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Persistent link: https://www.econbiz.de/10009716236
managers. Flows respond quickly and strongly to performance; lagged performance has a monotonically decreasing impact on flows … times as large as direct incentives from incentive fees and returns to managers' own investment in the fund. For new funds … generated for their investors in a given year, managers receive close to another dollar in direct performance fees plus the …
Persistent link: https://www.econbiz.de/10013084738
market power. Multiple precision medicine market situations now resemble game theory constructs such as the prisoners …
Persistent link: https://www.econbiz.de/10012943199
This paper extends the static analysis of oligopoly structure into an infinite-horizon setting with sunk costs and …
Persistent link: https://www.econbiz.de/10012757954
Using an aggregative games approach, we analyze horizontal mergers in a model of multiproduct-firm price competition with nested CES or nested logit demands. We show that the Herfindahl index provides an adequate measure of the welfare distortions introduced by market power, and that the induced...
Persistent link: https://www.econbiz.de/10012919859
There has been a significant interest on a theoretical level in the application of supergames to oligopoly behavior …
Persistent link: https://www.econbiz.de/10013216122
than its static analog. We then test the theory using monthly production targets of the Big Three U.S. auto manufacturers …
Persistent link: https://www.econbiz.de/10013243651
Persistent link: https://www.econbiz.de/10011545429
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We study the gains from trade in a model with endogenously variable markups. We show that the pro-competitive gains from trade are large if the economy is characterized by (i) extensive misallocation, i.e., large inefficiencies associated with markups, and (ii) a weak pattern of cross-country...
Persistent link: https://www.econbiz.de/10013066161