Universität Zürich NEWSLETTER 36 by AndyHobson


									            Universität Zürich
            Institut für Empirische Wirtschaftsforschung
            Sozialökonomisches Institut

NEWSLETTER 36                                                             28. MAI 2009

Josef Zweimüller wurde per 1. Mai 2009 zum Programme Director in Labour Economics des
CEPR (Centre of Economic Policy Research, London) ernannt.

Wir gratulieren!

Ernst Fehr wird am 29. Mai 2009 das Ehrendoktorat von der Universität Lausanne überreicht
werden. Neben dem Ehrendoktorat der Universität St. Gallen und jenem der Ludwig-
Maximilians-Universität München ist dieses für Ernst Fehr das dritte Ehrendoktorat.

Wir gratulieren!

Institut für Empirische Wirtschaftsforschung www.iew.uzh.ch
Sozialökonomisches Institut www.soi.uzh.ch
Universität Zürich
Institut für Empirische Wirtschaftsforschung
Sozialökonomisches Institut

VERANSTALTUNGEN                                                                                           EVENTS

VOLKSWIRTSCHAFTLICHES                                                                             ECONOMICS
FORSCHUNGSSEMINAR                                                                           RESEARCH SEMINAR

Do 11.06.09 17.15 – 18.45 Stefano Della Vigna, University of California,                                 KO2-F-175
                          «What Motivates Giving in the Field?»
                                               Volkswirtschaftliches Forschungsseminar
Do 18.06.09 16.00 – 17.45 Ulrike Malmandier, University of California,                                   BLU-E-003
                                               Volkswirtschaftliches Forschungsseminar

GASTKURSE                                                                                           GUEST COURSES

Di 09.06.09         16.00 – 18.00 Benny Moldovanu, Universität Bonn                                      KOL-G-209

Mi 10.06.09         16.00 – 18.00 «Dynamic Mechanism Design»
                                  Doctoral Program in Economics
Do 11.06.09         14.00 – 18.00
Fr 12.06.09         14.00 – 16.00
Mo - Fr      10.00 – 13.00 Pedro Mira, CEMFI, Madrid                                                     KOL-F-123
15.-19.06.09               «Dynamic Discrete Choice Structural Models»
                                               Doctoral Program in Economics
Mo - Di      14.00 – 17.00 Jesus Otero, Universidad del Rosario, Bogota                                  KOL-F-103
15.-16.06.09               «Unit roots and Cointegration in Heterogeneous
Mi 17.06.09 14.00 – 15.30 Panel Data»
                                               Doctoral Program in Economics

ALUMNI VERANSTALTUNGEN                                                                              ALUMNI EVENTS

Di 30.06.09 12.00 – 14.00 Prof. Martin Janssen, Ecofin/ISB UZH
                          «Anlagestrategien im Stresstest der Finanzkrise»
Di 08.09.09 15.15 – 18.15 10th Zurich Economists Meeting
Mi 24.06.09 ab 18.00                           Vereinsversammlung des IEW Club mit Preisver-             BLU-E-003
                                               leihung und Referat des Vizepräsidenten Prof.
                                               Michael Wolf und anschliessendem Abendessen
                                               (Anmeldung für Mitglieder unter alumni@iew.uzh.ch)

NEWSLETTER 36 / 28. Mai 2009                                                                                         2
Universität Zürich
Institut für Empirische Wirtschaftsforschung
Sozialökonomisches Institut

PUBLIKATIONEN                                                                            PUBLICATIONS

ÖKONOMISCHE PUBLIKATIONEN                                                                  IN ECONOMICS

Fehr, Ernst; Brown, Martin & Zehnder, Christian (2009). «On Reputation – A Microfounda-
tion of Contract Enforcement and Price Rigidity», Economic Journal, 119(536), 333-353.
         We study the impact of reputational incentives in markets characterised by moral hazard prob-
         lems. Social preferences have been shown to enhance contract enforcement in these markets,
         while at the same time generating considerable wage and price rigidity. Reputation powerfully
         amplifies the positive effects of social preferences on contract enforcement by increasing con-
         tract efficiency substantially. This effect is, however, associated with a considerable bilateralisa-
         tion of market interactions, suggesting that it may aggravate price rigidities. Surprisingly, reputa-
         tion in fact weakens the wage and price rigidities arising from social preferences. Thus, in mar-
         kets characterised by moral hazard, reputational incentives unambiguously increase mutually
         beneficial exchanges, reduce rents, and render markets more responsive to supply and demand

