden Risiken f{\"u}r die Finanzstabilit{\"a}t. Hierzu werden die Determinanten des Risikoverbunds theoretisch wie empirisch analysiert. Die fiskalische Kapazit{\"a}t der Eurostaaten wird anhand verschiedener Faktoren wie der Verschuldungsquote, dem Leistungsbilanzsaldo und der Kredit-BIP L{\"u}cke aufgezeigt; anschließend werden die Strukturen der Bankensysteme im Euroraum untersucht. Im Einzelnen werden die private und staatliche Gesamtverschuldung, die konsolidierte Bankenbilanzsumme und die darin enthaltenen Verbindlichkeiten sowie der Anteil des Bankensektors an der Bruttowertsch{\"o}pfung in Relation zur Wirtschaftsleistung betrachtet. Außerdem finden NPE-Best{\"a}nde in den Bankbilanzen sowie die Renditen der emittierten Staatsanleihen und damit in Verbindung stehenden CDS-Spreads Betrachtung. Zus{\"a}tzlich werden die Konzentration, der Verschuldungsgrad, Liquidit{\"a}tsziffern sowie l{\"a}nderspezifische Unterschiede in Art und Fristigkeit der Refinanzierung der Bankensektoren abgebildet. Auf Basis der empirischen Befunde werden im Hinblick auf die wechselseitigen Ansteckungseffekte zwischen Banken und Staaten Implikationen f{\"u}r die Finanzmarktregulierung diskutiert.}, language = {de} } @techreport{BlanzEydamHeinemannetal.2023, type = {Working Paper}, author = {Blanz, Alkis and Eydam, Ulrich and Heinemann, Maik and Kalkuhl, Matthias and Moretti, Nikolaj}, title = {Fiscal Policy and Energy Price Shocks}, series = {CEPA Discussion Papers}, journal = {CEPA Discussion Papers}, number = {70}, issn = {2628-653X}, doi = {10.25932/publishup-61276}, url = {http://nbn-resolving.de/urn:nbn:de:kobv:517-opus4-612763}, pages = {33}, year = {2023}, abstract = {The effects of energy price increases are heterogeneous between households and firms. Financially constrained poorer households, who spend a larger relative share of their income on energy, are particularly affected. In this analysis, we examine the macroeconomic and welfare effects of energy price shocks in the presence of credit-constrained households that have subsistence-level energy demand. Within a Dynamic Stochastic General Equilibrium (DSGE) model calibrated for the German economy, we compare the performance of different policy measures (transfers and energy subsidies) and different financing schemes (income tax vs. debt). Our results show that credit-constrained households prefer debt over tax financing regardless of the compensation measure due to their difficulty to smooth consumption. On the contrary, rich households tend to prefer tax-financed measures as they increase the labor supply of poor households. From an aggregate perspective, tax-financed measures targeting firms effectively cushion aggregate output losses.}, language = {en} } @techreport{AmorosoHerrmannKritikos2023, type = {Working Paper}, author = {Amoroso, Sara and Herrmann, Benedikt and Kritikos, Alexander}, title = {The Role of Regulation and Regional Government Quality for High Growth Firms}, series = {CEPA Discussion Papers}, journal = {CEPA Discussion Papers}, number = {71}, issn = {2628-653X}, doi = {10.25932/publishup-61277}, url = {http://nbn-resolving.de/urn:nbn:de:kobv:517-opus4-612771}, pages = {32}, year = {2023}, abstract = {High growth firms (HGFs) are important for job creation and considered to be precursors of economic growth. We investigate how formal institutions, like product- and labor-market regulations, as well as the quality of regional governments that implement these regulations, affect HGF development across European regions. Using data from Eurostat, OECD, WEF, and Gothenburg University, we show that both regulatory stringency and the quality of the regional government influence the regional shares of HGFs. More importantly, we find that the effect of labor- and product-market regulations ultimately depends on the quality of regional governments: in regions with high quality of government, the share of HGFs is neither affected by the level of product market regulation, nor by more or less flexibility in hiring and firing practices. Our findings contribute to the debate on the effects of regulations by showing that regulations are not, per se, "good, bad, and ugly", rather their impact depends on the efficiency of regional governments. Our paper offers important building blocks to develop tailored policy measures that may influence the development of HGFs in a region.