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101.
This article offers experimental evidence to examine an important case in politics where a monopolistic proposer seeks a majority's consent from competitive responders to split the gain. The unique subgame perfect equilibrium prediction is that the side of trade with a monopoly will exploit the side of trade with competition to reap almost all of the gain. Our experimental evidence reveals that while responders do compete with each other to race to the bottom (consistent with the prediction), the monopolistic proposer settles down to offer a ‘fair’ share of the pie to those from whom he or she seeks majority support (contrary to the prediction).  相似文献   
102.
    
Using survey forecasts of a large number of Asian, European, and South American emerging market exchange rates, we studied empirically whether evidence of herding or anti‐herding behavior of exchange‐rate forecasters can be detected in the cross‐section of forecasts. Emerging market exchange‐rate forecasts are consistent with herding (anti‐herding) if forecasts are biased towards (away from) the consensus forecast. Our empirical findings provide strong evidence of anti‐herding of emerging market exchange‐rate forecasters.  相似文献   
103.
This paper finds evidence from Taiwanese manufacturing multinational enterprises (MNEs) for the period 2003–2005 to show that Taiwanese manufacturing MNEs are more likely to choose joint ventures (JVs) if intellectual property rights (IPRs) protection in the foreign direct investment (FDI) host country is strong. The estimation results suggest that if a country with an IPR strength similar to the level of Chile increases its IPR protection to the strength of Taiwan, the probability of forming JVs in that country will increase by 13.8%. One policy implication of this study is that developing countries can stimulate local participation by IPR reform.  相似文献   
104.
    
In this paper, I investigate the competitive and welfare effects of the improvements in information accuracy in markets where firms can price discriminate after observing a private and noisy signal about a consumer's brand preference. I show that when firms believe that consumers have a brand preference for them, then they charge more to these consumers, and this price has an inverse U‐shaped relationship with the signal's accuracy. In contrast, the price charged after a disloyal signal has been observed falls as the signal's accuracy rises. While industry profit and overall welfare fall monotonically when price discrimination is based on increasingly more accurate information, the reverse happens to consumer surplus.  相似文献   
105.
While monetary easing and increasing participation of financial institutions in commodity trading have enhanced the financialization of commodity markets, this paper investigates empirically whether the impact of global liquidity on commodity prices has grown since the crisis. For each commodity group, this paper uses a structural vector autoregression (SVAR) model to address the short‐run relationship between global liquidity and commodity prices. The key finding is that the effect of global liquidity on commodity prices becomes more salient since the global financial crisis. This paper also suggests a price‐based liquidity indicator has a greater explanatory power for the commodity price dynamics than monetary aggregates.  相似文献   
106.
    
This paper develops a simple macroeconomic model with imperfect competition and consumption externalities, and uses it to examine whether the marginal cost pricing rule in the partial equilibrium framework can apply to the general equilibrium framework. It is shown that, for welfare to be maximised, average revenue should be set equal to marginal cost if consumption externalities are either absent or positive. However, for welfare to be maximised, average revenue should be set higher than marginal cost in the presence of negative consumption externalities.  相似文献   
107.
    
We empirically investigate the interactions among hedging, financing, and investment decisions. We argue that the way in which hedging affects a firm's financing and investing decisions differs for firms with different growth opportunities. We find that high growth firms increase their investment, but not leverage, by hedging. However, we also find that firms with few investment opportunities use derivatives to increase their leverage.  相似文献   
108.
    
We study mutual‐aid games in which individuals choose to contribute to an informal mutual insurance pool. Individual coverage is determined by the aggregate level of contributions and a sharing rule. We analyze theoretically and experimentally the (ex ante) efficiency of equal and contribution‐based coverage. The equal coverage mechanism leads to a unique no‐insurance equilibrium while contribution‐based coverage develops multiple equilibria and improves efficiency. Experimentally, the latter treatment reduces the amount of transfers from high contributors to low contributors and generates a “dual interior equilibrium.” That dual equilibrium is consistent with the co‐existence of different prior norms which correspond to notable equilibria derived in the theory. This results in asymmetric outcomes with a majority of high contributors less than fully reimbursing the global losses and a significant minority of low contributors less than fully defecting. Such behavioral heterogeneity may be attributed to risk attitudes (risk tolerance vs risk aversion) which is natural in a risky context.  相似文献   
109.
    
This paper reviews six approaches to binary response (y1) structural forms with an endogenous regressor y2: (i) the two‐stage least squares estimator‐like substitution approach, (ii) the control function approach, (iii) the system reduced‐form approach, (iv) the artificial instrumental regressor approach, (v) the transformed‐response instrumental variable estimator approach and (vi) the classical maximum likelihood estimator approach. The applicability of the six methods differs greatly, depending on whether y2 is a continuously distributed random variable or a discrete transformation of a latent . We conduct a real‐data‐based simulation study, and provide an empirical illustration. Our overall recommendation is using (i) and (ii), as the others have undesirable features such as analytic complexity in (iii), computational difficulty in (iv) and (vi), and poor finite‐sample performance in (v).  相似文献   
110.
    
Since the mid‐1990s the banking sector in the Latin American emerging markets has experienced profound changes due to financial liberalization, a significant increase in foreign investments, and greater merger activities often occurring following financial crises. The wave of consolidation and the rapid increase in market concentration that took place in most countries has generated concerns about the rise in banks' market power and its potential effects on consumers. This paper advances the existing literature by testing the market power (Structure–Conduct–Performance and Relative Market Power) and efficient structure (X‐ and scale efficiency) hypotheses for a sample of over 2500 bank observations in nine Latin American countries over 1997–2005. We use the Data Envelopment Analysis technique to obtain reliable efficiency measures. We produce evidence supporting the efficient structure hypotheses. The findings are particularly robust for the largest banking markets in the region, namely Brazil, Argentina, and Chile. Finally, capital ratios and bank size seem to be among the most important factors in explaining higher than normal profits for Latin American banks.  相似文献   
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