ABSTRACT**: This article evaluates the impact of the introduction of incentive regulation on firm growth among the population of local exchange carriers in the US telecommunications industry between 1988 and 2001. The results show that the rate of return method and other intermediate incentive schemes have had a negative impact on firm growth. Conversely, the introduction of pure price caps schemes had a positive and significant impact on firms’ growth. These results highlight the importance of proper and appropriate incentive compatible mechanism design in motivating firms to strive for superior performance.相似文献
When faced with the strategic choice of going direct to market versus the option of using intermediaries, a firm is posited to evaluate the benefits to customers from going direct to market, and the transaction costs involved in using intermediaries. In this paper, we discuss how these evaluations might differ depending upon the microcharacteristics of the exchange domain. Based on these theoretical considerations, specific propositions are offered regarding the conditions under which firms might rely more heavily on direct channels. These propositions are tested by conducting a cross'sectional empirical analysis using a large sample of manufacturing firms operating in diverse exchange domains. We also control for the impact of macrolevel environmental characteristics, as well as firm-level characteristics that may influence the direct to market decision. Our empirical results confirm that customer benefits and transaction costs are important considerations in going direct to market. 相似文献
Summary Debreu's theorem on excess demand functions is used to demonstrate the possibilities of ergodic and topological chaos in a discrete-time tatonnement process with only two goods. The result is in sharp contrast with the well-known result of Arrow and Hurwicz on system stability in a continuous time model of price adjustment with two commodities.We would like to thank Professors Jess Benhabib, Richard Day, John Guckenheimer, Philip Holmes, Nicholas Kiefer and Tapan Mitra. 相似文献
Summary. Let be a Markov chain with a unique stationary distribution . Let h be a bounded measurable function. Write and . This paper explores conditions for the consistency and asymptotic normality of the estimate of of assuming the existence of a solution to the Poisson equation . Our framework covers the case of nonirreducible Markov chains arising in many growth models in economics.
Received: October 8, 2001; revised version: April 8, 2002
RID="*"
ID="*" Thanks are due to Professors Rabi Bhattacharya, Nicholas Kiefer and Timothy Vogelsang on an earlier draft for helpful
conversations, and a referee for insightful comments.
Correspondence to: M.Majumdar 相似文献
Using contemporary data for an extensive sample of 1020 Indian firms, this paper investigates the impacts that size and age of firms have on firm-level productivity and profitability. In India older firms are found to be more productive and less profitable, whereas the larger firms are, conversely, found to be more profitable and less productive. These performance differences are explained as arising from the market-restricting industrial policies that have been followed in India over the past three decades. 相似文献
This paper, first, estimates the appropriate, log–log or semi-log, linear long-run money-demand relationship capturing the behavior US money demand over the period of 1980:Q1–2010:Q4, using the standard linear cointegration procedures found in the literature, and the corresponding nonparametric version of the same based on projection pursuit regression (PPR) methods. We then, compare the resulting welfare costs of inflation obtained from the linear and nonlinear money-demand cointegrating equations. We make the following observations: (i) the appropriate money-demand relationship for the period of 1980:Q1–2010:Q4 is captured by a semi-log function; (ii) based on the estimation of semi-log cointegrating equations, the welfare cost of inflation was found to at the most lie between 0.0131 % of GDP and 0.2186 % of GDP for inflation rates between 0 and 10 %, and; (iii) in comparison, the welfare cost of inflation obtained from the semi-log non-linear long-run money-demand function, derived using the PPR method, for 0–10 % of inflation ranges between 0.4930 and 1.9468 % of GDP. However, the standard errors associated with the welfare cost estimates obtained from PPR relative to the linear models tend to indicate that the nonlinear money demand provides more precise estimates of the welfare costs primarily for higher rates of inflation. 相似文献
The banking sector has seen major changes with advances in technology. Electronic financial transactions are gradually taking over traditional banking services in terms of transferring funds, utility payments, insurance premium, mortgages and even stock trading. Despite the widespread popularity of smartphones and the advantages of mobile banking, the adoption rates of the mobile apps have been very low all over the world. Our study explored the consumer acceptance of mobile apps in the United Arab Emirates (UAE) by using a structured online questionnaire that was designed using standard variables from the Technology Acceptance Model. Principal component analysis was used to identify and score these factors for the subsequent categorical regression analysis. Consumers were assigned numerical categories depending on their level of usage of the app, and the CATREG nonlinear technique was used to determine the significance of technology acceptance factors. The results show that almost two-thirds of the sample were currently using Mobile Banking apps, and they predominantly belonged to the 30–40 age-group. Perceived usefulness and available information were identified as the main factors influencing acceptance and level of usage of mobile banking apps. This study makes a significant contribution to the existing literature by identifying consumers according to their level of usage and adopting the categorical regression model, which has not been attempted earlier. The results provide important insights for banking professionals in the UAE, in terms of marketing initiatives, information technology and customer service.