Fehr, Ernst (2009). «On the Economics and Biology of Trust», Journal of the European Eco-
nomic Association, 7(2-3), 235-266.
         In recent years, many social scientists have claimed that trust plays an important role in eco-
         nomic and social transactions. Despite its proposed importance, the measurement and the defi-
         nition of trust seem to be not fully settled, and the identification of the exact role of trust in eco-
         nomic interactions has proven to be elusive. It is still not clear whether trust is just an epiphe-
         nomenon of good institutions or whether it plays an independent causal role capable of shaping
         important aggregate economic outcomes. In this paper, I rely on a behavioral definition of trust
         that enables us to relate it to economic primitives such as preferences and beliefs. I review
         strong biological and behavioral evidence indicating that trusting is not just a special case of risk-
         taking, but based on important forms of social preferences such as betrayal aversion. Behavior-
         ally defined trust also opens the door for understanding national and ethnic trust differences in
         terms of differences in preferences and beliefs, and it suggests ways to examine and interpret a
         causal role of trust.

Fehr, Ernst; Hart, Oliver & Zehnder, Christian (2009). «Contracts, Reference Points, and
Competition – Behavioural Consequences of the Fundamental Transformation», Journal of
the European Economic Association, 7(2-3), 561-572.
         In this paper we study the role of incomplete ex ante contracts for ex post trade. Previous ex-
         perimental evidence indicates that a contract provides a reference point for entitlements when
         the terms are negotiated in a competitive market. We show that this finding no longer holds when
         the terms are determined in a non-competitive way. Our results imply that the presence of a
         “fundamental transformation” (i.e., the transition from a competitive market to a bilateral relation-
         ship) is important for a contract to become a reference point. To the best of our knowledge this
         behavioral aspect of the fundamental transformation has not been shown before.

NEWSLETTER 36 / 28. Mai 2009                                                                                 3
Universität Zürich
Institut für Empirische Wirtschaftsforschung
Sozialökonomisches Institut

Frey, Bruno S.; Eichenberger, Reiner & Frey, René L. (2009). «Editorial Ruminations: Pub-
lishing Kyklos», Kyklos, 62(2), 151-160.
         Scholars today are under increasing pressure to publish in A journals, the main role of which
         consists in certifying that a paper meets traditional academic standards. Consequences of this
         pressure are multiple authorship, the slicing of ideas, and incentives to deviate from the truth.
         The overburdened reviewers' evaluations are characterized by selfish efforts to protect their intel-
         lectual capital and to avoid risk. The behaviour of editors depends much on whether there are a
         large or small number of editors.
         The editors of Kyklos respond to these developments by welcoming innovative papers that go
         beyond standardized orthodoxy.

Schmidt, Sascha L.; Torgler, Benno & Frey, Bruno S. (2009). «Die Auswirkungen von
Neid auf individuelle Leistungen: Ergebnisse einer Panelanalyse», Zeitschrift für Betriebswirt-
schaft, 79(3), 303-334.
         Relative Einkommensunterschiede lösen innerhalb einer Referenzgruppe oftmals Neid aus und
         beeinflussen damit die individuelle Leistungsbereitschaft. In der ökonomischen Forschung ist bis-
         lang dieser Zusammenhang wenig untersucht worden. Unser Beitrag analysiert den Einfluss von
         relativen Einkommensunterschieden auf die Leistung von Fußballprofis der deutschen Bundesli-
         ga. Insgesamt werden 1040 Spieler über einen Zeitraum von 8 Spielzeiten zwischen 1995 und
         2004 untersucht. Relative Einkommensunterschiede zwischen Mannschaftskollegen erweisen
         sich als entscheidender Einfluss auf die individuelle Leistung der Spieler. Eine Verschlechterung
         in der relativen Einkommensposition vermindert ceteris paribus die individuelle Leistungsbereit-
         schaft. Eine höhere Einkommensungleichheit verstärkt solche positionsbedingten Externalitäten.

