305 records from EconBiz based on author Name

1. Credit and capital markets : from 2022 onwards subscribe-to-open-journal : editorial

Burghof, Hans-Peter; Hakenes, Hendrik; Neyer, Ulrike;
2022
Type: Aufsatz in Zeitschrift; Article in journal;
Availability: Link Link Link

---

2. Face masks, yeast, and toilet paper : panic purchases and stockpiling

abstract

During the COVID-19 pandemic, some goods suddenly became scarce due to panic purchases and stockpiling. The decision to hoard is influenced by higher-order beliefs. If an agent believes that other agents think that a good will become scarce, she concludes that these other agents will hoard, and thus tries to preempt them by hoarding herself. To capture such behaviour, we construct a model with a global game. Agents receive noisy information about some variable that influences supply or demand. They then form higher-order beliefs, and possibly panic and hoard the product. We analyze determinants of such panics. Endogenizing prices and quantities, we show that producers with market power set prices strategically to induce panics and thus boost demand. Absent market power, strong competition leads to low prices and thus little overproduction, also causing panics. We also consider firms who need the scarce good as an intermediate product in their production chain, and show that a regulator would require such firms to stockpile the product, thus increasing resilience.

Hakenes, Hendrik;
2021
Type: Konferenzbeitrag; Conference paper; Graue Literatur; Non-commercial literature;
Availability: Link

---

3. Market depth, leverage, and speculative bubbles

abstract

We develop a model of rational bubbles based on leverage and the assumption of an imprecisely known maximum market size. In a bubble, traders push the asset price above its fundamental value in a dynamic way, driven by rational expectations about future price developments. At a previously unknown date, the bubble will endogenously burst. Households optimally decide whether to lend to traders with limited liability. Bubbles increase welfare of the initial asset holders, but reduce welfare of future households. We provide general conditions for the possibility of bubbles depending on uncertainty about market size, traders' degree of leverage and the risk-free rate. This allows us to discuss several policy measures. Capital requirements and a correctly implemented Tobin tax can prevent bubbles. Implemented incorrectly, however, these measures may create the possibility of bubbles and can reduce welfare.

Enders, Zeno; Hakenes, Hendrik;
2021
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability: Link Link

---

4. Responsible investment and responsible consumption

abstract

To reduce a negative externality, socially responsible households can invest responsibly (SRI), consume responsibly (SRC), or do both. Which is better? In a closed microeconomic model with intertwined product and capital markets, we analyze how responsible households should use SRI and SRC to maximize their impact. Both strategies reduce the externality as long as investors are risk-averse and the products have no perfect substitutes. Responsible households gain the highest impact when using SRC in equal proportion to SRI. A mere focus on SRC is never efficient. SRI plays a role in any green strategy. The financial performance of green investments is determined by the responsible households' mix between SRI and SRC.

Hakenes, Hendrik; Schliephake, Eva;
2021
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability: Link Link

---

5. Responsible Investment and Responsible Consumption

Hakenes, Hendrik; Schliephake, Eva;
2022
Type: Conference Paper;
Availability:

---

6. Credit and Capital Markets: From 2022 Onwards Subscribe-to-Open-Journal

Burghof, Hans-Peter; Hakenes, Hendrik; Neyer, Ulrike;
2022
Type: Article;
Availability: Link

---

7. Responsible investment and responsible consumption

Hakenes, Hendrik; Schliephake, Eva;
2022
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability: Link

---

8. Market Depth, Leverage, and Speculative Bubbles

Enders, Zeno; Hakenes, Hendrik;
2021
Type: Working Paper;
Availability:

---

9. Responsible investment and responsible consumption

Hakenes, Hendrik; Schliephake, Eva;
2021
Type: Working Paper;
Availability:

---

10. Face Masks, Yeast, and Toilet Paper: Panic Purchases and Stockpiling

Hakenes, Hendrik;
2021
Type: Conference Paper;
Availability:

---

Load More