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Budget Uncertainty and Faculty Contracts: A Dynamic Framework for Comparative Analysis
Khovanskaya, Irina; Sonin, Konstantin; Yudkevich, Maria - C.E.P.R. Discussion Papers - 2008
We study hiring decisions made by competing universities in a dynamic framework, focusing on the structure of university finance. Universities with annual state-approved financing underinvest in high-quality faculty, while universities that receive a significant part of their annual income from...
Persistent link: https://www.econbiz.de/10005791354
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The Relationship between Market Structure and Innovation in Industry Equilibrium: A Case Study of the Global Automobile Industry
Hashmi, Aamir Rafique; Van Biesebroeck, Johannes - C.E.P.R. Discussion Papers - 2012
study the equilibrium relationship between market structure and innovation. The key state variable in the model is the …. Efficiency is estimated to be stochastically increasing in the dynamic control--innovation--which is proxied by patenting … behavior. Equilibrium innovation is a function of all state variables in the industry and the cost of R&D which includes a …
Persistent link: https://www.econbiz.de/10011084428
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Is Partial Tax Harmonization Desirable?
Conconi, Paola; Perroni, Carlo; Riezman, Raymond - C.E.P.R. Discussion Papers - 2006
We consider a setting in which capital taxation is characterized by two distortions working in opposite directions. On one hand, governments engage in tax competition and are tempted to lower capital tax rates. On the other hand, they are unable to commit to future policies and, once capital has...
Persistent link: https://www.econbiz.de/10005661868
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Intergenerational inequality aversion, growth and the role of damages: Occam’s rule for the global carbon tax
Rezai, Armon; van der Ploeg, Frederick - C.E.P.R. Discussion Papers - 2014
We use the Euler equation to put forward a back-on-the-envelope rule for the global carbon tax based on a two-box carbon cycle with temperature lag, and a constant elasticity of marginal damages with respect to GDP. This tax falls with time impatience and intergenerational inequality aversion...
Persistent link: https://www.econbiz.de/10011096102
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Abandoning Fossil Fuel: How Fast And How Much?
Rezai, Armon; van der Ploeg, Frederick - C.E.P.R. Discussion Papers - 2014
Climate change must deal with two market failures, global warming and learning by doing in renewable use. The social optimum requires an aggressive renewables subsidy in the near term and a gradually rising carbon tax which falls in long run. As a result, more renewables are used relative to...
Persistent link: https://www.econbiz.de/10011084685
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Evaluating the Minimum Asset Tax on Corporations: An Option Pricing Approach
Estache, Antonio; van Wijnbergen, Sweder - C.E.P.R. Discussion Papers - 1992
King-Fullerton methodology cannot assess the minimum-asset tax (MAT) because it cannot handle uncertainty. We present … an alternative based on option pricing, and show how carry-over rules, depreciation conventions and uncertainty affect …
Persistent link: https://www.econbiz.de/10005498170
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Strategic Experimentation and Disruptive Technological Change
Schivardi, Fabiano; Schneider, Martin - C.E.P.R. Discussion Papers - 2005
This paper studies the diffusion of a new technology that is brought to market while its potential is still uncertain. We consider a dynamic game in which firms improve both a new and a rival old technology while learning about the relative potential of both technologies. We use the model to...
Persistent link: https://www.econbiz.de/10005504449
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Innovation Beyond Patents: Technological Complexity as a Protection against Imitation
Henry, Emeric; Ruiz-Aliseda, Francisco - C.E.P.R. Discussion Papers - 2012
A large portion of innovators do not patent their inventions. This is a relative puzzle since innovators are often perceived to be at the mercy of imitators in the absence of legal protection. In practice, innovators however invest actively in making their products technologically hard to...
Persistent link: https://www.econbiz.de/10011084053
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Long-term Relationships: Static Gains and Dynamic Inefficiencies
Hemous, David; Olsen, Morten - C.E.P.R. Discussion Papers - 2015
contractible or when we preclude cooperation in long-term relationships, (ii) the rate of innovation in the cooperative equilibrium … period). In that case, for sufficiently slow diffusion, the innovation rate in the cooperative equilibrium may be higher than …
Persistent link: https://www.econbiz.de/10011201353
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Optimal Public Policy for Venture Capital Backed Innovation
Keuschnigg, Christian - C.E.P.R. Discussion Papers - 2003
regard to the capital gains tax, innovation subsidy, public R&D spending and other policy initiatives. …
Persistent link: https://www.econbiz.de/10005497714