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Corvinus Economics Working Papers

The Corvinus Economics Working Papers was launched by the Corvinus University of Budapest, Faculty of Economics in 2014. It aims to provide a unified appearance and greater visibility for research outputs authored by university-affiliated authors, whose topic can be classified as economics in the broader sense, written mainly in English. Since CEWPs are working papers, authors can publish their work in journals and books after their first release in CEWP.

Editorial board

Chief editor:

Attila Tasnádi
(Department of Mathematics, full professor)

Editorial board:

Péter Csóka
(Department of Finance, full professor, MTA-KRTK Game Theory research group, associate research fellow)

Mária Csutora
(Department of Logistics and Supply Chain Management, full professor)

Zsolt Darvas
(Institute of Economics, senior research fellow)

György Hajnal
(Institute of Economics and Public Policy, head of institute, associate professor)

Tibor Illés
(CIAS Corvinus Center for Operations Research, research centre leader)

Zsuzsanna Nagy
(University Library, director general)

Balázs Szent-Iványi
(Institute of International, Political and Regional Studies, associate professor)

László Trautmann
(Institute of Economics, associate professor)

Corvinus Economics Working Papers
1093 Budapest, Fővám tér 8.

Guide for authors

We ask the authors to send their manuscripts to the editorial board’s address or to the editorial member who represents the field closest to the topic. After reading and accepting the manuscript and receiving the Copyright notice completed by the author, the appointed editorial member will forward the manuscript to the Corvinus Research repository editors. Manuscripts unsuitable in terms of content or language will be sent back to the author by the editorial board, with a short explanation.

To get published, authors should keep to the following formal requirements:

  • Title, names of authors, name of department/research centre and university should be centre-aligned (with contact details in footnote),
  • Manuscripts should start with the date of completion and the abstract; following the abstract, the JEL codes should appear aligned to the left, and 2-5 keywords in the line below;
  • in the case of non-English manuscripts, please place the title and an abstract in English before the introduction (on the first page or separately on the second page);
  • we accept manuscripts in doc, docx and pdf formats (pdf files should not be password-protected);
  • font size 11 or 12;
  • please apply broad margines (about 2.5 cm at the top, at the bottom, left and right).

In the case of acceptance, the editors of the repository will provide the manuscript with a standard cover sheet and the work will be published in Corvinus Research and the RePEc.


Bednay, Dezső and Moskalenko, Anna and Tasnádi, Attila:
Dictatorship versus manipulability

Balogh, Tamás László and Tasnádi, Attila:
Mixed duopolies with advance production

Németh-Durkó, Emilia:
How economic growth and energy consumption contribute to environmental degradation?

Radványi, Anna:
The Shapley Value for Upstream Responsibility Games

Piroska, Dóra and Podvršič, Ana:
New European Banking Governance and Crisis of Democracy: Insights from the European post-socialist periphery

Forgó, Ferenc:
On symmetric bimatrix games

Kommel, Karl Arnold and Sillasoo, Martin and Lublóy, Ágnes:
Could crowdsourced financial analysis replace the equity research by investment banks?

Berlinger, Edina:
How does the state destroy incentives in innovation financing?

Bihary, Zsolt and Dömötör, Barbara:
How do manager incentives influence corporate hedging?


Csóka, Péter and Herings, Jean-Jacques P.:
Decentralized Clearing in Financial Networks

Burka, Dávid and Puppe, Clemens and Szepesváry, László and Tasnádi, Attila:
Neural networks would ‘vote’ according to Borda’s Rule

Solymosi, Tamás:
Weighted nucleoli and dually essential coalitions

Dezső, Linda and Steinhart, Jonathan and Bakó, Barna and Kirchler, Erich:
Designing Choice Sets to Exploit Focusing Illusion

Bakó, Barna and Isztin, Péter:
Psychic Punishment Costs and Deterrence

2016/09: Kornai, János:
So what is Capital in the Twenty-First Century? Some notes on Piketty’s
book Working paper, forthcoming in Capitalism & Society

Kornai, János:
Breaking promises. The Hungarian experience

Forgó, Ferenc:
The prisoners’ dilemma, congestion games and correlation

Berlinger, Edina and Bihary, Zsolt and Walter, György:
Corporate cash-pool valuation in a multi-firm context: a closed formula

Berlinger, Edina and Bihary, Zsolt and Walter, György:
How much is corporate cash-pooling worth? Modelling and simulation

Berlinger, Edina:
Implicit rating: A potential new method to alert crisis on the interbank lending market

Dömötör, Barbara and Váradi, Kata:
Stress events in the Hungarian stock market

Szüle, Borbála:
Solvency risk minimizing guaranteed returns in life insurance

Bakó, Barna and Kálecz-Simon, András:
Quota bonuses as localized sales bonuses


Berlinger, Edina and Lovas, Anita and Juhász, Péter:
State subsidy and moral hazard in corporate financing

