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A Model of Expertise
Krishna, Vijay; Morgan, John - EconWPA - 1999
We study a model in which two perfectly informed experts offer advice to a decision maker whose actions affect the … welfare of all. Experts are biased and thus may wish to pull the decision maker in different directions and to different … maker. We ask whether this situation is improved by having the decision maker consult a cabinet of (two) experts. We first …
Persistent link: https://www.econbiz.de/10005550962
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Professional Advice
Ottaviani, Marco; Sorensen, Peter - EconWPA - 1999
Professional experts offer advice with the objective of appearing well informed. Their ability is evaluated on the …
Persistent link: https://www.econbiz.de/10005550867
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Reputation, Cheap Talk and Delegation
Sanyal, Amal; Sengupta, Kunal - EconWPA - 2005
the others can not. Since an expert known to be informed earns a rent in the future, uninformed experts would like to … disguise as informed.We show that such concern for future reputation imposes severe constraints on the possibility of …
Persistent link: https://www.econbiz.de/10005118601
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Lobbying, Information Transmission, and Unequal Representation
Lagerlof, Johan; Frisell, Lars - EconWPA - 2004
his reputation for truthtelling, we show that the larger is the inequality, the less information can credibly be …
Persistent link: https://www.econbiz.de/10005076613
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Lobbying, Information Transmission, and Unequal Representation
Lagerlof, Johan; Frisell, Lars - EconWPA - 2004
his reputation for truthtelling, we show that the larger is the inequality, the less information can credibly be …
Persistent link: https://www.econbiz.de/10005413244
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Equilibrium Vertical Foreclosure in the Repeated Game
Normann, Hans-Theo - EconWPA - 2004
This paper analyzes if vertical foreclosure can emerge as an equilibrium outcome of an infinitely repeated game. Foreclosure is profitable due to a 'raising rival's costs' effect but it is not a Nash equilibrium of the static game. The results are that foreclosure is in fact a subgame perfect...
Persistent link: https://www.econbiz.de/10005076896
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Insisting on a Non-Negative Price: Oligopoly, Uncertainty, Welfare, and Multiple Equilibria
Lagerlof, Johan - EconWPA - 2003
I study Cournot competition under incomplete information about demand while assuming that market price must be non-negative for all demand realizations. Although this assumption is very natural, it has only rarely been made in the earlier literature. Yet it has important economic consequences:...
Persistent link: https://www.econbiz.de/10005125040
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Economia sintetica
Vildosola, Luis - EconWPA - 1998
Theoretical study identifying one modality with conditions necesary for the financial stabilization of an inherently unstable system; and 5040 other unstable dynamic modes. It draws on knowledge made available by the academic field of Control Engineering.
Persistent link: https://www.econbiz.de/10005125628
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Scale Economies and Synergies in Horizontal Merger Analysis
Farrell, Joseph; Shapiro, Carl - EconWPA - 2001
Three years ago, the Antitrust Division and the Federal Trade Commission revised their Horizontal Merger Guidelines to articulate in greater detail how they would treat claims of efficiencies associated with horizontal mergers: claims that are frequently made, as for instance in the recently...
Persistent link: https://www.econbiz.de/10005134425
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Merger Simulation with Brand-Level Margin: Extending PCAIDS with Nests
Epstein, Roy J.; Rubinfeld, Dniel L. - EconWPA - 2004
We present a method to calibrate empirically the demand parameters in a merger simulation model by using brand-level profit margin data. While the approach can be generalized, we develop these ideas within a particular framework the PCAIDS (proportionality- calibrated AIDS) model. We show that...
Persistent link: https://www.econbiz.de/10005134429