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Market Segmentation and the Sources of Rents from Innovation : Personal Computers in the Late 1980'S

Bresnahan, Timothy F.; Stern, Scott; Trajtenberg, Manuel - 2021

This paper evaluates the sources of transitory market power in the market for personal computers (PCs) during the late 1980's. Our analysis is motivated by the coexistence of low entry barriers into the PC industry and high rates of innovative investment by a small number of PC manufacturers. We...

Persistent link: https://www.econbiz.de/10013245713

The Theory of Allocation and its Implications for Marketing and Industrial Structure

Carlton, Dennis W. - 2021

mix much akin to the theory of optimal portfolio composition. It is the job of a firm's marketing department to put …This paper identifies a cost of using the price system and from that develops a general theory of allocation. The … theory explains why a buyer's stochastic purchasing behavior matters to a seller. This leads to a theory of optimal customer …

Persistent link: https://www.econbiz.de/10013229126

Optimal Monetary Policy with Informational Frictions

Angeletos, George-Marios - 2011

This paper studies optimal policy in a business-cycle setting in which firms have a blurry understanding of the state of the economy due to informational or cognitive constraints. The latter are not only the source of nominal rigidity but also an impediment in the coordination of production. The...

Persistent link: https://www.econbiz.de/10013118850

Equilibrium Labor Turnover, Firm Growth and Unemployment

Coles, Melvyn Glyn - 2012

This paper considers a dynamic, non-steady state environment in which wage dispersion exists and evolves in response to shocks. Workers do not observe firm productivity and firms do not commit to future wages, but there is on-the-job search for higher paying jobs. The model allows for firm...

Persistent link: https://www.econbiz.de/10013107210

Labor Market Frictions as a Source of Comparative Advantage, with Implications for Unemployment and Inequality

Helpman, Elhanan - 2010

Recent research has emphasized firm heterogeneity as a source of comparative advantage. Combining this approach with labor market frictions and worker heterogeneity provides a framework for studying the impact of trade on unemployment and inequality. This paper reviews this approach and reports...

Persistent link: https://www.econbiz.de/10013147599

Optimal Decentralized Investment Management

Brandt, Michael W. - 2010

We study a decentralized investment problem in which a CIO employs multiple asset managers to implement and execute investment strategies in separate asset classes. The CIO allocates capital to the managers who, in turn, allocate these funds to the assets in their asset class. This two-step...

Persistent link: https://www.econbiz.de/10012761668

Methodological Issues in Analyzing Market Dynamics

Pakes, Ariel - 2016

industries: both adapted their frameworks from models taken from economic theory. The dynamic framework has had its successes: it … computational theory. However when important characteristics of industries were integrated into that framework it generated …

Persistent link: https://www.econbiz.de/10012998419

How Exporters Grow

Fitzgerald, Doireann; Haller, Stefanie; Yedid‐Levi, Yaniv - 2021

estimate two competing models of customer base accumulation to match these moments. In the first model, firms use marketing and … to do so. The marketing and advertising model fits the quantity and markup moments well, and implies that successful …

Persistent link: https://www.econbiz.de/10013224339

Competing for Attention in Financial Markets

Carlin, Bruce Ian - 2010

Competition for positive attention in financial markets frequently resembles a tournament, where superior relative performance and greater visibility are rewarded with convex payoffs. We present a rational expectations model in which firms compete for such positive attention and show that higher...

Persistent link: https://www.econbiz.de/10013142280

Market Selection

Kogan, Leonid - 2010

The hypothesis that financial markets punish traders who make relatively inaccurate forecasts and eventually eliminate the effect of their beliefs on prices is of fundamental importance to the standard modeling paradigm in asset pricing. We establish necessary and sufficient conditions for...

Persistent link: https://www.econbiz.de/10013151814