This paper studies an intermediated market operated by middlemen with high inventory holdings. I present a directed search model in which middlemen are less likely to experience a stockout because they have the advantage of inventory capacity, relative to other sellers. The model explains why...

This paper develops a model in which market structure is determined endogenously by the choice of intermediation mode. We consider two representative business modes of intermediation that are widely used in real-life markets: one is a middleman mode where an intermediary holds inventories which...

We examine whether the European settlement institutions are technically efficient. This is done by means of estimating a translog cost function, and investigating whether scale economies are fully exploited. Since the sample is quite heterogeneous, fixed effects regression is introduced. From...

This paper develops a model in which market structure is determined endogenously by the choice of intermediation mode. We consider two representative business modes of intermediation that are widely used in real-life markets: one is a middleman mode by which an intermediary holds inventories...

Within the last decades an increasing number of people practice risky sports in their leisure time. Although there exists a vast number of economic literature on risk-taking behavior, an estimation of the individual willingness to pay (WTP) for the option to exercise risk-taking is missing....

We examine an issue at the nexus of domestic competition policy and international trade, the interaction between goods trade and market power in domestic trade and distribution sectors. Theory suggests a set of linkages between service-sector competition and goods trade supported by econometrics...

Maintaining sufficient levels of competition ranks among the core interests of any national – and increasingly international – antitrust policy; however, the formal proof that a cartel really functioned economically and did not only exist in a legal sense is hard to deliver: market power is...

This paperanalyses the link between human capitaland information technology(IT ) in the service production process. The analysis is based on 1994 cross-sectional data for 1929 German. Firms drawn from the first wave of the Mannheim Service Innovation Panel (MIP-S). Factor demand functions are...

This paper analyses the link between the high-skilled employment share and the level of investment in information technology (IT) in the service production process. The analysis is based on an unbalanced panel data set for 933 West German firms over the period 1994-1996. To account for firms...

This paper analyses the link between technological product and processes innovations and expectations about future employment for different types of labour in manufacturing. The empirical model allows for endogeneity of the firm?s innovation decision in the labour demand equations. The system of...