Achieving an ambitious goal frequently requires succeeding in a sequence of intermediary tasks, some being critical for the final outcome, and others not. Individuals are not always able to provide a level of effort sufficient to guarantee success in all the intermediary tasks. The ability to...

Achieving an ambitious goal frequently requires succeeding in a sequence of intermediary tasks, some being critical for the final outcome, and others not. Individuals are not always able to provide a level of effort sufficient to guarantee success in all the intermediary tasks. The ability to...

This paper analyzes the timing decisions of pharmaceutical firms to launch a new drug in countries involved in international reference pricing. We show three important features of launch timing when all countries reference the prices in all other countries and in all previous periods of time....

In this paper, we generalize the power-of-2 and the power-of-3 monetary denomination systems (MDS) widely studied in the literature by considering the class of the power-of-amp;#945; MDSs for all real amp;#945; strictly between 1 and infinity. We show that for theoretical distributions of prices as...

In this note, we study, test and discuss two original classes of payment aggregation rules based on transaction size models in order to replicate the demand for cash and deposits in the economy. First, we show that some of the aggregation rules call for special consideration since they better...

The objective of this paper is to explain the use of cash, payment cards and checks in the economy. In so doing, we propose three models of payment decision and we test how well each of these models replicates the observed aggregate payments decisions. We show that the model based on cash...

In a recent contribution, Bounie et al. (2007a) proposed a simple alternative payment decision rule based on a cash holding model (CH model) that showed more efficiency at replicating the observed data than standard transaction size based models (TS models) agrave; la Whitesell (1989). In this...

Payment choice models based on transaction sizes (TS models) induce strong predictions about the use of payment instruments. Especially, all equal-sized transactions should be paid with the same payment instrument. Then, for each individual, one should observe strict domains of transaction for...