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Advances in economics and econometrics ; Vol. 2

Blundell, Richard W. (contributor); … - 2006 - 1. publ.

Persistent link: https://www.econbiz.de/10003423706

Lewis, Tracy; Dai, Chifeng - Econometric Society - 2004

Buyers frequently delegate purchase decisions to sellers who are better informed about supply options and the cost of service. This paper analyzes how buyers optimally contract with sellers who vary in their expertise at prescribing service. We show that the most expert suppliers offer the...

Persistent link: https://www.econbiz.de/10005130176

The Effect of Cross Ownership on Competition in Auction Markets

Waehrer, Keith; Greenlee, Patrick - Econometric Society - 2004

We consider a model where bidders in an auction own passive partial claims over their rivals’ auction profits. While …-value auction, we find that such cross ownership has an effect similar to reducing the number of bidders while holding constant the … distribution of the highest value in the auction. A similar decrease in competition occurs in independent private-value second …

Persistent link: https://www.econbiz.de/10005329010

Precautionary Bidding in a Dynamic Model of Discrete Noncooperative Entry Deterrence

Varma, Gopal Das - Econometric Society - 2004

We consider competitive bidding for a business license, via an open ascending-price auction, between two symmetric …

Persistent link: https://www.econbiz.de/10005342186

On the Discretion of Adjudicators

Shavell, Steven - Econometric Society - 2004

A possible view of the role of an adjudicator is that it is to obtain the information that is needed to apply a well-articulated legal rule. That is, the task of an adjudicator in a case is to gather and verify the information that is called for to employ a legal rule, but that once the required...

Persistent link: https://www.econbiz.de/10005342203

Agency costs and asymmetric information in a small open economy: a dynamic general equilibrium model

Kim, Kunhong; Claus, Iris - Econometric Society - 2004

This paper assesses the effects of agency costs and asymmetric information in credit markets. Asymmetric information and agency costs occur whenever lenders delegate control over resources to borrowers, leading to adverse selection, moral hazard and monitoring costs because of the inability to...

Persistent link: https://www.econbiz.de/10005342290

Relationship Banking in Bilateral Oligopoly and Asymmetric Information

Chang, Yoonhee Tina - Econometric Society - 2004

This paper investigates the economic principles underlying the relationship between the real sector (non-financial) and the banking sector structures. Most literature has so far focused on the structure of conglomerates (Keiretsu/Chaebol) in East Asia in explaining the fast economic growth...

Persistent link: https://www.econbiz.de/10005342309

Coalition Formation and Asymmetric Information in a Legislative Bargaining Game

Tsai, Tsung-Sheng - Econometric Society - 2004

To investigate players' incentives in coalition formation, we consider a legislative bargaining game with asymmetric information about time preferences. The force that does not exist in usual bargaining games with unanimity is that due to majority rule, if a player signals himself as the patient...

Persistent link: https://www.econbiz.de/10005342329

Asymmetric Information, Stock Returns and Monetary Policy: A Theoretical and Empirical Analysis

Tas, Bedri Kamil Onur - Econometric Society - 2004

It is known that stock returns are affected by monetary policy. This paper theoretically and empirically investigates whether asymmetric information between the Federal Reserve and the public causes the relation between stock returns and monetary policy actions. The paper concludes that...

Persistent link: https://www.econbiz.de/10005130171

Competitive Equilibria and the Core of Exchange Economies under Asymmetric Information

Clippel, Geoffroy de - Econometric Society - 2004

I argue in favor of a competitive screening approach for studying the question of coalition formation in exchange economies under asymmetric information. I obtain a new notion of core that refines Wilson (1978)'s coarse core. It is nonempty under the standard regularity conditions. I also...

Persistent link: https://www.econbiz.de/10005130196