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Author : Su Sun
Publisher :
ISBN 13 :
Total Pages : 208 pages
Book Rating : 4.3/5 (91 download)
Download or read book Three Essays on Vertical Pricing, Firm Dynamics and Industry Evolution written by Su Sun and published by . This book was released on 2003 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Adam Hale Shapiro
Publisher :
ISBN 13 :
Total Pages : 288 pages
Book Rating : 4.:/5 (474 download)
Download or read book Three Essays on Pricing Dynamics written by Adam Hale Shapiro and published by . This book was released on 2008 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: I analyze three settings of pricing dynamics. In the first chapter, I describe a new method of estimating the New Keynesian Phillips Curve. Specifically, this study introduces a new proxy for the real marginal cost term as well as a new instrument set, both of which are based on the micro foundations of the vertical chain of production. I find that the new proxy, based on input prices as opposed to wages, provides a more robust and significant fit to the model. Instruments that are based on the vertical production chain appear to be both more valid and relevant. In the second chapter, I describe the dynamics of pricing in the airline industry. Specifically, this chapter analyzes the effects of market structure on price dispersion using panel data. I find that competition has a negative effect on price dispersion, in line with the traditional textbook treatment of price discrimination. Furthermore, the effects of competition on price dispersion are most significant on routes that we identify as having consumers characterized by relatively heterogeneous elasticities of demand. On routes with a more homogeneous customer base, the effects of competition on price discrimination are largely insignificant. These results show that competition acts to erode the ability of a carrier to price discriminate, resulting in reduced overall price dispersion. In the third chapter, I analyze airline price dispersion in order to determine the effects of the business cycle on markup variations. While most macroeconomic studies find a counter-cyclical markup, this study suggests that the markup in the airline industry is pro-cyclical. Using a panel analysis, I find that the output gap explains a larger positive degree of price dispersion on routes with a heterogeneous consumer base relative to routes with a homogenous consumer base. This suggests that the markup charged to price inelastic consumers rises during peaks in the business cycle.
Author : Fan Liu (Ph. D.)
Publisher :
ISBN 13 :
Total Pages : 268 pages
Book Rating : 4.:/5 (993 download)
Download or read book Three Essays on Pricing Strategies written by Fan Liu (Ph. D.) and published by . This book was released on 2017 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: Pricing is one of the most vital topic within the theory of Microeconomics. A firm can use a variety of pricing strategies to maximize its profit, gain market share, enter a new market or prevent potential entrants. This dissertation contains three essays exploring the equilibrium effect of various pricing strategies. The first chapter, co-authored with David S. Sibley and Wei Zhao, examines the effects of two types of vertical restrictions that are found in the cigarette and soft drink industries. In one case, a manufacturer gives discounts to the retailer in return for a commitment that the manufacturers product be priced no higher than a specified competing product. We refer to this as a vertical MFN (VMFN). The second is an agreement where the retailer commits to price in such a way that its margin on the product is no higher than the equivalent margin on a specified competing product. We refer to this as a vertical margin constraint (VMC). We show that the VMFN results in equilibrium prices that are higher than in a benchmark case without the constraint. In contrast, the VMC constraint leads to uniformly lower prices. The distributional effects are different, too. The VMFN tends to raise manufacturer profits, if different manufacturers produce very similar products. The retailer is worse off. The opposite effects arise in the VMC case. The second chapter analyzes firms giving switching discounts to consumers who purchased from their rivals rather than own past customers. By analyzing a two-period duopoly model with horizontal differentiation, we find that when the intrinsic value of the product is not high enough to make sure that the consumers will buy at least one of the product, the dynamic price path featured in the previous literature involving a raised second period price for customers with relatively high valuation will be reversed. Moreover, offering switching discounts results in a profit lower than the benchmark case, where such a pricing strategy is unavailable. The third chapter discusses how bundled discounts affect firm's decision of extending the product line by versioning the product through horizontal differentiation or vertical quality degrading. We propose a framework showing that inter-firm mixed bundling schemes may incentivize the introduction of a differentiated product, while in the absence of bundling it may not be profitable to do so. However, the consumer's surplus gain as a result of intensified competition and increased variety of goods from versioning will be dominated by the negative welfare impacts of bundling.