Torgler, Benno; Frey, Bruno S. & Wilson, Clevo (2009). «Environmental and Pro-Social
Norms: Evidence on Littering», The B.E. Journal of Economic Analysis & Policy, 9(1), 1-39.
         The paper investigates the relationship between pro-social norms and its implications for im-
         proved environmental outcomes. This is an area, which has been neglected in the environmental
         economics literature. We provide empirical evidence to demonstrate a small but significant posi-
         tive impact between perceived environmental cooperation (reduced public littering) and in-
         creased voluntary environmental morale. For this purpose we use European Values Survey
         (EVS) data for 30 European countries. We also demonstrate that Western European countries
         are more sensitive to perceived environmental cooperation than the public in Eastern Europe. In-
         terestingly, the results also demonstrate that environmental morale is strongly correlated with
         several socio-economic and environmental variables. Several robustness tests are conducted to
         check the validity of the results.

ANDERE PUBLIKATIONEN                                                                              OTHERS

den Ouden, Hanneke E.M.; Friston, Karl J.; Daw, Nathaniel D.; McIntosh, Anthony R. &
Stephan, Klaas E. (2008). «A Dual Role for Prediction Error in Associative Learning», Cere-
bral Cortex, 19(5), 1175-1185.
         Confronted with a rich sensory environment, the brain must learn statistical regularities across
         sensory domains to construct causal models of the world. Here, we used functional magnetic
         resonance imaging and dynamic causal modeling (DCM) to furnish neurophysiological evidence
         that statistical associations are learnt, even when task-irrelevant. Subjects performed an audio-

NEWSLETTER 36 / 28. Mai 2009                                                                              4
Universität Zürich
Institut für Empirische Wirtschaftsforschung
Sozialökonomisches Institut

         visual target-detection task while being exposed to distractor stimuli. Unknown to them, auditory
         distractors predicted the presence or absence of subsequent visual distractors. We modeled in-
         cidental learning of these associations using a Rescorla-Wagner (RW) model. Activity in primary
         visual cortex and putamen reflected learning-dependent surprise: these areas responded pro-
         gressively more to unpredicted, and progressively less to predicted visual stimuli. Critically, this
         prediction-error response was observed even when the absence of a visual stimulus was surpris-
         ing. We investigated the underlying mechanism by embedding the RW model into a DCM to
         show that auditory to visual connectivity changed significantly over time as a function of predic-
         tion error. Thus, consistent with predictive coding models of perception, associative learning is
         mediated by prediction-error dependent changes in connectivity. These results posit a dual role
         for prediction-error in encoding surprise and driving associative plasticity.

Singer, Tania & Lamm, Claus (2009). «The Social Neuroscience of Empathy», The Year in
Cognitive Neuroscience 2009: Annals of the New York Academy of Sciences, 1156, 81-96.
         The phenomenon of empathy entails the ability to share the affective experiences of others. In
         recent years social neuroscience made considerable progress in revealing the mechanisms that
         enable a person to feel what another is feeling. The present review provides an in-depth and
         critical discussion of these findings. Consistent evidence shows that sharing the emotions of oth-
         ers is associated with activation in neural structures that are also active during the first-hand ex-
         perience of that emotion. Part of the neural activation shared between self- and other-related ex-
         periences seems to be rather automatically activated. However, recent studies also show that
         empathy is a highly flexible phenomenon, and that vicarious responses are malleable with re-
         spect to a number of factors—such as contextual appraisal, the interpersonal relationship be-
         tween empathizer and other, or the perspective adopted during observation of the other. Future
         investigations are needed to provide more detailed insights into these factors and their neural
         underpinnings. Questions such as whether individual differences in empathy can be explained by
         stable personality traits, whether we can train ourselves to be more empathic, and how empathy
         relates to prosocial behavior are of utmost relevance for both science and society.

