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Negative externalities and equilibrium existence in competitive markets with adverse selection
von Siemens, Ferdinand; Kosfeld, Michael - 2009
on existing theories of competition in markets with adverse selection. …
Persistent link: https://www.econbiz.de/10010276700
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Non-Exclusive Competition in the Market for Lemons
Attar, Andrea; Mariotti, Thomas; Salanié, François - 2009
We consider an exchange economy in which a seller can trade an endowment of a divisible good whose quality she privately knows. Buyers compete in menus of non-exclusive contracts, so that the seller may choose to trade with several buyers. In this context, we show that an equilibrium always...
Persistent link: https://www.econbiz.de/10014199733
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Worker Self-Selection and the Profits from Cooperation
Kosfeld, Michael; Siemens, Ferdinand von - 2021
We investigate a competitive labor market with team production. Workers differ in their motivation to exert team effort and types are private information. We show that there can exist a separating equilibrium in which workers self-select into different firms and firms employing cooperative...
Persistent link: https://www.econbiz.de/10013324735
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Incentive schemes, private information and the double-edged role of competition for agents
Bannier, Christina E.; Feess, Eberhard; Packham, Natalie - 2014
This paper examines the effect of imperfect labor market competition on the efficiency of compensation schemes in a …-dependent exit options for agents. In contrast to screening models with perfect competition, we find that existence of equilibria … that the efficiency of variable pay depends on the degree of competition for agents: For small degrees of competition, low …
Persistent link: https://www.econbiz.de/10010411960
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Negative externalities and equilibrium existence in competitive markets with adverse selection
Siemens, Ferdinand von; Kosfeld, Michael - 2009
on existing theories of competition in markets with adverse selection. -- Asymmetric information ; competition ; adverse …
Persistent link: https://www.econbiz.de/10003831629
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Incentive schemes, private information and the double-edged role of competition for agents
Bannier, Christina E.; Feess, Eberhard; Packham, Natalie; … - 2016
This paper examines the effect of imperfect labor market competition on the efficiency of compensation schemes in a … high degrees of vertical differentiation, i.e. low competition, low-ability agents are under-incentivized and exert too … little effort. For high degrees of competition, high-ability agents are over-incentivized and bear too much risk. For a range …
Persistent link: https://www.econbiz.de/10011498942
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Liquidity, Moral Hazard and Inter-Bank Market Collapse
Kharroubi, Enisse; Vidon, Edouard - 2010
This paper proposes a framework to analyze the functioning of the inter-bank liquidity market and the occurrence of … derive two main results. First inter-bank market collapse is an equilibrium. Second such an equilibrium is more likely when … (i) the individual probability of the liquidity shock is lower, (ii) ex ante competition between banks on illiquid long …
Persistent link: https://www.econbiz.de/10014191140
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Negative Externalities and Equilibrium Existence in Competitive Markets with Adverse Selection
von Siemens, Ferdinand - 2009
on existing theories of competition in markets with adverse selection …
Persistent link: https://www.econbiz.de/10012763924
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An Information Economics Perspective on Main Bank Relationships and Firm R&D
Höwer, Daniel - 2011
distributed between inventors and investors. As a result, bank lending for firm R&D has been rare. However, firms can signal the … potential to alter the risk assessment of the firm's main bank. Additionally, we explore heterogeneities in these risk … assessments arising from the industry level and the main bank's portfolio. We test our theoretical predictions for a sample of …
Persistent link: https://www.econbiz.de/10013121196
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An Information Economics Perspective on Main Bank Relationships and Firm R&D
Höwer, Daniel - 2016
distributed between inventors and investors. As a result, bank lending for firm R&D has been rare. However, firms can signal the … potential to alter the risk assessment of the firm's main bank. Additionally, we explore heterogeneities in these risk … assessments arising from the industry level and the main bank's portfolio. We test our theoretical predictions for a sample of …
Persistent link: https://www.econbiz.de/10012991022