Author :
Publisher :
ISBN 13 :
Total Pages : 776 pages
Book Rating : 4.3/5 (91 download)
Download or read book American Doctoral Dissertations written by and published by . This book was released on 2002 with total page 776 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :
Publisher :
ISBN 13 :
Total Pages : 534 pages
Book Rating : 4.F/5 ( download)
Download or read book Dissertation Abstracts International written by and published by . This book was released on 2009-11 with total page 534 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Ching-jen Sun
Publisher :
ISBN 13 :
Total Pages : 120 pages
Book Rating : 4.:/5 (256 download)
Download or read book Essays on Price Dispersion and Dynamic Pricing written by Ching-jen Sun and published by . This book was released on 2008 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: This dissertation develops three essays on dynamic pricing to investigate two important topics in industrial organization: price dispersion and price discrimination. The first essay considers a stylized model of dynamic price competition in which each seller sells one unit of a homogeneous commodity by posting prices in every period to maximize the expected profits with discounting. A random number of buyers come to the market in each period. Each buyer demands at most one unit of the good, and they all have a common reservation price. They know all prices posted by all firms in the market; hence search is costless. I show that when there is a positive probability of excess demand, the model has a unique (symmetric) mixed-strategy equilibrium. In this equilibrium, each seller posts a price in every period according to a non-degenerate distribution, which is determined by the number of sellers remaining in the market in that period. Sellers play mixed strategies as they are indifferent between selling sooner at a lower price and waiting to sell at a higher price later. Thus, price dispersion not only exists in every period among firms, but also persists over time. In the second essay, I consider a monopolist who can sell vertically differentiated products over two periods to heterogeneous consumers. Consumers each demand one unit of the product in each period. In the second period, consumers are sorted into different segments according to their first-period choice, and the monopolist can offer different menus of contracts to different segments. In this way, the monopolist can price discriminate consumers not only by product quality, but also by purchase history. I fully characterize the monopolist's optimal pricing strategy when the type space is discrete and a simple condition is given to determine whether the monopolist should price discriminate consumers by product quality in the first period. When the consumers' type space is a continuum, I show that there is no fully separating equilibrium, and some properties of the optimal menu of contracts (price-quality pairs) are characterized within the class of partition PBE (Perfect Bayesian Equilibrium). The monopolist will offer only one quality in the first period when the social surplus function is log submodular or the firm and consumers are patient. If it is optimal for the firm to offer only one quality in the first period, the optimal market coverage in the first period is smaller than that in the static model. Furthermore, in equilibrium there are some high-type consumers choosing to downgrade the product in the second period, a phenomenon that has never been addressed in the literature. In the second essay, when the consumers' type space is a continuum, the analysis of the optimal menu of contracts is restricted within the class of partition PBE. The third essay provides a justification for this qualification. I ask whether an optimal menu of contracts can induce a non-partition continuation equilibrium by scrutinizing the example constructed by Laffont and Tirole (1988). They construct a non-partition continuation equilibrium for a given first-period menu of incentive contracts and conjecture that this continuation equilibrium need not be suboptimal for the whole game under small uncertainty. I construct two first-period incentive schemes leading to a partition continuation equilibrium and show that, regardless of the extent of uncertainty, their non-partition continuation equilibrium generates a smaller payoff than one of two partition continuation equilibria for the principal. In this sense, Laffont and Tirole's menu of contracts, giving rise to a non-partition continuation equilibrium, is not optimal. I provide an intuition behind this result, hoping to shed light on the problem of dynamic contracting without commitment.
Author : Chia-Wen Chen
Publisher :
ISBN 13 : 9781124906683
Total Pages : pages
Book Rating : 4.9/5 (66 download)
Download or read book Essays on Vertical Restraints and Competition Policy written by Chia-Wen Chen and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Vertical restraints between firms, such as exclusive dealing contracts that forbid a dealer from promoting other manufacturers' products, are controversial in competition policy because of their potential anticompetitive effects. This dissertation addresses three issues in competition policy and vertical relationships between firms: (1) what are the effects of exclusive dealing on competitiveness of brands? (2) does exclusive dealing foreclose new entrants out of a market? (3) what is the effect of retail competition on market price in a vertically integrated industry when upstream firms face capacity constraints? Chapter 1 examines the impact of allowing more brands access to exclusive distribution networks on brand and market level outcomes. In the U.S., Anheuser Busch is the dominant firm in the beer industry and has exclusive dealing arrangements with many of its distributors. I looked at a recent beer distribution deal between Anheuser Busch and InBev that moved InBev brands into Anheuser Busch distribution networks. I collected beer distributor data before and after the event and matched them with a panel scanner dataset from a major grocery chain in Northern California. Using a difference-in-differences approach, I compared the changes in InBev market shares in markets in which