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Einladung Public Lecture: Property is Dummy Proof

Das Institut für Wirtschaftssoziologie und das Institut für Finanzwirtschaft laden zur Public Lecture von Christoph Engel, Direktor des Max Planck Instituts Bonn. 

Was:Public Lecture von Christoph Engel:
Property is Dummy Proof - An Experiment
Wann:Dienstag, 15. Oktober 2019, 18:00 Uhr
Wo:Skylounge (12. OG), Fakultät für Wirtschaftswissenschaften, Oskar-Morgenstern-Platz 1, 1090 Wien

Law is for humans. Humans suffer from cognitive limitations. Legal institutions can help humans by making these limitations irrelevant. This experiment shows that property serves this function. In a hypothetical world where cognitive ability is perfect, a positive cost of appropriation would suffice to get allocative efficiency. Goods might be taken, but only if they will not ultimately be taken back. By contrast the large majority of experimental subjects takes a token good when interacting with a computer they know to maximise profit, and that has a symmetric ability to take the good back. In hindsight participants understand the normative solution, but only a small minority implements it without the benefit of experience.

 Die Veranstaltung findet auf Englisch statt. Keine Anmeldung erforderlich.