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RAND Journal of Economics articles from September 2001
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 September 2001
Incentives versus transaction costs: a theory of procurement contracts.(private construction industry model)
September 22, 2001... Inspired by facts from the private-sector construction industry, we develop a model that explains many stylized facts of procurement contracts. The buyer in our model incurs a cost of providing a comprehensive design and is faced with a...
Asymmetric information in health insurance: evidence from the National Medical Expenditure Survey.(health insurance and health care choices risk model)
September 22, 2001... Adverse selection is perceived to be a major source of market failure in insurance markets. There is little empirical evidence on the extent of the problem. We estimate a structural model of health insurance and health care choices using data...
Optimal collusion with private information.(cartel competition model)(Statistical Data Included)
September 22, 2001... We analyze collusion in an infinitely repeated Bertrand game, where prices are publicly observed and each firm receives a privately observed, i.i.d, cost shock in each period. Productive efficiency is possible only if high-cost firms relinquish...
Vertical foreclosure in experimental markets.(Statistical Data Included)
September 22, 2001... We report the results of experiments designed to test recent theories of vertical foreclosure. Consistent with the theory, vertical integration improves the upstream firm's ability to commit to restricting output to the monopoly level, as does...
Competition in price and availability when availability is unobservable.(video rental industry model)
September 22, 2001... I present a strategic model of competition in price and availability in which demand is uncertain and consumers choose where to shop given firms' observable prices and their expectations of firms' unobservable inventories. In both a...
Limited-liability and incentive contracting with multiple projects.(project management efficiency model)
September 22, 2001... I examine a principal-agent model with multiple projects where a risk-neutral manager is protected by limited liability. The analysis has several interesting implications: (i) Incentive problems are shown to be a natural source of economies of...
Inside versus outside ownership: a political theory of the firm.
September 22, 2001... If contracting within the firm is incomplete, managers will expend resources on trying to appropriate a share of the surplus that is generated. We show that outside ownership may alleviate the deadweight losses associated with such costly...
On information sharing and incentives in R&D.(employees and the exchange of research and development data)
September 22, 2001... I investigate the issue of endogenous spillover of R&D information across firms through information exchange between their employees. Although the firms typically cannot observe and restrict communication between their employees in a direct...
Durable-goods monopoly with stochastic values.(consumer values variability model)(Statistical Data Included)
September 22, 2001... I analyze a durable-goods model that allows consumers' values to vary over time. The optimal mechanism for a monopolist is computed and compared to both the sales and leasing equilibria. I show that sales may implement the optimal strategy, and...