Areeda and Turner (1975) were the first to argue that a price below marginal costs should be considered a sign of predation. Recognizing that marginal cost data were typically unavailable, the authors concluded that a price below average variable cost should be presumed unlawful. This socalled...

This paper introduces a method for computing the maximum volume inscribed ellipsoid and k-ball of a projected polytope. It is known that deriving an explicit description of a projected polytope is NP-hard. By using adjustable robust optimization techniques, we construct a computationally...

The Great Recession is characterized by a GDP-decline that was unprecedented in the past decades. This paper discusses the implications of the Great Recession analyzing labor market data from 20 OECD countries. Comparing the Great Recession with the 1980s recession it is concluded that there is...

We study financial contagion in an experimental market. There are two assets and an exogenous shock reduces the value of one of the two assets. Whether and how the other asset is affected depends on the correlation between the underlying values of the two assets. In some trials, the...

In this paper we study distributionally robust constraints on risk measures (such<br/>as standard deviation less the mean, Conditional Value-at-Risk, Entropic Value-at-Risk) of decision-dependent random variables. The uncertainty sets for the discrete probability distributions are defined using...

This paper studies the causes and consequences of in-season changes of the headcoach of association football teams. We exploit data from the highest level of<br/>Dutch professional football during 14 successive seasons. An in-season change of<br/>the head-coach depends on recent match results and the...

Background: General Practitioners have limited means to compete. As quality is hard to observe by patients, GPs have incentives to signal quality by using instruments patients perceive as quality.<br/>Objectives: We investigate whether GPs exhibit different prescribing behavior (volume and value of...

Cannabis is the most popular illegal drug. Its legal status is typically justified on<br/>the grounds that cannabis use has harmful consequences. Empirically investigating<br/>this issue has been a fertile topic for research in recent times. We provide an<br/>overview of this literature, focusing on studies...

In this paper we document evidence of systemic risk taking from syndicated loan<br/>pricing. Using U.S. syndicated loan data, we find that the borrower's idiosyncratic risk is positively priced whereas systematic risk is negatively related to loan spreads, controlling for firm, loan and bank specific...

The Shapley value for directed graph (digraph) games, TU games with limited cooperation introduced by an arbitrary digraph prescribing the dominance relation among the players, is introduced. It is defined as the average of marginal contribution vectors corresponding to all permutations that do...