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Strategy-Proof Probabilistic Mechanisms for Public Decision with Money

Hashimoto, Kazuhiko - 2016

We study strategy-proof probabilistic mechanisms in a binary public decision model when monetary transfers are allowed. We consider not only the pivotal mechanism, the majority voting mechanism, the random serial dictatorship mechanism, and the unanimity mechanism, but also the random chair...

Persistent link: https://www.econbiz.de/10012996279

The Minimum Approval Mechanism Implements the Efficient Public Good Allocation Theoretically and Experimentally

Masuda, Takehito; Okano, Yoshitaka; Saijo, Tatsuyoshi - 2013

We propose the minimum approval mechanism (MAM) for a standard linear public good environment with two players. Players simultaneously and privately choose their contributions to the public good in the first stage. In the second stage, they simultaneously decide whether to approve the other’s...

Persistent link: https://www.econbiz.de/10014157950

Private Provision of Public Goods that are Complements for Private Goods : Application to Open Source Software Developments

Matsushima, Noriaki - 2012

This paper examines the questions of who participates in the provision of a public good through the voluntary participation of agents in the presence of strong complementarity between a public good and a private good. We show that the greater the initial endowment of the private good that agents...

Persistent link: https://www.econbiz.de/10013111397

The Welfare Effects of Third-Degree Price Discrimination in a Differentiated Oligopoly

Adachi, Takanori - 2011

This paper studies the relationship between horizontal product differentiation and the welfare effects of third-degree price discrimination in oligopoly. By deriving linear demand from a representative consumer's utility and focusing on the symmetric equilibrium of a pricing game, we...

Persistent link: https://www.econbiz.de/10013131357

Multi-Market Competition, R&D, and Welfare in Oligopoly

Kawasaki, Akio - 2010

meets entrants that enter one of the markets. We find that entry can enhance the total R&D expenditure of the incumbent firm …. That is, entry can stimulate R&D effort. Moreover, the incumbent's profit nonmonotonically changes as the number of … entrants increases. Depending on the fixed entry costs and R&D technologies, both insufficient and excess entry can appear …

Persistent link: https://www.econbiz.de/10013137368

Demand Uncertainty, Product Differentiation, and Entry Timing Under Spatial Competition

Ebina, Takeshi - 2020

We investigate the decision of entry timing and product positions under market size uncertainty with Brownian motion … entry threshold of the follower non-monotonically increases in volatility, which is in contrast to previous studies in the … real options literature. Finally, a more significant entry cost asymmetry between firms places the leader closer to the …

Persistent link: https://www.econbiz.de/10012854076

Mutual fund bets on market power

Jaspersen, Stefan - 2020 - [Vers. 12/2020]

Taking a firm's competitive position into account benefits investors who are better at evaluating this qualitative information. I find that fund managers who overweight companies with market power outperform their peers. Placebo exercises and an exogenous shock to product market competition...

Persistent link: https://www.econbiz.de/10012414777

Betting on market power : product market competition and mutual funds' information production

Jaspersen, Stefan - 2019 - (Vers. 03/2019)

Processing qualitative information about a firm's product market competition matters for fund performance. I find that fund managers with a better understanding of a firm's market power exhibit a superior risk-adjusted performance. Managers who overweight companies with the fewest competitors...

Persistent link: https://www.econbiz.de/10011983783

Mutual fund bets on market power

Jaspersen, Stefan - 2020 - [Vers. 01/2020]

Processing qualitative information about a firm's product market competition matters for professional investors. Consistent with a superior understanding of a firm's market power, fund managers who overweight companies with the fewest competitors (monopolies) outperform their peers. An exogenous...

Persistent link: https://www.econbiz.de/10012160111

Mutual fund bets on market power

Jaspersen, Stefan - 2021 - [Vers. 02/2021]

Taking a firm’s competitive position into account benefits investors who are better at evaluating this qualitative information. I find that fund managers who overweight companies withmarket power outperform their peers. Placebo exercises and an exogenous shock to productmarket competition...

Persistent link: https://www.econbiz.de/10012429433