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RAND Journal of Economics articles from December 2002
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 2002
Cooperation among competitors: some economics of payment card associations.
December 22, 2002... We analyze platforms in two-sided markets with network externalities, using the specific context of a payment card association. We study the cooperative determination of the interchange fee by member banks. The interchange fee is the "access...
When does start-up innovation spur the gale of creative destruction?
December 22, 2002... This article studies the determinants of commercialization strategy for start-up innovators. We examine whether the returns on innovation are earned through product market competition or through cooperation with established firms (through...
Informational externalities in settlement bargaining: confidentiality and correlated culpability.
December 22, 2002... We explore informational externalities that arise when multiple plaintiffs are harmed by the behavior or product of a single defendant. An early plaintiff is likely to raise the awareness of a later plaintiff and the later plaintiff will be...
Incentive regulatory policies: the case of public transit systems in France.
December 22, 2002... We assess the empirical relevance of the new theory of regulation, using a principal-agent framework to study the regulatory schemes used in the French urban transport industry. Taking the current regulatory schemes as given, the model of...
Too cool for school? Signalling and countersignalling.
December 22, 2002... In signalling environments ranging from consumption to education, high-quality senders often shun the standard signals that should separate them from lower-quality senders. We find that allowing for additional, noisy information on sender...
Intrinsic motivation and optimal incentive contracts.
December 22, 2002... I study the role of intrinsic motivation on optimal incentive contracts. Agents engage in efforts to generate projects with both financial return and intrinsic value to the agent. In a neutral environment, where intrinsic motivation has no...
Noncapital investment costs and the adoption of CAD and CNC in U.S. metalworking industries.
December 22, 2002... Many studies have shown that firm size is the strongest and most consistent predictor of the adoption of technological innovations, but the causes for this relationship are debated. I investigate the relationships between various size measures...
Standard auctions with identity-dependent externalities.
December 22, 2002... I analyze equilibrium bidding behavior in the open ascending-bid auction with identity-dependent externalities. With reciprocal externalities, the allocation is determined by bidders' consumption values alone. With large nonreciprocal...
Bid costs and endogenous bid caps.
December 22, 2002... We study contests where several privately informed agents bid for a prize. All bidders bear a cost of bidding that is an increasing function of their bids, and, moreover, bids may be capped. We show that regardless of the number of bidders, if...
Contracting, gatekeepers, and unverifiable performance.
December 22, 2002... A group of diverse principals who represent an institution contract with an agent for the production of a two-dimensional commodity. One dimension of the agent's production is verifiable, while the other is unverifiable. The principals can...