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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
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Two-Sided Markets with Pecuniary and Participation Externalities
Schmidtke, Richard - CESifo - 2006
point of view perfect competition is not always desirable. …
Persistent link: https://www.econbiz.de/10005196311
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Entrepreneurial Innovations and Taxation
Haufler, Andreas; Norbäck, Pehr-Johan; Persson, Lars - CESifo - 2011
provisions. This points to a basic trade-off between the goals of raising competition in technology-intensive markets and the …
Persistent link: https://www.econbiz.de/10009024844
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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
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Country Default Risk: An Empirical Assessment
Stein, Jerome L.; Paladino, Giovanna - CESifo - 2001
We provide benchmarks to evaluate what is an optimal foreign debt and a maximal foreign debt (debt-max), when risk is explicitly considered. When the actual debt exceeds debt-max, then the economy will default when a "bad shock" occurs. This paper is an application of the stochastic optimal...
Persistent link: https://www.econbiz.de/10005094363
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Optimal Investment and Financial Strategies under Tax Rate Uncertainty
Fedele, Alessandro; Panteghini, Paolo; Vergalli, Sergio - CESifo - 2010
In this paper we apply a real-option model to study the effects of tax rate uncertainty on a firm's decisions. In doing so, we depart from the relevant literature, which focuses on fully equity-financed investment project. By letting a representative firm borrow optimally, we show that debt...
Persistent link: https://www.econbiz.de/10008583631
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Liquidity Risk, Credit Risk and the Overnight Interest Rate Spread: A Stochastic Volatility Modelling Approach
Beirne, John; Caporale, Guglielmo Maria; Spagnolo, Nicola - CESifo - 2010
In this paper we model the volatility of the spread between the overnight interest rate and the central bank policy … is the main determinant of the volatility of the policy spread, but also that private bank credit risk has become more …
Persistent link: https://www.econbiz.de/10008572496
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The Impact of Competition on Bank Orientation and Specialization (new titel: The impact of competition on bank orientation)
Degryse, Hans; Ongena, Steven - CESifo - 2004
How do banks react to increased interbank competition? Recent banking theory offers conflicting predictions about the … impact of competition on bank orientation - i.e., the choice of relationship based versus transactional banking - and bank … industry specialization. We empirically investigate the impact of interbank competition on bank branch orientation and …
Persistent link: https://www.econbiz.de/10005405860
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Efficient Transfer of Aging Provisions in Private Health Insurance
Meier, Volker - CESifo - 2003
In long-term private health insurance contracts, aging provisions are used to flatten premium profiles. An individual would like to change insurers if she perceives a low service quality. The first-best optimum is characterized by provision transfers which are higher for high risks and may be...
Persistent link: https://www.econbiz.de/10005406102