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作者：Koster, Hans R. A.; Rouwendal, Jan
作者单位：Vrije Universiteit Amsterdam; Vrije Universiteit Amsterdam
摘要：When selling a home, through the choice of the list price, sellers make a trade-off between achieving a quick sale at a low price or waiting for higher bids. This list-price setting decision is governed by a discount rate. Using data on housing sales in the Netherlands, we derive gross discount rates under bilateral bargaining and bidding wars. The estimated discount rates are 25%-35%, which are considerably higher than long-run housing market discount rates and may result from the seller's un...
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作者：Heggedal, Tom-Reiel; Helland, Leif; Moen, Espen R.
作者单位：BI Norwegian Business School; BI Norwegian Business School
摘要：In the Varian (1980; American Economic Review 70(4) (1980), 651-59) model of price competition, a change from simultaneous to sequential price setting dramatically changes equilibrium strategies, and in the unique symmetric, equilibrium prices are pushed up to the monopoly price. There also exists an asymmetric equilibrium with lower average prices. Our main contribution is to test these predictions in the laboratory. Our data strongly support the qualitative model predictions. However, a frac...
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作者：Letina, Igor; Schmutzler, Armin; Seibel, Regina
作者单位：University of Bern; Centre for Economic Policy Research - UK; University of Zurich; University of Toronto
摘要：This article provides a theory of strategic innovation project choice by incumbents and start-ups which serves as a foundation for the analysis of acquisition policy. We show that, in spite of countervailing incentives on incumbents and entrants, prohibiting acquisitions has a weakly negative overall innovation effect. We provide conditions determining the size of the effect and conditions under which it is zero. We further analyze the effects of less restrictive policies, including merger rem...
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作者：Mei, Yuan
作者单位：Singapore Management University; Singapore Management University
摘要：I develop a general equilibrium framework to analyze the welfare consequences of product regulations and their international harmonization. In my model, raising product standards reduces a negative consumption externality, but also increases the marginal and fixed costs of production. When product standards are set noncooperatively, the effects of standards on other countries' wages and number of firms are not internalized, giving rise to an international inefficiency. The World Trade Organiza...
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作者：Backman, Claes; Khorunzhina, Natalia
作者单位：Copenhagen Business School; Copenhagen Business School
摘要：We use household-level data to analyze how the introduction of interest-only (IO) mortgages in Denmark affected consumption expenditure and borrowing. Using an ex ante measure of exposure to the IO mortgage reform motivated by mortgage-payment and leverage constraints, we show households more likely to use an IO mortgage to relax their mortgage-payment constraint increased consumption following the reform. This increase in consumption is financed by borrowing at the time of refinancing and by ...
