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Sticky Prices, Coordination and Collusion
Driscoll, John C. - 1999
New Keynesian models of price setting under monopolistic competition involve two kinds of inefficiency: the price level is too high because firms ignore an aggregate demand externality, and when there are costs of changing prices, price stickiness may be an equilibrium response to changes in...
Persistent link: https://www.econbiz.de/10012471622
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A Dynamic Oligopoly with Collusion and Price Wars
Fershtman, Chaim - 1999
Most of the theoretical work on collusion and price wars assumes identical firms and an unchanging environment, assumptions which are at odds with what we know about most industries. Further that literature focuses on the impact of collusion on prices. Whether an industry can support collusion...
Persistent link: https://www.econbiz.de/10012471871
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Tacit Collusion in the Presence of Cyclical Demand and Endogenous Capacity Levels
Knittel, Christopher R. - 2006
countercyclical. We also establish pricing patterns with respect to the relative prices in booms and recessions. If the marginal cost … intermediate range, numerical examples are calculated to show specific pricing patterns …
Persistent link: https://www.econbiz.de/10012466026
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Making friends with your neighbors? Agglomeration and tacit collusion in the lodging industry
Gan, Li - 2011
Agglomeration is a location pattern frequently observed in service industries such as hotels. This paper empirically examines if agglomeration facilitates tacit collusion in the lodging industry using a quarterly dataset of hotels that operated in rural areas across Texas between 2003 and 2005....
Persistent link: https://www.econbiz.de/10012461919
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Was the Forex Fixing Fixed?
Ito, Takatoshi - 2015
"Fixing" of the exchange rate (price) is a rule among the Forex market participating institutions to set a reference/settlement price for the day. Major fixings occur at 9:55 am Tokyo time for transactions between Japanese banks and their customers, and at 4:00 pm London time for transactions...
Persistent link: https://www.econbiz.de/10012457150
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Price Cutting and Business Stealing in Imperfect Cartels
Bernheim, B. Douglas - 2014
Though economists have made substantial progress toward formulating theories of collusion in industrial cartels that account for a variety of fact patterns, important puzzles remain. Standard models of repeated interaction formalize the observation that cartels keep participants in line through...
Persistent link: https://www.econbiz.de/10012458671
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Smokescreen : How Managers Behave When They Have Something To Hide
González, Tanja Artiga - 2013
We study financial reporting and corporate governance in 218 companies accused of price fixing. These firms engage in evasive financial reporting strategies, including earnings smoothing, segment reclassification, and restatements. In corporate governance, cartel firms favor outside directors...
Persistent link: https://www.econbiz.de/10012459775
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Does Entry Remedy Collusion? Evidence from the Generic Prescription Drug Cartel
Starc, Amanda; Wollmann, Thomas G. - National Bureau of Economic Research - 2022
Entry represents a fundamental threat to cartels engaged in price fixing. We study the extent and effect of this behavior in the largest price fixing case in US history, which involves generic drugmakers. To do so, we link information on the cartel's internal operations to regulatory filings and...
Persistent link: https://www.econbiz.de/10013172185
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Behavioralize This! International Evidence on Autocorrelation Patterns of Stock Index and Futures Returns
Ahn, Dong-Hyun - 1999
This paper investigates the relation between returns on stock indices and their corresponding futures contracts in … models. These implications are then tested using futures data on 24 contracts across 15 countries. The major findings are (I …) return autocorrelations of indices tend to be positive even though their corresponding futures contracts have …
Persistent link: https://www.econbiz.de/10012471575
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Derivatives Usage in Risk Management by US and German Non-Financial Firms : A Comparative Survey
Bodnar, Gordon M. - 1998
This paper is a comparative study of the responses to the 1995 Wharton School survey of derivative usage among US non-financial firms and a 1997 companion survey on German non-financial firms. It is not a mere comparison of the results of both studies, but a comparative study, drawing a...
Persistent link: https://www.econbiz.de/10012472108