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作者：Lerner, J
摘要：This paper empirically examines the ''long purse'' hypothesis (formalized by Bolton and Scharfstein (1990)) that incumbents may drive out entrants through aggressive pricing. I analyze the pricing of 733 disk drives between 1980 and 1988. Drives that are adjacent to those manufactured by thinly capitalized undiversified rivals are priced lower than other drives during the later years in the sample, when little equity financing was available to these firms. The results are robust to controls fo...
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作者：ANTEL, JJ; OHSFELDT, RL; BECKER, ER
作者单位：University of Alabama System; University of Alabama Birmingham; Harvard University
摘要：The effects of various regulations on hospital costs are estimated using a two decade long panel data set which spans the initiation, and in some instances the repeal, of various forms of hospital regulation. The long panel fosters two improvements over previous research. First, as state hospital cost levels may affect states' incentive to regulate, fixed effect estimators alleviate omitted variable bias derived from the states' regulatory discretion. Second, the long panel permits the estimat...
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作者：Gilley, OW; Pace, RK
作者单位：University of Alaska System; University of Alaska Fairbanks
摘要：Economists commonly estimate the value of characteristics not traded in explicit markets by hedonic pricing. Unfortunately, these non-explicitly traded characteristics often display a lack of independent Variation or multicollinearity. Often some prior information on the value of these characteristics is available from submarkets. This paper utilizes this type of prior information to circumvent multicollinearity problems in hedonic pricing models using an inequality restricted Bayesian (IRB) e...
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作者：LEE, LF
作者单位：Hong Kong University of Science & Technology
摘要：This article provides general formulas for the computation of opportunity costs (or forgone earnings) of unchosen alternatives in sample selection models with polychotomous choices. With observed choice probabilities and outcomes of alternatives chosen by some individuals, the opportunity costs for individuals who do not choose those alternatives can be evaluated. For the probability indexed sample selection models with legit choice probabilities, which include the polychotomous choice model o...
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作者：BETTS, JR
摘要：The paper searches for links between school quality and subsequent earnings of students. Using data for white males from the NLSY, the paper rejects the hypothesis that workers' earnings are independent of which high school they attended. However, traditional measures of school ''quality'' such as class size, teachers' salaries and teachers' level of education fail to capture these differences. This result is robust to changes in specification and subsample. The paper contrasts the results wit...
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作者：THOMAS, LA
摘要：In many advertising-intensive industries one observes market share persistence, i.e., firms maintaining lead market shares over long periods of time. I hypothesize that firms that have the largest stack of well-established brands, a stock that I term brand capital, are most likely to introduce new products in response to new market information about consumer preferences. Firms with less brand capital delay their introductions until the uncertainty concerning the market size is reduced. I prese...
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作者：Stavins, J
摘要：Entry and exit literature focuses almost exclusively on firm-level decisions, leaving out an important aspect of firm behavior: whether to introduce new models while the firm produces similar goods, and where to locate them in the existing product space, taking into account own models and the possibility of new entry. This paper analyzes model entry and exit decisions in the case of the personal computer market. Differences in new model spatial location between incumbents and entrants are foun...
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作者：SAKELLARIS, P
摘要：This paper studies the responsiveness of firm investment to shocks in the input factor and output prices (the market conditions) by using stock market information on excess returns. The q theory of investment is modified to allow for heterogeneous capital, ex post inflexible technology, and irreversible investment. A structural model linking the excess returns to a firm's equity to the firm's investment history and the evolution of the market conditions is estimated using a panel of U.S. manuf...
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作者：Feenstra, RC
作者单位：National Bureau of Economic Research
摘要：Using the marginal value of characteristics, we show how to construct bounds on the exact hedonic price index. When prices are above marginal costs then our bounds still apply, but the value of characteristics cannot be measured so easily from a hedonic regression. Since the price-cost markups are an omitted variable, they will bias the coefficients obtained. For a special class of utility functions, we argue that a linear regression will still provide a measure of the marginal value of charac...
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作者：BALTAGI, BH; GRIFFIN, JM
摘要：This paper estimates a dynamic demand model for liquor in the United States using panel data from 43 states. Because of taste changes over time and between states in liquor consumption, purely time series or cross sectional studies do not elicit reliable price elasticity estimates. This study makes the case for pooling and shows how one can control for individual state effects and endogeneity of the regressors using estimators suited for a dynamic demand model. Our results indicate that the lo...
