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Brechet, Thierry; Peralta, Susana - C.E.P.R. Discussion Papers - 2007

International markets for tradable emission permits (TEP) co-exist with national energy taxation. A firm trading emission permits in the international market also pays energy taxes in its host country, thus creating an interaction between the international TEP-market and national energy taxes....

Persistent link: https://www.econbiz.de/10005666994

Health provider networks, quality and costs

Boone, Jan; Schottmüller, Christoph - C.E.P.R. Discussion Papers - 2015

We provide a modeling framework to think about selective contracting in the health care sector. Two health care providers differ in quality and costs. When buying health insurance, consumers observe neither provider quality nor costs. We derive an equilibrium where health insurers signal...

Persistent link: https://www.econbiz.de/10011165660

Incumbency Advantage in Non-Democracies

Egorov, Georgy; Sonin, Konstantin - C.E.P.R. Discussion Papers - 2014

In elections that take place in a less-than-perfect democracy, incumbency advantages are different from those in mature democracies. The incumbent can prevent credible challengers from running, organize vote fraud, or even physically eliminate the main opponents. At the same time, formally...

Persistent link: https://www.econbiz.de/10011084133

Returns to Regionalism: An Evaluation of Non-traditional Gains from RTAs

Fernández, Raquel - C.E.P.R. Discussion Papers - 1997

The last decade has witnessed an explosion in the number of regional trade agreements (RTAs). There seems to be a general, if ill-defined, belief on the part of many policy-makers, and among some academics as well, that there is more to an RTA then the traditional gains from trade. This paper...

Persistent link: https://www.econbiz.de/10005666552

The Olympic Effect

Rose, Andrew K; Spiegel, Mark - C.E.P.R. Discussion Papers - 2009

Economists are skeptical about the economic benefits of hosting "mega-events" such as the Olympic Games or the World Cup, since such activities have considerable cost and seem to yield few tangible benefits. These doubts are rarely shared by policy-makers and the population, who are typically...

Persistent link: https://www.econbiz.de/10005788959

Venture Capital, Patenting, and Usefulness of Innovations

Fabrizi, Simona; Lippert, Steffen; Norbäck, Pehr-Johan; … - C.E.P.R. Discussion Papers - 2011

clauses would reduce such excessive, signaling-driven investment and patenting intensity. …

Persistent link: https://www.econbiz.de/10009643508

Who Should Pay for Certification?

Stahl, Konrad; Strausz, Roland - C.E.P.R. Discussion Papers - 2011

Who does, and who should initiate costly certification by a third party under asymmetric quality information, the buyer or the seller? Our answer --- the seller --- follows from a non--trivial analysis revealing a clear intuition. Buyer--induced certification acts as an inspection device, whence...

Persistent link: https://www.econbiz.de/10008854541

Signaling in Tender Offer Games

Burkart, Mike; Lee, Samuel - C.E.P.R. Discussion Papers - 2010

gains in security benefits, signaling equilibria are subject to a constraint that is absent from bilateral trade models: The …. Dilution, debt financing, and toeholds are viable signaling devices because they imply private benefits that depend on security … benefits in a predictable manner. In these signaling equilibria, lower-valued types must forgo a larger fraction of their …

Persistent link: https://www.econbiz.de/10008466346

Location as a Signal of Quality

Vettas, Nikolaos - C.E.P.R. Discussion Papers - 1999

We examine a horizontal product differentiation duopoly model where firms are also differentiated with respect to the quality of their products. Firms first choose their locations (or product characteristics) and then compete in prices. Under full information, it is shown that, whereas the...

Persistent link: https://www.econbiz.de/10005114216

Insider Trading, Investment and Liquidity

Bhattacharya, Sudipto; Nicodano, Giovanna - C.E.P.R. Discussion Papers - 1999

We compare competitive equilibrium outcomes with and without trading by a privately informed 'monopolistic' insider, in a model with real investment portfolio choices ex ante, and noise trading generated by aggregate uncertainty regarding other agents' intertemporal consumption preferences. The...

Persistent link: https://www.econbiz.de/10005504224