TOPICS

Industrial Organization

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Theory

Strategic capacity investment with common ownership or cross holdings

We study how overlapping ownership affects the timing and size of capacity investments in duopoly. In addition to standard accommodation and delay strategies, internalization allows a leader to block follower entry. Follower timing and capacity reactions are less aggressive, making outcomes less competitive ex-post. Positional competition is more intense, and entry occurs earlier in equilibrium. Internalization raises a leader's incentive to delay follower entry rather than accommodate, and we show with an example that this strategic shift can benefit consumers.

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Theory

A Two-Period Unionized Mixed Oligopoly Model: Public-Private Wage Differentials and “Eurosclerosis” Reconsidered

In the present paper we develop a two-period unionized mixed duopoly model, furnished with second period- demand shocks, where decentralized firm-specific wage bargains are struck in each period before product market competition is in place.

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Entrepreneurship

Cross-Border Co-opetition through Market Co-creation

Our study explores how emerging country firms can utilize cooperative agreements with advanced country firms to adjust to the new environment, and uncovers the conditions under which cooperation becomes preferable to competitive rivalry for both parties

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Theory

On Vertical Relations and Technology Adoption Timing

This paper explores how vertical relations influence the timing of new technology adop- tion. It shows that both the bargaining power distribution among the vertically related firms and the contract type through which vertical trading is conducted affect crucially the speed of adoption: the downstream firms can adopt later a new technology when the upstream bargaining power increases as well as when wholesale price contracts, instead of two-part tariffs, are employed.

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Theory

Strategic Corporate Social Responsibility by Multinational Enterprises

We investigate the market and societal effects of a socially responsible multinational enterprise’s entry in a host market through exports and through FDI, the determinants of the multinational’s decision between exports and FDI, as well as the respective host country’s policies. We find that the multinational enterprise, seeking for a competitive advantage in the host market, strategically engages in CSR activities and meets the corresponding demand by socially conscious consumers.

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Theory

On the Mode of Competition as a Collusive Perspective in Unionized Oligopoly

In a union-oligopoly framework with differentiated products, this paper endogenizes the mode of product market competition by exploring its strategic role on firms' incentives for collusion.

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Theory

Optimal Strategies in Unionized Oligopoly and Inward FDI

In a union-oligopoly context, we interpret the optimal equilibria may arise from the implementation of any possible policies of a benevolent social planner in the labour market

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Theory

Cournot is More Competitive than Bertrand! Upstream Monopoly with Two-part Tariffs

The present paper compares the Cournot and Bertrand equilibrium outcomes and social welfare in vertically related markets with upstream monopolistic market structure, where the trade between the upstream monopolist and the downstream firms is conducted via two-part tariffs contracts.

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Theory

Comparative Advertising in Markets with Network Externalities

The present paper investigates the firms' incentives to invest in comparative advertising in a spatially differentiated duopoly market characterized by network externalities.

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Theory

Comparative versus Informative Advertising in Oligopolistic Markets

The present paper examines endogenously the firms' incentives to invest in informative and comparative advertising, in an oligopolistic market with horizontally differentiated products where competition take place in quantities.

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Theory

Upstream R&D Networks

We study the endogenous formation of upstream R&D networks in a vertically related industry. We find that, when upstream firms set prices, the complete network that includes all firms emerges in equilibrium.

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Theory

Certification of Corporate Social Responsibility Activities in Oligopolistic Markets

We investigate the impact of alternative certifying institutions on firms' incentives to engage in costly Corporate Social Responsibility (CSR) activities as well as their relative market and societal implications.

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Theory

Downstream Mode of Competition with Upstream Market Power

Under competing vertical chains, we propose that the downstream mode of competition which in equilibrium emerges is the outcome of independent implicit agreements, between each downstream firm and its exclusive input supplier, in each vertical chain.

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Theory

(In)efficient Trading Forms in Competing Vertical Chains

We study competing vertical chains where upstream and downstream firms bargain over their form and terms of trading.

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Theory

Endogenous Managerial Incentive Contracts in a Differentiated Duopoly, With and Without Commitment

In a differentiated Cournot duopoly, we examine the contracts that firms’ owners use to compensate their managers and the resulting output levels, profits and social welfare.

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Theory

Corporate Social Responsibility and Wage Discrimination in Unionized Oligopoly

The European labour markets are characterized by the existence of trade unions with extensive coverage whereas wage contracts are typically determined through decentralized firm-union bargaining. On the other hand, as it particularly refers to migrant and ethnic minority groups, equally-skilled workers often face lower reservation wages. We argue that these facts may lead unions to opt for discriminatory wage contracts across groups of employees.

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Theory

Horizontal Mergers and Acquisitions with Endogenous Efficiency Gains

We examine how the strategic long-run decisions, such as cost-reducing R&D invest- ments, prior to the decision for integration; create endogenous efficiency gains that make a horizontal integration profitable.

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Theory

Private CSR Activities in Oligopolistic Markets: Is There Any Room for Regulation?

The present paper examines the conditions under which the regulator can complement the provision of Corporate Social Responsibility (CSR) activities by private firms in an oligopolistic market.

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Theory

Do Firms' Owners Delegate both Short-Run and Long-Run Decisions to Their Managers in Equilibrium?

The present paper explores the scope of strategic delegation, to the firms' R&D investments and market competition in a Cournot Oligopoly.

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Applied Research

An Econometric Workbench for Comparing the Substantive and Dominance Tests in Horizontal Merger Analysis

We investigate for the individual and relative accuracy of two major market power tests: the Herfindahl Hirschman Index (HHI), and the merger simulation model of unilateral effects. We propose a methodology to compare the predictive and screening power of both tests by implementing them in a hypothetical economy.

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Policy

Corporate Social Responsibility in Oligopoly

This paper studies firms owners' incentives to engage in Corporate Social Responsibility (CSR) activities in an oligopolistic market, in a strategic delegation and vertical product differentiation context.

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Descriptive Analysis

Mergers and Acquisitions Motives

In this paper a broad list of different merger motives that has been proposed in the literature are analyzed and compared.

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Theory

Union Structure and Firms Incentives for Cooperative R&D Investments

This paper investigates the impact of alternative unionization structures on firms' incentives to spend on cost-reducing R&D activities as well as to form a Research Joint Venture, in the presence of R&D spillovers.

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Theory

Endogenous Strategic Managerial Incentive Contracts

This paper studies the endogenous structure of incentive contracts that firms' owners offer to their managers, when these contracts are linear combinations either of own profits and own revenues, or of own profits and competitor's profits or, finally, of own profits and own market share.

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