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Articles 1 - 30 of 46
Full-Text Articles in Industrial Organization
Prediction Markets To Forecast Electricity Demand, Peter Cramton, Luciano De Castro
Prediction Markets To Forecast Electricity Demand, Peter Cramton, Luciano De Castro
Luciano I. de Castro
Forecasting electricity demand for future years is an essential step in resource planning. A common approach is for the system operator to predict future demand from the estimates of individual distribution companies. However, the predictions thus obtained may be of poor quality, since the reporting incentives are unclear. We propose a prediction market as a form of forecasting future demand for electricity. We describe how to implement a simple prediction market for continuous variables, using only contracts based on binary variables. We also discuss specific issues concerning the implementation of such a market.
Sanciones Económicas Y Compensación De Daños En El Régimen De Competencia Mexicano, Víctor Pavón-Villamayor
Sanciones Económicas Y Compensación De Daños En El Régimen De Competencia Mexicano, Víctor Pavón-Villamayor
Víctor Pavón-Villamayor
No abstract provided.
On Refusals To Deal In The European Competition Regime, Víctor Pavón-Villamayor
On Refusals To Deal In The European Competition Regime, Víctor Pavón-Villamayor
Víctor Pavón-Villamayor
No abstract provided.
Competition-Based Environmental Policy: An Analysis Of Farmland Preservation In Maryland, John K. Horowitz, Lori Lynch, Andrew J. Stocking
Competition-Based Environmental Policy: An Analysis Of Farmland Preservation In Maryland, John K. Horowitz, Lori Lynch, Andrew J. Stocking
Andrew J Stocking
Policy makers have turned to competition-based voluntary-enrollment programs as a cost-effective way to achieve preferred land uses. This paper studies bidder behavior in an innovative auction-based program in which farmers compete to sell and retire the right to develop their land. We derive a reduced-form bidding model that includes private and common values. This model allows us to estimate the role of bidder competition, winner’s curse correction, and the underlying distribution of private values. We estimate that the auction enrolled as many as 3,000 acres (12%) more than a take-it-or-leave-it offer would have enrolled for the same budgetary cost.
Brokerage Industry Self-Regulation: The Case Of Analysts’ Background Disclosures, Lawrence Brown, Artur Hugon, Hai Lu
Brokerage Industry Self-Regulation: The Case Of Analysts’ Background Disclosures, Lawrence Brown, Artur Hugon, Hai Lu
Research Collection School Of Accountancy
We evaluate an industry disclosure initiative designed to inform investors, the practice of providing information regarding investment professionals’ backgrounds. Implicit in the motivation for this initiative is the presumed relevance of background information to investors seeking investment professionals’ guidance. We find that analysts with disclosure incidents forecast less accurately than a matched sample of analysts without such disclosures, and that the market views disclosed analysts’ earnings forecasts as less credible than those of the matched sample. Our evidence is consistent with disclosures signaling a persistent analyst characteristic. We conclude that analyst backgrounds are informative regarding both the accuracy and credibility …
Strong Firms Lobby, Weak Firms Bribe: A Survey-Based Analysis Of The Demand For Influence And Corruption, Sven Feldmann
Strong Firms Lobby, Weak Firms Bribe: A Survey-Based Analysis Of The Demand For Influence And Corruption, Sven Feldmann
Sven Feldmann
We use survey responses by firms to examine the firm-level determinants and effects of political influence, their perception of corruption and prevalence of bribe paying. We find that: (a) measures of political influence and corruption/bribes are uncorrelated at the firm level; (b) firms that are larger, older, exporting, government-owned, are widely held and/or have fewer competitors have more political influence, perceive corruption to be less of a problem and pay bribes less often; (c) influence increases sales and government subsidies and in general makes the firm have a more positive view on the government. In sum, we show that strong …
Where Have All The Michigan Auto Jobs Gone?, Randall W. Eberts, George A. Erickcek
Where Have All The Michigan Auto Jobs Gone?, Randall W. Eberts, George A. Erickcek
Employment Research Newsletter
No abstract provided.
