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Insurance and information : firms as a commitment device
Bovenberg, Ary Lans; Teulings, Coen N. - 2001
and the firm can base its incentive payments on good information. Competition, however, may allow themarket and explicit …
Persistent link: https://www.econbiz.de/10011316894
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The interaction between explicit and relational incentives : an experiment
Sloof, Randolph; Sonnemans, Joep - 2009
Persistent link: https://www.econbiz.de/10003850863
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The interaction between explicit and relational incentives : an experiment
Sloof, Randolph; Sonnemans, Joep - 2009
We consider repeated trust game experiments to study the interplay between explicit and relational incentives. After having gained experience with two payoff variations of the trust game, subjects in the final part explicitly choose which of these two variants to play. Theory predicts that...
Persistent link: https://www.econbiz.de/10011378080
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Firm-specific information and explicit collusion in experimental oligopolies
Gomez-Martin, Francisco; Onderstal, Sander; Sonnemans, Joep - 2015
We experimentally study the effect of information about competitors ́actions on cartel stability and firms ́incentives … information is available and participants cannot communicate. In contrast, when communication is possible, results reverse …: Markets become less competitive and cartels become more stable when individualized information is available. We also observe …
Persistent link: https://www.econbiz.de/10010532614
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Financial intermediation and entry deterrence
Jain, Neelam; Jeitschko, Thomas D.; Mirman, Leonard J. - 2000
In this paper, we analyze the interaction between an incumbent firm's financial contract with abank and its product market decisions in the face of the threat of entry, in a dynamic model.The main results of the paper are: there exists a separating equilibrium with no limit pricing; thelow-cost...
Persistent link: https://www.econbiz.de/10011316901
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On the effects of private information on volatility
Opschoor, Anne; Wel, Michel van der; Dijk, Dick van; … - 2011 - This version: May 9, 2011
We study the impact of private information on volatility in financial markets. We develop a comprehensive framework to … investigate this link while controlling for the effects of both public information (such as macroeconomic news releases) and … private information on prices and the effects of public information on volatility. Using a high-frequency 30-year U …
Persistent link: https://www.econbiz.de/10011386466
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Credit ratings as coordination mechanisms
Boot, Arnoud W. A.; Milbourn, Todd - 2002
In this article, we provide a novel rationale for credit ratings. The rationale that we propose is that credit ratings serve as a coordinating mechanism in situations where multiple equilibria can obtain. We show that credit ratings provide a focal point for firms and their investors, and...
Persistent link: https://www.econbiz.de/10011326954
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Credit ratings as coordination mechanisms
Boot, Arnoud W. A.; Milbourn, Todd - 2002
Persistent link: https://www.econbiz.de/10001689254
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Pricing, capacity and long-run cost functions for first-best and second-best network problems
Verhoef, Erik T.; Koh, Andrew Toon Meng; Shepherd, Simon - 2008
This paper considers the use of ‘long-run cost functions’ for congested networks in solving second-best network problems, in which capacity and tolls are instruments. We derive analytical results both for general cost and demand functions and for specific functional forms, namely Bureau of...
Persistent link: https://www.econbiz.de/10011376486
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Second-best congestion pricing in general static transportation networks with elastic demand
Verhoef, Erik T. - 1998
This paper studies the second-best problem where not all links of acongested transportation network can be tolled. The second-best taxrule for this problem is derived for general static networks, so thatthe solution presented is valid for any graph of the network, and forany set of tolling...
Persistent link: https://www.econbiz.de/10011299979