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Greece's debt-to-GDP ratio is reaching unsustainable levels. But why should the debt load of such a small country cause such outsized tremors in global financial markets?Greek debt may be relatively small, but a sufficient amount is held by a few major banks in Europe to cause disruptions to the...
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This paper considers nonparametric identification of a two‐stage entry and bidding game we call the Affiliated‐Signal (AS) model. This model assumes that potential bidders have private values, observe signals of their values prior to entry, and then choose whether to undertake a costly entry...
Persistent link: https://www.econbiz.de/10011006206
We study the effects of mergers in timber sale auctions in Oregon. We propose an entry and bidding model within the affiliated private value (APV) framework and with heterogeneous bidders, and establish existence of the entry equilibrium and existence and uniqueness of the bidding equilibrium...
Persistent link: https://www.econbiz.de/10011267824
This paper proposes a formal model selection test for choosing between two competing structural econometric models. The procedure is based on a novel lack-of-fit criterion, namely, the simulated mean squared error of predictions (SMSEP), taking into account the complexity of structural...
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This paper considers the parametric inference of a wide range of structural econometric models. The class of models considered includes those with parameter-dependent support and those derived from game-theoretic models. Inference of those models has raised some important econometric issues....
Persistent link: https://www.econbiz.de/10005328964
Cost shifting for a non-profit, revenue maximizing healthcare provider which faces a constraint that profit must be non-negative is examined, focusing on fixed payment programmes like Medicare. In addition, how grant money affects cost shifting and extend the empirical analysis of cost shifting...
Persistent link: https://www.econbiz.de/10009210151