Results 131 to 140 of about 167,612 (303)
Network Structure and the Efficiency Gains from Mergers: Evidence from U.S. Freight Railroads
The RAND Journal of Economics, EarlyView.ABSTRACT The trade‐off between market power and efficiency gains is central to antitrust analyses of mergers, but empirical evidence quantifying efficiencies remains limited. Using transaction‐level data from U.S. freight railroads (1985–2005), this article quantifies merger‐induced cost efficiencies, driven mainly by eliminating inter‐railroad ...
Yanyou Chen
wiley +1 more source
Uncertainty Determinants of Corporate Liquidity [PDF]
This paper investigates the link between the optimal level of non-financial firms' liquid assets and uncertainty. We develop a partial equilibrium model of precautionary demand for liquid assets showing that firms alter their liquidity ratio in response ...
Andreas Stephan +3 more
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Fossil Fuels and Renewable Energy: Mix or Match?
The RAND Journal of Economics, EarlyView.ABSTRACT This article investigates the influence of technological ownership on pricing strategies and productive efficiency. Our motivation comes from the evolving landscape of electricity markets where firms are transitioning from diversified to specialized portfolios, focusing on renewable energy or fossil fuels.
Natalia Fabra, Gerard Llobet
wiley +1 more source
Overvalued and undervalued exchange rates in an equilibrium optimizing model [PDF]
Intertemporal equilibrium optimizing models have recently become the standard framework for analyzing such macroeconomic issues as terms of trade, fiscal or trade policy, international transfers, supply shocks, and technological progress.
Lizondo, Jose Saul
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Optimal Refund Mechanism With Consumer Learning
The RAND Journal of Economics, EarlyView.ABSTRACT This article studies the optimal refund mechanism when an uninformed buyer learns about their valuation over time. We consider various refund mechanisms including simple return policies (no returns or free returns), and stochastic return policies, which allow the buyer to keep the product with some probability upon receiving a refund.
Qianjun Lyu
wiley +1 more source
Tests of Equilibrium Macroeconomics Using Contemporaneous Monetary Data [PDF]
This paper uses contemporaneous monetary data to carry out econometric tests of the "equilibrium" approach to modeling the relation between monetary disturbances and macroeconomic fluctuations.
Herschel I. Grossman, John F. Boschen
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Reserve Price Signaling With Public Information: Evidence From Online Auto Auctions
The RAND Journal of Economics, EarlyView.ABSTRACT This article considers an auction model in which a seller's choice of reserve price signals her private information about the object's quality. We show that the signaling incentive would lower the seller's payoff and the probability of sale. We estimate the model using a novel dataset from a large online auto auction platform.
Junyan Guan, Boli Xu
wiley +1 more source
Redistribution Through Efficiency: Theory and Evidence from Three Electricity Markets
The RAND Journal of Economics, EarlyView.ABSTRACT Using micro‐data on over 160 million bids to buy and sell from three major electricity markets, we study efficiency improvements resulting from technologies such as storage. Consumer benefits arise not from stabilized prices but from changes in general price levels.
Matti Liski, Iivo Vehviläinen
wiley +1 more source
How productive is optimism? the Impact of ambiguity on the "big push" [PDF]
The paper finds that sufficient ambiguity leads to the uniqueness of equilibrium in macroeconomic coordination games. The results have a Keynesian flavour: sufficient optimism gives rise to a Pareto-optimal equilibrium; and sufficient pessimism results ...
David Kelsey, Wei Pang
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Search and Competition in Expert Markets
The RAND Journal of Economics, EarlyView.ABSTRACT We analyze a model where consumers sequentially search experts for treatment recommendations and prices, facing either zero or a positive search cost, whereas experts simultaneously compete in these two dimensions. In equilibrium, experts may “cheat” by overstating the severity of a consumer's problem and recommending an unnecessary treatment,
Yiran Cao +3 more
wiley +1 more source