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A game-theoretic foundation for the Wilson equilibrium in competitive insurance markets with adverse selection
Mimra, Wanda; Wambach, Achim - 2011
can be withdrawn after observation of competitors' contract offers. We show that an equilibrium always exists where … consumers obtain their respective Wilson-Miyazaki-Spence (WMS) contract. Jointly profit-making contracts can also be sustained … entry. -- casymmetric information ; competitive insurance market ; contract withdrawal …
Persistent link: https://www.econbiz.de/10009011830
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Mergers, investment decisions and internal organisation
Banal-Estañol, Albert; Macho-Stadler, Inés; … - 2003
We analyse the effects of investment decisions and firms internal organisation on the efficiency and stability of horizontal mergers. In our framework economies of scale are endogenous and there might be internal conflict within merged firms. We show that often stable mergers do not lead to more...
Persistent link: https://www.econbiz.de/10011507904
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Observable strategies, commitments, and contracts
Wärneryd, Karl Erik - 2014
We consider rules (strategies, commitments, contracts, or computer programs) that make behavior contingent on an opponent's rule. The set of perfectly observable rules is not well defined. Previous contributions avoid this problem by restricting the rules deemed admissible. We instead limit the...
Persistent link: https://www.econbiz.de/10010437999
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Uniform and nonuniform staggering of wage contracts
Danziger, Leif - 2010
; strategic substitutability ; wage contracts ; contract duration …
Persistent link: https://www.econbiz.de/10003982016
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Strategic delegation in experimental markets
Huck, Steffen; Müller, Wieland; Norman, Hans-Theo - 2000
, while the second contract gives an additional sales bonus. Although theory predicts the second contract to be chosen, it is … contracts which determine their managers' salaries. One contract simply gives managers incentives to maximize firm profits …
Persistent link: https://www.econbiz.de/10009781566
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Learning from failures : optimal contract for experimentation and production
Khalil, Fahad; Lawarrée, Jacques; Rodivilov, Alexander - 2018
derive the optimal contract for both experimentation and production when the agent has private information about his … asymmetric information is endogenously determined by the length of the experimentation stage. An optimal contract uses the length …
Persistent link: https://www.econbiz.de/10011926023
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Sports league expansion and economic efficiency : Monopoly can enhance consumer welfare
Kahn, Lawrence M. - 2003
This paper studies optimal sport league size. League expansion lowers average player quality, reducing fans utility in inframarginal locations, while fan utility in new locations rises. Welfare analyses of such expansions must compare these two effects. Using a model where fan demand depends on...
Persistent link: https://www.econbiz.de/10011404322
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Strategic investment decisions in multi-stage contests with heterogeneous players
Deutscher, Christian; Sahm, Marco; Schneemann, Sandra; … - 2019
We study strategic investment decisions in multi-stage contests with heterogeneous players. Our theoretical model of a round-robin rank-order tournament predicts that players conserve resources in a current contest to spend more in the subsequent contest if the degree of heterogeneity in the...
Persistent link: https://www.econbiz.de/10011962333
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The role of tax depreciation for investment decisions : a comparison of European transition countries
Nam, Chang-woon; Radulescu, Doina - 2003
This study compares incentive effects of various tax depreciation methods currently adopted in European transition economies. In these countries straight-line, geometric-degressive and accelerated depreciation measures are quite popular in combination with different corporate tax rates. Their...
Persistent link: https://www.econbiz.de/10011514138
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Does debt maturity matter for investment decisions?
Nam, Chang-woon; Radulescu, Doina - 2004
In the conventional literature related to investment decisions, less attention has been paid to the length of maturity when investment is debt-financed. In such a case a firm pays the creditor not only the sum of annual interest (initial investment cost multiplied by real interest rate) for the...
Persistent link: https://www.econbiz.de/10011402695