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RAND Journal of Economics articles from December 2006
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 2006
Signalling and the design of delegated management contracts for public utilities.
December 22, 2006... We analyze the shape of contracts between local governments and the contractors they hire to run public facilities on their behalf. Governments are privately informed about the quality of the facility, while risk-neutral contractors undertake a...
Asymmetric information in insurance: general testable implications.
December 22, 2006... Several recent articles on empirical contract theory and insurance have tested for a positive correlation between coverage and ex post risk, as predicted by standard models of pure adverse selection or pure moral hazard. We show here that the...
Retail electricity competition.(Company overview)
December 22, 2006... We analyze a number of unstudied aspects of retail electricity competition. We first explore the implications of load profiling of consumers whose traditional meters do not permit the measurement of their real-time consumption. The combination...
Screening when some agents are nonstrategic: does a monopoly need to exclude?
December 22, 2006... We characterize the optimal screening mechanism for a monopolist facing consumers with privately known demands, some of whom have limited abilities to misrepresent their preferences. We show that consumers with better abilities to misrepresent...
Spin-outs: knowledge diffusion through employee mobility.
December 22, 2006... In many industries, one important method of diffusion is through employee mobility: many of the entering firms are started by employees from incumbent firms using some of their former employer's technological know-how. This article explores the...
Submarkets and the evolution of market structure.
December 22, 2006... We construct a model of industry evolution in which the central force for change is the creation and destruction of submarkets. Firms expand when they are able to exploit new opportunities that arrive in the form of submarkets; they contract...
Coordination versus differentiation in a standards war: 56K modems.(Company overview)
December 22, 2006... 56K modems were introduced under two competing incompatible standards. We show the importance of competition between internet service providers in the adoption process. We show that ISPs were less likely to adopt the technology that more...
Dynamic monopoly pricing and herding.
December 22, 2006... We study dynamic pricing by a monopolist selling to buyers who learn from each other's purchases. The price posted in each period serves to extract rent from the current buyer, as well as to control the amount of information transmitted to...
Social learning and health plan choice.
December 22, 2006... I use data from the University of California to empirically examine the role of social learning in employees' choices of health plans. The basic empirical strategy starts with the observation that if social learning is important, health plan...
To bundle or not to bundle.
December 22, 2006... Comparing monopoly bundling with separate sales is relatively straightforward in an environment with a large number of goods. We show that results similar to those for the asymptotic case can be obtained in the more realistic case with a given...
Spatial competition in retail markets: movie theaters.
December 22, 2006... Retail markets are extremely important, but economists have few practical tools for analyzing the way dispersed buyers and sellers affect the properties of markets. I develop an econometric model of retail demand in which products are location...
Price, quality, and reputation: evidence from an online field experiment.
December 22, 2006... We examine the link between price, quality, seller claims, and seller reputation in Internet auctions. After purchasing actual baseball cards and having them professionally graded, we find that some buyers in the online graded market are misled...
An empirical study of auction revenue rankings: the case of municipal bonds.
December 22, 2006... Using a novel dataset of 386 first-price municipal bond auctions held in California, I perform counterfactual revenue comparisons, based on the theoretical result of Milgrom and Weber (1982). I show that the revenue in the second-price auction...