Essays In Empirical Industrial Organization Finance Market And Public Policies
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| Author | : Ana María Montoya Squif |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2017 |
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"The following dissertation deals with economic analysis in the banking industry. Particularly it try to measure the effect of different kinds of regulations applied in this sector. Because of concern over the stability of the financial system in economic crises, regulators have adopted several macroeconomic policies. In recent years, banking regulation has become less pervasive, and has shifted from structural regulation has become less pervasive, and has shifted from structural regulation to other, more market oriented forms of regulation. This new regulation has aimed to reduce barriers to entry in the commercial banking system, to open un to international competition (Edey, Malcolm and K. Hviding (1995)), and to diminish asymmetric indormation between borrowerts and firms, considering that economic agents possess different level of information on relevant economic variables, and will use this information for their own profit (Freixas and Tirole (2008)). In this research, I evaluate kinds of banking regulation in each one of the aforementioned regulation flanks, whith the objective to contribute to the literature oriented to promote stability and foster competition in banking industry. (...)".
| Author | : Daniel Grodzicki |
| Publisher | : |
| Total Pages | : |
| Release | : 2014 |
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This dissertation comprises three chapters. The first two chapters investigate competition in the U.S. credit card market. The first looks at broad changes in the market's competitive environment over the past two decades. More specifically, it establishes how the classical facts characterizing a failure of competition in credit card lending during the 1980s are largely reversed in the decades following. Extending previous theories of limited competition in credit card lending, it illustrates how many of these changes can be explained by considering the role of costly screening in mitigating adverse selection. The second chapter studies more directly how issuers compete in today's market. To this end, it presents an equilibrium model of credit card issuers' mail out decisions and estimates it using data on direct mail credit card offers. In contrast to previous work, the model accounts for the complexity of card products, for heterogeneity in individuals' tastes for cards, and for differences in how profitable consumers are to issuers. It then explores the equilibrium supply effects of changes in the market environment. Specifically, it shows that an increase in the cost of funds (Treasury rate) unambiguously reduces consumers' propensity to receive offers and the range of rates on offers received. Conversely, reducing sending costs unambiguously increases the number and variety of offers. It also leads to an increase in the average rate on offered products. Adding a competitor on net increases the propensity to receive credit. However, it also deters existing competitors from making offers to some individuals whom they might have otherwise found profitable. The third chapter looks at the potential effects of differing methods for taxing inter-generational wealth transfers. Using wealth data on U.S. households, it forecasts changes in household wealth in the coming decade and calculates the importance of untaxed wealth in bequeathed estates. It then compares the aggregate and distributional effects of the current estate tax to those in which only the unrealized capital gains are subject to tax. It estimates that, in the coming decade, policies taxing capital gains can potentially raise more revenue than the current estate tax, but not without a substantial increase in the fraction of households facing a tax. Moreover, modest increases in capital gains allowance is likely to both sharply reduce total revenue and focus the burden of the tax on high wealth households.
| Author | : Dennis C. Mueller |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 397 |
| Release | : 2012-12-06 |
| Genre | : Business & Economics |
| ISBN | : 1461555590 |
Competition, Efficiency and Welfare contains a collection of papers in honor of Manfred Neumann. This collection was prepared as a tribute to a teacher and scholar, whose accomplishments have enriched various fields of economics. The magnitude of his interests is reflected in the breadth of topics covered in this volume: industrial economics, competition policy and related topics. However, if one unifying principle runs through Manfred Neumann's work, it is the belief in the power of competition. Born on May 16, 1933, Manfred Neumann studied economics at the University of Cologne. He graduated in 1960. In 1969 Manfred Neumann was appointed Professor of Economics at Nürnberg University. He was Dean of the Faculty of Economics and Social Sciences of the University of Erlangen-Nürnberg, President of the European Association for Research in Industrial Economics (EARIE) and Chairman of Industrial Organization Study Group of the Verein für Sozialpolitik. Most of his professional career has been spent at Nürnberg, where he has helped to make the Economic Institute one of the leading research centers in Industrial Organization. He has also been involved in various advisory activities. The volume contains 18 essays. The first twelve are grouped into four categories: Innovation and R&D (Part I), Cartels (Part II), Mergers and Merger Policy (Part III), and Methodological Issues in Industrial Organization (Part IV). These papers fall within the bounds of industrial economics, which has been Manfred Neumann's primary research interest throughout his career. Part V includes two papers on theories of international trade, which has been a recurring topic of interest for Manfred Neumann through the years. The last three papers look at broader policy and macroeconomic issues. Contributors to this volume include Karl Aiginger, David B. Audretsch, Paul A. Geroski, Stephen Martin and Dennis Mueller.
