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作者：Antoniou, Fabio; Fiocco, Raffaele
作者单位：University of Ioannina; Humboldt University of Berlin; University of Bergamo
摘要：In a dynamic storable good market where demand changes over time, we investigate the producer's strategic incentives to hold inventories in response to the possibility of buyer stockpiling. The literature on storable goods has demonstrated that buyer stockpiling in anticipation of higher future prices harms the producer's profitability, particularly when the producer cannot commit to future prices. We show that the producer's inventories act as a strategic device to mitigate the loss from the ...
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作者：An, Yonghong; Zhao, Wei
作者单位：Texas A&M University System; Texas A&M University College Station; Nankai University
摘要：We evaluate the welfare effects of the 1997 Boeing-McDonnell Douglas merger in the medium-sized, wide-body aircraft industry. We find that the merger led to lower prices. To explain the price drop, we develop a dynamic oligopoly game with learning-by-doing. We quantify the welfare effects of the merger by incorporating both increased market power and merger efficiencies from accelerated learning-by-doing. Our dynamic analysis indicates that net consumer surplus increased by as much as $5.14 bi...
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作者：Myers, Kyle; Pauly, Mark
作者单位：Harvard University; University of Pennsylvania
摘要：We examine trends in the productivity of the pharmaceutical sector over the past three decades. Motivated by Ricardo's insight that productivity and rents are endogenous to demand when inputs are scarce, we examine the industry's aggregate Research and Development (R&D) production function. Using exogenous demand shocks to instrument investments, we find that demand growth can explain a large portion of R&D growth. Returns to scale have been stable, whereas total factor productivity has declin...
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作者：Cameron, Charles M.; Kornhauser, Lewis A.; Parameswaran, Giri
作者单位：Princeton University; New York University; Haverford College
摘要：The practice of horizontal stare decisis requires that judges occasionally decide cases incorrectly. What sustains this practice? Given a heterogeneous bench, we show that the increasing differences in dispositional value property of preferences generates gains when judges trade dispositions over the case-space. These gains are fully realized by implementing a compromise rule-stare decisis. Absent commitment, we provide conditions that sustain the compromise in a repeated game. When complete c...
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作者：Ciliberto, Federico; Moschini, GianCarlo; Perry, Edward D.
作者单位：University of Virginia; Centre for Economic Policy Research - UK; Leibniz Association; DIW Berlin - Deutsches Institut fur Wirtschaftsforschung; Iowa State University; Kansas State University
摘要：We develop a discrete-choice model of differentiated products for US corn and soybean seed demand to study the welfare impact of genetically engineered (GE) crop varieties. Using a unique data set spanning the period 1996-2011, we find that the welfare impact of the GE innovation is significant. In the last five years of the period analyzed, our preferred counterfactual indicates that total surplus due to GE traits was $5.18 billion per year, with seed manufacturers appropriating 56% of this s...
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作者：Chen, Zhijun; Rey, Patrick
作者单位：Monash University; Universite de Toulouse; Universite Toulouse 1 Capitole
摘要：Cross-subsidization arises naturally when firms with different comparative advantages compete for consumers with heterogeneous shopping patterns. Firms then face a form of co-opetition, as they offer substitutes for one-stop shoppers and complements for multi-stop shoppers. When intense competition for one-stop shoppers drives total prices down to cost, firms subsidize weak products with the profits made on strong products. Moreover, firms have incentives to seek comparative advantages on diff...
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作者：Fromenteau, Philippe; Schymik, Jan; Tscheke, Jan
作者单位：University of Munich; University of Mannheim; Organisation for Economic Co-operation & Development (OECD)
摘要：How does the exposure to product market competition affect the investment horizon of firms? We study if firms have an incentive to shift investments toward more short-term assets when exposed to tougher competition. Based on a stylized firm investment model, we derive a within-firm estimator using variation across investments with different durabilities. Exploiting the Chinese World Trade Organization (WTO) accession, we estimate the effects of product market competition on the composition of ...
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作者：Parra, Alvaro
作者单位：University of British Columbia
摘要：I study how patent policy-characterized by patent length and forward protection-affects Research and Development (R&D) dynamics, leadership persistence, and market structure. Firms' R&D investments increase as the patent's expiration date approaches. Through forward protection, followers internalize the leader's replacement effect. In protective systems, this internalization is substantial, reversing Arrow's traditional result: followers invest less than leaders at every moment of the patent's...
