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Investments and bargaining in a model with positive consumption externalities
Cardona, Daniel; Rubí-Barceló, Antoni - In: Journal of Economic Behavior & Organization 108 (2014) C, pp. 78-93
This paper analyzes the investment decisions of the members of a committee when a subsequent bargaining process determines the distribution of a divisible good among them. The shares allocated to investing agents generate positive consumption externalities. We show that agents’ investments...
Persistent link: https://www.econbiz.de/10011116895
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The impact of regulation, privatization and competition on gas infrastructure investments
Andrade, Tiago - In: Energy 69 (2014) C, pp. 82-85
In recent years we have witnessed several reforms in network industries, as privatization, regulatory changes and opening to competition in certain segments of the value chain. In sectors such as electricity and gas, this opening to competition is possible only in certain activities (i.e....
Persistent link: https://www.econbiz.de/10010811108
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Barriers to network-specific investment
Martin, Antoine; Orlando, Michael - In: Review of Economic Dynamics 10 (2007) 4, pp. 705-728
We examine incentives for network-specific investment and consider the implications for network governance. We model a two-sided market in which participants making payments over a network platform can invest in a technology that reduces the marginal cost of using the platform. A network effect...
Persistent link: https://www.econbiz.de/10005090956
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Mitigating incentive conflicts in inter-firm relationships: Evidence from long-term supply contracts
Costello, Anna M. - In: Journal of Accounting and Economics 56 (2013) 1, pp. 19-39
Using a sample of long-term supply contracts collected from SEC filings, I show that hold-up concerns and information asymmetry are important determinants of contract design. Asymmetric information between buyers and suppliers leads to shorter term contracts. However, when longer duration...
Persistent link: https://www.econbiz.de/10010681824
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Multilateral matching
Hatfield, John William; Kominers, Scott Duke - In: Journal of Economic Theory 156 (2015) C, pp. 175-206
We introduce a matching model in which agents engage in joint ventures via multilateral contracts. This approach allows us to consider production complementarities previously outside the scope of matching theory. We show analogues of the first and second welfare theorems and, when agents'...
Persistent link: https://www.econbiz.de/10011189755
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Prestige without Purpose? : Reputation, differentiation, and pricing in US equity underwriting
Fernando, Chitru S.; Gatčev, Vladimir A.; May, Anthony D. - 2015
Clustering of IPO underwriting spreads at 7% poses two important puzzles: Is the market for U.S. equity underwriting services anti-competitive and why do equity underwriters invest in reputation-building? This study resolves both puzzles. Modeling endogeneity of firm-underwriter choice using a...
Persistent link: https://www.econbiz.de/10011334160
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Relational Contracts and Competitive Screening
Calzolari, Giacomo; Spagnolo, Giancarlo - C.E.P.R. Discussion Papers - 2009
facilitate collusion among agents, which induces an additional trade-off between reputational forces and collusion. When non …-contractible dimensions are very important this last trade-off may disappear, as collusion allows more efficient enforcement of better …
Persistent link: https://www.econbiz.de/10005082534
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Chapter 31 Coordination and Lock-In: Competition with Switching Costs and Network Effects
Farrell, Joseph; Klemperer, Paul - In: Handbook of industrial organization : volume 3, (pp. 1967-2072). 2007
Switching costs and network effects bind customers to vendors if products are incompatible, locking customers or even markets in to early choices. Lock-in hinders customers from changing suppliers in response to (predictable or unpredictable) changes in efficiency, and gives vendors lucrative ex...
Persistent link: https://www.econbiz.de/10014024585
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Flexibility and Collusion with Imperfect Monitoring
Bigoni, Maria; Potters, Jan; Spagnolo, Giancarlo - C.E.P.R. Discussion Papers - 2012
Flexibility - the ability to react swiftly to others' choices - facilitates collusion by reducing gains from defection … before opponents react. Under imperfect monitoring, however, flexibility may also hinder collusion by inducing punishment … collusion. To test this subtle prediction we implement in the laboratory an indefinitely repeated Cournot game with noisy price …
Persistent link: https://www.econbiz.de/10011084106
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Prisoners' Other Dilemma
Blonski, Matthias; Spagnolo, Giancarlo - C.E.P.R. Discussion Papers - 2003
's Dilemma (repeated oligopolies, relational-contracting models, etc.). We illustrate our main result for collusion equilibria in …
Persistent link: https://www.econbiz.de/10005666887