| Author | : Abraham C. Dunn |
| Publisher | : |
| Total Pages | : 278 |
| Release | : 2014 |
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There are many differentiated product industries in which firms offer multiple products in the same market. In making strategic decisions regarding entry, quality and quantity to be supplied for their multiple products firms must consider the competition with rivals as well as cannibalization of their own products that are close substitutes. In this setting, understanding the relationship between the behavior of consumer demand and firms decisions' regarding product characteristics and strategic variables like advertising are fundamental issues in industrial organization. This dissertation empirically explores these fundamental issues in the pharmaceutical and airline industries. The first paper of my dissertation estimates consumer demand for different anti-cholesterol drugs using panel data on a nationally representative sample of individuals who were diagnosed with cholesterol problems in the period 1996-2002. The data provides detailed information on individuals' medical conditions, medical and drug insurance coverage, drug purchases (if any), and other demographic and medical information. Individuals choose whether to purchase an anti-cholesterol rug and, if so, which drug to buy. The model permits flexible substitution patterns among drug choices and persistence in those choices by incorporating both observed and unobserved consumer heterogeneity. The estimates suggest that lower income patients without prescription drug insurance are very price sensitive: they are less likely to use drugs and, if they do use them, they tend to purchase the less expensive drugs. I find that roughly 500 thousand individuals without drug insurance who are currently not purchasing anti-cholesterol drugs would do so in the counterfactual world in which they are given the standard co-payment plan. The second paper also looks at consumer demands for anti-cholesterol drugs. While the first paper focused on the differentiated products, this paper explores the market expansion effects of direct-to-consumer advertising (DTCA). The study combines the individual data used in the first paper with monthly expenditure data on DTCA for the period 1996-2002. The dynamic demand model estimated in this paper explores the heterogeneous effects of DTCA. Overall, I find a positive effect from DTCA with short term elasticity of 0.107. Through persistence in consumer demand this effect lasts over multiple time periods. I find that individuals not taking a cholesterol drug respond more to advertising than those on the drug. In addition, I find that less educated individuals, those that may be unaware of their health condition, and those without health insurance are most responsive to DTCA. Finally, the third paper studies the effect of product ownership and quality on entry in the airline industry. Specifically, this paper empirically examines the decision of an airline to offer high quality nonstop service between cities given that the airline may or may not be offering lower quality one-stop service. I find that airlines that offer one-stop service through a hub are less likely to enter that same market with nonstop service than those that do not. In addition, the quality of the one-stop service is another determinant of entry. Airlines are more likely to enter a market with nonstop service if their own or their rival's one-stop service in the market are of lower quality.
| Author | : David F. Andrade |
| Publisher | : |
| Total Pages | : 236 |
| Release | : 1997 |
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| Author | : Zening Li |
| Publisher | : |
| Total Pages | : |
| Release | : 2018 |
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| Author | : Roxana Cecilia Fernández Machado |
| Publisher | : |
| Total Pages | : 106 |
| Release | : 2017 |
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| ISBN | : 9789056685201 |
| Author | : David B. Audretsch |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 283 |
| Release | : 2012-12-06 |
| Genre | : Business & Economics |
| ISBN | : 9401127956 |
Empirical Studies in Industrial Organization brings together leading scholars who present state-of-the-art research in the spirit of the structure-conduct-performance paradigm embodied in the work of Leonard W. Weiss. The individual chapters are generally empirically or public policy oriented. A number of them introduce new sources of data that, combined with the application of appropriate econometric techniques, enable new breakthroughs and insights on issues hotly debated in the industrial organization literature. For example, five of the chapters are devoted towards uncovering the link between market concentration and pricing behavior. While theoretical models have produced ambiguous predictions concerning the relationship between concentration and price these chapters, which span a number of different markets and situations, provide unequivocal evidence that a high level of market concentration tends to result in a higher level of prices. Three of the chapters explore the impact of market structure on production efficiency, and three other chapters focus on the role of industrial organization on public policy. Contributors include David B. Audretsch, Richard E. Caves, Mark J. Roberts, F.M. Scherer, John J. Siegfried and Hideki Yamawaki.
