Showing 31 - 40 of 469
This paper characterizes the optimal selling mechanism in the presence of horizontal crossholdings. We find that this mechanism imposes a discrimination policy against the stronger bidders so that the seller´s expected revenue is increasing in both the common crossholding and the degree of...
Persistent link: https://www.econbiz.de/10005417142
We present a model where a society elects a parliament by voting for candidates belonging to two parties. The electoral rule determines the seats distribution between the two parties. We analyze two electoral rules, multidistrict majority and single-district proportional. In this framework, the...
Persistent link: https://www.econbiz.de/10005417143
Using detailed firm-level data, we analyze Spain’s Pharmaceutical Research Program, and find differences between the ex ante announced evaluation criteria and their ex post implementation. By studying the program’s implementation, we also uncover that the apparent discrimination against...
Persistent link: https://www.econbiz.de/10005417144
We perform an experiment on social insurance to provide a laboratory replica of some important features of the welfare state. In the experiment, all individuals in a group decide whether to make a costly effort, which produces a random (independent) outcome for each one of them. The group...
Persistent link: https://www.econbiz.de/10005417145
We argue that segmented labor markets with flexibility at the margin (e.g., just affecting fixed-term employees) may achieve similar volatility than fully deregulated labor markets. Flexibility at the margin produces a gap in separation costs among matched workers that cause fixed-term...
Persistent link: https://www.econbiz.de/10005417146
This paper presents several results on consistency properties of simulation-based estimators for a general class of dynamic models with continuous laws of motion. The consistency of these estimators follows from a uniform convergence property of the model's sample paths over the vector of...
Persistent link: https://www.econbiz.de/10005417147
This paper analyzes the contribution of additional factors, apart from monetary policy, to the stabilization of the economy observed in the US since the 1980s. I estimate a limited participation model with financial frictions, allowing for changes in the interest rate rule, financial frictions,...
Persistent link: https://www.econbiz.de/10005417148
Allaz and Vila (1993) show that oligopolistic industries may become more competitive if a futures market is added previous to the spot market. Later, Hughes and Kao (1997) show that this result occurs only if positions in the futures market are observed, and that without this condition the...
Persistent link: https://www.econbiz.de/10005417149
This paper studies an (S, s) pricing model from the perspective of inflation and price competition in search markets. I present a model in which consumers'search technologies can influence firms' price setting, price dispersion, and the market structure. The result shows that although price...
Persistent link: https://www.econbiz.de/10005417150
This paper presents a model that explains the recent evolution of e-commerce, where over time, prices can increase if no exit occurs, or decrease, if exit occurs. In the model there is uncertainty about the firms’ costs, because the technology is new, and consumers face a switching cost,...
Persistent link: https://www.econbiz.de/10005417151