The Economic and Societal Impact of Universities in Austria
It is widely recognised that universities play a major role in science-based societies, producing a variety of significant economic and societal impacts. However, quantification of the economic impact often remains limited due to methodological and data problems. Most economic impact studies focus on short-term multiplier effects of university investment and expenditures by staff and students. This study investigates both short-term multiplier effects and longer-term productivity impacts of universities to illustrate more fully the economic impact of universities in Austria. Productivity effects are examined using both an extended regionalised input-output model of the Austrian economy and econometric estimations of the impact of university research and graduates. In addition, the study provides an overview of non-monetary effects of universities on graduates, society and cultural developments.
The well-known Klein-Monti model of bank behavior considers a monopolistic bank. We demonstrate that this model’s results on the comparative static effects of a change in the exogenous interbank market interest rate do not necessarily hold in oligopolistic Cournot or Stackelberg generalizations. Introducing asymmetries in the cost functions of the banks, or in their way of conduct, may imply counterintuitive effects on the individual banks’ volumes of loans and deposits. Keywords: Bank behavior, Cournot oligopoly, Stackelberg oligopoly