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RAND Journal of Economics articles from March 2006
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 2006
Partnership dissolution with interdependent values.
March 22, 2006... We study partnership dissolution when valuations are interdependent and only one party is informed. In contrast with the case of private values (Cramton, Gibbons, and Klemperer, 1987), in which efficient trade is feasible whenever initial...
Designing electricity auctions.
March 22, 2006... Motivated by the new auction format in the England and Wales electricity market, as well as the recent debate in California, we characterize bidding behavior and market outcomes in uniform and discriminatory electricity auctions. Uniform...
Predation and its rate of return: the sugar industry, 1887-1914.(American Sugar Refining Co.)
March 22, 2006... We show that the price wars following two major entry episodes were predatory. Our proof is twofold: by direct comparison of price to marginal cost, and by construction of a lower bound to predicted competitive price-cost margins that we show...
Sequential auctions: theory and evidence from the Seattle Fur Exchange.
March 22, 2006... We develop a model that incorporates salient features of the Seattle Fur Exchange: identical lots of furs are auctioned sequentially, bids must be raised by specified increments, and the winner of a lot has the privilege of beginning the...
Partial cross ownership and tacit collusion.
March 22, 2006... We examine the effects that passive investments in rival firms have on the incentives of firms to engage in tacit collusion. In general, these incentives depend in a complex way on the entire partial cross ownership (PCO) structure in the...
Incentives, wages, and promotions: theory and evidence.
March 22, 2006... I study an incentive problem that has been largely ignored in the agency literature: incentives for repeated (human capital) investment. The optimal contract is very simple but still provides rich implications for incentive and wage structures...
Damaged durable goods.(incentives calculations)
March 22, 2006... I analyze a durable-goods monopolist's incentives to introduce a damaged good (a stripped-down version of the original good) in an infinite-horizon framework. The damaged good helps the monopolist to mitigate the Coasian time-inconsistency...
Cooperative investments induced by contract law.
March 22, 2006... I revisit the economic analysis of contract law for a setting of cooperative investments. While Che and Chung (1999) have shown that expectation damages perform rather poorly, I argue that this negative result follows from their implicit...
Aggressive leaders.(strategic investments)
March 22, 2006... I characterize the incentives to undertake strategic investments in markets with Nash competition and endogenous entry. Contrary to the case with an exogenous number of firms, when the investment increases marginal profitability, only a "top...
Reputational cheap talk.(private information reporting)
March 22, 2006... We analyze information reporting by a privately informed expert concerned about being perceived to have accurate information. When the expert's reputation is updated on the basis of the report as well as the realized state, the expert typically...
Best foot forward or best for last in a sequential auction?
March 22, 2006... Should a seller with private information sell the best or worst goods first? Considering the sequential auction of two stochastically equivalent goods, we find that the seller has an incentive to impress buyers by selling the better good first...
Field experiments on the effects of reserve prices in auctions: more Magic on the Internet.
March 22, 2006... I present experimental evidence on the effects of minimum bids in first-price, sealed-bid auctions. The auction experiments manipulated the minimum bids in a preexisting market on the Internet for collectible trading cards from the game Magic:...
National versus international mergers in unionized oligopoly.
March 22, 2006... We analyze how the presence of trade unions affects the pattern of mergers in an international oligopoly and the welfare implications thereof. We find that wages for the merger participants are always lower when they merge internationally,...