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RAND Journal of Economics articles from March 22 2009
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 22 2009
Price discrimination in input markets.
March 22, 2009... We analyze the short- and long-run implications of third-degree price discrimination in input markets. In contrast to the extant literature, which typically assumes that the supplier is an unconstrained monopolist, in our model input prices are...
An empirical investigation of the welfare effects of banning wholesale price discrimination.
March 22, 2009... Economic theory does not provide sharp predictions on the welfare effects of banning wholesale price discrimination: if downstream cost differences exist, then discrimination shifts production inefficiently, toward high-cost retailers, so a ban...
Managerial hedging, equity ownership, and firm value.
March 22, 2009... Suppose risk-averse managers can hedge the aggregate component of their exposure to firm's cash-flow risk by trading in financial markets but cannot hedge their firm-specific exposure. This gives them incentives to pass up firm-specific...
Market participation in delegated and intrinsic common-agency games.
March 22, 2009... We study how competition in nonlinear pricing between two principals (sellers) affects' market participation by a privately informed agent (consumer). When participation is restricted to all or nothing ("intrinsic" agency), the agent must...
Efficient tournaments within teams.
March 22, 2009... We analyze incentive problems in team and partnership structures where the only available information to condition a contract on is a partial and noisy ranking which specifies who comes first in efforts among the competing partners. This...
Vertical restraints and horizontal control.
March 22, 2009... This article considers vertical restraints in a setting in which duopoly retailers each sell more than one manufactured good. Vertical restraints by a dominant manufacturer enable the firm to acquire horizontal control over a competitively...
Corporate fraud and investment distortions in efficient capital markets.
March 22, 2009... Inefficient investment allocation induced by corporate fraud, where informed insiders strategically manipulate outside investors' beliefs, has been endemic historically and has recently attracted much attention. We reconcile corporate fraud and...
Costly participation and heterogeneous preferences in informational committees.
March 22, 2009... Informational committees are groups of people who are designated to gather information. This article develops a simple model of committee size based on costly participation and preference heterogeneity. In a setting in which the information...
Coordination and delay in hierarchies.
March 22, 2009... This article studies hierarchical organizations where concerns for fast execution are important and employees must be coordinated to avoid wasteful duplications of effort. Simple conditions are provided for the time spent on coordinating...