InBev switched to Anheuser Busch distributors, to the changes in market shares in markets in which InBev switched to Anheuser Busch exclusive distributors. The results suggest that exclusive dealing matters in the beer industry: I find InBev market shares to be higher once allowed access to Anheuser Busch exclusive distribution networks. In addition, I do not find overall market quantity to be larger when more brands have access to Anheuser Busch exclusive networks. Instead, the results show cannibalization effects on existing brands' market share when a distributor acquires more brands. These results are more consistent with an incentive-based explanation for firms preferring exclusive contracts. Chapter 2 examines the effect of exclusive dealing on rival firms' entry decisions. I estimated an entry model of specialty beer producers in Northern California and tested whether exclusive dealing raises a firm's fixed costs. I modeled each firm's entry decision as a static entry game of incomplete information that allows for strategic interactions and employed a new panel scanner dataset from a major grocery chain in Northern California. Given that both firm and location profitability are heterogeneous, I controlled for post-entry demand conditions by estimating the demand for beer using a discrete choice model. Using the demand estimates and the predicted entry probabilities, I recovered a firm's fixed costs using a two-step estimator. I find some spillover effects on specialty beer producers' entry decisions. After taking strategic interactions into account, the results indicate that a firm has higher fixed costs at locations with exclusive distributors. The estimates also show that a firm is less likely to enter a location that is farther from its brewery, has lower expected demand or is smaller in store size. Finally, I implemented counter-factual experiments to study the effect of banning exclusive dealing. The results show that the welfare improvement associated with banning exclusive contracts is very small. Chapter 3 (joint with Christopher R. Knittel) considers a model of oligopolistic competition when upstream firms face capacity constraints. We studied the optimality conditions of upstream firms under vertical separation and vertical integration when firms compete on quantity. We illustrated the properties of the equilibrium wholesale and retail prices when the downstream market becomes less competitive with a numerical example. Using data on gasoline demand and refineries' capacity levels in California, we generated equilibrium wholesale and retail prices when the number of downstream firms varies. We find that whether a higher degree of retail market concentration results in higher retail price depends on market structure and the effectiveness of the capacity constraints. When independent refineries' capacity constraints are binding, the effect of a decrease in the number of independent retailers on retail gasoline price is very small.
Author : Joel Mokyr
Publisher : Oxford University Press
ISBN 13 : 0190282991
Total Pages : 2812 pages
Book Rating : 4.1/5 (92 download)
Download or read book The Oxford Encyclopedia of Economic History written by Joel Mokyr and published by Oxford University Press. This book was released on 2003-10-16 with total page 2812 pages. Available in PDF, EPUB and Kindle. Book excerpt: What were the economic roots of modern industrialism? Were labor unions ever effective in raising workers' living standards? Did high levels of taxation in the past normally lead to economic decline? These and similar questions profoundly inform a wide range of intertwined social issues whose complexity, scope, and depth become fully evident in the Encyclopedia. Due to the interdisciplinary nature of the field, the Encyclopedia is divided not only by chronological and geographic boundaries, but also by related subfields such as agricultural history, demographic history, business history, and the histories of technology, migration, and transportation. The articles, all written and signed by international contributors, include scholars from Europe, Latin America, Africa, and Asia. Covering economic history in all areas of the world and segments of ecnomies from prehistoric times to the present, The Oxford Encyclopedia of Economic History is the ideal resource for students, economists, and general readers, offering a unique glimpse into this integral part of world history.
Author : Robert Bork
Publisher :
ISBN 13 : 9781736089712
Total Pages : 536 pages
Book Rating : 4.0/5 (897 download)
Download or read book The Antitrust Paradox written by Robert Bork and published by . This book was released on 2021-02-22 with total page 536 pages. Available in PDF, EPUB and Kindle. Book excerpt: The most important book on antitrust ever written. It shows how antitrust suits adversely affect the consumer by encouraging a costly form of protection for inefficient and uncompetitive small businesses.
Author : Daniel F. Spulber
Publisher : Cambridge University Press
ISBN 13 : 0521517389
Total Pages : 542 pages
Book Rating : 4.5/5 (215 download)
Download or read book The Theory of the Firm written by Daniel F. Spulber and published by Cambridge University Press. This book was released on 2009-04-13 with total page 542 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Theory of the Firm presents an innovative general analysis of the economics of the firm.
Author : Uwe Cantner
Publisher : Springer Science & Business Media
ISBN 13 : 3540494650
Total Pages : 412 pages
Book Rating : 4.5/5 (44 download)
Download or read book Innovation, Industrial Dynamics and Structural Transformation written by Uwe Cantner and published by Springer Science & Business Media. This book was released on 2007-03-08 with total page 412 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an account of work in the Schumpeterian and evolutionary tradition of industrial dynamics and the evolution of industries. It is shown that over time industries evolve and change their structure. In this dynamic process, change is affected and sometimes constraint by many factors, including knowledge and technologies, the capabilities and incentives of actors, new products and processes, and institutions.