}, language = {en} } @techreport{GraeberHilbertKoenig2023, type = {Working Paper}, author = {Graeber, Daniel and Hilbert, Viola and K{\"o}nig, Johannes}, title = {Inequality of Opportunity in Wealth}, series = {CEPA Discussion Papers}, journal = {CEPA Discussion Papers}, number = {69}, issn = {2628-653X}, doi = {10.25932/publishup-60967}, url = {http://nbn-resolving.de/urn:nbn:de:kobv:517-opus4-609673}, pages = {54}, year = {2023}, abstract = {While inequality of opportunity (IOp) in earnings is well studied, the literature on IOp in individual net wealth is scarce to non-existent. This is problematic because both theoretical and empirical evidence show that the position in the wealth and income distribution can significantly diverge.We measure ex-ante IOp in net wealth for Germany using data from the Socio-Economic Panel (SOEP). Ex-ante IOp is defined as the contribution of circumstances to the inequality in net wealth before effort is exerted. The SOEP allows for a direct mapping from individual circumstances to individual net wealth and for a detailed decomposition of net wealth inequality into a variety of circumstances; among them childhood background, intergenerational transfers, and regional characteristics. The ratio of inequality of opportunity to total inequality is stable from 2002 to 2019. This is in sharp contrast to labor earnings, where ex-ante IOp is declining over time. Our estimates suggest that about 62\% of the inequality in net wealth is due to circumstances. The most important circumstances are intergenerational transfers, parental occupation, and the region of birth. In contrast, gender and individuals' own education are the most important circumstances for earnings.}, language = {en} } @techreport{SpaethGoller2023, type = {Working Paper}, author = {Sp{\"a}th, Maximilian and Goller, Daniel}, title = {Gender differences in investment reactions to irrelevant information}, series = {CEPA Discussion Papers}, journal = {CEPA Discussion Papers}, number = {67}, issn = {2628-653X}, doi = {10.25932/publishup-60635}, url = {http://nbn-resolving.de/urn:nbn:de:kobv:517-opus4-606351}, pages = {25, 4}, year = {2023}, abstract = {Economic agents often irrationally base their decision-making on irrelevant information. This research analyzes whether men and women react to futile information about past outcomes. For this purpose, we run a laboratory experiment (Study 1) and use field data (Study 2). In both studies, the behavior of men is consistent with falsely assumed negative autocorrelation, often referred to as gambler's fallacy Women's behavior aligns with falsely assumed positive autocorrelation, a notion of the hot hand fallacy. On the aggregate, the two fallacies cancel out. Even when individuals are, on average, rational, the biases in the decision-making of subgroups might cause inefficient outcomes. In a mediation analysis, we find that a) the agents stated perceived probabilities of future outcomes are not blurred by irrelevant information and b) about 40 \% of the observed biases are driven by differences in the perceived attractiveness of available choices caused by the irrelevant information.}, language = {en} } @techreport{CaliendoRodriguezGuio2023, type = {Working Paper}, author = {Caliendo, Marco and Rodr{\´i}guez Guio, Daniel Felipe}, title = {Divergent thinking and post-launch entrepreneurial outcomes}, series = {CEPA Discussion Papers}, journal = {CEPA Discussion Papers}, number = {68}, issn = {2628-653X}, doi = {10.25932/publishup-60740}, url = {http://nbn-resolving.de/urn:nbn:de:kobv:517-opus4-607408}, pages = {58}, year = {2023}, abstract = {Divergent thinking is the ability to produce numerous and diverse responses to questions or tasks, and it is used as a predictor of creative achievement. It plays a significant role in the business organization's innovation process and the recognition of new business opportunities. Drawing upon the cumulative process model of creativity in entrepreneurship, we hypothesize that divergent thinking has a lasting effect on post-launch entrepreneurial outcomes related to innovation and growth, but that this relation might not always be linear. Additionally, we hypothesize that domain-specific experience has a moderating role in this relation. We test our hypotheses based on a representative longitudinal sample of 457 German business founders, which we observe up until 40 months after start-up. We find strong relative effects for innovation and growth outcomes. For survival we find conclusive evidence for non-linearities in the effects of divergent thinking. Additionally, we show that such effects are moderated by the type of domain-specific experience that entrepreneurs gathered pre-launch, as it shapes the individual's ideational abilities to fit into more sophisticated strategies regarding entrepreneurial creative achievement. Our findings have relevant policy implications in characterizing and identifying business start-ups with growth and innovation potential, allowing a more efficient allocation of public and private funds.