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Union Power and Product Market Competition: Evidence from the Airline Industry
Neven, Damien J; Röller, Lars-Hendrik; Zhang, Zhentang - C.E.P.R. Discussion Papers - 1998
of unions is more on equity rather than efficiency. …
Persistent link: https://www.econbiz.de/10005124345
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Good rankings are bad - Why reliable rankings can hurt consumers
Bouton, Laurent; Kirchsteiger, Georg - C.E.P.R. Discussion Papers - 2011
Ranking have become increasingly popular on markets for study programs, restaurants, wines, cars, etc. This paper analyses the welfare implication of such rankings. Consumers have to make a choice between two goods of unknown quality with exogenous presence or absence of an informative ranking....
Persistent link: https://www.econbiz.de/10009385758
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Asset Auctions, Information, and Liquidity
Vives, Xavier - C.E.P.R. Discussion Papers - 2010
A model is presented of a uniform price auction where bidders compete in demand schedules; the model allows for common and private values in the absence of exogenous noise. It is shown how private information yields more market power than the levels seen with full information. Results obtained...
Persistent link: https://www.econbiz.de/10008468554
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Capacity and Product Market Competition: Measuring Market Power in a 'Fat-Cat' Industry
Röller, Lars-Hendrik; Siekles, Robin - C.E.P.R. Discussion Papers - 1998
In this paper we specify and estimate a structural model which accounts for competition in two variables: capacity and prices. The model has a two-stage set-up. In the first stage firms make capacity decisions followed by a product-differentiated, price-setting game in the second stage. Since...
Persistent link: https://www.econbiz.de/10005123777
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On the Impact of Forward Contract Obligations in Multi-Unit Auctions
de Frutos, Maria-Angeles; Fabra, Natalia - C.E.P.R. Discussion Papers - 2008
Several regulatory authorities worldwide have recently imposed forward contract obligations on electricity producers as a way to mitigate their market power. In this paper we investigate how such contractual obligations affect equilibrium bidding in electricity markets, or in any other...
Persistent link: https://www.econbiz.de/10005136602
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Underpricing and Market Power in Uniform Price Auctions
Kremer, Ilan; Nyborg, Kjell G - C.E.P.R. Discussion Papers - 2004
awarded. Despite the widespread use of these auctions, the extant theory shows that they are susceptible to arbitrarily large … underpricing. We make a realistic modification to the theory by allowing discrete prices, quantities and bids. We show that …
Persistent link: https://www.econbiz.de/10005067628
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Aftermarket Power and Basic Market Competition
Cabral, Luís M B - C.E.P.R. Discussion Papers - 2008
I revisit the relation between aftermarket power and basic market competition. I consider an infinite period model with overlapping consumers: in each period, one consumer is born and joins one of the existing installed bases, then aftermarket payoffs are received by sellers and consumers, then...
Persistent link: https://www.econbiz.de/10005497932
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Strategic Behaviour and Underpricing in Uniform Price Auctions: Evidence from Finnish Treasury Auctions
Keloharju, Matti; Nyborg, Kjell G; Rydqvist, Kristian - C.E.P.R. Discussion Papers - 2002
auctions during the period 1992-99. Average underpricing amounts to 0.041% of face value. Theory suggests that underpricing may … result from monopsonistic market power. We develop and test robust implications from this theory and find that it has little … predicted by the theory. We also present evidence that the Finnish Treasury acts strategically, taking into account the fact …
Persistent link: https://www.econbiz.de/10005498163
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Does Antidumping Protection Raise Market Power? Evidence from Firm Level Data
Konings, Jozef; Vandenbussche, Hylke - C.E.P.R. Discussion Papers - 2002
This paper empirically tests the effects of Anti-Dumping (AD) protection on the price-cost margin of firms. To this end, we use a rich panel data set of 1,666 EU producers that were involved in AD cases initiated in 1996. Our findings indicate that price-cost margins in most cases significantly...
Persistent link: https://www.econbiz.de/10005656186
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Can Competition in the Credit Market be Excessive?
Caminal, Ramon; Matutes, Carmen - C.E.P.R. Discussion Papers - 1997
We study the welfare implications of market power in a model where banks choose between credit rationing and monitoring in order to alleviate an underlying moral-hazard problem. We show that the effect of banks’ market power on social welfare is the result of two countervailing effects. On the...
Persistent link: https://www.econbiz.de/10005656189