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RAND Journal of Economics articles from September 2007
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 2007
Advertising dynamics and competitive advantage.(Statistical table)
September 22, 2007... Can advertising lead to a sustainable competitive advantage? To answer this question, we propose a dynamic model of advertising competition where firms repeatedly advertise, compete in the product market, and make entry as well as exit...
Go for broke or play it safe? Dynamic competition with choice of variance.
September 22, 2007... We consider a differential game in which the joint choices of the two players influence the variance, but not the mean, of the one-dimensional state variable. We show that a pure strategy perfect equilibrium in stationary Markov strategies (ME)...
The design of patent pools: the determinants of licensing rules.(Statistical table)
September 22, 2007... Patent pools are an important but little-studied economic institution. In this article, we first make a set of predictions about the licensing terms associated with patent pools. The theoretical framework predicts that (i) pools consisting of...
Do investors forecast fat firms? Evidence from the gold-mining industry.(Statistical table)
September 22, 2007... Conventional economic theory assumes that firms minimize costs given output, but news articles and managers indicate that firms cut costs when they are in economic distress and grow fat when they are relatively wealthy. Under conventional...
The role of lockups in takeover contests.(Statistical data)
September 22, 2007... We examine breakup fees and stock lockups as devices for prospective target firms to encourage bidder participation in takeover contests. Unless bidding costs for the first bidder are too high, breakup fees provide for the socially desirable...
Signalling and entry deterrence: a multidimensional analysis.(analysis of pricing)
September 22, 2007... I consider whether a privately informed incumbent can use limit pricing and upward distortions in advertising to deter profitable entry. Profitable entry is not deterred when the incumbent is privately informed only about its cost type....
The economics of earnings manipulation and managerial compensation.(Statistical table)
September 22, 2007... This article examines managerial compensation in an environment where managers may take a hidden action that affects the actual earnings of the firm. When realized, these earnings constitute hidden information that is privately observed by the...
Making a difference.(analysis of performance-related compensation )
September 22, 2007... Despite the potential for free-riding, workers motivated by "making a difference" to the mission or output of an establishment may donate labor to it. When the establishment uses performance-related compensation (PRC), these labor donations...
The boundaries of firms as information barriers.
September 22, 2007... When contracts are incomplete, the property-rights theory of firms suggests that ownership of physical assets provides better outside options, which in turn strengthen the owner's incentives to invest in the enterprise. This approach is less...
Do buyer-size discounts depend on the curvature of the surplus function? Experimental tests of bargaining models.(Statistical table)
September 22, 2007... A number of recent theoretical papers have shown that, for buyer-size discounts to emerge in a bargaining model, the total surplus function over which parties bargain must have certain nonlinearities. We test the theory in an experimental...
Stock recommendation of an analyst who trades on own account.
September 22, 2007... This article analyzes the provision of information acquisition and truthful reporting incentives to a financial analyst who can privately trade on own account. In a binary message and state space, I show that the analyst's reward scheme...
Strategic ex ante contracts: rent extraction and opportunity costs.
September 22, 2007... This article cosiders the possibility that a seller can contract with one uninjormed buyer prior to an auction involving two potential buyers. The seller's optimal strategic ex ante contract more accurately reflects joint opportunity, costs of...
Collusion with (almost) no information.
September 22, 2007... We analyze noncooperative collusion in an infinitely repeated Bertrand game, where each of the n firms receives a privately observed, i.i.d, cost shock in each period and firms only (and privately) observe whether they have "won" the unit mass...
Upfront payments and exclusion in downstream markets.
September 22, 2007... Although up front payments are often observed in contracts between manufacturers and retailers, little is known about their competitive effects or the role retailers play in securing them. In this article, we consider a model in which two...
Experts' agency problems: evidence from the prescription drug market in Japan.
September 22, 2007... This article examines the physician-patient agency relationship in the context of the prescription drug market in Japan. In this market, physicians often both prescribe and dispense drugs and can pocket profits in so doing. A concern is that....