In der Ausgabe 43/2008 des SPIEGEL fiel mir ein Artikel mit dem Wirtschaftspsychologen Ernst Fehr auf, der the Institute for Empirical Research in Economics at the University of Zurich heads. This shall include Fehr observations from laboratory experiments to Kollektivgutbereitstellung in which he interprets the confidence in the functioning of the global financial system as a public good that is not provided by the market and therefore protect from the government. Market participants need more than just the rules, as they can trade with each other - in the case of financial systems and confidence that the enforcement of credit contracts is actually guaranteed by the state. The fact that a bank, Fehr, like the Icelandic Kaupthing, benefits from this implementation, no- Provide input for and use this advantage in the form of higher interest rates on deposits may be seen as a classic example of Trettbrittfahrerei. Not only the trust Fehr interpreted as a public good - including the deposit guarantee of savings. Last shall be operated while consuming, however, can make significant contribution to confidence among savers. Again, the incentive for a bank is big, not to participate in this deposit insurance, while benefiting from the fact that others make this backup and let the saver in the belief that comprehensive security systems are available. What to do after Fehr? This does not appear much new, therefore, the policy in the rule development self-interest of target actors in mind and avoid the policy that selfish behavior has harmful social effects. This requires not just rules and institutions of control and supervision. The article concludes with an observation that are in crisis now certain groups of people in the pillory. Fehr suggested that this has to do with the fact that in human history, there always was a matter without a complex institutional mechanisms to identify those players and to sanction, which have proven to be free riders or worse. Only it was possible to ever get to maintain cooperation. Only later it came to promoting development cooperation institutions, such as such as markets, independent courts, state intervention for the good of the whole and property rights.
one hand, I was surprised that Fehr assumes the readers that they understand what public goods and free riders meant in economic discourse. On the other hand, I am delighted with this conceptual approach, since I use a very similar approach in my dissertation on the description of cooperation problems in corporate networks and wonder whether it can be a network-Constitution such cooperation-enhancing institution and if so, what issues should regulate them.
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