Stephan, Klaas E.; Friston, Karl J. & Frith, Chris D. (2009). «Dysconnection in Schizo-
phrenia: From Abnormal Synaptic Plasticity to Failures of Self-monitoring», Schizophrenia
Bulletin, 35, 509-527.
         Over the last 2 decades, a large number of neurophysiological and neuroimaging studies of pa-
         tients with schizophrenia have furnished in vivo evidence for dysconnectivity, ie, abnormal func-
         tional integration of brain processes. While the evidence for dysconnectivity in schizophrenia is
         strong, its etiology, pathophysiological mechanisms, and significance for clinical symptoms are
         unclear. First, dysconnectivity could result from aberrant wiring of connections during develop-
         ment, from aberrant synaptic plasticity, or from both. Second, it is not clear how schizophrenic
         symptoms can be understood mechanistically as a consequence of dysconnectivity. Third, if
         dysconnectivity is the primary pathophysiology, and not just an epiphenomenon, then it should
         provide a mechanistic explanation for known empirical facts about schizophrenia. This article ad-
         dresses these 3 issues in the framework of the dysconnection hypothesis. This theory postulates
         that the core pathology in schizophrenia resides in aberrant N-methyl-D-aspartate receptor
         (NMDAR)-mediated synaptic plasticity due to abnormal regulation of NMDARs by neuromodula-
         tory transmitters like dopamine, serotonin, or acetylcholine. We argue that this neurobiological
         mechanism can explain failures of self-monitoring, leading to a mechanistic explanation for first-
         rank symptoms as pathognomonic features of schizophrenia, and may provide a basis for future
         diagnostic classifications with physiologically defined patient subgroups. Finally, we test the ex-
         planatory power of our theory against a list of empirical facts about schizophrenia.

NEWSLETTER 36 / 28. Mai 2009                                                                               5
Universität Zürich
Institut für Empirische Wirtschaftsforschung
Sozialökonomisches Institut

BÜCHER & BUCHBEITRÄGE                                      BOOKS & BOOK CHAPTERS

Snozzi, Romana & Singer, Tania (2009). «Empathie aus der Sicht der sozialen Neurowis-
senschaften» In: Fehr, Johannes & Folkers, Gerd (eds.), «Gefühle zeigen: Manifestations-
formen emotionaler Prozesse». Zürich: Chronos Verlag, 97-114.

DISKUSSIONSPAPIERE                                                    WORKING PAPERS

Boes, Stefan & Nüesch, Stephan (April 2009): «New Flight Regimes and Exposure to Air-
craft Noise: Identifying Housing Price Effects Using a Ratio-of-Ratios Approach»,

Epper, Thomas; Fehr-Duda, Helga & Bruhin, Adrian (Mai 2009): «Uncertainty Breeds De-
creasing Impatience: The Role of Risk Preferences in Time Discounting»,

Ewerhart, Christian (April 2009): «Optimal Design and p-Concavity»,

Fehr-Duda, Helga; Bruhin, Adrian; Epper, Thomas & Schubert, Renate (Mai 2009): «Ra-
tionality on the Rise: Why Relative Risk Aversion Increases with Stake Size»,

Malley, Jim & Woitek, Ulrich (April 2009): «Technology shocks and aggregate fluctuations
in an estimated hybrid RBC model», http://www.iew.uzh.ch/wp/iewwp408.pdf
Neckermann, Susanne; Cueni, Reto & Frey, Bruno S. (Mai 2009): «What is an award
worth? An econometric assessment of the impact of awards on employee performance»,

Netzer, Nick & Scheuer, Florian (April 2009): «Competitive Screening in Insurance Markets
with Endogenous Wealth Heterogeneity», http://www.soi.uzh.ch/research/wp/2009/wp0907.pdf
Zweimüller, Josef; Winter-Ebmer, Rudolf; Lalive, Rafael; Kuhn, Andreas; Wuellrich,
Jean-Philippe; Ruf, Oliver & Büchi, Simon (Mai 2009): «Austrian Social Security Data-
base», http://www.iew.uzh.ch/wp/iewwp410.pdf

& ANDERE MEDIEN                                                   & APPEARANCES

Ernst Fehr war Interviewgast in der Sendung «Trend» des Schweizer Radios DRS zum
Thema «Auf den Spuren des neuen „homo oeconomicus“», 2. Mai 2009.
Ernst Fehr hielt am NZZ Podium einen Vortrag zum Thema «Psychologie der Ökonomie»,
14. Mai 2009. http://www.nzzpodium.ch/programm/thema4.shtml
Bruno S. Frey war Interviewgast in der Sendung «Einstein» des Schweizer Fernsehens zum
Thema «Britische Höflichkeit auf der Titanic?», 16. April 2009.

