The objectives of this study are to investigate the institutional speci¯cs of sequential cattle auctions and their role as determinants of prices. Institutional speci¯cs are the order of sale according to quality, a secret reserve price, bidders' multi-unit demand and di®erent types of...

This paper empirically investigates market behavior and firms´ lobbying in a unified structural setup. In a sequential game, where firms lobby for regulation before they compete in the product market, we derive a destable measure of lobbying coordination. Applying the setting to the early U.S....

We consider the problem of estimating measures of precision of shrinkage-type estimators like their risk or distribution. The notion of shrinkage-type estimators here refers to estimators like the James-Stein estimator or Lasso-type estimators, as well as to "thresholding" estimators such as, e....

Anglo-Saxon countries have been successful in the 1990s concerning labor market performance compared to the former role models Germany and Japan. This reversal in relative economic performance might be related to idiosyncracies in financial markets with bank-based financial markets as in Germany...

This paper examines the stability of mixed-strategy Nash equilibria of sym- metric games, viewed as population profiles in dynamical systems with learning within a single, finite population. Alternative models of imitation and myopic best reply are considered and combined with different...

The Dixit-Stiglitz model is extended by the possibility for rms to un- dertake process innovation. The model can provide a new explanation to describe the relationship that research activity of rms is positively corre- lated with product market competition at low levels of competition, and...