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RAND Journal of Economics articles from September 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 September 2006
Profit sharing (with workers) facilitates collusion (among firms).
September 22, 2006... We show how profit sharing by firms with workers facilitates collusion among firms in a dynamic oligopoly environment with uncertain demand. We first show that firm profits can always be increased by tying wages to market conditions. The...
Delegating management to experts.
September 22, 2006... Owners of property and assets frequently delegate decisions about operating and maintaining their property to managers who are better informed about local market conditions. We analyze how owners optimally contract with managers who vary in...
Internal promotion competitions in firms.
September 22, 2006... Using a sample of skilled workers from a cross section of establishments in four metropolitan areas of the United States, l present evidence suggesting that promotions are determined by relative worker performance. I then estimate a structural...
Sales and consumer inventory.
September 22, 2006... Temporary price reductions (sales) are common for many goods and naturally result in a large increase in the quantity sold. We explore whether the data support the hypothesis that these increases are, at least partly, due to demand...
The benefits of extended liability.
September 22, 2006... We characterize the optimal regulation of a firm that undertakes an environmentally risky activity. This firm (the agent) is protected by limited liability and bound by contract to a stakeholder (the principal). The level of safety care exerted...
Multiproduct Cournot oligopoly.
September 22, 2006... We study a Cournot industry in which each firm sells multiple quality-differentiated products. We use an upgrades approach, working not with the actual products but instead with upgrades from one quality to the next. The properties of...
The role of firm characteristics in pharmaceutical product launches.
September 22, 2006... I examine the determinants of new pharmaceutical launches since 1980 in G7 nations. Both market and firm characteristics, and their interaction, are important in explaining entry. New drugs are 1.5 times more likely to be launched in markets...
An empirical model of firm entry with endogenous product-type choices.
September 22, 2006... I describe a model of entry with endogenous product-type choices. These choices are formalized as the outcomes of a game of incomplete information in which rivals' differentiated products have nonuniform competitive effects on profits. I...
Introduction.(Institute of Industrial Economics' conference on two-sided markets)
September 22, 2006... In January 2004, the Institut D'Economie Industrielle (IDEI) at Toulouse University and the Center for Economic Policy Research (CEPR) sponsored a conference on the economics of two-sided markets. Two-sided (or, more generally, multi-sided)...
Two-sided markets: a progress report.
September 22, 2006... We provide a road map to the burgeoning literature on two-sided markets and present new results. We identify two-sided markets with markets in which the structure, and not only the level of prices charged by platforms, matters. The failure of...
Competition in two-sided markets.
September 22, 2006... Many markets involve two groups of agents who interact via "platforms," where one group's benefit from joining a platform depends on the size of the other group that joins the platform. I present three models of such markets: a monopoly...
Your network or mine? The economics of routing rules.
September 22, 2006... In many markets, including payment cards and telecommunications, service providers operate networks that support customer transactions with each other. When the two sides of a transaction belong to more than one network in common, the question...
Pricing and commitment by two-sided platforms.
September 22, 2006... I study pricing and commitment by platforms in two-sided markets with the following characteristics: (i) platforms are essential bottleneck inputs for buyers and sellers transacting with each other; (ii) sellers arrive before buyers; and (iii)...
Quantifying equilibrium network externalities in the ACH banking industry.(automated clearing house)
September 22, 2006... We seek to determine the causes and magnitudes of network externalities for the automated clearing house (ACH) electronic payments system. We construct an equilibrium model of customer and bank adoption of ACH. We structurally estimate the...