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Strategic delegation in experimental markets

Huck, Steffen; Müller, Wieland; Normann, Hans-Theo - 2000

In this experiment, we analyze strategic delegation in a Cournot duopoly. Owners can choose among two different … contracts which determine their managers' salaries. One contract simply gives managers incentives to maximize firm profits … only rarely chosen in the experimental markets. This behavior is rational given that managers do not play according to the …

Persistent link: https://www.econbiz.de/10009583883

Preemption in capacity and price determination : a study of endogenous timing of decisions for homogeneous markets

Güth, Sandra; Güth, Werner - 1998 - Rev.

The theory of industrial organization has experienced an impressive boom by using the methods of (non-cooperative) game theory. The conclusions depend, however. crucially on subtle details of the market decision processes about which there exist no or little empirical information. Studies of...

Persistent link: https://www.econbiz.de/10009578566

Simultaneous and sequential price competition in heterogeneous duopoly markets : experimental evidence

Kübler, Dorothea; Müller, Wieland - 2001

We investigate simultaneous and sequential price competition in duopoly markets with differentiated products. In both … economics ; heterogeneous duopoly ; price leadership ; simultaneous play ; first-mover disadvantage ; strategy method …

Persistent link: https://www.econbiz.de/10009617949

To commit or not to commit : endogenous timing in experimental duopoly markets

Huck, Steffen; Müller, Wieland; Normann, Hans-Theo - 1999

). In their duopoly game, firms can choose their quantities in one of two periods before the market clears. If a firm …

Persistent link: https://www.econbiz.de/10009580476

Stackelberg beats Cournot : on collusion and efficiency in experimental markets

Huck, Steffen; Müller, Wieland; Normann, Hans-Theo - 1999

We report on an experiment designed to compare Stackelberg and Cournot duopoly markets with quantity competition. For …

Persistent link: https://www.econbiz.de/10009580482

How competition in investing, hiring, and selling affects (un)employment : an analysis of equilibrium scenario

Berninghaus, Siegfried; Güth, Werner; Ramser, Hans Jürgen - 1999

Most models of labor markets and (un)employment neglect how competition among firms or sectors of the economy affects their hiring of workers and working times. Our approach pays special attention to such effects by proposing a complex stage game where firms invest in capital equipment before...

Persistent link: https://www.econbiz.de/10009582404

Evolutionary dynamics on infinite strategy spaces

Oechssler, Joerg; Riedel, Frank - 1998

Bertrand oligopoly games, and mixed strategies. -- replicator dynamics ; evolutionary stability ; continuous strategy spaces … ; oligopoly …

Persistent link: https://www.econbiz.de/10009578001

Divisionalization in contests

Huck, Steffen; Konrad, Kai A.; Müller, Wieland - 2000

To be represented by more than one contestant in a contest has advantages and disadvantages. This paper determines the conditions under which it is favorable to send several agents into the contest. -- contests ; Divisionalization ; delegation

Persistent link: https://www.econbiz.de/10009582389

Long-term work contracts versus sequential spot markets : experimental evidence on firm-specific investment

Anderhub, Vital; Königstein, Manfred; Kübler, Dorothea - 1999

Dismissal rules, i.e. legally enforced long term contracts, have beem defended against criticism for, among other things, providing efficient incentives to invest in relationship specific skills. However, in many situations efficient investment can also be attained by spot contracts. We...

Persistent link: https://www.econbiz.de/10009580472

Efficient contracting and fair play in a simple principal-agent experiment

Anderhub, Vital; Gächter, Simon; Königstein, Manfred - 1999

Modern 'principal-agent theory' has made a lot of progress in proposing theoretical Solutions to agency problems. This paper contributes to a better understanding of behavior in agency situations. In particular, we provide experimental evidence on offered contracts and effort choices in a simple...

Persistent link: https://www.econbiz.de/10009581090