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RAND Journal of Economics articles from March 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 March 2002
Prices and the winner's curse.
March 22, 2002... We usually assume that increases in supply, allocation by rationing, and exclusion of potential buyers reduce prices. But all these activities raise the expected price in an important set of cases when common-value assets are sold. Furthermore,...
Learning by doing and dynamic regulation.
March 22, 2002... From experience, regulated monopolists learn to employ cost-reducing innovations. We characterize the optimal regulation of an innovating monopolist with unknown costs. Regulatory policy is designed to minimize current costs of service while...
Firm survival and the evolution of oligopoly.
March 22, 2002... After their commercial introduction, the number of producers of automobiles, tires, televisions, and penicillin initially grew and then experienced a sharp decline or shakeout. Guided by an evolutionary model of entry and exit, firm survival...
Using auctions to reward tournament winners: theory and experimental investigations.
March 22, 2002... This article explores theoretical and experimental implications of using auctions to reward winners of research tournaments. This process is a hybrid of the research tournament for a prize and a first-price auction held after the research is...
Pricing and R&D when consumption affects longevity.
March 22, 2002... We analyze goods for which the amount of consumption determines the duration of consumption, focusing on health-related consumption that affects longevity. The characteristics of the demand for such goods lead to unique predictions about...
"Rip-off" ATM surcharges.
March 22, 2002... We develop a spatial model in which we endogenize both the pricing of ATM services by banks and the choice of home bank and ATM use by consumers. The equilibrium delivers the empirical regularities: Banks set high bank account fees for their...
Sticky prices, inventories, and market power in wholesale gasoline markets.
March 22, 2002... A model with costly adjustment of production and costly inventories implies that wholesale gasoline prices will respond with a lag to crude oil cost shocks. Unlike explanations that rely upon menu costs, imperfect information, or long-term...
A comparison of auctions and multilateral negotiations.
March 22, 2002... We compare first-price auctions to an exchange process that we term "multilateral negotiations." In multilateral negotiations, a buyer solicits price offers for a homogeneous product from sellers with privately known costs, and then plays the...
The 1.5th mover advantage.
March 22, 2002... There has been much discussion about the timing of moves in games. However, one assumption usually goes unquestioned, namely, that of an irrevocable commitment of the first mover In many cases this is not realistic, since final commitments are...