Mergers as auctions
In: Discussion paper series 6434
In: Financial economics and industrial organization
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In: Discussion paper series 6434
In: Financial economics and industrial organization
In: Lecture Notes in Economics and Mathematical Systems 354
Using panel data of individual firms drawn from French surveys, a structural analysis is developed to study the formation of production plans and the rationality of expectations. The production decision of a firm is defined as the optimal solution of a dynamic stochastic optimization problem. The empirical work amounts to recovering the structural parameters characterizing the model of the firm from estimates of the derived decision rule. The preceding analysis of production plans is based on the assumption that firms are rational. To justify this assumption, direct tests offer evidence that the Rational Expectations Hypothesis may not be rejected for quantity variables
In: CEPR Discussion Paper No. DP17114
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In: CEPR Discussion Paper No. DP15202
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Working paper
In: CEPR Discussion Paper No. DP14895
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Working paper
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Working paper
In: CESifo Working Paper Series No. 6461
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We consider a framework of contractual interactions between public transport authorities and transport operators. We estimate simultaneously the contract choice by the authorities and the effect of regulation on the cost-reducing activity of the operators. We test whether the current regulatory schemes are the observable items of a complex menu of contracts, as proposed by Laffont and Tirole. We suggest that the generation process of the data we have in hand is better explained by a regulatory framework where an unsophisticated regulator is politically motivated. We show how these political preferences shape the contract choice and we shed light on how operating costs are affected. On average, operators' costs are 12.1% lower under fixed-plus regimes, compared to the cost-plus cases.
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We consider a framework of contractual interactions between public transport authorities and transport operators. We estimate simultaneously the contract choice by the authorities and the effect of regulation on the cost-reducing activity of the operators. We test whether the current regulatory schemes are the observable items of a complex menu of contracts, as proposed by Laffont and Tirole. We suggest that the generation process of the data we have in hand is better explained by a regulatory framework where an unsophisticated regulator is politically motivated. We show how these political preferences shape the contract choice and we shed light on how operating costs are affected. On average, operators' costs are 12.1% lower under fixed-plus regimes, compared to the cost-plus cases.
BASE
We consider a framework of contractual interactions between public transport authorities and transport operators. We estimate simultaneously the contract choice by the authorities and the effect of regulation on the cost-reducing activity of the operators. We test whether the current regulatory schemes are the observable items of a complex menu of contracts, as proposed by Laffont and Tirole. We suggest that the generation process of the data we have in hand is better explained by a regulatory framework where an unsophisticated regulator is politically motivated. We show how these political preferences shape the contract choice and we shed light on how operating costs are affected. On average, operators' costs are 12.1% lower under fixed-plus regimes, compared to the cost-plus cases.
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We consider a framework of contractual interactions between urban transport authorities and transport operators. We estimate simultaneously the choice of contract by the authorities and the effect of regulation on the cost reducing activity of the operators. We test whether regulatory schemes currently implemented in the industry are the observable items of a more general menu of second best contracts. We suggest that the generation process of the data we have in hand is better explained by the political aspects of regulation. Moreover, the cost reducing effort of the operators is greater under fixed-price regimes, compared to the cost-plus case.
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In: The Rand journal of economics, Band 33, Heft 4, S. 605
ISSN: 1756-2171
In: Information economics and policy, Band 9, Heft 3, S. 219-239
ISSN: 0167-6245
In: Revue économique, Band 47, Heft 3, S. 477-486
ISSN: 1950-6694
Résumé L'étude des marchés produits différenciés est devenue un domaine impor tant de économie industrielle appliquée Cet article présente les diverses appro ches méthodologiques utilisées Il souligne les avantages et les inconvénients elles impliquent selon les données dont on dispose et les caractéristiques du marché que on étudie Une base de travail est proposée dans optique un trai tement structurel un modèle équilibre statique estimé partir de données indi viduelles relatives la demande et de données de marché relatives offre Une application est faite au marché des téléphones grand public en France
In: Revue économique, Band 47, Heft 3, S. 477-486
ISSN: 1950-6694