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We rationalize exclusive portfolio dealing in a novel three-period partial equilibrium framework populated by a representative, risk-neutral seller and a small number of ex ante identical broker-dealers. Endowed with independent, uncertain demand for a representative asset, the broker-dealers...
Persistent link: https://www.econbiz.de/10014496480
We experimentally study the effect of information about competitors ́actions on cartel stability and firms ́incentives to form cartels in Cournot markets. As in previous experiments, markets become very competitive when individualized information is available and participants cannot...
Persistent link: https://www.econbiz.de/10010532614
Recent laboratory experiments support the popular view that the introduction of corporate leniency programs has significantly decreased cartel activity. The design of these repeated game experiments however is such that engaging in illegal price discussions is the only way for subjects to avoid...
Persistent link: https://www.econbiz.de/10011376529
Basing-point pricing is known to have been abused by geographically dispersed firms in order to eliminate competition on transportation costs. This paper develops a topographic test for collusive basing-point pricing. The method uses transaction data (prices, quantities) and customer project...
Persistent link: https://www.econbiz.de/10011377553
In an oligopoly, prior to competing in the market, firms have an opportunity to form pair-wisecollaborative links with other firms. These pair-wise links involve a commitment of resources andlead to lower costs of production of the collaborating firms. The collection of pair-wise linksdefines a...
Persistent link: https://www.econbiz.de/10011304396
In its landmark ruling in Illinois Brick Co. v. Illinois in 1977, the U.S. Supreme Court restricted standing to sue for recovery of antitrust damages to direct purchasers. However, antitrust damages are typically (in part) passed on to intermediaries lower in the chain of production and...
Persistent link: https://www.econbiz.de/10011343268
We present a continuous-time generalization of the seminal R&D model of d'Aspremont and Jacquemin (American Economic Review, 1988) to examine the trade-off between the benefits of allowing firms to cooperate in R&D and the corresponding increased potential for product market collusion. We...
Persistent link: https://www.econbiz.de/10011520481
This paper tests whether upstream R&D cooperation leads to downstream collusion. We consider an oligopolistic setting where firms enter in research joint ventures (RJVs) to lower production costs or coordinate on collusion in the product market. We show that a sufficient condition for...
Persistent link: https://www.econbiz.de/10011382325
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