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Equilibrium Vertical Foreclosure in the Repeated Game
Normann, Hans-Theo - EconWPA - 2004
are that foreclosure is in fact a subgame perfect Nash equilibrium of the repeated game, and it may facilitate collusion …
Persistent link: https://www.econbiz.de/10005076896
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Collusion with Capacity Constraints over the Business Cycle
Fabra, Natalia - EconWPA - 2003
This paper investigates the effect of capacity constraints on the sustainability of collusion in markets subject to …
Persistent link: https://www.econbiz.de/10005125033
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Through Trial & Error to Collusion
Huck, Steffen; Normann, Hans-Theo; Oechssler, Joerg - EconWPA - 1998
In this note we study a very simple trial & error learning process in the context of a Cournot oligopoly. Without any knowledge of the payoff functions players increase, respectively decrease, their quantity by one unit as long as this leads to higher profits. We show that this process converges...
Persistent link: https://www.econbiz.de/10005062333
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Status Quo Effects in Bargaining: An Empirical Analysis of OPEC
Hyndman, Kyle - EconWPA - 2005
We conduct an event analysis on OPEC quota announcements to determine their impact on the stock returns in the oil industry. We find that announcements to reduce the quota are followed by positive excess returns over pre-announcement levels, announcements of no action are met with negative...
Persistent link: https://www.econbiz.de/10005412889
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Price Wars and Collusion in the Spanish Electricity Market
Fabra, Natalia; Toro, Juan - EconWPA - 2002
\We analyze the time-series of prices in the Spanish electricity market by means of a time varying-transition-probability Markov switching model. Accounting for changes in demand and cost conditions (which reflect changes in input costs, capacity availability and hydro power), we show that the...
Persistent link: https://www.econbiz.de/10005412904
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Advantageous or Disadvantageous Semi-collusion Licensing in a Vertically Separated Industry
Mukherjee, Arijit - EconWPA - 2002
This paper compares profits and consumer surplus under non-cooperation and collusion in the product market when the …-cooperation or product market collusion depends on the R\&D productivity. If the market size is sufficiently small then firms are … always better off under product market collusion. If the market size is moderate (relatively large) then the firms are better …
Persistent link: https://www.econbiz.de/10005412980
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Stochastic Market Sharing, Partial Communication and Collusion
Gerlach, Heiko - EconWPA - 2005
This paper analyzes the role of communication between firms in an infinitely repeated Bertrand game in which firms receive an imperfect private signal of a common value i.i.d. demand shock. It is shown that firms can use stochastic, inter-temporal market sharing as a perfect substitute for...
Persistent link: https://www.econbiz.de/10005561404
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Manipulated, Misled, Ignored, Abused: Residential Consumer Experience with Electric Deregulation in the United Kingdom
Jewell, Kevin - EconWPA - 2004
The United Kingdom began deregulating its electric market years before the U.S. Thus, the UK provides the best example of what can be expected in the deregulated residential retail electric market in the United States. . An extensive review of the evidence found: Questionable price savings:...
Persistent link: https://www.econbiz.de/10005076594
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Railway regulation in 19th Century Britain: the economic rationale and legacy of Gladstone and Chadwick
Bailey, Mark F. - EconWPA - 2003
This paper examines the economic rationale of the ideas of Gladstone & Chadwick on railway regulation and the legacy of their ideas. In 1844 Gladstone proposed and implemented what we would now call price and quantity regulation whereas in 1859 Chadwick proposed competition "for the field", i.e....
Persistent link: https://www.econbiz.de/10005076645
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Innovation, Licensing and Welfare
Mukherjee, Arijit - EconWPA - 2002
This paper examines how the option for licensing affects research and development (R&D) and social welfare. We find that if cost reduction from R&D is sufficiently small and there is an option of licensing, firms will do non-cooperative R&D. In absence of licensing, firms will do cooperative R&D...
Persistent link: https://www.econbiz.de/10005076856