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Competition in Multi-characteristics Spaces: Hotelling was Almost Right

Irmen, Andreas; Thisse, Jacques-François - C.E.P.R. Discussion Papers - 1996

Lancasterian models of product differentiation typically assume a one-dimensional characteristics space. We show that standard results on prices and locations no longer hold when firms compete in a multi-characteristics space. In the location game with n characteristics, firms choose to maximize...

Persistent link: https://www.econbiz.de/10005123740

Reallocation and Technology: Evidence from the U.S. Steel Industry

Collard-Wexler, Allan; De Loecker, Jan - C.E.P.R. Discussion Papers - 2013

We measure the impact of a drastic new technology for producing steel, the minimill, on the aggregate productivity of U …'s productivity is linked to this new technology, and operates through two distinct mechanisms. First, minimills displaced the older … in the industry's productivity. Second, increased competition, due to the expansion of minimills, drove a substantial …

Persistent link: https://www.econbiz.de/10011083447

Productivity volatility and the misallocation of resources in developing economies

Asker, John; Collard-Wexler, Allan; De Loecker, Jan - C.E.P.R. Discussion Papers - 2011

total factor productivity (TFP) and static measures of capital misallocation within a country. Using data on 5 … time-series volatility of productivity are also characterized by greater cross-sectional dispersion in productivity …. Volatility in TFP explains one quarter to one third of cross-country productivity dispersion. We document a similar relationship …

Persistent link: https://www.econbiz.de/10009150947

Discount Pricing

Armstrong, Mark; Chen, Yongmin - C.E.P.R. Discussion Papers - 2013

We investigate the marketing practice of framing a price as a discount from an earlier price. We discuss two reasons why a discounted price---rather than a merely low price---can make a consumer more willing to purchase. First, a high initial price can indicate the product is high quality....

Persistent link: https://www.econbiz.de/10011083448

The Catch-22 of External Validity in the Context of Constraints to Firm Growth

Fischer, Greg; Karlan, Dean S. - C.E.P.R. Discussion Papers - 2015

We document the presence of multiple and varied constraints to small and medium firm growth. This presents both a practical problem for business training programs and a challenge to academic economists trying to identify mechanisms though which these programs may affect outcomes. External...

Persistent link: https://www.econbiz.de/10011184078

When are Supply and Demand Determined Recursively Rather than Simultaneously? Another look at the Fulton Fish Market Data

Graddy, Kathryn; Kennedy, Peter E - C.E.P.R. Discussion Papers - 2007

When a supply and demand model is recursive, with errors uncorrelated across the two equations, ordinary least squares (OLS) is the recommended estimation procedure. Supply to a daily fish market is determined by the previous night’s catch, so this would appear to be a good example of a...

Persistent link: https://www.econbiz.de/10005504667

Sticky Prices and Monetary Policy: Evidence from Disaggregated US Data

Boivin, Jean; Giannoni, Marc; Mihov, Ilian - C.E.P.R. Discussion Papers - 2007

This paper disentangles fluctuations in disaggregated prices due to macroeconomic and sectoral conditions using a factor-augmented vector autoregression estimated on a large data set. On the basis of this estimation, we establish eight facts: (1) Macroeconomic shocks explain only about 15% of...

Persistent link: https://www.econbiz.de/10005497865

Bridging DSGE Models and the raw data

Canova, Fabio - C.E.P.R. Discussion Papers - 2013

A method to estimate DSGE models using the raw data is proposed. The approach links the observables to the model counterparts via a flexible specification which does not require the model-based component to be solely located at business cycle frequencies, allows the non model-based component to...

Persistent link: https://www.econbiz.de/10011083486

European Cooperative R&D and Firm Performance: Evidence Based on Funding Differences in Key Actions

Aguiar Wicht, Luis; Gagnepain, Philippe - C.E.P.R. Discussion Papers - 2013

programme. Our results suggest that participation in large research projects raises labor productivity by at least 35 percent …

Persistent link: https://www.econbiz.de/10011083569

Multivariate Choice and Identification of Social Interactions

Cohen-Cole, Ethan; Liu, Xiaodong; Zenou, Yves - C.E.P.R. Discussion Papers - 2012

In this paper, we investigate the impact of peers on own outcomes where all agents embedded in a network choose more than one activity. We develop a simple network model that illustrates these issues. We differentiate between the ‘seemingly unrelated’ simultaneous equations model where...

Persistent link: https://www.econbiz.de/10011083770