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unemployment is to explain why there is no underbidding, and we compare the two theories in this contex. …
Persistent link: https://www.econbiz.de/10005661489
-sectional predictions of the overbidding theory, and provide empirical support using auction premiums as dependent variable. Interestingly … typical auction attracts multiple bidders and results in the firm being sold as a going concern. We model the incentive of the … bankrupt firm’s main creditor (a bank) to influence the auction outcome. Rules prevent the bank from bidding directly. However …
Persistent link: https://www.econbiz.de/10005792429
the liquidation recovery and the final going-concern auction premium are observable, the overbidding theory is testable … bank were to receive the piecemeal liquidation value announced by the auctioneer at the start of the auction. Since both …. We perform a large-sample, cross-sectional analysis where overbidding is pitched against asset fire-sale arguments. The …
Persistent link: https://www.econbiz.de/10005656317
strength. We then present three experiments that study main predictions and implications of the model. The first is a simple … principal-agent experiment that shows that consistency is valued by others and that this value is anticipated. The second … experiment underlines the crucial role of early commitment for consistency preferences. Finally we show how preferences for …
Persistent link: https://www.econbiz.de/10009293989
implementation. In our experiments, realized efficiency levels were remarkably close to theoretical equilibrium predictions, while …
Persistent link: https://www.econbiz.de/10005662312
problem. It introduces several approaches, based on both experiments and on non-experimental data that have been proposed in …
Persistent link: https://www.econbiz.de/10005788972
We report experimental results on exclusive dealing inspired by the literature on "naked exclusion.'' Our key findings are: First, exclusion of a more efficient entrant is a widespread phenomenon in lab markets. Second, allowing incumbents to discriminate between buyers increases exclusion rates...
Persistent link: https://www.econbiz.de/10004991543
This paper presents experimental evidence from a monetary sticky price economy in which output and inflation depend on expected future inflation. With rational inflation expectations, the economy does not generate persistent deviations of output and inflation in response to a monetary shock. In...
Persistent link: https://www.econbiz.de/10005791429
This Paper presents the results of an experimental study on unemployment benefit sanctions. The experimental set-up allows us to distinguish between the effects of benefit sanctions once they are imposed (the ex post effect) and the effects that discourage the unemployed from risking benefit...
Persistent link: https://www.econbiz.de/10005791743
economists. In our experiments the crowding-out effect is so strong that the incentive contracts are less efficient than …
Persistent link: https://www.econbiz.de/10005791866