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The design and efficiency of loyalty rewards

Caminal, Ramon - C.E.P.R. Discussion Papers - 2009

The goal of this paper is to reexamine the optimal design and efficiency of loyalty rewards in markets for final consumption goods. While the literature has emphasized the role of loyalty rewards as endogenous switching costs (which distort the efficient allocation of consumers), in this paper I...

Persistent link: https://www.econbiz.de/10008458297

Too Many or Too Few Varieties? The Role of Multiproduct Firms

Caminal, Ramon - C.E.P.R. Discussion Papers - 2006

The goal of this paper is to examine the role of multiproduct firms in the market provision of product diversity. The analysis is conducted within the spatial model of nonlocalized competition proposed by Chen and Riordan (2006). It turns out that the effect of multiproduct firms on product...

Persistent link: https://www.econbiz.de/10005123835

Dynamic Product Diversity

Caminal, Ramon - C.E.P.R. Discussion Papers - 2012

The goal of this paper is to study the frequency of new product introductions in monopoly markets where demand is subject to transitory saturation. We focus on those types of goods for which consumers purchase at most one unit of each variety, but repeat purchases in the same product category....

Persistent link: https://www.econbiz.de/10011083697

Information sharing and cross-border entry in European banking

Giannetti, Caterina; Jentzsch, Nicola; Spagnolo, Giancarlo - 2010

Information asymmetries can severely limit cross-border border expansion of banks. When a bank enters a new market, it has incomplete information about potential new clients. Such asymmetries are reduced by credit registers, which distribute financial data on bank clients. We investigate the...

Persistent link: https://www.econbiz.de/10003939712

Economic Integration and Investment Incentives in Regulated Industries

Auriol, Emmanuelle; Biancini, Sara - C.E.P.R. Discussion Papers - 2009

The paper studies the impact of market integration on investment incentives in non-competitive industries. It distinguishes between investment in transportation and production cost-reducing technologies. Each domestic firm is controlled by a national regulator in a common market made of two...

Persistent link: https://www.econbiz.de/10005012490

Government Outsourcing: Public Contracting with Private Monopoly

Auriol, Emmanuelle; Picard, Pierre M - C.E.P.R. Discussion Papers - 2006

The paper studies the impact of government budget constraint in a pure adverse selection problem of monopoly regulation … to regulation is proposed in which firms are free to enter the market and to choose their price and output levels … than traditional regulation where governments commit to both investment and operation cash-flows. This is especially …

Persistent link: https://www.econbiz.de/10005067470

A Theory of BOT Concession Contracts

Auriol, Emmanuelle; Picard, Pierre M - C.E.P.R. Discussion Papers - 2011

In this paper, we discuss the choice for build-operate-and-transfer (BOT) concessions when governments and managers do not share the same information regarding the operation characteristics of a facility. We show that larger shadow costs of public funds and larger information asymmetries entice...

Persistent link: https://www.econbiz.de/10008921773

Exclusive Contracts, Loss to Delay and Incentives to Invest

Groh, Christian; Spagnolo, Giancarlo - C.E.P.R. Discussion Papers - 2004

We model a new effect of exclusivity on non-contractible investments in buyer/seller relationships. By restricting the buyer to purchase from only one seller, exclusivity increases the buyer’s costs of haggling during renegotiation and hence the seller’s relative bargaining power and...

Persistent link: https://www.econbiz.de/10005497871

Golden Cages for Showy Birds: Optimal Switching Costs in Labour Markets

Burguet, Roberto; Caminal, Ramon; Matutes, Carmen - C.E.P.R. Discussion Papers - 1999

Why do some workers sign contracts with high quitting penalties? Are these restrictions on the workers' mobility perverse for efficiency or workers' welfare? We postulate an answer that hinges on the degree of observability of the worker's performance by alternative employers. When performance...

Persistent link: https://www.econbiz.de/10005661692

Leniency Policies and Illegal Transactions

Buccirossi, Paolo; Spagnolo, Giancarlo - C.E.P.R. Discussion Papers - 2005

We study the consequences of leniency - reduced legal sanctions for wrongdoers who spontaneously self-report to law enforcers - on sequential, bilateral, illegal transactions such as corruption, manager-auditor collusion, or drug deals. It is known that leniency helps to deter illegal...

Persistent link: https://www.econbiz.de/10005124229