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Self-regulation and trust under endogenous transaction costs
Sacco, Pier Luigi - 1997
We consider a partnership game with two roles in which a large population of firms interact to carry out, say, R&D joint ventures. The partners have to build a common-property asset through a sequence of costly investments. Firms have access to a monitoring technology whose cost depends on the...
Persistent link: https://www.econbiz.de/10011608313
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The combined use of taxation and voluntary agreements for energy policy
Millock, Katrin - 2000
The paper models the combined use of taxation and voluntary agreements when there is asymmetric information between the regulator and industry on the firms' actual emissions. The model incorporates the following features: 1) the regulator does not know the firm's special production...
Persistent link: https://www.econbiz.de/10011608672
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A renewal theoretic result in portfolio theory under transaction costs with multiple risky assets
Irle, Albrecht; Prelle, Claas - 2008
We consider a portfolio optimization problem in a Black-Scholes model with n stocks, in which an investor faces both fixed and proportional transaction costs. The performance of an investment strategy is measured by the average return of the corresponding portfolio over an infinite time horizon....
Persistent link: https://www.econbiz.de/10010263520
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Disagreement and authority
Ellingsen, Tore; Miettinen, Topi - 2007
Can two negotiators fail to agree when both the size of the surplus and the rationality of the negotiators are common knowledge? We show that the answer is affirmative. When the negotiators can make irrevocable commitments at a low but positive cost, the unique symmetric equilibrium entails...
Persistent link: https://www.econbiz.de/10010263800
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How global rules are established and stabilized
Siebert, Horst - 2007
This paper analyzes how international rules are established and stabilized, i.e. how an international institutional order develops. Rules emerge mainly through learning from negative experience and serve to reduce transaction costs. The paper looks at mechanisms that stabilize rule systems, at...
Persistent link: https://www.econbiz.de/10010273096
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Intellectual property rights and ex-post transaction costs: the case of open and closed source software
von Engelhardt, Sebastian - 2008
The economic characteristics of software and transaction costs explain, why closed source and open source software co-exist. It is about the efficient use of a non- and anti-scarce resource. But because of ex-post transaction costs that lead to information asymmetries, some property rights...
Persistent link: https://www.econbiz.de/10010273765
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Competition intensity, potential competition and transaction cost economics
Busse, Matthias - 2002
Determinanten des Globalisierungsgrades einer Branche ist die Höhe der Transaktionskosten. Niedrige Transaktionskosten führen … tendenziell zu globalisierten Märkten, hohe Transaktionskosten entsprechend zu segmentierten Märkten. Hinzu kommt, dass … Transaktionskosten auch Auskunft über den Grad des potentiellen Wettbewerbs geben können. Damit erhalten Wettbewerbsbehörden einen …
Persistent link: https://www.econbiz.de/10010295506
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Conflict of law rules and international trade : a transaction costs approach
Kirstein, Roland; Schmidtchen, Dieter; Neunzig, Alexander R. - 2004
Der Beitrag stellt eine auf der Transaktionskosten-Ökonomik basierende Analyse von Kollisionsnormen vor. Hierzu wird …
Persistent link: https://www.econbiz.de/10010296890
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On free lunches in random walk markets with short-sale constraints and small transaction costs, and weak convergence to Gaussian continuous-time processes
Framstad, Nils Chr. - 2011
This paper considers a sequence of discrete-time random walk markets with a single risky asset, and gives conditions for the existence of arbitrage opportunities or free lunches with vanishing risk, of the form of waiting to buy and selling the next period, with no shorting, and furthermore for...
Persistent link: https://www.econbiz.de/10010330249
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Public and private insurance with costly transactions
Bertola, Giuseppe; Koeniger, Winfried - 2010
We characterize how public insurance schemes are constrained by hidden financial transactions. When non-exclusive private insurance entails increasing unit transaction costs, public transfers are only partly offset by hidden private transactions, and can influence consumption allocation. We show...
Persistent link: https://www.econbiz.de/10010274703