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RAND Journal of Economics articles from March 2003
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 2003
Bargaining, mergers, and technology choice in bilaterally oligopolistic industries.
March 22, 2003... We analyze up- and downstream market structure and the choice of technology in a bilaterally oligopolistic industry. The distribution of industry profits between up- and downstream firms is determined by a procedure of bilateral negotiations,...
An R&D race with knowledge accumulation.
March 22, 2003... I develop a model of an R&D race with knowledge accumulation. My model does not inherit the memorylessness property of the exponential distribution that troubles existing models of R&D races. Hence, firms' knowledge stocks are no longer...
On nonexclusive membership in competing joint ventures.
March 22, 2003... We evaluate the competitive and governance effects of "duality." Duality refers to the joint membership (e.g., by banks) in competing associations or joint ventures (e.g., Visa and MasterCard). We first show that the not-for-profit nature of...
A theory of joint asset ownership.
March 22, 2003... I offer a theory of joint ownership by extending the standard property right theory of the firm to situations where parties can endogenously choose the degree of specificity of their investments (i.e., both the type of investment--specific and...
The use of "most-favored-nation" clauses in settlement of litigation.
March 22, 2003... Many settlement contracts in litigation involving multiple plaintiffs (or multiple defendants) include "most-favored-nation" (MFN) clauses. If an early settlement includes an MFN and the defendant settles later with another plaintiff for more...
Forced out of the closet: the impact of the American Inventors Protection Act on the timing of patent disclosure.
March 22, 2003... Beginning in November 2000, patent applications filed in the United States are disclosed after 18 months, rather than when the patent is granted. Using U.S. patent data from 1976 to 1996, we find that major inventions are most likely to be...
Risk taking and optimal contracts for money managers.
March 22, 2003... We study delegated portfolio management when the agent controls the riskiness of the portfolio. Under general conditions, we show that the optimal contract is simply a bonus contract: the agent is paid a fixed sum if the portfolio return is...
The effect of time-to-build on strategic investment under uncertainty.
March 22, 2003... We show that time-to-build, which creates a lag between the decision to invest and production, is an important element of industry structure. We study a multiperiod investment game where there is demand uncertainty. Adding time-to-build to the...
An analysis of stock recommendations.
March 22, 2003... We study the information content of stock reports when investors are uncertain about a financial analyst's incentives. Incentives may be aligned, in which case the analyst wishes to credibly convey information, or incentives may be misaligned....