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In this paper we construct a model in which entrepreneurial innovations are sold into oligopolistic industries and where adverse selection problems between entrepreneurs, venture capitalists and incumbents are present. We show that as exacerbated development by better-informed venture-backed rms...
Persistent link: https://www.econbiz.de/10010320264
This paper constructs a model where entrepreneurial innovations are sold into oligopolistic industries and where adverse selection problems between entrepreneurs, venture capitalists and incumbents are present. We first show that aggressive development of a basic innovation by better informed...
Persistent link: https://www.econbiz.de/10015246614
This paper examines the restructuring of state assets in markets deregulated by privatizations and investment liberalizations. We show that the government has a stronger incentive to restructure than the buyer: A firm restructuring only takes into account how much its own profit will increase....
Persistent link: https://www.econbiz.de/10011324978
Elite skills have become crucial in today's superstar economy. We develop a multi-period skill-formation model where we show that individuals with temporary disadvantages must exert greater effort to gain access to elite education. This "underdog-incentive effect" implies that "educated...
Persistent link: https://www.econbiz.de/10012314899
This paper examines how entrepreneurs and incumbents differ in R&D strategies. We show that entrepreneurs have incentives to choose projects with higher risk and a higher potential in order to reduce expected commercialization costs. However, entrepreneurs may still select too safe projects from...
Persistent link: https://www.econbiz.de/10011555580
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Persistent link: https://www.econbiz.de/10011037988
We find an inverted relation between a player's birthday and the likelihood of receiving the Ballon d'Or (awarded to the best football player in the world). We develop a multi-period skill formation model with selection into elite education. We show that those born late (underdogs) need to work...
Persistent link: https://www.econbiz.de/10011917052
This paper constructs a model where entrepreneurial innovations are sold into oligopolistic industries and where adverse selection problems between entrepreneurs, venture capitalists and incumbents are present. We first show that aggressive development of a basic innovation by better informed...
Persistent link: https://www.econbiz.de/10005835952