}, language = {en} } @techreport{SondergeldWrohlich2023, type = {Working Paper}, author = {Sondergeld, Virginia and Wrohlich, Katharina}, title = {Women in management and the gender pay gap}, series = {CEPA Discussion Papers}, journal = {CEPA Discussion Papers}, number = {66}, issn = {2628-653X}, doi = {10.25932/publishup-60581}, url = {http://nbn-resolving.de/urn:nbn:de:kobv:517-opus4-605813}, pages = {31}, year = {2023}, abstract = {We analyze the impact of women's managerial representation on the gender pay gap among employees on the establishment level using German Linked-Employer-Employee-Data from the years 2004 to 2018. For identification of a causal effect we employ a panel model with establishment fixed effects and industry-specific time dummies. Our results show that a higher share of women in management significantly reduces the gender pay gap within the firm. An increase in the share of women in first-level management e.g. from zero to above 33 percent decreases the adjusted gender pay gap from a baseline of 15 percent by 1.2 percentage points, i.e. to roughly 14 percent. The effect is stronger for women in second-level than first-level management, indicating that women managers with closer interactions with their subordinates have a higher impact on the gender pay gap than women on higher management levels. The results are similar for East and West Germany, despite the lower gender pay gap and more gender egalitarian social norms in East Germany. From a policy perspective, we conclude that increasing the number of women in management positions has the potential to reduce the gender pay gap to a limited extent. However, further policy measures will be needed in order to fully close the gender gap in pay.}, language = {en} } @techreport{EydamLeupold2023, type = {Working Paper}, author = {Eydam, Ulrich and Leupold, Florian}, title = {What is it good for?}, series = {CEPA Discussion Papers}, journal = {CEPA Discussion Papers}, number = {65}, issn = {2628-653X}, doi = {10.25932/publishup-59796}, url = {http://nbn-resolving.de/urn:nbn:de:kobv:517-opus4-597966}, pages = {37}, year = {2023}, abstract = {Military conflicts and wars affect a country's development in various dimensions. Rising inflation rates are a potentially important economic effect associated with conflict. High inflation can undermine investment, weigh on private consumption, and threaten macroeconomic stability. Furthermore, these effects are not necessarily restricted to the locality of the conflict, but can also spill over to other countries. Therefore, to understand how conflict affects the economy and to make a more comprehensive assessment of the costs of armed conflict, it is important to take inflationary effects into account. To disentangle the conflict-inflation-nexus and to quantify this relationship, we conduct a panel analysis for 175 countries over the period 1950-2019. To capture indirect inflationary effects, we construct a distance based spillover index. In general, the results of our analysis confirm a statistically significant positive direct association between conflicts and inflation rates. This finding is robust across various model specifications. Moreover, our results indicate that conflict induced inflation is not solely driven by increasing money supply. Furthermore, we document a statistically significant positive indirect association between conflicts and inflation rates in uninvolved countries.}, language = {en} } @techreport{HuberRolvering2023, type = {Working Paper}, author = {Huber, Katrin and Rolvering, Geske}, title = {Public child care and mothers' career trajectories}, series = {CEPA Discussion Papers}, journal = {CEPA Discussion Papers}, number = {64}, issn = {2628-653X}, doi = {10.25932/publishup-58731}, url = {http://nbn-resolving.de/urn:nbn:de:kobv:517-opus4-587310}, pages = {33}, year = {2023}, abstract = {This paper studies the effect of public child care on mothers' career trajectories. To this end, we combine county-level data on child care coverage with detailed individual-level information from the German social security records and exploit a set of German reforms leading to a substantial temporal and spatial variation in child care coverage for children under the age of three. We conduct an event study approach that investigates the labor market outcomes of mothers in the years around the birth of their first child. We thereby explore career trajectories, both in terms of quantity and quality of employment. We find that public child care improves maternal labor supply in the years immediately following childbirth. However, the results on quality-related outcomes suggest that the effect of child care provision does not reach far beyond pure employment effects. These results do not change for mothers with different 'career costs of children'.}, language = {en} } @techreport{Gohl2023, type = {Working Paper}, author = {Gohl, Niklas}, title = {Working Longer, Working Stronger?