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24,952
Market Competition
, 2009
"... Using a tax-induced negative shock to expected cash ows in the tobacco industry as a natural experiment, I
nd signi
cant positive returns to rivals who compete with non-tobacco segments in tobacco
rms and a signi
cant change in output behavior of those non-tobacco segments after the shock. This su ..."
Abstract
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. This suggests that a
rms cash ow has an important e¤ect on its competitive outcomes in the product market. The e¤ects are robust to a number of estimation issues and identi
cation choices. Since the shock is exogenous to the investment opportunities of non-tobacco industries, my evidence supports
Systems Competition and Network Effects
- JOURNAL OF ECONOMIC PERSPECTIVES—VOLUME 8, NUMBER 2—SPRING 1994—PAGES 93–115
, 1994
"... Many products have little or no value in isolation, but generate value when combined with others. Examples include: nuts and bolts, which together provide fastening services; home audio or video components and programming, which together provide entertainment services; automobiles, repair parts and ..."
Abstract
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Cited by 544 (6 self)
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. This paper and the others in this symposium explore the economics of such systems. Market competition between systems, as opposed to market competition between individual products, highlights at least three important issues: expectations, coordination, and compatibility. A recent wave of research has focused
Optimal contracts and competitive markets with costly state verification
- Journal of Economic Theory
, 1979
"... The insight of Arrow [4] and Debreu [7] that uncertainty is easily incor-porated into general equilibrium models is double-edged. It is true that one need only index commodities by the state of nature, and classical results on the existence and optimality of competitive equilibria can be made to ..."
Abstract
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Cited by 879 (8 self)
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The insight of Arrow [4] and Debreu [7] that uncertainty is easily incor-porated into general equilibrium models is double-edged. It is true that one need only index commodities by the state of nature, and classical results on the existence and optimality of competitive equilibria can be made to
Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition
- JOURNAL OF POLITICAL ECONOMY
, 1974
"... ..."
Equilibrium in Competitive Insurance Markets: An Essay on the Economics of Imperfect Information
, 1976
"... ..."
ERC -- A Theory of Equity, Reciprocity and Competition
- FORTHCOMING AMERICAN ECONOMIC REVIEW
, 1999
"... We demonstrate that a simple model, constructed on the premise that people are motivated by both their pecuniary payoff and their relative payoff standing, explains behavior in a wide variety of laboratory games. Included are games where equity is thought to be a factor, such as ultimatum, two-perio ..."
Abstract
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Cited by 738 (21 self)
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-period alternating offer, and dictator games; games where reciprocity is thought to play a role, such as the prisoner’s dilemma and the gift exchange game; and games where competitive behavior is observed, such as Bertrand and Cournot markets, and the guessing game.
Reference Dependence and Market Competition ∗
, 2009
"... This paper studies the implications of consumer reference dependence for market competition. If consumers take some product (e.g., the first product they consider) as the reference point when evaluating others and exhibit loss aversion, then the more “prominent ” firm whose product is taken as the r ..."
Abstract
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Cited by 1 (0 self)
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This paper studies the implications of consumer reference dependence for market competition. If consumers take some product (e.g., the first product they consider) as the reference point when evaluating others and exhibit loss aversion, then the more “prominent ” firm whose product is taken
The market for corporate control: The scientific evidence
- Journal of Financial Economics
, 1983
"... This paper reviews much of the scientific literature on the market for corporate control. The evidence indicates that corporate takeovers generate positive gains, that target firm shareholders benefit, and that bidding firm shareholders do not lose. The gains created by corporate takeovers do not ap ..."
Abstract
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Cited by 613 (11 self)
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This paper reviews much of the scientific literature on the market for corporate control. The evidence indicates that corporate takeovers generate positive gains, that target firm shareholders benefit, and that bidding firm shareholders do not lose. The gains created by corporate takeovers do
and Basic Market Competition
, 2008
"... I revisit the relation between aftermarket power and basic market competition. I consider an infinite period model with overlapping consumers: in each period, one consumer is born and joins one of the existing installed bases, then aftermarket payoffs are received by sellers and consumers, then fina ..."
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I revisit the relation between aftermarket power and basic market competition. I consider an infinite period model with overlapping consumers: in each period, one consumer is born and joins one of the existing installed bases, then aftermarket payoffs are received by sellers and consumers
Monopolistic competition and optimum product diversity. The American Economic Review,
, 1977
"... The basic issue concerning production in welfare economics is whether a market solution will yield the socially optimum kinds and quantities of commodities. It is well known that problems can arise for three broad reasons: distributive justice; external effects; and scale economies. This paper is c ..."
Abstract
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Cited by 1911 (5 self)
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. Such an optimum can be realized in a market if perfectly discriminatory pricing is possible. Otherwise we face conflicting problems. A competitive market fulfilling the marginal condition would be unsustainable because total profits would be negative. An element of monopoly would allow positive profits, but would
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