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</o:shapelayout></xml><![endif]--></head><body lang=DE-AT link="#467886" vlink="#96607D" style='word-wrap:break-word'><div class=WordSection1><p class=MsoNormal style='margin-bottom:0cm;line-height:normal'><span lang=EN-GB style='font-family:"Calibri",sans-serif'>Dear members and friends of the VCEE,<br><br>You are invited to attend the VCEE seminar on Friday <b>June 14,</b> 2024, from 10:30 to 12:00 hrs Vienna time. <br><br>The seminar takes place in lecture hall 17 (2<sup>nd</sup> floor) at Oskar-Morgenstern-Platz 1.<br><br>We will have one speaker: <b>Aidas Masiliunas (University of Sheffield)<o:p></o:p></b></span></p><p class=MsoNormal style='margin-bottom:0cm;line-height:normal'><span style='font-family:"Calibri",sans-serif'>Webpage: </span><a href="https://www.sheffield.ac.uk/economics/staff/academic/aidas-masiliunas">https://www.sheffield.ac.uk/economics/staff/academic/aidas-masiliunas</a><span style='font-family:"Calibri",sans-serif'><o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;line-height:normal'><span style='font-family:"Calibri",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;line-height:normal'><span lang=EN-GB style='font-family:"Calibri",sans-serif'>Here is more information about the talk:<o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;line-height:normal'><span lang=EN-GB style='font-family:"Calibri",sans-serif'><o:p> </o:p></span></p><p style='margin:0cm'><b><span lang=EN-GB style='font-size:11.0pt;font-family:"Calibri",sans-serif'>Title: Asymmetry facilitates wealth creation in a dynamic investment game<o:p></o:p></span></b></p><p style='margin:0cm'><span lang=EN-GB><o:p> </o:p></span></p><p style='margin:0cm'><b><span lang=EN-GB style='font-size:11.0pt;font-family:"Calibri",sans-serif'>Abstract:<o:p></o:p></span></b></p><p class=MsoNormal><span lang=EN-GB style='font-family:"Calibri",sans-serif;mso-fareast-language:DE-AT'>We address the question of whether inequality impedes economic growth using economic experiments. Our novel dynamic game combines elements of a public goods game and a rent-seeking contest and participants are both cooperating to grow the future resources and competing to obtain a higher share of these resources. We study the consequences of two types of asymmetries, either in resources or in abilities (modeled via contest effort cost). The two types of asymmetries are manipulated in a 2x2 factorial design, allowing us to separate the effects of asymmetry from pure wealth inequality. We find that either type of asymmetry significantly improves the investments in economic growth, compared to the symmetric baseline. We replicate these results in experiments with both a growing economy (no depreciation of the prize value) and a shrinking economy (50% depreciation in each round). We contribute to the existing experimental literature by showing that the negative effect of endowment asymmetry, found in public goods games, is reversed when the rewards from investments are allocated endogenously.<o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;line-height:normal'><span lang=EN-GB style='font-family:"Calibri",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;line-height:normal'><span lang=EN-GB style='font-family:"Calibri",sans-serif'>If you are interested in meeting after the seminar (meeting slots of 30’) you can register via this link:</span><span lang=EN-GB><o:p></o:p></span></p><p class=MsoNormal><span lang=EN-GB style='font-family:"Calibri",sans-serif'><a href="https://nuudel.digitalcourage.de/uyaua2AjIJ7i6YUP">https://nuudel.digitalcourage.de/uyaua2AjIJ7i6YUP</a><o:p></o:p></span></p><p class=MsoNormal><span lang=EN-GB style='font-family:"Calibri",sans-serif'>Best regards,<o:p></o:p></span></p><p class=MsoNormal><span lang=EN-GB style='font-family:"Calibri",sans-serif'>Sylvia<o:p></o:p></span></p><p class=MsoNormal><span lang=EN-GB style='font-family:"Calibri",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;line-height:normal'><span lang=EN-GB style='font-family:"Calibri",sans-serif;mso-fareast-language:DE-AT'>Sylvia Vosatka<o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;line-height:normal'><span lang=EN-GB style='font-family:"Calibri",sans-serif;mso-fareast-language:DE-AT'>-------------------------------------------<o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;line-height:normal'><span lang=EN-GB style='font-family:"Calibri",sans-serif;mso-fareast-language:DE-AT'>Department of Economics<o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;line-height:normal'><span lang=EN-GB style='font-family:"Calibri",sans-serif;mso-fareast-language:DE-AT'>University of Vienna<o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;line-height:normal'><span lang=EN-GB style='font-family:"Calibri",sans-serif;mso-fareast-language:DE-AT'>Oskar-Morgenstern-Platz 1<o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;line-height:normal'><span lang=EN-GB style='font-family:"Calibri",sans-serif;mso-fareast-language:DE-AT'>1090 Vienna, Austria<o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;line-height:normal'><span style='font-family:"Calibri",sans-serif;mso-fareast-language:DE-AT'>Phone: +43 1 4277 37408<o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;line-height:normal'><span style='font-size:12.0pt;mso-fareast-language:DE-AT'><o:p> </o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;line-height:normal'><span style='font-size:12.0pt;font-family:"Source Sans Pro",sans-serif;mso-fareast-language:DE-AT'><img border=0 width=203 height=68 style='width:2.1145in;height:.7083in' id="Bild_x0020_1" src="cid:image001.png@01DAB592.290E32E0"></span><span style='font-size:12.0pt;mso-fareast-language:DE-AT'><o:p></o:p></span></p><p class=MsoNormal><span style='font-family:"Calibri",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal><span lang=EN-GB style='font-family:"Calibri",sans-serif'><o:p> </o:p></span></p></div></body></html>