Eine Untersuchung anhand des Verfahrensrechts und des materiellen Rechts der InsO
„Imagine that you own a lake. There are fish in the lake. You are the only one who has the right to fish in that lake, and no one constrains your decision as to how much fishing to do. You have it in your power to catch all the fish this year and sell them for, say 100,000 $. If you did that, however, there would be no fish in the lake next year. It might be better for you – you might maximize your total return from fishing – if you caught and sold some fish this year but left other fish in the lake so that they could multiply and you would have fish in subsequent years. Assume that, by taking this approach, you could earn (adjusting inflation) 50,000 $ each year. Having this outcome is like having a perpetual annuity paying 50,000 $. It has a present value of perhaps 500,000 $. Since (…) when all other things are equal, 500,000 $ is better than 100,000 $, you, as sole owner, would limit your fishing this year unless some other factor influenced you. But what if you are not the only one who can fish in this lake? What if a hundred people can do so? The optimal solution has not changed: it would be preferable to leave some fish in the lake to multiply because in doing so has a present value of 500,000 $. But in this case, unlike that where you have control only yourself,...
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