Describing The Economic Impact Of The Oil And Gas Industry In Arkansas, Katherine A. Deck, Viktoria Riiman
Describing The Economic Impact Of The Oil And Gas Industry In Arkansas, Katherine A. Deck, Viktoria Riiman
Publications and Presentations
The Arkansas oil and natural gas industries are increasingly important to the state’s economic vitality. As global demand for energy increases, domestic production is put into the spotlight. This study describes the economic impact of the oil and gas industries in Arkansas, focusing on the sector’s economic output, employment, and tax revenues.
Mergers And Ceo Power, Felipe Balmaceda Assoc Prof.
Mergers And Ceo Power, Felipe Balmaceda Assoc Prof.
Felipe Balmaceda
In this paper I propose a model of mergers in which synergies and CEO power play a crucial role. A merger is modeled as a bargaining game between the acquiring and target board of directors with the gains from a merger divided according to the generalized Nash-bargaining solution. The model's implications are consistent with the available empirical evidence on stock returns, and yield some new untested implications that are mainly related to the relationship between CEO power, cor- porate governance and mergers. Finally, the model sheds light on the relationship between aggregate merger activity, synergies and CEO power. (JEL: G34, …
Crisis Económica Y Política De Competencia En México, Víctor Pavón-Villamayor
Crisis Económica Y Política De Competencia En México, Víctor Pavón-Villamayor
Víctor Pavón-Villamayor
No abstract provided.
Understanding International Comparisons: 2009 Update, Scott J. Wallsten
Understanding International Comparisons: 2009 Update, Scott J. Wallsten
Scott J. Wallsten
No abstract provided.
Are Credit Unions In Ecuador Achieving Economies Of Scale?, Nick A. Marchio
Are Credit Unions In Ecuador Achieving Economies Of Scale?, Nick A. Marchio
Economics Honors Projects
This study tests the assertion that membership growth in credit unions is constrained by their unique structural features, such as their non-profit mission and member-based ownership. Although these features enhance inclusiveness, existing theory suggest that they work against efficiency when membership grows too diffuse. To address this issue, this study uses a model that takes into account existing theory on constrained-optimization in credit unions and theory on the adverse effects of diffuse ownership. Using data on 36 public credit unions in Ecuador, the empirical analysis finds evidence that credit unions can achieve economies of scale despite their problematic structural features. …
Professor's Update To Antitrust Analysis: Problems, Text And Cases, Phillip Areeda, Louis Kaplow, Aaron S. Edlin
Professor's Update To Antitrust Analysis: Problems, Text And Cases, Phillip Areeda, Louis Kaplow, Aaron S. Edlin
Aaron Edlin
No abstract provided.
Regulatory Harmonisation And Its Impact On Trade In Services, Henk Lm Kox
Regulatory Harmonisation And Its Impact On Trade In Services, Henk Lm Kox
Henk LM Kox
* Impact of domestic regulation on volume of bilateral services trade * Impact domestic regulation on choice between FDI and exports (GATS modes 3 and 1)
Subsidies For Fdi: Implications From A Model With Heterogeneous Firms, Davin Chor
Subsidies For Fdi: Implications From A Model With Heterogeneous Firms, Davin Chor
Research Collection School Of Economics
This paper analyzes the welfare effects of subsidies to attract multinational corporations when firms are heterogeneous in their productivity levels. I show that the use of a small subsidy raises welfare in the FDI host country, with the consumption gains from attracting more multinationals exceeding the direct cost of funding the subsidy program through a tax on labor income. This welfare gain stems from a selection effect, whereby the subsidy induces only the most productive exporters to switch to servicing the host's market via FDI. I further show that for the same total subsidy bill, a subsidy to variable costs …
What Is Special In Services Internationalisation?, Henk Lm Kox
What Is Special In Services Internationalisation?, Henk Lm Kox
Henk LM Kox
+ Complex services definition and services trade data + What is special in services internationalisation? + Complementarity versus substitution between supply modes + The puzzle of falling export costs and increasing preference for mode-3 supply + impact of market structure on extensive and intensive export margin + impact of bilateral policy differences on mode choice
Crisis Económica Y Política Antimonopolios, Víctor Pavón-Villamayor
Crisis Económica Y Política Antimonopolios, Víctor Pavón-Villamayor
Víctor Pavón-Villamayor
No abstract provided.
