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The theory of geographical markets is based on the notion that economic activity is not evenly spread and regional …
Persistent link: https://www.econbiz.de/10010494489
The theory of geographical markets is based on the notion that economic activity is not evenly spread and regional …
Persistent link: https://www.econbiz.de/10009154762
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markets, when interdealer risk allocation is allowed. In this setup market makers operate in a duopoly on the customer market …
Persistent link: https://www.econbiz.de/10011444420
markets, when interdealer risk allocation is allowed. In this setup market makers operate in a duopoly on the customer market …
Persistent link: https://www.econbiz.de/10010530069
We show that for any market-clearing price, average profits in a symmetric industry cannot exceed the individual profits from the Walrasian output. This immediately implies that a firm itself can guarantee to beat the market by producing the Walrasian output. This property clarifies and...
Persistent link: https://www.econbiz.de/10008486379
Most studies find no collusion in tournaments. This result suggests that social preferences are irrelevant in this … chooses between a fair and an unfair contract. Standard economic theory predicts the same effort provision in all situations … tournaments. Moreover, we observe that collusion between the agents and reciprocity towards the principal are mutually exclusive. …
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consideration the positive externalities of the projects too. Several authors investigate different subsidy forms (refundable … three-player model (entrepreneur, bank, state) that under moral hazard and positive externalities state subsidy creates …
Persistent link: https://www.econbiz.de/10010494606