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RAND Journal of Economics articles from March 2005
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 2005
Corruption and competition in procurement auctions.
March 22, 2005... We investigate the effect of corruption on competition in procurement. Our assumption is that the bureaucrat (i.e., the agent that administers the market), if corrupt, may provide an opportunity for bid readjusments in exchange for a bribe. As...
Market value and patent citations.
March 22, 2005... We explore the usefulness of patent citations as a measure of the "importance" of a firm's patents, as indicated by the stock market valuation of the firm's intangible stock of knowledge. Using patents and citations for 1963-1995, we estimate...
Tacit collusion, cost asymmetries, and mergers.
March 22, 2005... This article contributes to the analysis of tacit collusion in quantity-setting supergames involving cost-asymmetric firms. Asymmetry is dealt with by assuming that firms have a different share of a specific asset that affects marginal costs....
Minimum asset requirements and compulsory liability insurance as solutions to the judgment-proof problem.
March 22, 2005... Minimum asset and liability insurance requirements must often be met in order for parties to participate in potentially harmful activities. Such financial responsibility requirements may improve parties' decisions whether to engage in harmful...
Moral hazard severity and contract design.
March 22, 2005... In an agency setting where the agent must be compensated both to exert effort to produce a new project and to announce honestly when the new project has been produced, we show that Holmstrom's (1979) well-known "informativeness criterion" does...
Competition and disclosure incentives: an empirical study of HMOs.(health maintenance organizations)
March 22, 2005... I examine health maintenance organizations' (HMOs) voluntary disclosure of product quality, which is not as complete as unravelling theories predict. After controlling for cost and demand factors, I find that HMOs use voluntary disclosure to...
When do experts cheat and whom do they target?
March 22, 2005... A credence good is a product or service whose usefulness or necessity is better known to the seller than to the buyer. This information asymmetry often persists even after the credence good is consumed. I propose two new theories of expert...
Targeting managerial control: evidence from franchising.
March 22, 2005... Franchisors simultaneously operate outlets under two distinct incentive schemes: franchising and company ownership. Using an extensive panel dataset, we show that experienced franchisors maintain a stable level of corporate ownership over time....
Internal control versus external manipulation: a model of corporate income tax evasion.
March 22, 2005... We offer a formal model of corporate income tax evasion. While individual tax evasion is essentially a portfolio-selection problem, corporate income tax evasion is much more complicated. When the owner of a firm decides to evade taxes, not only...
Tenure dependence in consumer-firm relationships: an empirical analysis of consumer departures from automobile insurance firms.
March 22, 2005... A typical pattern in markets featuring long-term consumer-firm relationships is for departure probabilities to decline with tenure. A crucial question is whether this actually implies increasing consumer preference for firms, if so, firms...
The strategic impact of resource flexibility in business groups.
March 22, 2005... We show that in business groups with efficient internal capital markets, resources may be channelled to either more- or less-profitable units. Depending on the amount of internal resources, a group may exit a market in response to increased...
Incentives in internal capital markets: capital constraints, competition, and investment opportunities.
March 22, 2005... We examine the effect of competition for scarce corporate financial resources on managers' incentives to generate profitable investment opportunities. Operating an active internal capital market is unambiguously beneficial only if divisions...