@article{63731, abstract = {{The Banzhaf power index can be used to quantify the explanatory power of single conditions in a configurational analysis that aims at identifying whether combinations of conditions are sufficient for an outcome. The latter method is an integral part of the Qualitative Comparative Analysis (QCA) approach. It is widely used in the literature, e.g., in the field of International Management. Haake and Schneider (2023) give a rigorous description of the connection between the empirical and game theoretic modeling. To justify that the Banzhaf index is an appropriate tool to measure the influence of a condition, this paper discusses a novel axiomatization of the Banzhaf index that uses axioms that are directly linked to the QCA methodology. As a side result, we demonstrate that in our model the Banzhaf index can be reinterpreted as an average of Shapley-Shubik indices.}}, author = {{Haake, Claus-Jochen and Schneider, Martin}}, journal = {{International Journal of Game Theory}}, keywords = {{Banzhaf index, axiomatization, QCA, explanatory power}}, publisher = {{Springer}}, title = {{{An Axiomatization of the Banzhaf Index to Measure Influence in Qualitative Comparative Analysis}}}, doi = {{10.1007/s00182-026-00978-2}}, volume = {{55}}, year = {{2026}}, } @article{64109, abstract = {{Abstract We study the effect of education on health (hospital stays, number of diagnosed conditions, poor or bad self-rated health, and body mass index) over the life cycle, using German compulsory schooling reforms as a source of exogenous variation. Our results show clear correlations between educational attainment and better health across all age groups (30 to 74). However, we do not find causal relationships between additional schooling and health or health care utilization, neither earlier nor later in life. A simulated ex-post power analysis shows that this is not due to a lack of statistical power. One reason for the absence of effects may be that the studied compulsory schooling reforms succeeded in raising the educational attainment of the target group - individuals at the lowest educational margin - but did not lead to healthier employment opportunities.}}, author = {{Hollenbach, Johannes and Schmitz, Hendrik and Tawiah, Beatrice Baaba}}, issn = {{1618-7598}}, journal = {{The European Journal of Health Economics}}, publisher = {{Springer Science and Business Media LLC}}, title = {{{Life-cycle health effects of compulsory schooling}}}, doi = {{10.1007/s10198-025-01884-2}}, year = {{2026}}, } @article{64108, abstract = {{Abstract We study how gene-environment interactions between education and genetic endowments affect cognition in old age and use this setting to show that – even with a valid instrument – two-stage least squares (2SLS) estimates of interaction effects can be far away from the true effect. This is the case when treatment effects are heterogeneous and compliance to the instrument depends on the interaction variable. We suggest estimating marginal treatment effects to address this problem. Our estimation results show complementarities between education and genetic predisposition in determining later-life memory. The marginal treatment effect estimates suggest substantially larger gene-environment interactions than the 2SLS estimates.}}, author = {{Hollenbach, Johannes and Schmitz, Hendrik and Westphal, Matthias}}, issn = {{0013-0133}}, journal = {{The Economic Journal}}, publisher = {{Oxford University Press (OUP)}}, title = {{{Gene-environment interactions with essential heterogeneity}}}, doi = {{10.1093/ej/ueag010}}, year = {{2026}}, } @misc{64154, author = {{Schmitz, Hendrik and Matthias, Westphal}}, booktitle = {{Wirtschaftspsychologie heute}}, title = {{{Bildung in der Jugend hält das Gehirn jung}}}, year = {{2026}}, } @article{65066, abstract = {{Abstract We investigate whether the recently approved reforms of the apportionment of parliamentary seats to parties in the German Bundestag affects the parties’ political influence measured by power indices. We find that under neither reform the underlying simple game, which describes the possibilities to form governments, remains unchanged and as a result the Shapley-Shubik and the Banzhaf index are unaltered. As a consequence, the major change resulting from the reforms is the reduction of the Bundestag’s size to 630 seats.