Charitable Memberships, Volunteering, And Discounts: Evidence From A Large-Scale Online Field Experiment, Andreas Lange, Andrew J. Stocking
Charitable Memberships, Volunteering, And Discounts: Evidence From A Large-Scale Online Field Experiment, Andreas Lange, Andrew J. Stocking
Andrew J Stocking
Despite the increasing use by charities, significant uncertainty exists about optimal online fundraising mechanisms, especially when large donor pools show substantial heterogeneities. We use an online natural field experiment with over 700,000 subjects to test theory on price discounts and show large differences in donation behavior between donors who have previously given money and/or volunteered. For example, framing the charity’s membership price as a discount increases response rates and decreases conditional contributions from former volunteers, but not from past money donors. Our study thereby demonstrates the importance of conditioning fundraising strategies on the specifics of past donation dimensions.
Analyzing Horizontal Mergers: Unilateral Effects In Product-Differentiated Markets, Herbert J. Hovenkamp
Analyzing Horizontal Mergers: Unilateral Effects In Product-Differentiated Markets, Herbert J. Hovenkamp
All Faculty Scholarship
This essay offers a brief, non-technical exposition of the antitrust analysis of horizontal mergers in product differentiated markets where the resulting price increase is thought to be unilateral - that is, only the post-merger firm increases its prices while other firms in the market do not. More realistically, non-merging firms who are reasonably close in product space to the merging firm will also be able to increase their prices when the post-merger firm's prices rise. The unilateral effects theory is robust and has become quite conventional in merger analysis. There is certainly no reason for thinking that it involves any …
Testimony On Reforming The Universal Service High Cost Fund, Scott J. Wallsten
Testimony On Reforming The Universal Service High Cost Fund, Scott J. Wallsten
Scott J. Wallsten
No abstract provided.
The Neal Report And The Crisis In Antitrust, Herbert J. Hovenkamp
The Neal Report And The Crisis In Antitrust, Herbert J. Hovenkamp
All Faculty Scholarship
The Neal Report, which was commissioned by Lyndon Johnson and published in 1967, is rightfully criticized for representing the past rather than the future of antitrust. Its authors completely embraced a theory of competition and industrial organization that had dominated American economic thinking for forty years, but was just in the process of coming to an end. The structure-conduct-performance (S-C-P) paradigm that the Neal Report embodied had in fact been one of the most elegant and most tested theories of industrial organization. The theory represented the high point of structuralism in industrial organization economics, resting on the proposition that certain …
A Two-Sided Auction For Legacy Loans, Peter Cramton
A Two-Sided Auction For Legacy Loans, Peter Cramton
Peter Cramton
On Monday, 23 March 2009, Treasury Secretary Geithner presented the Public-Private Investment Program as a key instrument to resolve the financial crisis (www.financialstability.gov). The Treasury’s description still leaves many issues unanswered. We flesh out the auction design for legacy loans. A two-sided auction is required. Both banks and private investors must compete in a transparent and competitive process.
