This paper estimates the issuers' demand for the banker's underwriting service across different varieties of equity-linked securities.

In this paper we analyse, in an contingent-claims framework, one of the most common life insurance policies sold in Italy during the last two decades. The policy, of the endowment type, is initially priced as a standard one, given a risk-neutral mortality probability tnea~ure and a technical...

We analyze educational institutions’ incentives to set up demanding or lax curricula induopolistic markets for education with endogenous enrolment of students. We assume thatthere is a positive externality of student achievement on the local economy. Comparingthe case of regulated tuition fees...

This paper analyzes price competition in the German motor insurance market since 1994 and looks for evidence to back up a claim frequently found in the trade literature—that there have been two recent price wars in this industry, the first in 1996–1999, the second in 2005–2006. In a first...

On a heterogeneous experimental oligopoly market, sellers choose a price,specify a set-valued prior-free conjecture about the others' behavior, andform their own profit-aspiration for each element of their conjecture. Weformally define the concepts of satisficing and prior-free optimality...

We define a two-variant model of product differentiation which, depending on the number of consumersprefering one variant to the other, provides equilibrium prices reflecting the natural valuation of thesevariants by the market....

We show in a simple model of entry with sunk cost, that a regulator prefers limiting the output, orcapacity, of the incumbent firm rather than imposing a “Minimum Quality Standard” in order tohelp the entrant to provide high quality. As a by-product, our analysis makes a contribution to...