| Author | : Lorenzo Cattivelli |
| Publisher | : |
| Total Pages | : 129 |
| Release | : 2022 |
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I study the determinants of the firms' investment decisions. First, I quantify how building transport infrastructure affects investments. Whereas there is growing evidence that new infrastructure reduces trade costs, we lack a rigorous empirical understanding on how it impacts investments. To make progress, I leverage the U.S. crude oil industry. I specify a structural model of discrete investments centered around the producers' dynamic trade-off between current revenues and delaying investments to wait for additional transport infrastructure. I bring this model to a comprehensive dataset that allows me to match the drilling activity of oil producers with the construction of pipelines across space and over time. I estimate that pipelines reduce the producers' transportation costs by 15%, increasing the amount of new oil wells by 28%. In sum, I find that firms substantially increase investments in response to the new transport infrastructure. Then, I study how the firms' ownership structure affects investments. Vertical integration could increase investments for the integrating firm and reduce investments for its rivals. I measure the investment outcomes of eight vertical mergers in the US motion picture industry using 1997-2019 movie-level and companies' ownership data. Using a difference-in-difference research design, I estimate that vertical mergers increase investments for the integrating counterpart by 73.5%, while reducing investments for its rivals by 47%. Then I specify a within-firm model of resource allocation in order to separate the role of credit constraints and industry-specific technology from the change in the internalized return from investments. The results support the property rights theory.
| Author | : Kevin Remmy |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2021 |
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This thesis is composed of three chapters. The first chapter studies the economic effects of subsidies when firms can adjust both prices and a product attribute. The second chapter (joint with Christian Bontemps and Cristina Gualdani) builds and estimates a 2-stage model of airline competition. The third chapter (joint with Charles Pébereau) studies adoption of real-time pricing electricity tariffs. In the first chapter I study the economic effects of electric car subsidies. Electric cars are subsidized around the world because they are seen as a key driver for decarbonizing the transport sector. In response to these subsidies, producers of electric cars can adjust the price of the car, but also the driving range. My analysis finds that subsidy design has an important impact on price and range choices. In the paper, I find that firms react to subsidy directly based on range by selling more expensive electric cars with a higher range. To the contrary, a flat subsidy leads firms to sell cheaper electric cars with a lower range. These findings have important implications for policymakers who have two objectives: Whereas electric car sales are maximized at the flat scheme, minimizing CO2 emissions entails a trade-off between maximizing electric car sales and generating substitution from more polluting cars that is solved at a scheme with a flat and a range-based part. However, whereas a policymaker cannot maximize electric car sales and minimize CO2 emissions with the same scheme, she is able to maximize electric car sales and the consumer surplus of lower-income consumers with the same scheme. In the second chapter, joint with Christian Bontemps and Cristina Gualdani, we build and estimate a 2-stage model of airline competition. In the model, airlines choose the network of segments to serve in the first stage before competing in prices in the second stage. The two-stage framework allows us to account for selection of airlines into interdependent routes. Moreover, it permits us to make counterfactual exercises that robustly predict changes not only in prices and markups but also in how airlines adjust their route networks. We show that large hub-and-spoke operations lower marginal costs but increase fixed costs. We evaluate a merger between American Airlines and US Airways and compare it to the bankruptcy and disappearance of American Airlines. We also evaluate remedies imposed on the merging parties and find evidence that they limited harm to consumers. In the third chapter, Charles Pébereau and I study the introduction of real-time electricity pricing in New Zealand and shed light on why adoption was low. Under this tariff, consumers are exposed to half-hourly varying spot prices. We find that prospective and recent adopters are highly sensitive to contemporaneous spot prices. Adoption rates significantly decrease with contemporaneous spot prices. During a crisis on the electricity spot market, the share of consumers discarding real-time pricing plans decreased with experience. These results suggest that, over time, consumers focus less on immediate outcomes. Our results can inform the debate regarding ways to foster the adoption of real-time pricing, such as opt-in and opt-out policies, and information provision.
