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Strategic behavior and underpricing in uniform price auctions: Evidence from finnish treasury auctions

We contribute to the debate on the optimal design of multiunit auctions by developingand testing robust implications of the leading theory of uniform price auctions on the bid distributions submitted by individual bidders. The theory, which emphasizes market power, has little support in a data set of Finnish Treasury auctions. A reason may be that the Treasury acts strategically by…

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English / 01/01/2005

Fairness and the Optimal Allocation of Ownership Rights

We report on several experiments on the optimal allocation of ownership rights. The experiments confirm the property rights approach by showing that the ownership structure affects relationship-specific investments and that subjects attain the most efficient ownership allocation despite starting from different initial conditions. However, in contrast to the property rights approach,…

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English / 01/01/2005

Comment on William C. Brainard and Herbert E. Scarf's "How to Compute Equilibrium Prices in 1891"

Bill and Herb have provided an illuminating and interesting presentation of Irving Fisher's Ph.D. dissertation Mathematical Investigations in the Theory of Value and Prices. They correctly emphasize that Fisher's fundamental contribution to the early theory of general equilibrium was the construction of a machine to compute the equilibrium quantities in a Walrasian model of…

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English / 01/01/2005

Explorative and exploitative learning from external corporate ventures

This study examines the antecedents of explorative and exploitative learning of technological knowledge from external corporate ventures. We compare different forms of external corporate venturing, namely corporate venture capital investments, alliances, joint ventures, and acquisitions, as alternative avenues for interorganizational learning. Furthermore, we test the effects of…

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English / 01/01/2005

New ventures' inward licensing: examining the effects of industry and strategy characteristics

New ventures compete by creating innovative products. Liabilities of newness and inexperience, limited resources, rapid technological obsolescence and constantly changing market conditions often encourage new ventures to license other companies' technologies to complement and augment their internally developed innovations. Building on the knowledge-based view of the firm, we…

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English / 01/01/2005

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