This analysis introduces a theoretical framework for assessing the empirical discussion of asymmetric information amongst mortgage lenders and adds the idea of lender competition into this framework. Despite this addition, the results are generally consistent with existing empirical findings...

The Great Reversal is a pleasure to read because of its original arguments and thorough reasoning by a very able economist. Thomas Phillippon analyses the state of competition in the US and Europe, respectively, very convincingly. His main finding is that the intensity of competition has...

This paper investigates how an increase in competition for workers infuences the impact of social preferences on labor market outcomes. By sorting into firms with homogeneous work forces, workers can alleviate their suffering from social comparisons. Competition promotes choice and thus...

We study learning in perfect competition. A price-taking firm sells a good whose quality is unknown to some buyers. The uninformed buyers use the price to infer information about quality. The presence of noise on the supply prevents perfect learning. Even though the firm is a price-taker,...

Ein Jahr nach Inkrafttreten der deutschen Energierechtsnovelle sind die Konturen der zukünftigen Strommarktregulierung noch zu weiten Teilen ungeklärt. Vor diesem aktuellen wirtschaftspolitischem Hintergrund wird in diesem Papier die Frage nach einer sachgerechten Ausrichtung der...

Third-party sellers in online marketplaces provide wide product/service variety and are highly heterogeneous in the capability of delivering value to buyers. Seller variety and value heterogeneity shape seller competition, which then affects the marketplace owner’s profit. This paper presents...