BW21 at Universität Düsseldorf

Flashcards and summaries for BW21 at the Universität Düsseldorf

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Was sind Transaktionskosten?

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Different extents of property rights?

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 Was ist adverse selection? 

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Examples for asymmetric information ?

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property rights

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Kennzeichen Neoclassical approach?

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Kennzeichen NIE

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Was sind Institutions?

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Übersicht NIE

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Welche Kosten definieren Transaktionskosten?

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Which types of property rights exist?

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Welche 2 Fälle gehören zur Principal Agent Theory?

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Exemplary flashcards for BW21 at the Universität Düsseldorf on StudySmarter:

BW21

Was sind Transaktionskosten?

Transaktionskosten sind diejenigen Kosten, die durch die Benutzung des Marktes (englisch market transaction costs), also im Zusammenhang mit der Transaktion von Verfügungsrechten (z. B. Kauf, Verkauf, Miete), oder einer innerbetrieblichen Hierarchie (englisch managerial transaction costs) entstehen. Die Transaktionskostentheorie besagt, dass bei jeder Transaktion auch Transaktionskosten anfallen.

BW21

Different extents of property rights?

1. right of use (+ exclude third parties)

2. right to change the object

3.right to the profits associated with the use

4. right to transfer sell the object

BW21

 Was ist adverse selection? 

bezeichnet in der neuen Institutionsökonomik einen Prozess, in dem es auf dem Markt aufgrund von Informationsasymetrie systematisch zu Ergebnissen kommt, die nicht Pareto-optimal sind

BW21

Examples for asymmetric information ?

health insurance, cars..

BW21

property rights

1 the right of use (usus), including the right to exclude third parties
2 the right to change the object (ab usus)
3 the right to the profits associated with the use (usus fructus)
4 the right to transfer/sell the object (ius abutendi)

BW21

Kennzeichen Neoclassical approach?

-fully rational and selfish Individuums and firms

-full information

BW21

Kennzeichen NIE

- Individuals have bounded rationality

- agents prone to opportunism

- all contracts are incomplete

- Transaktionskostenprobleme (deshalb Institutionen, um Komplexität zu reduzieren

BW21

Was sind Institutions?

-man made constraints

-human relations to each other

-system of norms to guide behaviour and human interaction

BW21

Übersicht NIE

Transactioncost Economies

Property Rights

Economic Contract Theory (PA and incomplete contracts)

BW21

Welche Kosten definieren Transaktionskosten?

-Pre-contractual costs (search and information costs)
-Contract conclusion costs (bargaining and decision costs)
-Post-contractual costs (contract monitoring, enforcement)

BW21

Which types of property rights exist?

- the right of use (usus), including the right to exclude third parties,
- the right to change the object (ab usus),
- the right to the profits associated with the use (usus fructus),
- the right to transfer/sell the object (ius abutendi).

BW21

Welche 2 Fälle gehören zur Principal Agent Theory?

Adverse Selection 

Moral Hazard

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