Essays On Behavioral Industrial Organization And Finance
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Essays in Industrial Organization and Finance
Author | : Thomas Rutford Covert |
Publisher | : |
Total Pages | : |
Release | : 2014 |
Genre | : |
ISBN | : |
This dissertation consists of two essays on the behavior of traders in opaque financial markets and one on the behavior of firms while they are learning to use a new technology.
Handbook of Behavioral Industrial Organization
Author | : Victor J. Tremblay |
Publisher | : Edward Elgar Publishing |
Total Pages | : 483 |
Release | : 2018 |
Genre | : Economics |
ISBN | : 178471898X |
The Handbook of Behavioral Industrial Organization integrates behavioral economics into industrial organization. Chapters cover concepts such as relative thinking, salience, shrouded attributes, cognitive dissonance, motivated reasoning, confirmation bias, overconfidence, status quo bias, social cooperation and identity. Additional chapters consider industry issues, such as sports and gambling industries, neuroeconomic studies of brands and advertising, and behavioral antitrust law. The Handbook features a wide array of methods (literature surveys, experimental and econometric research, and theoretical modelling), facilitating accessibility to a wide audience.
Essays in Public Finance and Industrial Organization
Author | : David S. Rapson |
Publisher | : |
Total Pages | : 268 |
Release | : 2009 |
Genre | : |
ISBN | : |
Abstract: Prices guide the allocation of scarce resources. Whether this allocation is "good" often depends on whether the incentives generated by the market structure induce positive actions (like work effort or savings) or allow for unintended consequences that harm the greater good (like collusion or pollution). This dissertation examines three of these incentive structures in the context of public finance and industrial organization. Chapter 1 seeks to illuminate drivers of long-run energy demand from consumer durable goods, and is motivated by the large, negative pollution externality associated with energy use. I specify a structural model of air conditioner purchase timing and usage, which explicitly incorporates dynamic consumer behavior. Parameter estimates allow me to evaluate several popular demand-side energy policies. Results indicate that a carbon tax is a potent lever to achieve energy demand reductions, both immediately and in the long run. Efficiency standards are also appropriate for long-term energy reduction, though their effectiveness is reduced by causing people to purchase more energy-intensive units. Chapter 2 revisits the question of tacit collusion in the 1950s automobile industry. In his famous paper, Bresnahan (1987) develops a model to explain the brief spike in quantity in 1955, and concludes that the episode was caused by a temporary breakdown in tacit collusion. His model imposes strong restrictions on the nature of consumer preferences and intra-firm, multi-product pricing strategies. I reconstruct his original dataset and solve a random coefficients logit model that allows for a full range of substitution patterns and pricing strategies. For no year in 1954-1956 can the firm behavioral hypothesis of Bertrand competition be rejected in favor of tacit collusion. Results also indicate that firms were not profit maximizing during this period. Firm-level strategic pricing is rejected in favor of inter-brand competition. In Chapter 3 I estimate marginal effective tax rates facing households in Massachusetts, and reveal the bewildering nature of incentives that households face to work and save. We find that the U.S. fiscal system provides most households with very strong reasons to limit their labor supply and saving. It also offers some households tremendous opportunities to arbitrage the tax system by contributing to retirement accounts.
Competition, Efficiency, and Welfare
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.
Essays on Behavioral Economics
Author | : George Katona |
Publisher | : Ann Arbor, Mich. : Survey Research Center, Institute for Social Research, University of Michigan |
Total Pages | : 120 |
Release | : 1980 |
Genre | : Business & Economics |
ISBN | : |