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RAND Journal of Economics articles from June 2008
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 June 2008
A theory of factor allocation and plant size.
June 22, 2008... This article develops a theory of how capital, skilled labor, and unskilled labor interact at the plant level. The theory has implications for the relationship between factor allocation and plant size and the effects of trade and growth on the...
Costly contracting in a long-term relationship.
June 22, 2008... We examine a model of contracting where parties interact repeatedly and can contract at any point in time, but writing formal contracts is costly. A contract can describe the external environment and the parties' behavior in a more or less...
Parallel imports and price controls.
June 22, 2008... Price controls create opportunities for international arbitrage. Man), have argued that such arbitrage, if tolerated, will undermine intellectual property rights and dull the incentives for investment in research-intensive industries such as...
Incentives and invention in universities.
June 22, 2008... We show that universities in the United States that provide stronger royalty incentives to faculty scientists generate greater license income, controlling for university characteristics. We use pre-sample data on university patenting to control...
Optimal rewards in contests.
June 22, 2008... We study all-pay contests with effort-dependent rewards under incomplete information. A contestant's value to winning depends not only on his type but also on the effort-dependent reward chosen by the designer We analyze which reward is optimal...
Durable goods and conformity.
June 22, 2008... A consumer's demand for a durable good is governed not only by his individual preferences but also by preferences of other market participants. This interdependence of preferences arises from the inevitable resale of durable goods. If most...
Sustaining implicit contracts when agents have career concerns: the role of information disclosure.
June 22, 2008... Firms often augment career concerns incentives with implicit incentive contracts. I formalize the interaction between these two incentives, and highlight its implications on a firm's decision to disclose its workers 'productivity information....
Information feedback in first price auctions.
June 22, 2008... I apply the notion of a self-confirming equilibrium (SCE) to study how feedback in first price auctions influences bidders' perceptions about their strategic environment, and consequently their bidding behavior. In a private values setting,...
Learning by bidding.
June 22, 2008... We analyze a dynamic second-price auction with an informed bidder and an uninformed bidder who, upon seeing a posted price, learns whether his valuation is above that price. In the essentially unique equilibrium, an informed bidder bids in the...
Durable goods and residential demand for energy and water: evidence from a field trial.
June 22, 2008... This article describes a household production model in which energy-efficient durable goods cost less to operate so households may use them more. The model is estimated using household-level data from a field trial in which participants...
Search with learning: understanding asymmetric price adjustments.
June 22, 2008... In many retail markets, prices rise faster than they fall. We develop a model of search with learning to explain this phenomenon of asymmetric price adjustments. By extending our static game analysis to the dynamic setting, we demonstrate that...
Work-related perks, agency problems, and optimal incentive contracts.
June 22, 2008... Work-related perks, such as corporate jets, nice offices, and so forth, improve the tradeoff between incentives and insurance that determines the optimal incentive contract. We show that (i) such perks may be offered even if their direct...
Short-term fluctuations in hospital demand: implications for admission, discharge, and discriminatory behavior.
June 22, 2008... We analyze admission and discharge decisions when hospitals become capacity constrained on high-demand days, and develop a test for discrimination that, under certain circumstances, does not require controls for differences across patient...
Laboratory evidence on the effectiveness of corporate leniency programs.
June 22, 2008... The number of cartels detected in the United States and in Europe has increased considerably since the introduction of corporate leniency programs in antitrust legislation. It cannot, however, be ruled out that this apparent success results in...