infonet-economy

We discuss conditions for the Aubin property of solutions to perturbed cone constrained programs, by using and refining results given in Klatte-Kummer "Nonsmooth Equations in Optimization", Kluwer, 2002. In particular, we show that constraint nondegeneracy and hence uniqueness of the multiplier is necessary for the Aubin property of the critical point map. Moreover, we give…

In this paper we examine the quantitative effects of margin regulation on volatility in asset markets. We consider a general equilibrium infinite-horizon economy with heterogeneous agents and collateral constraints. There are two assets in the economy which can be used as collateral for short-term loans. For the first asset the margin requirement is exogenously regulated while the…

This paper develops a model of a cooperative enterprise and compares it to a vertically separated market. In our model of a multi-stage production process, agents can acquire costly knowledge to decrease production costs. Our model shows that the cooperative acquires less non-generalizable knowledge than the market, but more generalizable knowledge if the large member in the…

Based on a model of asymmetric competition between a pay and a free media platform, this paper investigates advertising pricing models. The pay media platform generates revenues from media consumers through subscription fees, while the free media platform generates revenues from charging advertisers either on a lump-sum basis (regime A) or on a per-consumer basis (regime B). We show…

We analyze the absorptive capacity (AC) process of a manufacturing company with central R&D and an internationally distributed manufacturing network. Prior research shows that an implementation of the lead factory (LF) is especially supportive if the international manufacturing network struggles with implementing new products and processes. We analyze determinants of AC and show…

This paper investigates whether the valuation effect of corporate governance depends on the degree of competition in the companies’ product markets in a large international sample covering 14 countries from the European Union (EU). Besides providing external validity of previous US-centred studies, this paper uses more comprehensive and reliable measures of both product market…

This research article provides empirical insights on the key drivers for successful internal and external innovation network management. The hypotheses are tested empirically using survey data collected from stock-listed companies in Germany, Switzerland and Austria. The data include the complete responses from 141 R&D managers for the period from 2004 to 2008. Our results show…

The financial crisis has fueled a heated debate about the responsibility of financialeconomists. Critics such as Paul Krugman, Robert Shiller, and David Colander arguethat financial economists have developed useless or even harmful theories. This isan important debate, but it suffers from the fact that the role of financial theoriesremains unclear. In this chapter we enter the field…