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作者：Dai, Chifeng; Lewis, Tracy R.; Lopomo, Giuseppe
作者单位：Southern Illinois University System; Southern Illinois University; Duke University
摘要：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 their expertise at prescribing service. We show that the most expert managers offer the greatest variation in operating recommendations. Owners benefit from dealing with experts provided they contract sequentially, whereby terms are negotiated gradually as ...
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作者：Baldenius, Tim
作者单位：Columbia University
摘要：Vertical integration is often proposed as a way to resolve hold-up problems. This ignores the empirical fact that division managers tend to maximize divisional (not firmwide) profit when investing. I develop a model with asymmetric information at the bargaining stage and investment returns taking the form of cash and empire benefits. Owners of a vertically integrated firm will then provide division managers with low-powered incentives to induce them to bargain more cooperatively, resulting in ...
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作者：Augereau, Angelique; Greenstein, Shane; Rysman, Marc
作者单位：Northwestern University; Columbia University
摘要：56K modems were introduced under two competing incompatible standards. We show the importance of competition between internet service providers in the adoption process. We show that ISPs were less likely to adopt the technology that more competitors adopted. This result is particularly striking given that industry participants expected coordination on one standard or the other. We speculate about the role of ISP differentiation in preventing the market from achieving standardization until a st...
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作者：Chan, Tat Y.
作者单位：Washington University (WUSTL)
摘要：Using micro-level scanner data, I study empirically the consumer demand for soft drinks, which is characterized by multiple-product, multiple-unit purchasing behavior. I develop a continuous hedonic-choice model to investigate how consumers choose the best basket of products to satisfy various needs. My model's embedded-characteristics approach both helps to reduce the dimensionality problem in model estimation and generates flexible substitution patterns. Hence, the model is useful in applica...
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作者：Rochet, Jean-Charles; Tirole, Jean
作者单位：Universite de Toulouse; Massachusetts Institute of Technology (MIT)
摘要：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 the Coase theorem is necessary but not sufficient for two-sidedness. We build a model integrating usage and membership externalities that unifies two hitherto disparate strands of the literature emphasizing either form of externality, and obtain new resul...
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作者：Ariely, Dan; Ockenfels, Axel; Roth, Alvin E.
作者单位：Massachusetts Institute of Technology (MIT); University of Cologne; Harvard University
摘要：A great deal of late bidding has been observed on eBay, which employs a second price auction with a fixed deadline. Much less late bidding has been observed oil Amazon, which can only end when ten minutes have passed without a bid. In controlled experiments, we find that the difference in the ending rules is sufficient by itself to produce the differences in late bidding observed in the field data. The data also allow us to examine bid amounts in relation to private values, and how behavior is...
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作者：Hall, BH; Jaffe, A; Trajtenberg, M
作者单位：National Bureau of Economic Research; University of California System; University of California Berkeley; Brandeis University; Tel Aviv University
摘要：We explore the usefulness of patent citations as a measure of the importance of a firm's patents, as indicated by the stock market valuation of the firm's intangible stock of knowledge. Using patents and citations for 1963-1995, we estimate Tobin's q equations on the ratios of R&D to assets stocks, patents to R&D, and citations to patents. We find that each ratio significantly affects market value, with an extra citation per patent boosting market value by 3%. Further findings indicate that un...
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作者：Luelfesmann, Christoph
作者单位：Simon Fraser University
摘要：I investigate a model in which two parties A and B invest sequentially in a joint project (an asset). Investments and the asset value are nonverifiable, and A is wealth-constrained so that an initial outlay must be financed by either an agent, B (insider financing), or an external investor, a bank C (outsider financing). I show that an option contract in combination with a loan arrangement facilitates first-best investments and any arbitrary distribution of surplus if renegotiation is infeasib...
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作者：Bergemann, Dirk; Hege, Ulrich
作者单位：Yale University
摘要：We consider the financing of a research project under uncertainty about the time of completion and the probability of eventual success. We distinguish between two financing modes, namely relationship financing, where the allocation decision of the entrepreneur is observable, and arm's length financing, where it is unobservable. We find that equilibrium funding stops altogether too early relative to the efficient stopping time in both financing modes. The rate at which funding is released becom...
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作者：O'Brien, DP; Shaffer, G
作者单位：University of Rochester
摘要：We examine the output and profit effects of horizontal mergers between differentiated upstream firms in an intermediate-goods market served by a downstream monopolist. If the merged firm can bundle, transfer pricing is efficient before and after the merger. Absent cost efficiencies, consumer and total welfare do not change. If the merged firm cannot bundle and its bargaining power is sufficiently high, transfer pricing is inefficient after the merger. Absent cost efficiencies, welfare typicall...