NEWSLETTER 36 / 28. Mai 2009                                                               6
Universität Zürich
Institut für Empirische Wirtschaftsforschung
Sozialökonomisches Institut

PERSONELLES                                                                           PEOPLE

GÄSTE                                                                          VISITING GUESTS
& FORSCHUNGSAUFENTHALTE AM INSTITUT                                         & RESEARCH STAYS

08.06. – 11.06.2009                 Dayanand Manoli & Kathleen Mullen,
                                    University of California, Los Angeles

09.06. – 12.06.2009                 Benny Moldovanu, Universität Bonn
15.06. – 17.06.2009                 Konrad Stahl, Universität Mannheim

BERUFUNGEN                                                                     APPOINTMENTS

Daria Knoch hat vom Nationalen Forschungsrat eine SNF-Förderungsprofessur für Social
and Affective Neuroscience an der Universität Basel, Dept. Psychology, zugesprochen be-
kommen. Wir gratulieren!


Andreas Leibbrandt (Lehrstuhl Fehr). April 2009. Thema: «Essays on Cooperativeness,
Impatience, and Punishment»

Angelo Turchi (Lehrstuhl Woitek). April 2009. Thema: «Die Geldpolitik der Bank of England:
Ein Vergleich der Grossen Depression mit der aktuellen Krise»

Matthias Graber (Lehrstuhl Woitek). Mai 2009. Thema: «Die Geldpolitik der USA – Ein Ver-
gleich der Grossen Depression mit der aktuellen Krise»

NEWSLETTER 36 / 28. Mai 2009                                                                7
Universität Zürich
Institut für Empirische Wirtschaftsforschung
Sozialökonomisches Institut

SONSTIGES                                                                                     MISCELLANEOUS

KONGRESSE, TAGUNGEN                                                           CONGRESSES, CONFERENCES
& AUSGEWÄHLTE VORTRÄGE                                                        & SELECTED PRESENTATIONS

Keynote Lecture von Bruno S. Frey zum Thema «Unintended Consequences of Financial
Incentives» am Centre for the Study of Incentives and Health, Welcome Trust, London, am
30. April 2009.

Plenarvortrag von Klaas Enno Stephan zum Thema «Analyses of effective connectivity and
dynamic causal modelling» beim Brain Connectivity Workshop 2009, Maastricht, am 3. Mai

Keynote Lecture von Fabrizio Zilibotti zum Thema «Growing like China» an der Conference
on Macroeconomic Analysis and International Finance, University of Crete, Rethymno, am
30. Mai 2009.

FORSCHUNGSKREDITE                                                                                    GRANTS

Susanne Leiberg hat vom Mind and Life Institute den Francisco J. Varela Research Grant
(„Varela Award“) in Höhe von USD 15'000 für ihr Forschungsvorhaben «The neural and be-
havioural correlates of a neurofeedback-based metta meditation training» bekommen.

Tania Singer hat von der Stiftung für Wissenschaftliche Forschung an der Universität Zürich
einen Forschungskredit in Höhe von CHF 13'000 erhalten.

NEWSLETTER 37 erscheint am 10. September 2009

Herausgeber                                    Institut für Empirische Wirtschaftsforschung
                                               Sozialökonomisches Institut
Koordination und Redaktion                     Cornelia Metzler
Erscheinungsweise                              6 Ausgaben pro Jahr
E-Mail                                         newsletter@iew.uzh.ch
Newsletter herunterladen
oder abonnieren                                http://www.iew.uzh.ch/news/newsletter.html

NEWSLETTER 36 / 28. Mai 2009                                                                             8

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