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RAND Journal of Economics articles from March 2000
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 March 2000
Incentive auctions and information revelation.
March 22, 2000... We study an incentive auction in which multiple principals bid for the exclusive services, or effort, of a single agent. Each principal has private information about her valuation for these services, and the agent has private information about...
The impact of regulation on CEO labor markets.
March 22, 2000... I examine empirically whether the executive labor market helps to slot managers with higher education quality into jobs where they can obtain greater returns from their human capital skills. Comparing a sample of regulated gas and electric...
The scope and organization of production: firm dynamics over the learning curve.(Statistical Data Included)
March 22, 2000... I introduce a Bayesian-learning model of the firm to account for a variety of empirical facts about firms. The many tasks the firm can undertake (the scope of the firm) are informationally related, so that the firm can enjoy some economies of...
An equilibrium theory of rationing.
March 22, 2000... Committing to prices that result in rationing may be more profitable than setting market-clearing prices if customers must make sunk investments to enter the market. Rationing is ex post inefficient, but it gives more surplus to lower-value...
Stock-related compensation and product-market competition.(Statistical Data Included)
March 22, 2000... I show that as long as the stock market has perfect foresight, profits are distributed as dividends, and incentives are paid more than once or are deferred, stock-related compensation packages are strong incentives for managers to support tacit...
The dynamics of technological adoption in hardware/software systems: the case of compact disc players.(Statistical Data Included)
March 22, 2000... We examine the diffusion of a hardware/software system. For such systems there is interdependence between the hardware-adoption decisions of consumers and the supply decisions of software manufacturers. Hence there can be bottlenecks to the...
Sentencing guidelines, judicial discretion, and plea bargaining.
March 22, 2000... The United States Sentencing Commission was created to develop federal sentencing guidelines, which restrict judicial discretion and were found to increase the average sentence length while leaving unchanged the likelihood of resolution through...
The effects of government-industry R&D programs on private R&D: the case of the Small Business Innovation Research program.(research and development)(Statistical Data Included)
March 22, 2000... I ask whether government-industry commercial R&D grants increase private R&D. Regressing some measure of innovation on the subsidy can establish a correlation between grants and R&D, but it cannot determine whether grants increase firm R&D or...
A competitive theory of equilibrium and disequilibrium unravelling in two-sided matching.
March 22, 2000... I offer a competitive explanation for the rush toward early contracting in matching markets. The explanation does not rely on market power, strategic motives, or instability of the assignment mechanism. Uncertainty about workers' ability will...
Security analysts' career concerns and herding of earnings forecasts.
March 22, 2000... Several theories of reputation and herd behavior (e.g., Scharfstein and Stein (1990), and Zwiebel (1995)) suggest that herding among agents should vary with career concerns. Our goal is to document whether such a link exists in the labor market...