's choices of investment influence the probability distributions of their output. Using a normative approach we derive the … the expected social utility of output, and is not the linear criterion of market value. If firms do not know agents … criterion which leads to a second-best choice of investment which, in examples, is found to be close to the first best. …

and investment high. It finds that the low cost of capital has been quantitatively an important factor. Theory predicts … caused by nonperforming loans, borrowing constraints, and uncertainty over changes in government guidance in bank lending. In … rebalance growth towards relying more on consumption and less on exports and investment, banking sector reforms and financial …

carry out experiments for two-stage games, where R&D investment choices are followed by product market competition. As …

an experiment based on two-stage games, where R&D investment choices are followed by product market competition. An …

-stage game consisting of an investment and a market stage. In equilibrium, both patents and subsidies induce the same amount of R …This paper studies the effects of patents and subsidies on R&D investment decisions. The theoretical framework is a two …&D investment, which is higher than the investment without governmental incentives. In the first stage, the firms can invest in a …

carry out experiments based on two-stage games, where R&D investment choices are followed by product market competition. As …

market can sometimes improve incentives. With suitable non-linear access prices investment incentives under separation become … quality. Under reasonable assumptions on demand, investment incentives turn out to be smaller under vertical separation than …