}}, author = {{Duman, Papatya and Haake, Claus-Jochen}}, issn = {{0948-5139}}, journal = {{Review of Economics}}, keywords = {{Bundestag reform, Banzhaf power index, Shapley-Shubik power index}}, number = {{3}}, pages = {{241--270}}, publisher = {{Walter de Gruyter GmbH}}, title = {{{A Note on the Size Reduction Reform in the German Parliament: A Game Theoretic Analysis of Power Indices}}}, doi = {{10.1515/roe-2024-0048}}, volume = {{76}}, year = {{2026}}, } @techreport{65816, author = {{Schmitz, Hendrik and Nguyen, Thao Le}}, title = {{{Education as a Moderator of Genetic Mortality Risk}}}, year = {{2026}}, } @article{66758, abstract = {{We return to the theoretical foundations of absorptive capacity and test the idea that personal experience in a field makes it easier for a firm’s inventors to recognize and build upon knowledge in that field from other local firms. We propose a new empirical model of localized knowledge diffusion, which (1) measures a firm’s absorptive capacity by its inventors’ prior experience in a field, (2) uses a death instrument to exogenously vary the availability of knowledge of the same collaborative patent in different regions, and (3) estimates the difference in citation likelihood from all subsequent inventors across both regions as a function of a potentially citing inventor’s prior experience in the field. Consistent with the original theory of absorptive capacity, firms whose inventors have prior experience in a field are more likely to use locally available interpersonal knowledge from other firms; furthermore, this effect declines monotonically with distance. Although the effects strengthen for more recent experience and multidisciplinary knowledge, the greatest benefits accrue to firms in the interaction—those whose inventors have more recent experience and that seek to absorb multidisciplinary knowledge. Interpersonal absorptive capacity within firms does not appear to localize. This paper was accepted by Anita McGahan, business strategy. Funding: The authors acknowledge financial support from the Alfred P. Sloan Foundation and the National Science Foundation [Grant 1360228]. Supplemental Material: The online appendix and data files are available at https://doi.org/10.1287/mnsc.2024.06147 .}}, author = {{Balsmeier, Benjamin and Fleming, Lee and Lück, Sonja}}, issn = {{0025-1909}}, journal = {{Management Science}}, title = {{{Microfoundations of Absorptive Capacity as Revealed by Inventor Deaths}}}, doi = {{10.1287/mnsc.2024.06147}}, year = {{2026}}, } @techreport{66449, abstract = {{This paper evaluates the forecasting performance of an expanded class of (semi-)parametric GARCH models belonging to the EGARCH family (EGF), including recently introduced long and short memory specifications and their semiparametric extensions. The semiparametric variants employ a multiplicative volatility decomposition into conditional and slowly varying unconditional components, where the latter is estimated via a data-driven local polynomial smoother to accommodate non-stationarities commonly observed in financial time series. Based on the revised Basel Committee framework for market-risk assessment, all models are capable of producing rolling one-day-ahead forecasts for Value at Risk (VaR) and Expected Shortfall (ES) under a wide range of symmetric and skewed innovation distributions. Their forecasting accuracy is examined using the regulatory traffic light tests for VaR and the recently developed ES-specific traffic light procedure, complemented by the regulatory loss function. In addition, model selection incorporates both a recently proposed corrected firm-oriented loss function that accounts for opportunity costs and the Weighted Absolute Deviation (WAD) criterion. The empirical comparison demonstrates that (semiparametric) long memory GARCH models - particularly those combining fractional dynamics with nonparametric scale adjustments - can serve as valuable alternatives to traditional parametric short memory models, offering more stable volatility estimates and improved tail-risk forecasts for practical risk management applications.}}, author = {{Hanke, Dominik Christian and Uhde, André and Feng, Yuanhua}}, keywords = {{semiparametric GARCH extension, data-driven local polynomial smoother, long memory, GARCH models, Value at Risk, Expected Shortfall, traffic light test, backtesting, Basel III, market risk}}, title = {{{Application of Novel Exponential (Semi-)Parametric Short and Long Memory GARCH Models under Regulatory Requirements of Basel III}}}, year = {{2026}}, } @article{59345, abstract = {{ABSTRACTWe study the effect of education on vaccination against COVID in Germany in a sample of individuals above the age of 60. In ordinary least squares regressions, we find that, in this age group, one more year of education goes along with a 0.7 percentage point increase in the likelihood to get a COVID vaccination. In two stage least squares regressions where changes in compulsory schooling laws are used as exogenous variation for education, the effect of an additional year of education is estimated to be zero. The results hold for the compliers to the policy change which are older individuals at the lowest margin of education.