The unique capital structure of commercial banking - funding production with demandable debt that participates in the economy's payments system - affects various aspects of banking. It shapes commercial banks' comparative advantage in providing financial products and services to informationally...

This is a draft of the first half of an open access textbook on game theory. I hope to complete the entire book by the end of 2015. After teaching game theory (at both the undergraduate and graduate level) at the University of California, Davis for 25 years, I decided to organize all my teaching...

This paper studies the effects of aggregate, industry-, and firm-specific factors on the exit hazard rates in the market for daily newspapers in The Netherlands from 1950 to 1996. We present a brief overview of the exit literature. On the basis of the existing empirical evidence, we decided to...

Our research as well as that by other authors has found scale economies at all sizes of banks and the largest scale economies at the largest banks – that is, larger banks are able to provide products at lower average cost than smaller banks. While the earlier literature found that scale...

The Dutch drinking water sector experienced two drastic changes over the last 10 years. Firstly, in 1997, the sector association started with a voluntary benchmarking aimed to increase the efficiency and effectiveness of the sector. Secondly, merger activity arose. This paper develops a tailored...

This paper explores how to incorporate banks' capital structure and risk-taking into models of production. In doing so, the paper bridges the gulf between (1) the banking literature that studies moral hazard effects of bank regulation without considering the underlying microeconomics of...

The unique capital structure of commercial banking - funding production with demandable debt that participates in the economyś payments system - affects various aspects of banking. It shapes banks ́comparative advantage in providing financial products and services to informationally opaque...