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Empirical models of consumer behavior
Nevo, Aviv - 2010
Models of consumer behavior play a key role in modern empirical Industrial Organization. In this paper, I survey some of the models used in this literature. In particular, I discuss two commonly used demand systems: multi-stage budgeting approaches and discrete choice models. I motivate their...
Persistent link: https://www.econbiz.de/10010332107
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Tax Policy, Location Choices, and Market Structure
Pfann, Gerard A.; van Kranenburg, Hans - 2002
A structural model of entry and fiscal policy is presented. It shows that taxation of variable production costs can increase product prices, lower competition, and reduce the availability of new products in small markets. The model?s test is based on a unique nationwide fiscal experiment. We...
Persistent link: https://www.econbiz.de/10010274360
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The Effect of Entertainment in Newspaper and Television News Coverage
Greiner, Tanja - 2010
In this paper, we analyze the equilibrium amount of entertainment in news coverage of newspapers and television stations. We find that a shift in the inclination to read, expressed by a shift in the (psychological) distance costs, induces both media outlets to incorporate more entertaining...
Persistent link: https://www.econbiz.de/10010427580
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The global credit boom: Challenges for macroeconomics and policy
Hume, Michael; Sentance, Andrew - 2009
The recent financial crisis has put the spotlight on the rapid rise in credit which preceded it. In this paper, we … provide an empirical and theoretical analysis of the credit boom and the macroeconomic context in which it developed. We find … economies in which it took place. We show that this type of credit and financial cycle is hard to reconcile with existing …
Persistent link: https://www.econbiz.de/10010277874
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Heterogeneous Multiple Bank Financing Under Uncertainty: Does it Reduce Inefficient Credit Decisions?
Bannier, Christina E. - 2005
show that the incidence of inefficient credit termination and subsequent firm liquidation is contingent on the borrower … inefficient credit decisions than monopoly relationship lending or homogeneous multiple banking, provided that the relationship …
Persistent link: https://www.econbiz.de/10010316088
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Communal responsibility and the coexistence of money and credit under anonymous matching
Boerner, Lars; Ritschl, Albrecht - 2010
Communal responsibility, a medieval institution studied by Greif (2006), supported the use of credit among European …. Enforceability within each village's centralized afternoon market ensures collateralization of credit in decentralized markets. In … the resulting equilibrium, money and credit coexist in decentralized markets if the use of credit is costly. Our analysis …
Persistent link: https://www.econbiz.de/10010281523
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Corporate Debt Structure and the Financial Crisis
De Fiore, Fiorella; Uhlig, Harald - 2015
We present a DSGE model where firms optimally choose among alternative instruments of external finance. The model is used to explain the evolving composition of corporate debt during the financial crisis of 2008-09, namely the observed shift from bank finance to bond finance, at a time when the...
Persistent link: https://www.econbiz.de/10011605804
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Security versus bank finance: The importance of a proper enforcement of legal rules
Modigliani, Franco; Perotti, Enrico - 1999
We argue that in an unreliable enforcement regime, transactions tend to become intermediated through institutions or concentrated among agents bound by some form of private enforcement. Provision of funding shifts from risk capital to debt, and from markets to institutions with long term...
Persistent link: https://www.econbiz.de/10011608501
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Investor protection and business creation
Hyytinen, Ari; Takalo, Tuomas - 2004
We study the effects of investor protection on the availability of external finance, entrepreneurship, and creation of new firms in an equilibrium search model of private capital markets. In addition to search frictions, we examine contract frictions, specifically interim and ex post moral...
Persistent link: https://www.econbiz.de/10010284922
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Is a firm a firm? A Stackelberg experiment
Hildenbrand, Andreas - 2012
Industrial organization is mainly concerned with the behavior of large firms. Experimental industrial organization therefore faces a problem: How can firms be brought into the laboratory? The main approach relies on framing: Call individuals firms! This experimental approach is not in line with...
Persistent link: https://www.econbiz.de/10010294406