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Driven by the Discount Factor : Impact of Mergers on Market Performance in the Semiconductor Industry

Harris, Jeremiah - 2015

This study investigates the impact of firm-specific discount factors on merger formation and market performance. We estimate firm-specific discount factors for 228 publicly traded and privately held firms operating in the semiconductor market and apply a heterogeneous treatment effects model...

Persistent link: https://www.econbiz.de/10013028530

On the Effects of Mergers on Equilibrium Outcomes in a Common Property Renewable Asset Oligopoly

Benchekroun, Hassan; Gaudet, Gérard - CESifo - 2014

This paper examines a dynamic game of exploitation of a common pool of some renewable asset by agents that sell the result of their exploitation on an oligopolistic market. A Markov Perfect Nash Equilibrium of the game is used to analyze the effects of a merger of a subset of the agents. We...

Persistent link: https://www.econbiz.de/10011082835

On the Effects of Mergers on Equilibrium Outcomes in a Common Property Renewable Asset Oligopoly

Benchekroun, Hassan - 2015

Persistent link: https://www.econbiz.de/10013031656

Self-Allocation in Contests

Bernergard, Axel - 2017

We consider contestants who must choose exactly one contest, out of several, to participate in. We show that when the contest technology is of a certain type, or when the number of contestants is large, a self-allocation equilibrium, i.e., one where no contestant would wish to change his choice...

Persistent link: https://www.econbiz.de/10012947451

Imitation and the Evolution of Walrasian Behavior : Theoretically Fragile but Behaviorally Robust

Apesteguia, Jose - 2008

A well-known result by Vega-Redondo (1997) implies that in symmetric Cournot oligopoly, imitation leads to the Walrasian outcome where price equals marginal cost. In this paper, we show that this result is not robust to the slightest asymmetry in fixed costs. Instead of obtaining the Walrasian...

Persistent link: https://www.econbiz.de/10012772613

Sacrifice, Discounting and Climate Policy: Five Questions

Karp, Larry S. - CESifo - 2009

I offer a selective review of discounting and climate policy. Analytic and numerical models show that different …, affects the role of discounting. I argue that the assertion that the risk of catastrophic damage overwhelms discounting is … unfounded. I show that the claim that we “view the world in perspective” implies hyperbolic rather than constant discounting. …

Persistent link: https://www.econbiz.de/10005013940

When and How the Punishment Must Fit the Crime

Mailath, George J.; Nocke, Volker; White, Lucy - CESifo - 2015

In repeated normal-form (simultaneous-move) games, simple penal codes (Abreu, 1986, 1988) permit an elegant characterization of the set of subgame-perfect outcomes. We show that the logic of simple penal codes fails in repeated extensive-form games. By means of examples, we identify two types of...

Persistent link: https://www.econbiz.de/10011194236

Bayesian Repeated Games and Reputations

Forges, Francoise; Salomon, Antoine - CESifo - 2014

without discounting are payoff-equivalent to tractable, completely revealing, equilibria and can be achieved as interim …

Persistent link: https://www.econbiz.de/10010752435

Finite-Population "Mass-Action" and Evolutionary Stability

Bernergard, Axel; Wärneryd, Karl - CESifo - 2011

Nash proposed an interpretation of mixed strategies as the average pure-strategy play of a population of players randomly matched to play a normal-form game. If populations are finite, some equilibria of the underlying game have no such corresponding “mass-action” equilibrium. We show that...

Persistent link: https://www.econbiz.de/10008872223

Delegation and Interim Performance Evaluation

Schütte, Miriam; Wichardt, Philipp Christoph - CESifo - 2013

This paper considers the effects of an interim performance evaluation on the decision of a principal to delegate authority to a potentially biased but better informed agent. Assuming the agents’ outside option to be determined by market beliefs about their type, interim evaluations (a) provide...

Persistent link: https://www.econbiz.de/10010639425