Showing 1 - 10 of 10,939
This paper evaluates the sources of transitory market power in the market for personal computers (PCs) during the late 1980's. Our analysis is motivated by the coexistence of low entry barriers into the PC industry and high rates of innovative investment by a small number of PC manufacturers. We...
Persistent link: https://www.econbiz.de/10012473112
mix much akin to the theory of optimal portfolio composition. It is the job of a firm's marketing department to put …This paper identifies a cost of using the price system and from that develops a general theory of allocation. The … theory explains why a buyer's stochastic purchasing behavior matters to a seller. This leads to a theory of optimal customer …
Persistent link: https://www.econbiz.de/10012475214
In the United States, households obtain health insurance through distinct market segments. We explore the economics of this segmentation by comparing coverage provided through small employers versus the individual marketplace. Using data from Oregon, we find households with group coverage spend...
Persistent link: https://www.econbiz.de/10012660084
This paper examines the structure, behavior and performance of the N95 respirator market in the U.S. before and during the COVID-19 pandemic (2020-early 2022). It focuses on the behavior and performance of government and private sector organizations in the allocation of scarce supplies of N95...
Persistent link: https://www.econbiz.de/10013172175
This paper investigates how increases in concentration can be interrupted or reversed by changes in how firms compete on quality. We examine the U.S. hotel industry during the past half century. We document that starting in the early 1980s, quality competition came more in the form of costs that...
Persistent link: https://www.econbiz.de/10012480523
We model a simple market setting in which fragmentation of trade of the same asset across multiple exchanges improves allocative efficiency. Fragmentation reduces the inhibiting effect of price-impact avoidance on order submission. Although fragmentation reduces market depth on each exchange, it...
Persistent link: https://www.econbiz.de/10012479351
This paper develops a consumption-based asset pricing model to explain and quantify the aggregate implications of a frictional financial system, comprised of many financial markets partially integrated with one-another. Each of our micro financial markets is inhabited by traders who are...
Persistent link: https://www.econbiz.de/10012463395
This paper revisits the issue of the optimal exchange rate regime in a flexible price environment. The key innovation is that we analyze this question in the context of environments where only a fraction of agents participate in asset market transactions (i.e., asset markets are segmented)....
Persistent link: https://www.econbiz.de/10012465499