Showing 1 - 10 of 26
This paper explores the extent to which the presence of ex-ante transaction costs may lead to failures of the Coase Theorem. In particular we identify and investigate the basic ‘hold-up problem’ which arises whenever the parties to a Coasian negotiation have to pay some ex-ante costs for the...
Persistent link: https://www.econbiz.de/10010745037
While transport costs have fallen, the empirical evidence also points at rising total trade costs. In a model of industry location with endogenous transaction costs, we show how and under which conditions a decline in transport costs can lead to an increase in the total cost of trade.
Persistent link: https://www.econbiz.de/10010745746
The paper investigates the impact of financial integration on asset return, risk diversification and breadth of financial markets. We analyse a three-country macroeconomic model in which (i) the number of financial assets is endogenous; (ii) assets are imperfect substitutes; (iii) cross-border...
Persistent link: https://www.econbiz.de/10010746145
The paper presents a two-country macroeconomic model in which the number of financial assets is endogenous. Imperfect substitutability of assets and international transaction costs give a comparative advantage to large markets, because of demand effects. Agents have more incentives to undertake...
Persistent link: https://www.econbiz.de/10010746452
We estimate the effect of the UK Stamp Duty Land Tax on household mobility using micro data. Exploiting a discontinuity in the tax schedule as a quasi-experimental setting, we isolate the impact of the stamp duty from other determinants of mobility. Our empirical strategy essentially compares...
Persistent link: https://www.econbiz.de/10011126731
stems from more intensive competition, manifested through external economies of scale and longer production runs. We finish …
Persistent link: https://www.econbiz.de/10010884525
This paper examines whether or not hospital competition in a market with fixed reimbursement prices can prompt …. This paper assesses whether this aim has been achieved and competition led to improvements in quality. For our estimation … improved) for patients living in more competitive markets after the introduction of hospital competition in January 2006. Our …
Persistent link: https://www.econbiz.de/10010884675
integration emerges whether there is Cournot or Bertrand competition in the input market. The degree of integration in the …
Persistent link: https://www.econbiz.de/10010928628
This paper centres around the question of ownership of firms and managerial competition and how these affect managers … affected by both ownership and competition since both ownership structure and competition provide bargaining chips to employees … fierce market competition and no lock-in the allocation of ownership does not play a role (as one might expect), provided …
Persistent link: https://www.econbiz.de/10010928689
competition for matches may solve hold-up and coordination problems generated by the absence of complete contingent contracts. In … particular, this paper shows that when matching is assortative and sellers’ investments precede market competition then … coordination failures. Different types of efficiency arise when buyers undertake investment before market competition. These …
Persistent link: https://www.econbiz.de/10010928710