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RAND Journal of Economics articles from December 2001
An academic journal featuring articles on macroeconomics. Focuses on industrial organization, regulation, law and economics. Includes empirical and theoretical papers analyzing market behavior and public policy.
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RAND Journal of Economics archives from December 2001
Competitive price discrimination.(Statistical Data Included)
December 22, 2001... We model firms as supplying utility directly to consumers. The equilibrium outcome of competition in utility space depends on the relationship [pi](u) between profit and average utility per consumer. Public policy constraints on the "deals"...
On the dynamics of standards.
December 22, 2001... I study a two-parameter family of rules governing the process of entry into a club. There are three types of agent: candidates desire to enter the club; judges vote on who should enter; elite are already in the club. Promotion requires that at...
Spatial competition in the network television industry.(Statistical Data Included)
December 22, 2001... We present an empirical study of spatial competition and a methodology to estimate demand for products with unobservable characteristics. Using panel data, we estimate a discrete-choice model with latent-product attributes and unobserved...
Information and the market for lemons.
December 22, 2001... This article revisits Akerlof's (1970) classic adverse-selection market and asks the following question: do greater information asymmetries reduce the gains from trade? Perhaps surprisingly, the answer is no. Better information on the selling...
On vertical mergers and their competitive effects.
December 22, 2001... It is well known that vertical integration can change the pricing incentive of an upstream producer. However, it has not been noticed that vertical integration may also change the pricing incentive of a downstream producer and the incentive of...
R&D networks.(research and development)
December 22, 2001... We develop a model of strategic networks that captures two distinctive features of interfirm collaboration: bilateral agreements and nonexclusive relationships. Our analysis highlights the relationship between market competition, firms'...
Bar codes lead to frequent deliveries and superstores.(Statistical Data Included)
December 22, 2001... This article explores the consequences of new information technologies, such as bar codes and computer tracking of inventories, for the optimal organization of retail. The first result is that there is a complementarity between the new...
Collateral versus project screening: a model of lazy banks.(Statistical Data Included)
December 22, 2001... Many economists argue that the primary economic function of banks is to provide cheap credit, and to facilitate this function, they advocate the strict protection of creditor rights. But banks can serve another important economic function: by...
Were the acquisitive conglomerates inefficient?(Statistical Data Included)
December 22, 2001... This article challenges the conventional wisdom that the 1960s conglomerates were inefficient. I offer valuation results consistent with recent event-study evidence that markets typically rewarded diversifying acquisitions. Using new data, I...
Multipollutant markets.(Statistical Data Included)
December 22, 2001... I study the optimal design of marketable permit systems to regulate various pollutants (e.g., air pollution in urban areas) when the regulator lives in a real world of imperfect information and incomplete enforcement. I show that the regulator...