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RAND Journal of Economics articles from March 2004
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 2004
Little patents and big secrets: managing intellectual property.
March 22, 2004... Exploitation of an innovation commonly requires some disclosure of enabling knowledge (e.g., to obtain a patent or induce complementary investment). When property rights offer only limited protection, the value of the disclosure is offset by...
Capacity dynamics and endogenous asymmetries in firm size.(economic analysis)
March 22, 2004... Empirical evidence suggests that there are substantial and persistent differences in the sizes of firms in most industries. We propose a dynamic model of capacity accumulation that is consistent with the observed facts. The model highlights the...
Competitive procurement with corruption.(microeconomic analysis)
March 22, 2004... We study competitive procurement administered by a corrupt agent who is willing to manipulate his evaluation of contract proposals in exchange for bribes. With complete information and no corruption, the efficient firm will win the contract for...
Bankruptcy and small firms' access to credit.
March 22, 2004... We investigate how personal bankruptcy law affects small firms' access to credit. When a firm is unincorporated, its debts are personal liabilities of the firm's owner, so that lending to the firm is legally equivalent to lending to its owner....
On the "receiver-pays" principle.(microeconomic analysis of telephone call receiving mechanism)
March 22, 2004... This article extends the theory of network competition by allowing receivers to derive a surplus from receiving calls and to affect the volume of communications by hanging up. We investigate how receiver charges affect internalization of the...
Exit in duopoly under uncertainty.
March 22, 2004... I examine a declining duopoly in which the firms must choose when to exit from the market. The uncertainty is modelled by letting the revenue stream follow a geometric Brownian motion. I consider the Markov-perfect equilibrium in firms' exit...
Patterns of retail price variation.(econometric analysis)
March 22, 2004... We examine retail price variation across a range of goods and regions of the United States. We find that the typical grocery product has a regular price and stays at that price at least 50% of the time, and that most deviations from that...
Divisible-good auctions: the role of allocation rules.(econometric analysis)
March 22, 2004... We examine the role of allocation rules in determining the set of equilibrium prices in uniform-price auctions. Beginning with Wilson (1979), the theoretical literature has argued that these auctions are subject to possible low equilibrium...
Rivals' search for buried treasure: competition and duplication in R&D.
March 22, 2004... We analyze an R&D race in which, in each period, two firms each choose which of two research projects to invest in. Each observes the other's past choices and so strategic" search is possible. Equilibrium is efficient if the projects differ...
Announcement, entry, and preemption when consumers have switching costs.(econometric analysis)
March 22, 2004... I study the incentives of innovating firms to announce their entry in markets in which consumers incur a cost of switching from one product to another. Announcing entry can prevent the lock-in of potential demand before the launch of the new...