Risk, Firm Heterogeneity, And Dynamics Of Fdi Entry, Pao Li Chang, Chia-Hui Lu
Risk, Firm Heterogeneity, And Dynamics Of Fdi Entry, Pao Li Chang, Chia-Hui Lu
Research Collection School Of Economics
We study the dynamics of FDI entry under a setting with firm heterogeneity and FDI uncertainty. The risk of FDI failure depends positively on the complexity of production technology, negatively on the quality of infrastructure in the host country, and evolves over time with the extent of knowledge diffusion. The incorporation of FDI uncertainty leads to a non-monotonic relationship between technology complexity and the timing of FDI entry: firms with intermediate technology levels lead the first wave of FDI, which helps lower the investment uncertainty facing subsequent investors and induces a wider range of FDI entry in the second period. …
Self-Regulation, Poonam Mehra
Foreword To Ross Baldick's 'Single Clearing Price In Electricity Markets', Peter Cramton
Foreword To Ross Baldick's 'Single Clearing Price In Electricity Markets', Peter Cramton
Peter Cramton
Argues that consumers and suppliers are better off with the clearing-price auction in electricity markets.
The Gettysburg Economic Review, Volume 3, Spring 2009
The Gettysburg Economic Review, Volume 3, Spring 2009
Gettysburg Economic Review
No abstract provided.
The Economic Impact Of The Fayetteville Shale In White County, Katherine A. Deck
The Economic Impact Of The Fayetteville Shale In White County, Katherine A. Deck
Publications and Presentations
Fayetteville Share economic impact in White County Arkansas and how it effects the industry, residents and employees.
Can Non-State Certification Systems Bolster State-Centered Efforts To Promote Sustainable Development Through The Clean Development Mechanism, Jonathan G.S. Koppell, Kelly Levin, Benjamin Cashore
Can Non-State Certification Systems Bolster State-Centered Efforts To Promote Sustainable Development Through The Clean Development Mechanism, Jonathan G.S. Koppell, Kelly Levin, Benjamin Cashore
Publications from President Jonathan G.S. Koppell
Increasing economic globalization has coincided with the emergence and escalating influence of non-state actors and organizations in domestic and international policymaking, from shaping policy agendas to promoting private authority. The latter phenomenon has arisen, at least in part, from a critique of states' failures to adopt effective and enduring environmental policies. Rather than contest "command and control" institutions, non-state strategies embrace market approaches built around incentives and price mechanisms. Several forms of non-state authority have emerged, including corporate social responsibility, provision of information through labeling, and self-reporting.
Wobbling Back To The Fire: Economic Efficiency And The Creation Of A Retail Market For Set-Top Boxes, T. Randolph Beard, George S. Ford, Lawrence J. Spiwak, Michael Stern
Wobbling Back To The Fire: Economic Efficiency And The Creation Of A Retail Market For Set-Top Boxes, T. Randolph Beard, George S. Ford, Lawrence J. Spiwak, Michael Stern
GEORGE S FORD
Under Section 629 of the Communications Act, Congress directed the FCC to adopt regulations to promote a retail market for set-top boxes. The Commission’s first attempt was the ill-fated CableCard experiment, which—by the Commission’s own admission—was a dismal failure. In response, the Commission is now contemplating an aggressive new “AllVid” regime, whereby the agency would mandate multichannel video program distributors (“MVPDs”) to provide an adapter to serve as a “common interface for connection to televisions, DVRs, and other smart video devices.” Because the FCC is again proceeding without any formal economic analysis of the nature of the service-equipment relationship in …
The Need For Better Analysis Of High Capacity Services, George S. Ford, Lawrence J. Spiwak
The Need For Better Analysis Of High Capacity Services, George S. Ford, Lawrence J. Spiwak
GEORGE S FORD
In 1999, the Federal Communications Commission (“FCC”) began to grant incumbent local exchange carriers (“LECs”) pricing flexibility on special access services in some Metropolitan Statistical Areas (“MSAs”) when specific evidence of competitive alternatives is present. The propriety of that deregulatory move by the FCC has been criticized by the purchasers of such services ever since. Proponents of special access price regulation rely on three central arguments to support a retreat to strict price regulation: (1) the market(s) for special access and similar services is unduly concentrated; (2) rates of return on special access services, computed using FCC ARMIS data, are …