Search results for " asymmetry."
showing 10 items of 257 documents
Entry and espionage with noisy signals
2014
Abstract We analyze the effect of industrial espionage on entry deterrence. We consider a monopoly incumbent who may expand capacity to deter entry, and a potential entrant who owns an Intelligence System. The Intelligence System (IS) generates a noisy signal based on the incumbentʼs actions. The potential entrant uses this signal to decide whether or not to enter the market. The incumbent may signal-jam to manipulate the likelihood of the noisy signals and hence affect the entrantʼs decisions. If the precision of the IS is commonly known, the incumbent benefits from his rivalʼs espionage. Actually, he benefits more the higher is the precision of the IS while the spying entrant is worse off…
No linealidad y asimetría en el proceso generador del Índice Ibex35
2013
This paper analyzes the behavior of Ibex35 from January 1999 to December 2001, in order to check if it follows a different process from random walk so its return is not a white noise and it can be predictable, against the efficient market hypothesis. For that, a nonlinear generating process of return will be considered and a STAR-APARCH model will be specified. This model allows a nonlinear behavior in the conditional mean and in the conditional variance. The empirical results show that the Ibex35 follows a nonlinear and asymmetric process, both in the conditional mean as in the conditional variance, so the weak-version of efficient market hypothesis is rejected. El trabajo analiza el compo…
Competing R&D Joint Ventures in Cournot oligopoly with spillovers
2014
This paper considers competition between R&D cartels, whereby prospective Cournot competitors coordinate their R&D decisions in order to maximize joint profit. It studies how R&D activity, aggregate profit, consumer surplus, and social welfare vary as the number of competing cartels varies. It also compares equilibrium with second best R&D, and discusses the policy implications of the results. The results show that the effects of R&D cartel competition depend on the welfare criterion adopted and on whether there are cooperative synergies or not.
The role of «perceived loss» aversion on credit screening: an experiment
2013
A major characteristic of credit markets is information asymmetry.To combat its problems, as credit rationing, principals can use a menu of contracts to screen clients with different risk level. We conduct a laboratory experiment to address an important question for such settings —does the framing of the offered menu of contracts interfere with the self-selection mechanism? The answer is yes. We find subjects' choices shift when the same (positive) outcomes of the same menu of contracts are presented in two different frames. Subjects exhibit loss aversion in their perception of the positive outcomes below the reference point, and self-selection fails to occur. Uno de los mayores problemas a…
Designing ecolabels in order to mitigate market failures: an application to agrofood products
2007
For the market for ecofriendly characteristics of agrofood producs effectively, ùeans of mitigationg asymmetric information, informational overload and public goods properties are necessary. Ecolabel success requires a design and an implementation capable of mitigating simultaneously these three sources of market failures. Our contribution differs from many to date by (1) introducing and analyzing the informational overload as a source of market falure and (2) considering the ecolabel, not only as tool to re-establish information summetry between the producer and consumer but also as a way to overcome international overload and public goods problems. We analyze how these sources of market f…
Experimental Stark broadening studies of the CI transition 3s 1 P 1o − 3p 1 S 0 at 833.5 nm
2011
AbstractExperimental Stark broadening studies of the infrared CI transition 3s 1 P 1o − 3p 1 S 0 at 833.5 nm are reported for the first time. A high-current wall-stabilized arc, operated in a mixture of helium, argon, carbon dioxide and hydrogen, was applied as the plasma source. Radiation emitted from homogeneous and optically thin plasma layers was analyzed. Stark broadening studies of the selected CI transition and the hydrogen Balmer β line were performed. As expected from theoretical considerations, the CI line width depends linearly on the electron density of the plasma. Applying theoretical Stark broadening data for the Hgb line, the measured Stark widths of the CI line were calibrat…
Closed-loop bandwidth impact on MVSA for rotor broken bar diagnosis in IRFOC double squirrel cage induction motor drives
2013
This paper investigates the detectability of rotor broken bars in indirect rotor flux oriented control (IRFOC) for variable speed double cage induction motor drives, using vibration signature analysis techniques. The Impact of the closed loop control system cannot be neglected when the detection of rotor asymmetries in the machine is based on the signature analysis of electrical or mechanical variables. Therefore, the investigation of rotor fault components for different bandwidths of closed-loop regulators is necessary to evaluate its relevance in the above listed variables. This paper investigates the impact of the control system on relevance of the fault components computed from axial an…
Operating and stock market performance of state-owned enterprise privatizations: The Spanish experience
2007
Abstract We investigate the operating and stock market performance of Spanish state-owned enterprises (SOEs) privatized through public share issue offerings (SIPs) from 1990 to 2001, when the last SIP was conducted. We compare the performance of SOEs and privately-owned firms. We find significant operating improvements in Spanish SOEs after the privatization. Specifically, they show significant increases in income efficiency, real sales and employment. Spanish governments tried to minimize the foregone proceeds when selling SOE shares and underpriced them lower than private firms. We relate these results with the pressure of the Maastricht Treaty fiscal criteria, as well as lower informatio…
Conservatism and Accounting Earnings
2015
The article refers to accounting conservatism and its relation with accounting earnings. After providing the conceptual background of the prudence concept, which is the basis of accounting conservatism, the paper introduces some more empirically testable concepts, known as conditional and unconditional conservatism. It also explains the economics behind this accounting practice, mainly associated to contracting due to the asymmetric information between managers and external stakeholders, but also linked to litigation risks, taxation, political and regulatory processes. After providing a brief explanation of the empirical measures of conservatism, it gives a summary of the vast empirical res…
Don't Tell Us: The Demand for Secretive Behaviour
2009
The matter studied here is how, and with what implications, people may decide that they do not want to be let into secrets that concern them. They could get the information at no cost but they refuse to know. The reasoning is framed in terms of principals and agents, with the principals assumed not to want to know the agents' secrets. For convenience, the context chosen for the exposition is mainly that of voters as principals and the government or the office-holders as agents. After some exploration of the motivations underlying the attitude of the principals, the paper focuses on the case when neither total secrecy nor total disclosure prevails. The demand for partial secrecy is analysed …