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Organizing competition for the market
Iossa, Elisabetta; Rey, Patrick; Waterson, Michael - 2019
The paper studies competition for the market in a setting where incumbents (and, to a lesser extent, neighboring incumbents) benefit from a cost advantage. The paper first compares the outcome of staggered and synchronous tenders, before drawing the implications for market design. We find that...
Persistent link: https://www.econbiz.de/10012414922
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Front-Running, Smart Contracts, and Candle Auctions
Häfner, Samuel; Stewart, Alistair - 2021
Blockchain implementations of auctions have to deal with the problem of front-running: block production happens at discrete intervals, and anyone can inspect and react to the incoming bids before they are written on chain. The presence of smart contracts among bidders, a hallmark of automated...
Persistent link: https://www.econbiz.de/10013227449
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Flexible-Term Contracts for Road Franchising
Nombela, Gustavo; de Rus, Gines - 2005
concession contract, which allows a private firm to charge tolls to road users during a pre-determined period in order to recover … to the government, or minimum term to hold the contract. This paper discusses, in the context of road franchising, how … this mechanism does not generally yield optimal outcomes and it induces the frequent contract renegotiations observed in …
Persistent link: https://www.econbiz.de/10014067290
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Can Open Contracts Be Profitable?
Fernandez, Jose M. - 2012
This paper provides a theoretical framework in support of recent empirical findings where the use of open contracts in the form of pay-what-you-like pricing have been found to be viable compared to a fixed price. Our analysis shows that, in spite of the option to free ride, not all consumers...
Persistent link: https://www.econbiz.de/10013103412
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Dynamic Contracting in Asset Management under Investor-Partner-Manager Relationship
Keppo, Jussi; Touzi, Nizar; Ruiting, Zuo - 2021
We study incentive contracts in asset management business under dynamic actions and relationships between an investor, a partner of an investment company, and a fund manager of the company. The investor cannot perfectly observe the partner and manager’s actions, and similarly, the partner...
Persistent link: https://www.econbiz.de/10013242101
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Discrimination in Organizations : Optimal Contracts and Regulation
Shin, Wiroy - 2015
this environment, I study a direct mechanism and characterize an optimal contract. Additionally, I compare the allocation …
Persistent link: https://www.econbiz.de/10014035633
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Should you allow your agent to become your competitor? : on non-compete agreements in employment contracts
Kräkel, Matthias; Sliwka, Dirk - 2006
employment contract. We show that not imposing such an agreement can be beneficial for the principal as the possibility to leave …
Persistent link: https://www.econbiz.de/10010371071
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Auctioning IT Contracts with Renegotiable Scope
Huang, He; Li, Zhipeng; Liu, De; XU, Hongyan - 2021
a fixed-price IT outsourcing contract may be followed by renegotiation to extend the contract's scope. In this model …
Persistent link: https://www.econbiz.de/10013215390
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Double-Sided Contract Competition with Market-Side Switching
Krebs, Helena - 2017
The paper analyzes double-sided Bertrand competition of banks, where borrowers invest in risky projects and may default on loans. Borrowers and depositors are allowed to switch market-sides and banks may ration loan applicants. The outcome is Walrasian, i.e. expected revenue on loans equals...
Persistent link: https://www.econbiz.de/10012957659
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Reciprocity in dynamic employment relationships
Fahn, Matthias - 2019
This paper explores how a relational contract establishes a norm of reciprocity and how such a norm shapes the …
Persistent link: https://www.econbiz.de/10012002999