The interaction of capital stock with overlapping generations is investigated where the time structures of human capital and other physical capital does not match. We consider the economies with either gold or fiat as the outside money and consider the financing problems that appear in the...

This paper studies the incentives to undertake uncertain R&D initiatives in a dynamic duopoly network industry. It is shown that network externalities positively affect the incentives to invest in R&D. In the model, competition resembles a preemption race and, therefore, market performance...

In January 2007, first evidence of an asymmetric pass-through of CO2 emission allowance prices was reported for the German electricity spot market. This paper explores the theoretical basis for such an asymmetry in the context of a supply function bidding duopoly. It interprets fluctuating...

This paper formalizes an empirically implementable framework for the definition of local antitrust markets in retail markets. This framework rests on a demand model that captures the trade-off between distance and pecuniary cost across alternative shopping destinations within local markets. The...

This paper further develops the standard modelling of information exchange between firms in the presence of cost uncertainty. In order to avoid consistency problems, we replace the normal distribution of the random variables, commonly used because of its convenient mathematical properties, by an...

This paper formalizes an empirically implementable framework for the definition of local antitrust markets in retail markets. This framework rests on a demand model that captures the trade-off between distance and pecuniary cost across alternative shopping destinations within local markets. The...

In bisherigen Untersuchungen der Auswirkungen aktienkursorientierter Management-Entlohnung auf den Preiswettbewerb wurden Nachfrageschwankungen nicht berücksichtigt. Der vorliegende Beitrag zeigt, dass Manager auch dann eine größere Kollusionsneigung besitzen als Eigentümer, wenn sich die...

This paper analyzes the effect of cooperation in manufacturing on firms' inclination to collude in the market. Compared to non-cooperation in manufacturing, coordination of the investments in production yields a higher competitive profit. If firms intensify cooperation and produce in a joint...

We show that concealing cost information is a dominant strategy in heterogeneous Bertrand oligopolies. This result enables us to endogenize the number of firms in a market in terms of market size, entry costs, and unit cost uncertainty.

Dieser Beitrag zeigt, dass aktienkursabhängige Entlohnung bei korrelierter Nachfrageentwicklung die Neigung der Manager erhöht, eine implizite Preisabsprache einzuhalten. Die geringeren Gewinne in der Strafphase führen bereits in der Ausbruchsperiode zu einem niedrigeren Aktienkurs und damit...