}}, author = {{Monsees, Daniel and Schmitz, Hendrik}}, issn = {{1057-9230}}, journal = {{Health Economics}}, number = {{4}}, pages = {{643--654}}, publisher = {{Wiley}}, title = {{{The Effect of Compulsory Schooling on Vaccination Against COVID}}}, doi = {{10.1002/hec.4929}}, volume = {{34}}, year = {{2025}}, } @article{62017, author = {{Mayrhofer, Thomas and Schmitz, Hendrik}}, issn = {{0165-1765}}, journal = {{Economics Letters}}, publisher = {{Elsevier BV}}, title = {{{Prudence and prevention – empirical evidence}}}, doi = {{10.1016/j.econlet.2025.112671}}, volume = {{257}}, year = {{2025}}, } @book{60595, abstract = {{Many of the major international and intrastate crises and conflicts, but also the threat to democratic principles, are driven by belief systems and ideologies. They fuel political polarization, which is particularly evident in the battleground of social media. Nevertheless, we hardly pay attention to ideologies, their narratives, functions and organizations in economic theory today. Ideologies as “non-rational beliefs” seem incompatible with rationality in economic models. Therefore, the book examines the role of ideologies and belief systems in individual decision-making behavior from an economic and rational perspective. Due to the fact that people have incomplete information, belief systems and ideologies fulfill a number of important functions. While ideologies themselves serve psychological needs, they are used as a cognitive framework for rational decision-making once they have been adopted through a Bayesian learning process. They influence decisions in a wide range of areas, from consumption and work to politics. This is where the role of ideological organizations becomes important, because they determine the ideological direction of the narratives and their dissemination. Thus, ideologies give a normative direction, for better or for worse. The “quality” of ideological leadership can be evaluated normatively on the basis of principles such as individual sovereignty and human dignity. A democratic discourse requires an information and communication system that enables an evaluation of precisely these ideologies, free from resource and information power. }}, author = {{Gries, Thomas and Burs, Carina and Müller, Veronika}}, isbn = {{9783031935138}}, issn = {{2731-5908}}, publisher = {{Springer Nature Switzerland}}, title = {{{The Economics of Ideologies}}}, doi = {{10.1007/978-3-031-93514-5}}, year = {{2025}}, } @techreport{65812, author = {{Schmitz, Hendrik and Westphal, Matthias}}, title = {{{Early- and Later-Life Stimulation: How Retirement Shapes The Effect of Education on Old-Age Cognitive Abilities}}}, year = {{2025}}, } @article{61533, author = {{Balsmeier, Benjamin and Lück, Sonja and Fleming, Lee}}, issn = {{0048-7333}}, journal = {{Research Policy}}, number = {{10}}, publisher = {{Elsevier BV}}, title = {{{Science knowledge localizes}}}, doi = {{10.1016/j.respol.2025.105333}}, volume = {{54}}, year = {{2025}}, } @article{34114, abstract = {{Qualitative comparative analysis (QCA) enables researchers in international management to better understand how the impact of a single explanatory factor depends on the context of other factors. But the analytical toolbox of QCA does not include a parameter for the explanatory power of a single explanatory factor or “condition”. In this paper, we therefore reinterpret the Banzhaf power index, originally developed in cooperative game theory, to establish a goodness-of-fit parameter in QCA. The relative Banzhaf index we suggest measures the explanatory power of one condition averaged across all sufficient combinations of conditions. The paper argues that the index is especially informative in three situations that are all salient in international management and call for a context-sensitive analysis of single conditions, namely substantial limited diversity in the data, the emergence of strong INUS conditions in the analysis, and theorizing with contingency factors. The paper derives the properties of the relative Banzhaf index in QCA, demonstrates how the index can be computed easily from a rudimentary truth table, and explores its insights by revisiting selected papers in international management that apply fuzzy-set QCA. It finally suggests a three-step procedure for utilizing the relative Banzhaf index when the causal structure involves both contingency effects and configurational causation. }}, author = {{Haake, Claus-Jochen and Schneider, Martin}}, journal = {{Journal of International Management}}, keywords = {{Qualitative comparative analysis, Banzhaf power index, causality, explanatory power}}, number = {{2}}, publisher = {{Elsevier}}, title = {{{Playing games