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Stahl, Konrad; Strausz, Roland - 2011

Who does, and who should initiate costly certification by a third party under asymmetric quality information, the buyer or the seller? Our answer - the seller - follows from a nontrivial analysis revealing a clear intuition. Buyer-induced certification acts as an inspection device,...

Persistent link: https://www.econbiz.de/10009011365

Selling reputation when going out of business : presented at CEFifo Area Conference on Industrial Organisation, March 2004

Hakenes, Hendrik; Peitz, Martin - CESifo Area Conference on Industrial Organisation … - 2004

Is the reputation of a firm tradeable when the previous owner has to retire even though ownership change is observable? We consider a competitive market in which a share of owners must retire in each period. New owners, observing only recent profits, bid for the firms on sale. Customers are...

Persistent link: https://www.econbiz.de/10011449475

Markups, taxes, and rising inequality

Auray, Stéphane; Eyquem, Aurélien; Garbinti, Bertrand; … - 2022

How to explain rising income and wealth inequality? We build an original heterogeneous-agent model with three key features: (i) an explicit link between firm's market power and top income shares, (ii) a granular representation of the tax and transfer system, and (iii) three assets with...

Persistent link: https://www.econbiz.de/10013384710

Making sense of non-binding retail-price recommendations

Bühler, Stefan; Gärtner, Dennis L. - 2010

We model non-binding retail-price recommendations (RPRs) as a communication device facilitating coordination in vertical supply relations. Assuming both repeated vertical trade and asymmetric information about production costs, we show that RPRs may be part of a relational contract,...

Persistent link: https://www.econbiz.de/10003965874

Formal contracts, relational contracts, and the threat-point effect

Itō, Hideshi; Morita, Hodaka - 2011

Can formal contracts help resolving the holdup problem? We address this important question by studying the holdup problem in repeated transactions between a seller and a buyer in which the seller can make relation-specific investments in each period. In contrast to previous findings, we...

Persistent link: https://www.econbiz.de/10009240848

Organizational culture as equilibrium? : rules versus principles in building relational contracts

Gibbons, Robert; Grieder, Manuel; Herz, Holger; … - 2019

Effective organizations are able not only to coordinate their members on efficient strategies but also to adapt members' strategies to unforeseen change in an efficient manner. We explore whether part of organizational culture - namely, relational contracts that facilitate both coordination and...

Persistent link: https://www.econbiz.de/10012110245

Railways and the productivity gap in Italy : persistence and divergence after unification

Pontarollo, Nicola; Ricciuti, Roberto - 2015

The political unification of Italy in 1861 led to the establishment of a single market, by removing the trade barriers across the pre-existing states, with a single currency. Market integration was the economic outcome of this process. At the same time, the Kingdom of Italy started a large...

Persistent link: https://www.econbiz.de/10011295798

Convergence of monetary transmission in EMU new evidence

Toolsema-Veldman, Linda Adriana; Sturm, Jan-Egbert; … - 2001

This paper examines how the pass-through of monetary policy measures in 6 EMU countries has evolved over time and whether there is convergence in monetary transmission. The countries included are: Belgium, France, Germany, Italy, the Netherlands and Spain, and the sample period is 1980-2000. We...

Persistent link: https://www.econbiz.de/10011398432

Striking evidence : the impact of railway strikes on competition from intercity bus services in Germany

Beestermöller, Matthias Gerhard; Jessen-Thiesen, Levke; … - 2023

This paper investigates the impact of the largest rail strikes in German history on intercity buses - a then newly … liberalised market. Using unique booking data of bus services, we exploit variation in rail service cancellations across routes to … show that the disruption in rail transport increases bus ticket sales. Crucially, the effect persists beyond the strike …

Persistent link: https://www.econbiz.de/10014292134

Market liberalization in the European natural gas market : the importance of capacity constraints and efficiency differences

Brakman, Steven; Marrewijk, Charles van; … - 2009

In the European Union, energy markets are increasingly being liberalized. A case in point is the European natural gas industry. The general expectation is that more competition will lead to lower prices and higher volumes, and hence higher welfare. This paper indicates that this might not happen...

Persistent link: https://www.econbiz.de/10003857130

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