作者：Capra, CM; Goeree, JK; Gomez, R; Holt, CA
作者单位：Universidad de Malaga; University of Amsterdam; Washington & Lee University
摘要：We consider a duopoly pricing game with a unique Bertrand-Nash equilibrium. The high-price firm has a nonvanishing market share, however, and intuition suggests that observed prices may be positively related to this market share. This relationship is implied by a model in which players make noisy (logit) best responses to expected payoff differences. The resulting logit equilibrium model was used to design an experiment in which the high-price firm's market share varies. The model accurately p...
作者：Jeong, B
作者单位：Charles University Prague; Czech Academy of Sciences; Economics Institute of the Czech Academy of Sciences; Czech Academy of Sciences
摘要：I present a model economy where policy uncertainty creates short-term bias in investment and leads to a higher capital price and lower long-run investment and output. I conduct a calibration exercise using a set of industry-level investment data across countries. Between the lowest-income and the highest-income countries, policy uncertainty can account for capital price and investment-level differences by a factor of about 3 and for the output-level difference by a factor of about 2.