with QCA: Measuring the explanatory power of single conditions with the Banzhaf index}}}, volume = {{30}}, year = {{2024}}, } @article{50719, abstract = {{We propose an indicator for detecting anomalous stock market valuation in real time such that market participants receive timely signals so as to be able to take stabilizing action. Unlike existing approaches, our anomaly indicator introduces three methodological novelties. First, we use an endogenous, purely data-driven, nonparametric trend identification method to separate long-term market movements from more short-term ones. Second, we apply SETAR models that allow for asymmetric expansions and contractions around the long-term trend and find systematic stock price cycles. Third, we implement these findings in our indicator and conduct real-time market forecasts, which have so far been neglected in the literature. Applications of our indicator using monthly S&P 500 stock data from 1970 to the end of 2022 show that short-term anomalous market movements can be identified in real time up to one year ahead. We predict all major anomalies, including the 1987 Bubble and the initial phase of the Financial Crisis that began in 2007. In total, our anomaly indicator identifies more than 80% of all – even minor – anomalous episodes. Thus, smoothing market exaggerations through early signaling seems possible.}}, author = {{Fritz, Marlon and Gries, Thomas and Wiechers, Lukas}}, issn = {{1469-7688}}, journal = {{Quantitative Finance}}, keywords = {{General Economics, Econometrics and Finance, Finance}}, pages = {{1--14}}, publisher = {{Informa UK Limited}}, title = {{{An early indicator for anomalous stock market performance}}}, doi = {{10.1080/14697688.2023.2281529}}, year = {{2024}}, } @inproceedings{55453, author = {{Namujju, Lillian Donna and Mwammenywa, Ibrahim and Kagarura, Geoffrey Mark and Hilleringmann, Ulrich and Hehenkamp, Burkhard}}, booktitle = {{2024 IEEE 8th Energy Conference (ENERGYCON)}}, publisher = {{IEEE}}, title = {{{Smart Metering and Choice Architecture in Demand-Side Management: A Power Resource-Constrained Perspective}}}, doi = {{10.1109/energycon58629.2024.10488738}}, year = {{2024}}, } @inproceedings{55452, author = {{Namujju, Lillian Donna and Mwammenywa, Ibrahim and Kagarura, Geoffrey Mark and Hilleringmann, Ulrich and Hehenkamp, Burkhard}}, booktitle = {{2024 IEEE 8th Energy Conference (ENERGYCON)}}, publisher = {{IEEE}}, title = {{{Smart Metering and Choice Architecture in Demand-Side Management: A Power Resource-Constrained Perspective}}}, doi = {{10.1109/energycon58629.2024.10488738}}, year = {{2024}}, } @article{55454, author = {{Ngoti, Irene F.}}, issn = {{2214-6296}}, journal = {{Energy Research & Social Science}}, publisher = {{Elsevier BV}}, title = {{{Institutional arrangements and sustainable maintenance management of community-based mini-grids in Tanzania}}}, doi = {{10.1016/j.erss.2024.103632}}, volume = {{115}}, year = {{2024}}, } @book{56154, abstract = {{Is Artificial Intelligence a more significant invention than electricity? Will it result in explosive economic growth and unimaginable wealth for all, or will it cause the extinction of all humans? Artificial Intelligence: Economic Perspectives and Models provides a sober analysis of these questions from an economics perspective. It argues that to better understand the impact of AI on economic outcomes, we must fundamentally change the way we think about AI in relation to models of economic growth. It describes the progress that has been made so far and offers two ways in which current modelling can be improved: firstly, to incorporate the nature of AI as providing abilities that complement and/or substitute for labour, and secondly, to consider demand-side constraints. Outlining the decision-theory basis of both AI and economics, this book shows how this, and the incorporation of AI into economic models, can provide useful tools for safe, human-centered AI.}}, author = {{Naudé, Wim and Gries, Thomas and Dimitri, Nicola}}, isbn = {{9781009483094}}, publisher = {{Cambridge University Press}}, title = {{{Artificial Intelligence}}}, doi = {{10.1017/9781009483094}}, year = {{2024}}, } @article{58177, author = {{Dannenberg, Astrid and Gutsche, Gunnar and Batzke, Marlene C. L. and Christens, Sven and Engler, Daniel and Mankat, Fabian and Möller, Sophia and Weingärtner, Eva and Ernst, Andreas and Lumkowsky, Marcel and von Wangenheim, Georg and Hornung, Gerrit and Ziegler, Andreas}}, issn = {{1750-6816}}, journal = {{Review of Environmental Economics and Policy}}, number = {{1}}, pages = {{165--187}}, publisher = {{University of Chicago Press}}, title = {{{The Effects of Norms on Environmental Behavior}}}, doi = {{10.1086/727588}}, volume = {{18}}, year = {{2024}}, }