FG VWL, insbesondere Mikroökonomik
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We argue that perceived fairness of the income generation process affects the association between income inequality and subjective well-being, and that there are systematic differences in this regard between countries that are characterized by a high or, respectively, low level of actual fairness. Using a simple model of individual labor market participation under uncertainty, we predict that high levels of perceived fairness cause higher levels of individual welfare, and lower support for income redistribution. Income inequality is predicted to have a more favorable impact on subjective well-being for individuals with high fairness perceptions. This relationship is predicted to be stronger in societies that are characterized by low actual fairness. Using data on subjective well-being and a broad set of fairness measures from a pseudo micro-panel from the WVS over the 1990–2008 period, we find strong support for the negative (positive) association between fairness perceptions and the demand for more equal incomes (subjective well-being). We also find strong empirical support for the predicted differences in individual tolerance for income inequality, and the predicted influence of actual fairness.
The peer review system in academic publishing performs two important functions by screening a manuscript for its quality, and by helping to further improve an author's work. However, it often fails to perform these functions in a satisfactory manner. We argue that property rights theory can be fruitfully applied to understand these shortcomings, and to develop reform proposals. The present paper discusses the incentive-problems in journal peer review from an institutional economics perspective, arguing that the incentives of both authors and reviewers to fully exploit a manuscript's potential depend on their property rights. Based on this theory of peer review, we argue that the recent proposal of an “as is” review policy combined with increased accountability of referees can be expected to result in a higher efficiency of peer review.
This paper surveys possible motivations for having a net wealth tax. After giving a short overview over the state of wealth taxation in OECD countries, we discuss both popular arguments for such a tax, as well as economic arguments. It is argued that classical normative principles of taxation known from public economics cannot give a sound justification for a net wealth tax. The efficiency-related effects are also discussed and shown to be theoretically ambiguous, while empirical evidence hints at a negative effect on GDP growth. Finally, it is argued that despite of widespread and persistent lobbying for a revitalization of the net wealth tax, this is unlikely to happen due to political economy constraints.