We compare different methods to assess unilateral merger effects in a two-sided market by applying them to a hypothetical merger in the Dutch newspaper industry. For this, we first specify and estimate a structural model of demand for differentiated products on both the readership and the...

A buyer needs to procure a good from either of two potential suppliers offering differentiated products and with privately observed costs. The buyer privately observes the own valuations for the products and (ex ante) decides how much of this information should be revealed to suppliers before...

In this paper we review some well-known simple models for portfolio selection under Knightian uncertainty, also known as ambiguity, and we compute a number of explicit optimal portfolio rules using elementary mathematical tools. In the case of a single period financial market, new results arise...

We consider a single-period financial market model with normally distributed returns and the presence of heterogeneous agents. Specifically, some investors are classical Expected Utility Maximizers whereas some others follow Cumulative Prospect Theory. Using well-known functional forms for the...

Starting from the theory of portfolio selection under Cumulative Prospect Theory (CPT) in a one period model, we firstly present some remarks connected with the violation of the so-called loss aversion in the case of power utility functions. The main contribution of this paper comes from the...

This paper analyzes the indirect impact of China on the export performance of major European countries (Italy, France, Germany and Spain) in their main destination markets (OECD countries). Given a strong specialization in manufacturing sector, these EU countries are likely to be at risk from...

The aim of this paper is to investigate the consequences of the Rwandan genocide on infant and child mortality. Between April and July 1994 Rwanda experienced a tremendous wave of inter-ethnic violence that caused at least 500.000 deaths. We use the Rwanda DHS 2000 survey to test if exposure to...

This paper examines child poverty from a multidimensional perspective. The main goal is to apply a general methodology in order to measure child poverty as a deprivation of capabilities and achieved functionings. In the capability perspective, child poverty is intended as the lack of freedom to...

This note identifies and fixes a minor gap in Proposition 1 in Barberis and Huang (2008). Assuming homogeneous Cumulative Prospect Theory decision makers, we show that CAPM is a necessary (though not sufficient) condition that must hold in equilibrium. We support our result with numerical...

This paper analyzes a structural model of corporate debt in the spirit of Leland (1994) model within a more realistic general context where payouts and asymmetric tax-code provisions are introduced. We analytically derive the value of the tax benefit claim in this context and study the joint...