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ASYMMETRY OF CUSTOMER LOSS AND RECOVERY UNDER ENDOGENOUS PARTNERSHIPS: THEORY AND EVIDENCE* 下载免费PDF全文
Takako Fujiwara‐Greve Henrich R. Greve Stefan Jonsson 《International Economic Review》2016,57(1):3-30
This article is inspired by real‐world phenomena that firms lose customers based on imprecise information and take a long time to recover. If consumers are playing an ordinary repeated game with fixed partners, there is no clear reason why recovery happens slowly. However, if consumers are playing an endogenously repeated game, a class of simple efficient equilibria exhibits the asymmetry of fast loss and slow recovery of customers after a bad signal. Exit is systematic, but formation of a new partnership is random. We also give empirical evidence of our equilibria at an individual‐firm level. 相似文献
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Takako Fujiwara-Greve Masahiro Okuno-Fujiwara Nobue Suzuki 《Games and Economic Behavior》2012,74(2):504-516
We consider the voluntarily separable repeated Prisoner?s Dilemma model in which players randomly meet and form pairs to repeatedly play Prisoner?s Dilemma only by mutual agreement. While the literature has dealt with the case of no information flow across partnerships, we consider the case in which players can issue a “reference letter” to verify at least that the partnership entered the cooperation phase. We show that such reference letters can be voluntarily provided by the partners even at some cost, and that the sheer existence of a letter shortens the trust-building periods and thus improves social efficiency. 相似文献
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We formulate dynamic games which give a rationale to the firm size–wage effect that the sheer firm size increases wages. We postulate that past wages of large firms are known to new employees, while those of small firms are not. Large firms can credibly induce workers to expect high future wages and reduce turnover, while small firms have no choice but to be myopic and pay low wages. The equilibrium wage differential obtains under the same worker characteristics and production function. We provide empirical evidence that workers' expectations depend on firm size and affect wages as predicted by our model. 相似文献
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Takako Idee Shinichiro Iwata Teruyuki Taguchi 《The Journal of Real Estate Finance and Economics》2011,42(1):84-98
Foreclosure properties sold at Japanese judicial auctions are delivered to buyers with an unclear title when occupants exist,
because the foreclosure laws protect occupants from compulsory execution of auctions. The existence of occupants theoretically
affects the auction price through two channels. First, it affects the reserve price, and this changes in auction price. Second,
the number of bidders changes in response to changes in the reserve price that is controlled by occupants, and this changes
the auction price. Using data from the Osaka District Court, we empirically find that the existence of occupants in properties
reduces the auction price through two channels. 相似文献
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