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1.
In this paper we analyze the properties of price equilibria in a duopoly market where firms sell vertically differentiated products, consumers being uncertain about which firm sells which quality. Both existence and properties of price equilibria are characterized by the beliefs of the consumers' population about the distribution of quality between firms. 相似文献
2.
Summary. For Bertrand duopoly with linear costs, we establish via a single (counter-)example that: (i) A new monotone transformation
of the firms' profit functions may lead to the supermodularity of transformed profits when the standard log and identity transformations
both fail to do so, and (ii) Topkis's notion of critical sufficient condition for monotonicity of a Bertrand firm's best-reply
correspondence cannot be extended to rely only on positive unit costs.
Received: January 16, 2001; revised version: March 20, 2002
RID="*"
ID="*" This work was completed while the first author was visiting the Institute for Industrial Economics at the University
of Copenhagen during Spring 2000. Their financial support and stimulating research environment are gratefully acknowledged.
The views expressed here are those of the authors and should not be attributed to the European Commission.
Correspondence to: R. Amir 相似文献
3.
In a multi-commodity framework with absence of wealth effects, we prove the existence of equilibrium for Cournot oligopoly, and that the concept is completely non-ambiguous. We also obtain a uniquely defined endogenous inverse demand function, depending only on the competitive sector. 相似文献
4.
Erik Canton Isabel Grilo Josefa Monteagudo Peter van der Zwan 《Small Business Economics》2013,41(3):701-715
The promotion and support of small and medium-sized enterprises (SMEs) is an essential component of policies designed to help improve Europe’s economic performance. A crucial issue is whether SMEs face difficulty obtaining bank loans. Using pre-crisis survey data from 2005 and 2006 for nearly 3,500 SMEs (firms with fewer than 250 employees) in the European Union (EU), we investigate the determinants of perceived bank loan accessibility at the firm level and at the country level. Based on hierarchical (multi-level) binomial logit regressions, our findings show that the youngest and smallest SMEs have the worst perception of access to bank loans. The SMEs in nations with concentrated banking sectors are more positive about loan accessibility. In addition, a high fraction of foreign-owned banks is associated with improved perception of loan accessibility in the EU 15 but not in the EU 10. 相似文献
5.
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. 相似文献
6.
This paper argues that standards of living are a meaningful measure of competitiveness. It views comparisons with the performance
of other regions, and in particular with the US, as an evaluation of the distance to the “technology frontier” and the potential
for improvements. Productivity and external competitiveness developments are reviewed from a sectoral perspective. A forward
looking dimension is given by a brief presentation of the revised “Lisbon Strategy” and the new industrial policy approach
proposed by the European Commission.
相似文献
7.
Isabel?Grilo Roy?ThurikEmail author 《The International Entrepreneurship and Management Journal》2005,1(4):441-459
This paper uses 2004 survey data from the 15 old EU member states and the US to explain country differences in latent and
actual entrepreneurship. Other than demographic variables such as gender, age and education, the set of covariates includes
the perception by respondents of administrative complexities, of availability of financial support and of risk tolerance as
well as country-specific effects. A comparison is made with results using a similar survey in 2000. While a majority of the
surveyed population identifies lack of financial support as an obstacle to starting a new business, the role of this variable
in both latent and actual entrepreneurship appears to be even more counterintuitive in 2004 than in 2000: it has no impact
on actual entrepreneurship and is positively related to latent entrepreneurship. Administrative complexities, also perceived
as an obstacle by a large majority of the population, have the expected negative impact both for latent and actual entrepreneurship
in both years. Country-specific effects are important both for latent and actual entrepreneurship and the comparison of 2000
and 2004 results suggests that, once all other factors are controlled for, an improvement in actual entrepreneurship in the
EU relative to the US has taken place in the last four years. However, in terms of unweighted averages actual entrepreneurship
remained about the same. Latent entrepreneurship dropped while this drop seems to have occurred evenly in the US and the EU
member states. 相似文献
8.
We develop and test accounting-based valuation models for commercial banks. We extend Begley et al.'s framework (2006) and propose a valuation model where goodwill is generated by virtually all commercial and investment banking activities. Key features of our model are: the development of a relation between future cash flows from fee income and the bank value that depends on lending, borrowing and off-balance sheet business; and the inclusion of proprietary investment and trading as value-driving activities. Empirical tests on a sample of Euro-zone banks from 1998 to 2006 provide the following evidence. Unrealised expected cash flows from fee income are the most important source of unrecorded goodwill. This is consistent with the increasing importance of revenue from the sale of financial services to banks' income. The contribution of fee income to goodwill is higher for banks with large deposits and new loans. Equity securities are a source of unrecorded goodwill, but the introduction of fair value accounting, with the adoption of the International Financial Reporting Standards (IFRS), reduces their valuation role. Yet equity securities remain positively associated with unrecorded goodwill after IFRS adoption, suggesting that the fair value standards do not fully capture market expectations about future cash flows of investment assets. 相似文献
9.
Jolanda Hessels Isabel Grilo Roy Thurik Peter van der Zwan 《Journal of Evolutionary Economics》2011,21(3):447-471
This paper investigates whether and how a recent entrepreneurial exit relates to subsequent engagement. We discriminate between
six levels of engagement including none, potential, intentional, nascent, young and established entrepreneurship. We use individual-level
data for 24 countries that participated in the Global Entrepreneurship Monitor during 2004, 2005 and 2006 (some 350,000 observations).
Our findings indeed show that a recent exit decreases the probability of undertaking no entrepreneurial activity, whereas
it substantially increases the probabilities of being involved in all other engagement levels. Investigating the conditions
under which an exit increases engagement in entrepreneurial activities, we find that the probability of entrepreneurial engagement
after exit is higher for males, for persons who know an entrepreneur and for persons with a low fear of failure. Educational
attainment does not seem to be relevant. Moreover, there exists large cross-country variation in the probability of entrepreneurial
engagement after exit. 相似文献
10.
Public opinion in Europe seems worried about the relocation of production plants toward low wage countries often accused of practicing ‘social dumping’. To reduce the incentives for relocation trade unions proposed the adoption of ‘social clauses’ protecting domestic markets from commodities produced in countries where minimal labor condition are not met. We analyze the effects of the adoption of a social clause in a vertically differentiated Bertrand duopoly. We assess how such a policy affects firms’ relocation decisions in order to be able to assess its welfare implications. We also characterize the optimal social clause policy, both under domestic welfare maximization, and from an efficiency point of view. While we show that a social clause policy cannot be dismissed on domestic (or world) welfare grounds, its case is weaker the higher is the domestic wage and the lower is the foreign wage. 相似文献