Author :
Publisher :
ISBN 13 :
Total Pages : 412 pages
Book Rating : 4.:/5 (318 download)
Download or read book Journal of Economic Literature written by and published by . This book was released on 2003 with total page 412 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Cynthia A. Montgomery
Publisher : Springer Science & Business Media
ISBN 13 : 1461522013
Total Pages : 277 pages
Book Rating : 4.4/5 (615 download)
Download or read book Resource-Based and Evolutionary Theories of the Firm written by Cynthia A. Montgomery and published by Springer Science & Business Media. This book was released on 2011-06-27 with total page 277 pages. Available in PDF, EPUB and Kindle. Book excerpt: Resource-Based and Evolutionary Theories of the Firm: Towards a Synthesis explores the intersection of evolutionary theories of the firm with an emergent body of research in the field of strategic management that has been broadly referred to as the `resource-based view of the firm'. The volume approaches strategic questions from several vantage points, thereby fostering a useful cross-fertilization of ideas. The views presented spring from a variety of sources, namely the principles of strategic management, organisation economics, and population ecology.
Author : Qizhi Dai
Publisher :
ISBN 13 :
Total Pages : 278 pages
Book Rating : 4.:/5 (319 download)
Download or read book Three Essays on B2B E-market Firms written by Qizhi Dai and published by . This book was released on 2003 with total page 278 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Nicolai J. Foss
Publisher : Routledge
ISBN 13 : 1317798767
Total Pages : 220 pages
Book Rating : 4.3/5 (177 download)
Download or read book Towards a Competence Theory of the Firm written by Nicolai J. Foss and published by Routledge. This book was released on 2013-12-02 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores a new theory of the firm produced through an exchange between management theory and economics. In the process economics is seen to provide a foundational element for strategy research whilst developing a more realistic theory of the firm with a greater emphasis on its internal features. The success of competence theories of the firm also reflects their ability to explain significant trends in the business world, notably the declining importance of conglomerates and critical features in the success of Asian and Japanese business.
Author : David J. Teece
Publisher : OUP Oxford
ISBN 13 : 0191609315
Total Pages : 302 pages
Book Rating : 4.1/5 (916 download)
Download or read book Dynamic Capabilities and Strategic Management written by David J. Teece and published by OUP Oxford. This book was released on 2009-03-26 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt: How do firms compete? How do firms earn above normal returns? What's needed to sustain superior performance long term? An increasingly powerful answer to these fundamental questions of business strategy lies in the concept of dynamic capabilities. These are the skills, processes, routines, organizational structures, and disciplines that enable firms to build, employ, and orchestrate intangible assets relevant to satisfying customer needs, and which cannot be readily replicated by competitors. Enterprises with strong dynamic capabilities are intensely entrepreneurial. They not only adapt to business ecosystems; they also shape them through innovation, collaboration, learning, and involvement. David Teece was the pioneer of the dynamic capabilities perspective. It is grounded in 25 years of his research, teaching, and consultancy. His ideas have been influential in business strategy, management, and economics, and are relevant to innovation, technology management, and competition policy. Through his consultancy and advisory work he has also brought these ideas to bear in business and policy making around the world. This book is the clearest and most succinct statement of the core ideas of dynamic capabilities. Teece explains their genesis, application, and how they offer an alternative approach to much conventional strategic thinking grounded in simplistic and outdated understandings of industrial organizations and the foundations of competitive advantage. Accessibly written and presented, it will be an invaluable and stimulating tool for all those who want to understand this important contribution to strategic thinking, be they MBA students, academics, managers, or consultants.
Author : Asli M. Colpan
Publisher : OUP Oxford
ISBN 13 : 0191613983
Total Pages : 828 pages
Book Rating : 4.1/5 (916 download)
Download or read book The Oxford Handbook of Business Groups written by Asli M. Colpan and published by OUP Oxford. This book was released on 2010-08-05 with total page 828 pages. Available in PDF, EPUB and Kindle. Book excerpt: Business groups - large, diversified, often family-controlled organizations with pyramidal ownership structure, such as the Japanese zaibatsu, the Korean chaebol and the grupos economicos in Latin America - have played a significant role in national economic growth, especially in emerging economies. Earlier variants can also be found in the trading companies, often set up in Britain, which operated in Asia, Africa, and Latin America. Business groups are often criticized as premodern forms of economic organization, and occasionally as symptomatic of corrupt 'crony capitalism', but many have shown remarkable resilience, navigating and adjusting to economic and political turbulence, international competition, and technological change. This Handbook provides a comprehensive analysis of business groups around the world. It examines the adaptive and competitive capabilities of business groups, and their evolutionary dynamics. 16 individual country chapters deal with business groups from Asia to Africa, the Middle East to Latin America, while overarching chapters consider the historical and theoretical context of business groups. With contributions from leading experts, The Oxford Handbook of business groups provides a comprehensive, empirically and theoretically rich guide for scholars and policy-makers.
