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The paper investigates both quantity and price oligopoly games in markets with a variable number of managerial and …
Persistent link: https://www.econbiz.de/10011524757
We analyze a Cournot duopoly market with differentiated goods and the separation between ownership and control. We consider a delegation game, for which the owner of a firm hires a manager who acts as if the good has a lower degree of substitutability than it really has. This is so either...
Persistent link: https://www.econbiz.de/10012595219
It is often suggested that incentive schemes under moral hazard can be gamed by an agent with superior knowledge of the environment and that deliberate lack of transparency about the incentive scheme can reduce gaming. We formally investigate these arguments in a two-task moral hazard model in...
Persistent link: https://www.econbiz.de/10012905446
It is often suggested that incentive schemes under moral hazard can be gamed by an agent with superior knowledge of the environment and that deliberate lack of transparency about the incentive scheme can reduce gaming. We formally investigate these arguments in a two-task moral hazard model in...
Persistent link: https://www.econbiz.de/10012973581
I propose a differential oligopoly game of resource extraction under (quasi-static) open-loop and nonlinear feedback …
Persistent link: https://www.econbiz.de/10011715908
We show that Miller and Pazgal.s (2001) model of strategic delegation, in which managerial incentives are based upon relative performance, is affected by a non-existence problem which has impact on the price equilibrium. The undercutting incentives generating this result are indeed similar to...
Persistent link: https://www.econbiz.de/10011734216
Fershtman and Judd (1987) and Sklivas (1987) show how strategic delegation in the one-shot Cournot game reduces firm profits. However, with infinitely repeated interaction, strategic delegation allows for an improvement in cartel stability compared to the infinitely repeated standard Cournot...
Persistent link: https://www.econbiz.de/10013132037
This paper characterizes the equilibrium sets of an intrinsic common agencygame with discrete types and direct revelation mechanisms. After presentinga general algorithm to find the pure-strategy equilibria of this game, we use itto characterize these equilibria when the two principals control...
Persistent link: https://www.econbiz.de/10011400396
This paper characterizes the equilibrium sets of an intrinsic common agency game with discrete types and direct revelation mechanisms. After presenting a general algorithm to find the pure-strategy equilibria of this game, we use it to characterize these equilibria when the two principals...
Persistent link: https://www.econbiz.de/10013320779
; oligopoly ; product differentiation ; entry ; asymmetric information ; strategic disclosure ; stochastic patent ; trade secret …
Persistent link: https://www.econbiz.de/10003862322