Multidisciplinary Economics The Birth of a New Economics Faculty in

Multidisciplinary economics deliberately uses the insights and approaches of other disciplines and examines what consequences their contributions have for existing economic methods, theories and solutions to economic problems. Multidisciplinary economists

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Multidisciplinary Economics The Birth of a New Economics Faculty in the Netherlands

Edited by

PETER DE GIJSEL Utrecht School of Economics, The Netherlands and Osnabrück University, Germany and

HANS SCHENK Utrecht School of Economics, The Netherlands

A C.I.P. Catalogue record for this book is available from the Library of Congress.

ISBN-10 ISBN-13 ISBN-10 ISBN-13

0-387-26258-X (HB) 978-0-387-26258-1 (HB) 0-387-26259-8 ( e-book) 978-0-387-26259-8 (e-book)

Published by Springer, P.O. Box 17, 3300 AA Dordrecht, The Netherlands. www.springeronline.com

Printed on acid-free paper

All Rights Reserved © 2005 Springer No part of this work may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, microfilming, recording or otherwise, without written permission from the Publisher, with the exception of any material supplied specifically for the purpose of being entered and executed on a computer system, for exclusive use by the purchaser of the work. Printed in the Netherlands.

PREFACE

On the occasion of the opening of the Utrecht School of Economics (USE) and the Tjalling C. Koopmans Research Institute an inaugural conference, called a ‘nullustrum’ in Dutch, was organised at Utrecht University on October 21st -23rd, 2003. Organising a ‘nullustrum’ is quite unusual in the Netherlands, as it is customary to celebrate the first lustrum only after five years. However, because of the history of multidisciplinary economics at Utrecht University, going back to the 17th century, and the fact that the new economics faculty did not have to be built up from scratch, the celebration of a ‘nullustrum’ made sense. It allowed the opening of USE and its research institute to be seen as a milestone in the development of multidisciplinary economics at Utrecht University. At the same time the ‘nullustrum’ created an opportunity to introduce five newly appointed full professors, a unique event in the long history of Utrecht University. During the research ‘nullustrum’, six seminars were organised where guest speakers presented papers that were related to subjects in the domain of multidisciplinary economics. These seminars covered issues in the fields of international economics, public economics, organisational economics, finance & financial markets, labour economics and applied econometrics. Five of the six seminars were organised by the newly appointed USE professors, who delivered their inaugural lectures during the ‘nullustrum’. Besides the opening addresses, this volume includes a selection of papers that were presented during the ‘nullustrum’, or that have been published elsewhere by the guest speakers, and the inaugural addresses delivered by the newly appointed USE professors. The contributions of the guest speakers and the USE staff members convey the research perspectives of USE in a very natural way by focusing on themes that are open to multidisciplinary economics research and that are fostered by eminent scholars from the economics discipline. The