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The Scope of Auctions in the Presence of Downstream Interactions and Information Externalities

Koska, Onur A.; Onur, Ilke; Stähler, Frank - CESifo - 2015

-cost firm under incomplete information: a separating auction implies adverse selection and relies substantially on commitment to … allocation and transfer rules. A pooling auction serves as a commitment device against ex-post opportunistic behavior and … alleviates adverse selection. It can earn the investor a higher expected payoff than a separating auction, even when consistency …

Persistent link: https://www.econbiz.de/10011205382

Conflicts with Multiple Battlefields

Dan Kovenock J.; Roberson, Brian - CESifo - 2010

This paper examines conflicts in which performance is measured by the players' success or failure in multiple component conflicts, commonly termed “battlefields”. In multi-battlefield conflicts, behavioral linkages across battlefields depend both on the technologies of conflict within each...

Persistent link: https://www.econbiz.de/10008671699

How to Sell a (Bankrupt) Company

Cornelli, Francesca; Felli, Leonardo - CESifo - 2000

The restructuring of a bankrupt company often entails the sale of such company. This paper suggests a way to sell the company that maximizes the creditors' proceeds. The key to this proposal is the option left to the creditors to retain a fraction of the shares of the company. Indeed, by...

Persistent link: https://www.econbiz.de/10005405745

Entrepreneurial Innovations and Taxation

Haufler, Andreas; Norbäck, Pehr-Johan; Persson, Lars - CESifo - 2011

In many countries entrepreneurship is promoted through tax reductions for small businesses and by various government support schemes. We analyze the effects of such policies to subsidize small businesses in a setting where both the risk-return characteristics of the selected innovation project...

Persistent link: https://www.econbiz.de/10009024844

The Impact of Entry Regulation on Total Welfare: A Policy Experiment

Liu, An-Hsiang; Siebert, Ralph; Zulehner, Christine - CESifo - 2013

This paper evaluates how different lengths of entry regulation impact market structure and market performance using a dynamic structural model. We formulate an oligopoly model in the tradition of Ericson and Pakes (1995) and allow entry costs to vary over time. Firms have the opportunity to...

Persistent link: https://www.econbiz.de/10010670793

Private Provision of a Complementary Public Good

Schmidtke, Richard - CESifo - 2006

For several years, an increasing number of firms have been investing in Open Source Software (OSS). While improvements in such a non-excludable public good cannot be appropriated, companies can benefit indirectly in a complementary proprietary segment. We study this incentive for investment in...

Persistent link: https://www.econbiz.de/10005406315

Two-Sided Markets with Pecuniary and Participation Externalities

Schmidtke, Richard - CESifo - 2006

The existing literature on "two-sided markets" addresses participation externalities, but so far it has neglected pecuniary externalities between competing platforms. In this paper we build a model that incorporates both externalities. In our setup differentiated platforms compete in advertising...

Persistent link: https://www.econbiz.de/10005196311

Behavioral Indifference Curves

Komlos, John - CESifo - 2014

According to the endowment effect there is some discomfort associated with giving up a good, that is to say, we are willing to give up something only if the price is greater than the price we are willing to pay for it. This implies that the indifference curves should designate a reference point...

Persistent link: https://www.econbiz.de/10010790168

Hidden Skewness: On the Difficulty of Multiplicative Compounding under Random Shocks

Ensthaler, Ludwig; Nottmeyer, Olga; Weizsäcker, Georg; … - CESifo - 2014

Multiplicative growth processes that are subject to random shocks often have a skewed distribution of outcomes. In a number of incentivized laboratory experiments we show that a large majority of participants either strongly underestimate skewness or ignore it completely. Participants...

Persistent link: https://www.econbiz.de/10010764292

Conspicuous Consumption and Communism: Evidence from East and West Germany

Friehe, Tim; Mechtel, Mario - CESifo - 2012

experiment. Relying on household data that are representative for Germany, our empirical results strongly indicate that …

Persistent link: https://www.econbiz.de/10010570053

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