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Why Do Sellers (Usually) Prefer Auctions?
Bulow, Jeremy I.; Klemperer, Paul - C.E.P.R. Discussion Papers - 2009
is more conducive to entry - precisely because of its inefficiency - it usually generates higher expected revenue. We … also discuss the effects of lock-ups, matching rights, break-up fees (as in takeover battles), entry subsidies, etc. …
Persistent link: https://www.econbiz.de/10004976795
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When are Auctions Best?
Bulow, Jeremy I.; Klemperer, Paul - C.E.P.R. Discussion Papers - 2007
buyers. In an auction all entry decisions are made prior to any bidding. In a sequential bidding process earlier entrants can … auction is more conducive to entry in several ways it usually generates higher expected revenue. A substantially revised …
Persistent link: https://www.econbiz.de/10005123726
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Competition, Regulation and Managerial Incentives
De Fraja, Gianni; Iossa, Elisabetta - C.E.P.R. Discussion Papers - 1994
This paper examines the effects of a competitive fringe on a regulated firm. Using Hart's (1983) model, we show that competition weakens the managerial incentives for cost reduction: when there is correlation between the cost levels of the firms in the industry, costs are higher in the regulated...
Persistent link: https://www.econbiz.de/10005067523
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Entry, Pricing and Incentives: The Role of Regulatory Commitment
De Fraja, Gianni - C.E.P.R. Discussion Papers - 1994
This paper studies the optimal regulatory policy in a market where entry may occur. The regulator regulates the … incumbent, but not the entrant in the event of entry. We show that the effect of entry on prices and incentives for cost … outcome following entry is less competitive than it would be without the possibility to commit: price is higher and incentives …
Persistent link: https://www.econbiz.de/10005067561
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The Tobacco Deal
Bulow, Jeremy I.; Klemperer, Paul - C.E.P.R. Discussion Papers - 1999
We analyse the major economic issues raised by the 1997 Tobacco Resolution and the ensuing proposed legislation that were intended to settle tobacco litigation in the United States. By settling litigation largely in return for tax increases, the Resolution was a superb example of a "win-win"...
Persistent link: https://www.econbiz.de/10005791442
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The Demand for Tobacco in Post-Unification Italy
Ciccarelli, Carlo; De Fraja, Gianni - C.E.P.R. Discussion Papers - 2012
This paper studies the demand for tobacco products in post-unification Italy. We construct a very detailed panel dataset of yearly consumption in the 69 Italian provinces from 1871 to 1913, and use it to estimate the demand for tobacco products. We find support for the Becker and Murphy (1988)...
Persistent link: https://www.econbiz.de/10011084528