Kornai, János:
Hungary’s U-Turn

Csató, László:
On the additivity of preference aggregation methods

Vékás, Péter:
An asymptotic test for the Conditional Value-at-Risk

Vékás, Péter and van der Vlerk, Maarten and Klein Haneveld, Willem:
Improved stochastic optimization of railway timetables

Baji, Petra and Gulácsi, László and Lovász, Barbara D. and Golovics, Petra A.
and Brodszky, Valentin and Péntek, Márta and Rencz, Fanni and Lakatos,  Péter L.:
Trading between perceived risks and benefits related to biosimilar biological
treatment in Crohn’s disease; discrete choice experiment among gastroenterologists

Gudmundsson, Jens and Habis, Helga:
Assignment Games with Externalities

Madácsi, Roland:
Project finance in Hungarian electricity sector. Effect of feed-in tariff system’s change onto power plant investments

Popp, József and Jámbor, Attila:
How consistent is the new common agricultural policy with the challenges it faces?

Magasházi, Anikó:
The integration by trade and FDI of emerging economies: The Asian example

Csató, László:
Distance-based accessibility indices

Kutasi, Gábor:
Banking Contagion under Different Exchange Rate Regimes in CEE

2015/10: Baji, Petra and Péntek, Márta and Boncz, Imre and Brodszky, Valentin and Loblova, Olga and Brodszky, Nóra and Gulácsi, László:
The impact of the recession on health care expenditure — How does the Czech
Republic, Hungary, Poland and Slovakia compare to other OECD countries?

Gedeon, Péter:
Spontaneous order and social norms. Hayek’s theory of socio-cultural evolution

Rácz, Zoltán and Tasnádi, Attila:
A Bertrand-Edgeworth oligopoly with a public firm

Pintér, Miklós:
Young’s axiomatization of the Shapley value – a new proof

Csató, László:
Between plurality and proportionality: an analysis of vote transfer systems

Csató, László and Rónyai, Lajos:
Incomplete pairwise comparison matrices and weighting methods

Lublóy, Ágnes and Keresztúri, Judit Lilla and Benedek, Gábor:
Formal professional relationships between general practitioners and
specialists: possible associations with patient health and pharmacy

Szűcs, Balázs Árpád and Váradi, Kata:
Measuring and managing liquidity risk in the Hungarian practice

Csató, László:
Measuring centrality by a generalization of degree

Csató, László:
Ranking in Swiss system chess team tournaments


Kobayashi, Katsuya and Tasnádi, Attila:
The Multiple Hierarchical Legislatures in a Representative Democracy: Districting for Policy Implementation

Szüle, Borbála:
Auswirkungen von Eigenkapitalregulierung auf optimale Bankkreditzinsniveaus
(Effect of capital regulation on optimal bank loan interest rate levels)

Lublóy, Ágnes and Keresztúri, Judit Lilla and Benedek, Gábor:
Determinants of pharmaceutical innovation diffusion: social contagion and prescribing characteristics

Pintér, Miklós:
A cardinally convex game with empty core

Nunez, Marina and Solymosi, Tamás:
Lexicographic allocations and extreme core payoffs: the case of assignment games

Andor, László:
Where now after ten years of Eastern enlargement?

Balog, Dóra and Bátyi, Tamás László and Csóka, Péter and Pintér, Miklós:
Properties of risk capital allocation methods: Core Compatibility, Equal Treatment Property and Strong Monotonicity

Csóka, Péter and Pintér, Miklós:
On the impossibility of fair risk allocation

Bakó, Barna and Tasnádi, Attila:
The Kreps-Scheinkman game in mixed duopolies

Bakó, Barna and Kálecz-Simon, András:
Nothing so certain as your anchors? A consumer bias that might lower prices

Mák, Fruzsina:
Analyzing interrelated stochastic trend and seasonality on the example of energy trading data

Zsinka, László:
The roots of “Western European societal evolution”

Pollmann, Olaf and Podruzsik, Szilárd and Fehér, Orsolya:
Social acceptance of renewable energy: Some examples from Europe and Developing Africa

Deák, Dániel: Unorthodoxy in legislation: The Hungarian experience

Darvas, Zsolt:
Can Europe recover without credit?

Szent-Iványi, Balázs:
Are Democratizing Countries ‘Rewarded’ with Higher Levels of Foreign Aid?

Csató, László:
Additive and multiplicative properties of scoring methods for preference aggregation

Pintér, Miklós:
A new epistemic model

Puppe, Clemens and Tasnádi, Attila:
Axiomatic districting

The items of the series can be also viewed on the following webpages:
Econpapers (RePEc)
Corvinus Research series site

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GEN.:2021.12.01. - 18:59:08