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RAND Journal of Economics articles from September 2003
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 2003
Regulatory inertia.
September 22, 2003... Regulatory independence from political control enlarges the collusive opportunities between regulators and interest groups. This is costly for current politicians because deterring capture becomes harder. However, independence also constrains...
Competitive equilibrium in a radial network.
September 22, 2003... In a competitive market over a network with finite capacity, we can focus without loss of generality on simple allocations, where the net transaction over a link is equal to the gross transaction over the same link. If a simple allocation can...
Exchanges of cost information in the airline industry.
September 22, 2003... We empirically analyze exchanges of cost information in a multimarket oligopoly model for the airline industry with entry and incomplete information on marginal costs. We develop an algorithm to solve the Nash equilibrium numerically. We...
Forward markets and signals of quality.
September 22, 2003... We analyze how information about quality may be conveyed via forward trading. A privately informed monopolist has the opportunity to make forward sales. Speculators and consumers, participating in the forward and the spot markets respectively,...
Horizontal mergers in the paper industry.
September 22, 2003... I examine mergers and acquisitions in the U.S. paper and paperboard industry, which experienced a wave of horizontal mergers during the mid-1980s. I describe how the mergers affected investment decisions, costs, and consumers, finding that...
An economic analysis of corporate directors' fiduciary duties.
September 22, 2003... I present a principal-agent model where the shareholders (principal) can take legal action against the director (agent). The court's decision provides a verifiable but costly and imperfect signal on the director's fulfillment of his fiduciary...
To grab for the market or to bide one's time: a dynamic model of entry.
September 22, 2003... We consider a simultaneous-move, dynamic-entry game. The fixed cost of entry is private information. Entering earlier increases the likelihood of being the monopolist but also increases the likelihood of coordination failure and simultaneous...
Preference externalities: an empirical study of who benefits whom in differentiated-product markets.
September 22, 2003... Theory predicts that in markets with increasing returns, the number of differentiated products, and the tendency to consume, will grow in market size. I document this phenomenon across 247 U.S. radio markets. By a mechanism that I term...
Procurement auctions and unit-price contracts.
September 22, 2003... In competitive procurement auctions, bids often have the form of unit-price contracts (UPCs). We show that optimal bidding behavior in UPC auctions is typically nonmonotonic and therefore may lead to inefficient allocations. However, UPC...
On the interplay of informational spillovers and payoff externalities.
September 22, 2003... Informational spillovers induce agents to outwait each other's actions in order to make more-informed decisions. If waiting is costly, we expect the best-informed agent, who has the least to learn from other agents' decisions, to take the first...