When imperfect collusion is profitable

This paper studies cartel stability under the assumption that member firms can choose intermediate degrees of collusion as well as the joint-profit-maximizing solution in determining the quota to be produced by each firm. After showing that firms can increase the number of participants by decreasing the degree of collusion, I prove that individual members' profits are maximized when firms choose a (possibly low) degree of collusion such that all firms in the industry want to take part in the cartel. More precisely, if the number of firms in the industry is four or less, then all of them want to take part in the cartel even if the maximum degree of collusion is chosen (i.e., the monopoly output is produced); if the number of firms is greater than four, firms will still create an industry-wide cartel but they will produce a higher quantity than the monopoly output.     

Fighting collusion by regulating communication between firms

This paper is an attempt to create a coherent approach to the design of competition policy enforcement against collusion based on theoretical considerations, evidence from economic experiments, and case studies. I argue that collusion should primarily be fought indirectly by targeting types of communication between firms that are particularly likely to facilitate collusion. In particular, I identify types of communication which have high potential anti-competitive effects but where it is unlikely that prohibiting communication will lead to efficiency losses. This analysis leads to some simple rules concerning communication between firms, which could also guide the development of competition rules for B2B electronic market places.
— Kai-Uwe Kühn     

When trade liberalization is self‐fulfilling: Population aging and uncertainty

Expectation about future trade liberalization induces sectoral adjustment in advance. As a result, the extent of opposition to trade liberalization decreases, and liberalization becomes self‐fulfilling. We analyze this mechanism from two aspects: population aging and uncertainty. Then, we show that (1) the effect of expectation formation is non‐monotonic across ages, and (2) the effect of population aging of workforce varies depending on its driving force. In addition, we analyze uncertainty about future trade liberalization. Then, we show that (3) the mechanism cannot work due to strategic delay even under small uncertainty, but (4) a subsidy scheme can resolve this problem.     

绿色需求及绿色消费驱动的隐性营销策略

绿色营销观念是对环境保护、生态保护及社会的可持续发展等趋势的新思考，是以满足人们对环境保护问题而产生的需要与欲望为目标的经营观念，是企业市场导向变化的新趋势。隐性营销模式能够很好地适应绿色需求的营销需要，不断提升顾客的浅绿色需求和深绿色需求.     

Vertically integrated producer when a rival is also a customer: impact of demand uncertainty

When a vertically integrated producer (VIP) is also a supplier of a component for its rival firm, it was found that the profit in a decentralized structure is higher for the VIP than the profit in a centralized structure under deterministic demand. In contrast, we found that firms’ ordering decisions under uncertain demand can reverse this findings and it is more likely to happen as demand variability increases.     

The role of uncertainty in forecasting employment by skill and industry

We show that the macroeconomic uncertainty series from Jurado, Ludvigson, and Ng (2015) contains information to forecast employment. The results indicate that the uncertainty measure is weak at forecasting the skilled labour but significantly carries forecasting information on the unskilled labour. The forecasting information increases if the sample is restricted to construction and manufacturing industries. Using rolling regressions to conduct a simulated out-of-sample forecasting exercise, we find that the uncertainty measure contains forecasting information for the unskilled labour in those industries for two quarters ahead. By providing detailed information about the forecasting power of uncertainty by skill and industry, this study will be helpful in designing more efficient labour market policies.     

Preference for output price uncertainty by the non-renewable resource extracting firm

We establish a general preference for price uncertainty by the price-taking, risk-neutral, non-renewable resource extracting firm with orthodox convex extraction costs. We prove that the relevant value function for profits over an interval is convex in output price.     

Real option as strategic technology uncertainty reduction mechanism: inter-firm investment strategy by pharmaceuticals

Whether pharmaceutical firms use the real option (RO) mechanism for strategic technology uncertainty reduction and whether the role of RO decreases when industrial technology progresses from research and development (R&D) to commercial activities in a product life cycle is discussed. The evidence confirms that pharmaceutical firms enter different in the external technology sourcing. Moreover, RO-based entry coefficients differ in sizes at different levels in the industrial value chain. The R&D entry stage is relatively greater than the clinical trials entry stage. However, contrary to the proposition that the commercial entry coefficient will be relatively lower; the results indicate that the commercial RO-entry stage appears to be relatively greater than both the R&D entry stage and the clinical trials entry stage. The overall RO-based entry in external technology sourcing appears to be a U-shaped curve along the product life cycle. The article highlights some theoretical and practical implications of these findings.     

Home is where the hurt is: an econometric analysis of injuries caused by spousal assault

Using data on injuries presenting at the emergency departments of participating hospitals in the Australian state of Queensland we examine the nature of injuries resulting from spousal assault and compare them to injuries from nonspousal assault and accidental injuries. We ask: who are the persons most vulnerable to spousal assault?, Are spousal assault injuries more (or less) severe than injuries from nonspousal assault and accidental injuries? Do the recorded figures for assault injuries on women understate the true number of assault injuries, and if so, by how much?