}, series = {CEPA Discussion Papers}, journal = {CEPA Discussion Papers}, number = {63}, issn = {2628-653X}, doi = {10.25932/publishup-58527}, url = {http://nbn-resolving.de/urn:nbn:de:kobv:517-opus4-585275}, pages = {62}, year = {2023}, abstract = {Leveraging two cohort-specific pension reforms, this paper estimates the forward-looking effects of an exogenous increase in the working horizon on (un)employment behaviour for individuals with a long remaining statutory working life. Using difference-in-differences and regression discontinuity approaches based on administrative and survey data, I show that a longer legal working horizon increases individuals' subjective expectations about the length of their work life, raises the probability of employment, decreases the probability of unemployment, and increases the intensity of job search among the unemployed. Heterogeneity analyses show that the demonstrated employment effects are strongest for women and in occupations with comparatively low physical intensity, i.e., occupations that can be performed at older ages.}, language = {en} } @techreport{Hajos2023, type = {Working Paper}, author = {Hajos, Yael}, title = {A Critical Overview of the Public Health Emergency of International Concern Mechanism}, series = {Staat, Recht und Politik - Forschungs- und Diskussionspapiere}, journal = {Staat, Recht und Politik - Forschungs- und Diskussionspapiere}, number = {15}, publisher = {Universit{\"a}tsverlag Potsdam}, address = {Potsdam}, issn = {2509-6974}, doi = {10.25932/publishup-58523}, url = {http://nbn-resolving.de/urn:nbn:de:kobv:517-opus4-585238}, pages = {20}, year = {2023}, abstract = {The last years have been affected by Covid-19 and the international emergency mecha-nism to deal with health-related threats. The effects of this period manifested differ-ently worldwide, depending on matters such as international relations, national policies, power dynamics etc. Additionally, the impact of this time will likely have long-term effects which are yet to be known. This paper gives a critical overview of the Public Health Emergency of International Concern (PHEIC) mechanism in the context of Covid-19. It does so by explaining the legal framework for states of emergency, specifically in the context of a PHEIC, while considering its restrictions and limitations on human rights. It further outlines issues in the manifestation of global protections and limitations on human rights during Covid-19. Lastly, considering the likelihood of future PHEICs and the known systemic obstructions, this paper offers ways to im-prove this mechanism from a holistic, non-zero-sum perspective.}, language = {en} } @techreport{Dehnen2023, type = {Working Paper}, author = {Dehnen, Elias}, title = {Juridifying Bolsonaro's mass deforestation policies in Brazil through the International Criminal Court}, series = {Staat, Recht und Politik - Forschungs- und Diskussionspapiere}, journal = {Staat, Recht und Politik - Forschungs- und Diskussionspapiere}, number = {14}, publisher = {Universit{\"a}tsverlag Potsdam}, address = {Potsdam}, issn = {2509-6974}, doi = {10.25932/publishup-58174}, url = {http://nbn-resolving.de/urn:nbn:de:kobv:517-opus4-581742}, pages = {15}, year = {2023}, abstract = {Under Brazil's ex-president Bolsonaro, deforestation of the Amazon increased dramatically. An Austrian NGO filed a complaint to the Prosecutor of the International Criminal Court (ICC) against Bolsonaro in October 2021, accusing him of crimes against humanity against the backdrop of his involvement in environmental destruction. This paper deals with the question of whether this initi-ative constitutes a promising means of juridification to mitigate conflicts revolving around mass deforestation in Brazil. It thematizes attempts to juridify environmental destruction in international criminal law and examines the Climate Fund Case at the Brazilian Supreme Court. Finally, emerging problems and arguments in favour of starting preliminary examinations at the ICC against Bolsonaro are illuminated. This paper provides arguments as to why the initiative might be a promising undertaking, even though it is unlikely that Bolsonaro will be arrested.