Competition on the Global Market: A Way Towards an Autonomous International Court for Global Competition Cases

Competition policy is a field where economists and lawyers have to work hand in hand to achieve efficiency and, in the international arena, global welfare. At the present, there is no internationally recognised official authority under the auspices of which there would take shape the global competition policy and, simultaneously, set up a core of global competition rules. Competition policy, still national or supranational in its nature, is, as a consequence, under strong influence of other national or supranational policies and so regulated by various laws that in their specific way address competition cases including those with an international element. Overlapping of jurisdictions, conflicts between substantive and procedural laws are unavoidable. Considering that full and simultaneous compliance with all those laws is a hard task to fulfil, it makes cross-border transaction much more risky, time consuming, and costly than is necessary. By setting up an autonomous international court for global competition cases not only would we get rid obstacles to efficient enforcement of competition but we could make global welfare flourish without depriving developing countries of their economic growth.global competition, global market, international court, enforcement, World Trade Organization

Determinants of Risk Taking Behavior: The role of Risk Attitudes, Risk Perceptions and Beliefs

Our study analyzes determinants of investors' risk taking behavior. We find that investors' risk taking behavior, i.e. portfolio choices can be predicted using risk attitudes, risk perceptions and belief measures such as optimism and overconfidence. However, the predictive power of these determinants heavily depends on the domain in which it was elicited. More specifically, risk attitudes, risk perceptions and beliefs only allow us to predict investors' risk taking behavior if they are elicited in an investment related context. We think that our results could also benefit practitioners who could incorporate some of the determinants we have used in their investment advisory process.

Compressed zero-divisor graphs of noncommutative rings

We extend the notion of the compressed zero-divisor graph $\varTheta(R)$ to noncommutative rings in a way that still induces a product preserving functor $\varTheta$ from the category of finite unital rings to the category of directed graphs. For a finite field $F$, we investigate the properties of $\varTheta(M_n(F))$, the graph of the matrix ring over $F$, and give a purely graph-theoretic characterization of this graph when $n \neq 3$. For $n \neq 2$ we prove that every graph automorphism of $\varTheta(M_n(F))$ is induced by a ring automorphism of $M_n(F)$. We also show that for finite unital rings $R$ and $S$, where $S$ is semisimple and has no homomorphic image isomorphic to a field, if $\varTheta(R) \cong \varTheta(S)$, then $R \cong S$. In particular, this holds if $S=M_n(F)$ with $n \neq 1$.Comment: 30 page