‘But for my bonny Kate, she must with me. I will be master of what is mine own. She is my goods, my chattels’ (Taming of the Shrew).     

中海油再冲海外股市

<正>如果单就融资而言,即便结果再好,简单的重复也称不上再次辉煌……不知是否巧合,11月4日,在中国共产党的十六大召开前夕,中国海洋石油公司拉开了旗下存续公司海外上市的帷幕。经重组改制后的中海油田服务股份有限公司已经开始香港路演,     

Stability when mobility is restricted by the existing coalition structure

In many social and economic situations the optimal solution requires the formation of coalitions that partition the set of players. When the individual player is small relative to the size of the existing coalitions, it seems realistic to assume that the prevailing coalition structure dictates the set of possible blocking coalitions. Specifically, it is assumed that an individual does not consider forming any coalition, but rather joining an already existing one. Two solution concepts for these games are investigated: structural equilibrium and stable payoffs, which are derived from the application of ψ-stability to the core and to the bargaining set, respectively. To this end an extension of the bargaining set to games without side payments is offered. Both solution concepts are shown to exist for some coalition structure. However, while structural equilibrium may fail to exist for any non trivial coalition structure, for every coalition structure there exists a stable payoff.     

Price competition when consumer behavior is characterized by conformity or vanity

It has long been recognized that the pleasure of consuming a good may be affected by the consumption choice of other consumers. In some cases, social pressures may lead to conformity; in some others, individuals may feel the need of exclusiveness under the form of vanity. Such externalities have proven to be important in several markets. However, the market implication of these externalities are still unclear. To investigate them, we propose to combine the consumption externality model and the spatial duopoly model. When conformity is present but not too strong, both firms remain in business but price competition is fiercer and results in lower prices. The market share of the large firm increases with the population size; as the population keeps rising, the large firm may serve the entire market and set a price that has the nature of a limit price. When conformity is strong enough, different equilibria may exist. In most of these equilibria, a single firm captures the whole market. At the other extreme, when vanity is at work, price competition is relaxed.     

“绿色生产力”是制度约束的生产力

“绿色生产力”与其他形态的生产力相比其根本区别在于约束条件不同。其他形态的生产力主要受“资源约束”和“技术约束”的限制 ,而绿色生产力主要受制度约束的限制。对“绿色制度约束”的分析表明 ,制度约束是其存在的充分必要条件 ,这一制度要约束必须具有大尺度、大跨度和跨行政区的特点 ,建立这样的制度约束是我国的当务之急。     

流域环境恶化是环保合约“要挟”的结果

要挟是经济生活中的一种普遍现象。本文用要挟理论对环境保护合约进行了全面的分析,认为流域环境不断恶化是上游群众要挟的结果。要改变这一事实,还必须从调整“合约”做起。     

The division of labor is limited by the extent of the law

The present paper starts from the observation that there is still no analysis of private law as a basis for international trade, i. e. private transactions between noncompatriots (cf. Schmidt-Trenz 1990). Although authors like Buchanan, Hayek, Williamson, Böhm and Eucken have talked about the significance of a system of private law for the coordination of private transactions, they left out of their analysis the domain of protective state activity in international private business transactions vis-à-vis the multitude of legal orders and national enforcement organs. p ]It is the intention of this paper to focus upon the problems of the coordination of private foreign trade activities in the shadow of the territoriality of law. Specifically, it is asked: What are the causes for the fragmentation of private law in the world, and what are the consequences of the territoriality of law for the coordination of decisions concerning transactions between non-compatriots? The paper also deals with the question of how international coordination-efficiency can be fostered by international constitutional policy.     

地方政府竞争引起的产能过剩问题研究

地方政府竞争被认为是推动我国经济快速发展的重要动力之一,但是,由于目前相应体制、机制的不完善,使得各地方政府间出现无序竞争甚至是恶性竞争,由此,导致了我国部分行业的产能过剩问题加剧。应从转变地方政府竞争模式、改革官员政绩考核体制以及转变经济发展方式等方面引导地方政府由竞争走向竞合,走高质量经济发展道路。     

论城市房屋强制拆迁中的公民权利保护

城市房屋强制拆迁中政府需要保护被拆迁户包括生命权、财产权、参与权在内的各项权利。强制拆迁行为必须遵照合理程序,保障居者有其屋。国家应该及时制定《中华人民共和国城市房屋拆迁管理法》。城市房屋拆迁的正确程序是：规划—公示—安置住房—补偿—拆迁—土地拍卖—开发商进行开发。政府和开发商介入房屋拆迁的顺序绝对不能颠倒,不能够少的环节一定不能够少。     

How significant is the alleged unfair advantage enjoyed by state-owned banks in Germany?

The European Commission argues that the state-owned banks inGermany enjoy an unfair advantage over the private sector banksin the cost of borrowing funds in the financial markets becauseof state guarantees that public sector banks are perceived toenjoy. This note demonstrates that the blame for the comparativelypoor profitability of private sector banks in Germany cannotbe laid at the door of the relatively cheaper funds that thepublic sector banks can raise in the wholesale markets.