}, language = {en} } @techreport{BaganzdeTeresaLinggetal.2023, type = {Working Paper}, author = {Baganz, Melissa and de Teresa, Aurelia G{\´o}mez and Lingg, Rosana T. and Montijo, Yuriditzi Pascacio}, title = {A critical assessment on National Action Plans}, series = {Staat, Recht und Politik - Forschungs- und Diskussionspapiere}, journal = {Staat, Recht und Politik - Forschungs- und Diskussionspapiere}, number = {13}, publisher = {Universit{\"a}tsverlag Potsdam}, address = {Potsdam}, issn = {2509-6974}, doi = {10.25932/publishup-57679}, url = {http://nbn-resolving.de/urn:nbn:de:kobv:517-opus4-576797}, pages = {11}, year = {2023}, abstract = {National Action Plans (NAPs) have been increas-ingly adopted world-wide after the Vienna Dec-laration in 1993, where it was urged to consider the improvement and promotion of Human Rights. In this paper, we discuss their usefulness and success by analysing the challenges present-ed during NAP processes as well as the benefits this set of actions entails: The challenges for their implementation outweigh its actual benefits. Nevertheless, NAPs have great potential. Based on new research, we elaborate a set of recom-mendations for improving the design and imple-mentation of national action planning. In order to effectively bring NAP into practice, we consider it crucial to plan and analyse every state local circumstances in detail. The latter is important, since the implementation of a concrete set of actions is intended to directly transform and improve the local living conditions of the people. In a long-term perspective, we defend the benefit of NAP's implementation for complying obliga-tions set up by HR treaties.}, language = {en} } @techreport{KalkuhlFranksGruneretal.2023, type = {Working Paper}, author = {Kalkuhl, Matthias and Franks, Max and Gruner, Friedemann and Lessmann, Kai and Edenhofer, Ottmar}, title = {Pigou's Advice and Sisyphus' Warning}, series = {CEPA Discussion Papers}, journal = {CEPA Discussion Papers}, number = {62}, issn = {2628-653X}, doi = {10.25932/publishup-57588}, url = {http://nbn-resolving.de/urn:nbn:de:kobv:517-opus4-575882}, pages = {66}, year = {2023}, abstract = {Carbon dioxide removal from the atmosphere is becoming an important option to achieve net zero climate targets. This paper develops a welfare and public economics perspective on optimal policies for carbon removal and storage in non-permanent sinks like forests, soil, oceans, wood products or chemical products. We derive a new metric for the valuation of non-permanent carbon storage, the social cost of carbon removal (SCC-R), which embeds also the conventional social cost of carbon emissions. We show that the contribution of CDR is to create new carbon sinks that should be used to reduce transition costs, even if the stored carbon is released to the atmosphere eventually. Importantly, CDR does not raise the ambition of optimal temperature levels unless initial atmospheric carbon stocks are excessively high. For high initial atmospheric carbon stocks, CDR allows to reduce the optimal temperature below initial levels. Finally, we characterize three different policy regimes that ensure an optimal deployment of carbon removal: downstream carbon pricing, upstream carbon pricing, and carbon storage pricing. The policy regimes differ in their informational and institutional requirements regarding monitoring, liability and financing.}, language = {en} } @techreport{CaliendoKritikosRodriguezetal.2023, type = {Working Paper}, author = {Caliendo, Marco and Kritikos, Alexander and Rodriguez, Daniel and Stier, Claudia}, title = {Self-Efficacy and Entrepreneurial Performance of Start-Ups}, series = {CEPA Discussion Papers}, journal = {CEPA Discussion Papers}, number = {61}, issn = {2628-653X}, doi = {10.25932/publishup-57252}, url = {http://nbn-resolving.de/urn:nbn:de:kobv:517-opus4-572527}, pages = {41}, year = {2023}, abstract = {Self-efficacy reflects the self-belief that one can persistently perform difficult and novel tasks while coping with adversity. As such beliefs reflect how individuals behave, think, and act, they are key for successful entrepreneurial activities. While existing literature mainly analyzes the influence of the task-related construct of entrepreneurial self-efficacy, we take a different perspective and investigate, based on a representative sample of 1,405 German business founders, how the personality characteristic of generalized self-efficacy influences start-up performance as measured by a broad set of business outcomes up to 19 months after business creation. Outcomes include start-up survival and entrepreneurial income, as well as growth-oriented outcomes such as job creation and innovation. We find statistically significant and economically important positive effects of high scores of self-efficacy on start-up survival and entrepreneurial income, which become even stronger when focusing on the growth-oriented outcome of innovation. Furthermore, we observe that generalized self-efficacy is similarly distributed between female and male business founders, with effects being partly stronger for female entrepreneurs. Our findings are important for policy instruments that are meant to support firm growth by facilitating the design of more target-oriented offers for training, coaching, and entrepreneurial incubators.}, language = {en} }