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Oligopoly, macroeconomic performance, and competition policy
Azar, José; Vives, Xavier - 2018
We develop a macroeconomic framework in which firms are large and have market power with respect to both products and labor. Each firm maximizes a share-weighted average of shareholder utilities, which makes the equilibrium independent of price normalization. In a one-sector economy, if returns...
Persistent link: https://www.econbiz.de/10011891742
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A New Look at Oligopoly : Implicit Collusion Through Portfolio Diversification
Azar, Jose - 2012
In this paper, I develop a model of oligopoly with shareholder voting. Instead of assuming that firms maximize profits … monopolist. In a model of general equilibrium oligopoly with shareholder voting, higher levels of wealth inequality and …
Persistent link: https://www.econbiz.de/10013111678
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General equilibrium oligopoly and ownership structure
Vives, Xavier; Azar, José - 2020
Persistent link: https://www.econbiz.de/10012384574
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A Theory of Patent Portfolios
Choi, Jay Pil - 2014
This paper develops a theory of patent portfolios in which firms accumulate an enormous amount of related patents in …
Persistent link: https://www.econbiz.de/10013062675
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Patent Portfolios and Firms Technological Choices
Comino, Stefano - 2020
In many industrial sectors, firms amass large patents portfolios to reinforce their bargaining position vis a vis competitors. In a context where patents have a pure strategic nature, we discuss how the presence and the effectiveness of a patent system affect firms technological decisions....
Persistent link: https://www.econbiz.de/10012828871
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Expected Returns Independent Allocations
Susinno, Gabriele - 2015
Present market instabilities have prompted great interest on the characteristics of specific portfolios such as minimum variance and equally- weighted risk contribution portfolios as these portfolios do not rely on the estimate of expected returns. Indeed, in turmoil periods traditional market...
Persistent link: https://www.econbiz.de/10013018612
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Demystifying Rebalancing Premium : A Methodological Path to Risk Premia Engineering
Dubikovsky, Vladislav - 2015
Volatility is usually considered as a synonym for risk. Mainstream financial theory states that higher portfolio … framework that encompasses various investment styles and portfolio construction methodologies. Modern Portfolio Theory is a one … theory. We show that Markowitz portfolios and Warren Buffett's investment style are valid special cases of optimal growth …
Persistent link: https://www.econbiz.de/10013018815
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Risk allocation under liquidity constraints
Csóka, Péter; Herings, Peter Jean-Jacques - 2013
Persistent link: https://www.econbiz.de/10010199466
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Risk allocation under liquidity constraints
Csóka, Péter; Herings, Peter Jean-Jacques - 2014
Risk allocation games are cooperative games that are used to attribute the risk of a financial entity to its divisions. In this paper, we extend the literature on risk allocation games by incorporating liquidity considerations. A liquidity policy specifies state-dependent liquidity requirements...
Persistent link: https://www.econbiz.de/10010350439
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Fair risk allocation in illiquid markets
Csóka, Péter - 2015
performance evaluation of the divisions. In this paper we use cooperative game theory and simulation to assess the possibility to …
Persistent link: https://www.econbiz.de/10010481803