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Information Frictions and Market Power : A Laboratory Study

Bayona, Anna - 2020

In a laboratory experiment with supply function competition and private information about correlated costs we study …

Persistent link: https://www.econbiz.de/10012855218

Balanced Growth Despite Uzawa

Grossman, Gene M. - 2016

Evidence for the United States suggests balanced growth despite falling investment-good prices and less than unitary elasticity of substitution between capital and labor. This is inconsistent with the Uzawa Growth Theorem. We extend Uzawa's theorem to show that introducing human capital...

Persistent link: https://www.econbiz.de/10012996335

International Trade in General Oligopolistic Equilibrium

Neary, J. Peter - 2016

This paper presents a new model of oligopoly in general equilibrium and explores its implications for positive and normative aspects of international trade. Assuming “continuum-Pollak” preferences, the model allows for consistent aggregation over a continuum of sectors, in each of which a...

Persistent link: https://www.econbiz.de/10013000218

Oligopoly, Macroeconomic Performance, and Competition Policy

Azar, José - 2018

We develop a macroeconomic framework in which firms are large and have market power with respect to both products and labor. Each firm maximizes a share-weighted average of shareholder utilities, which makes the equilibrium independent of price normalization. In a one-sector economy, if returns...

Persistent link: https://www.econbiz.de/10012908792

Market Transparency and Fragility

Cespa, Giovanni - 2019

We show that dealers' limited market participation, coupled with an informational friction resulting from lack of market transparency, can make liquidity demand upward sloping, inducing strategic complementarities: traders demand more liquidity when the market becomes less liquid, fostering...

Persistent link: https://www.econbiz.de/10012902334

Cross-Ownership, R&D Spillovers, and Antitrust Policy

López, Ángel L. - 2017

This paper considers cost-reducing R&D investment with spillovers in a Cournot oligopoly with overlapping ownership. We show that overlapping ownership leads to internalization of rivals' profits by firms and find that, for demand not too convex, increases in overlapping ownership increase...

Persistent link: https://www.econbiz.de/10012968865

Strategic Supply Function Competition with Private Information

Vives, Xavier - 2021

equilibrium is characterized; the equilibrium is privately revealing and the incentives to acquire information are preserved …. Price-cost margins and bid shading are affected by the parameters of the information structure: supply functions are steeper … common value case they tend to the collusive level. Private information coupled with strategic behavior induces additional …

Persistent link: https://www.econbiz.de/10013316291

Strategic Supply Function Competition with Private Information

Vives, Xavier - 2021

A Bayesian supply function equilibrium is characterized in a market where firms have private information about their …, competitiveness is affected by the parameters of the information structure: supply functions are steeper with more noise in the … the collusive level. Furthermore, competition in supply functions aggregates the dispersed information of firms (the …

Persistent link: https://www.econbiz.de/10013316471