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Teaching an old dog a new trick: Reserve price and unverifiable quality in repeated procurement 教老狗一个新把戏：重复采购中的底价和无法验证的质量
IF 1.9 4区 管理学
Journal of Economics & Management Strategy Pub Date : 2022-12-22 DOI: 10.1111/jems.12509
Gian Luigi Albano, Berardino Cesi, Alberto Iozzi
{"title":"Teaching an old dog a new trick: Reserve price and unverifiable quality in repeated procurement","authors":"Gian Luigi Albano,&nbsp;Berardino Cesi,&nbsp;Alberto Iozzi","doi":"10.1111/jems.12509","DOIUrl":"https://doi.org/10.1111/jems.12509","url":null,"abstract":"<p>This paper shows that, in a repeated competitive procurement, a buyer can use the reserve price in a low-price auction as a “public”—hence nondiscriminatory—incentive device to elicit unverifiable quality. We study a model with many firms and one buyer, who is imperfectly informed on the firms' costs. When firms are ex ante identical, the provision of quality is sustained by a sufficiently high reserve price to reward firms for the quality provision and by the threat of setting a low reserve price forever, if quality is not delivered. The buyer can elicit the desired level of unverifiable quality provided her baseline valuation of the project is not too high and the net benefit from unverifiable quality is not too low. These results are robust to firms' heterogeneity in their time preferences when the punishment for a deviation is finite but sufficiently long.</p>","PeriodicalId":47931,"journal":{"name":"Journal of Economics & Management Strategy","volume":"32 2","pages":"377-399"},"PeriodicalIF":1.9,"publicationDate":"2022-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50140431","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Noncompete agreements, training, and wage competition 竞业禁止协议、培训和工资竞争
IF 1.9 4区 管理学
Journal of Economics & Management Strategy Pub Date : 2022-12-22 DOI: 10.1111/jems.12510
Oz Shy, Rune Stenbacka
{"title":"Noncompete agreements, training, and wage competition","authors":"Oz Shy,&nbsp;Rune Stenbacka","doi":"10.1111/jems.12510","DOIUrl":"https://doi.org/10.1111/jems.12510","url":null,"abstract":"<p>We study the effects of noncompete agreements in an environment where firms invest in training junior workers. After obtaining employer-provided training, trained workers can choose whether to remain loyal to their initial employer or switch to the competing employer. We evaluate the effects of noncompete agreements on wages, employment, investment in training, production, profits, and total welfare. Firms earn higher profits and pay lower average wage when they require workers to sign noncompete agreements.</p>","PeriodicalId":47931,"journal":{"name":"Journal of Economics & Management Strategy","volume":"32 2","pages":"328-347"},"PeriodicalIF":1.9,"publicationDate":"2022-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jems.12510","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50140430","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Random encounters and information diffusion about product quality 随机相遇与产品质量信息传播
IF 1.9 4区 管理学
Journal of Economics & Management Strategy Pub Date : 2022-10-26 DOI: 10.1111/jems.12503
Jean J. Gabszewicz, Marco A. Marini, Skerdilajda Zanaj
{"title":"Random encounters and information diffusion about product quality","authors":"Jean J. Gabszewicz,&nbsp;Marco A. Marini,&nbsp;Skerdilajda Zanaj","doi":"10.1111/jems.12503","DOIUrl":"https://doi.org/10.1111/jems.12503","url":null,"abstract":"<p>This paper explores how social interactions among consumers shape markets. In a two-country model, consumers meet and exchange information about the quality of the goods. As information spreads, demand evolves, affecting the prices and quantities manufactured by profit-maximizing firms. We show that market prices with informational frictions reach the duopoly price with full information at the limit. However, this convergence can take different paths depending on the size asymmetry between countries. In particular, when the country producing the low-quality good is relatively large, the single market does not immediately turn into a duopoly and can be temporarily trapped in a situation of price instability where no Nash equilibrium in pure (but only in mixed) strategies exists and prices can fluctuate between their monopoly and duopoly levels. It follows that the classical price-reducing effects of international trade may take longer to appear. In view of an intense globalization process, understanding how social meetings affect market outcomes is critical for understanding the performance of international economic integration.</p>","PeriodicalId":47931,"journal":{"name":"Journal of Economics & Management Strategy","volume":"32 2","pages":"348-376"},"PeriodicalIF":1.9,"publicationDate":"2022-10-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50145184","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
A model for dual health care market with congestion differentiation 具有拥挤区分的双重医疗保健市场模型
IF 1.9 4区 管理学
Journal of Economics & Management Strategy Pub Date : 2022-10-17 DOI: 10.1111/jems.12505
Damien Besancenot, Karine Lamiraud, Radu Vranceanu
{"title":"A model for dual health care market with congestion differentiation","authors":"Damien Besancenot,&nbsp;Karine Lamiraud,&nbsp;Radu Vranceanu","doi":"10.1111/jems.12505","DOIUrl":"https://doi.org/10.1111/jems.12505","url":null,"abstract":"<p>The French market for specialist physician care has a dual legal structure: physicians must exclusively work in sector 1 and charge regulated fees or in sector 2, where they can freely set their fees. Patient out-of-pocket payments in sector 2 are partially covered by private insurance. The primary differentiating factor between both sectors is the number of patients per specialist, which in turn directly affects the overall quality of the service provided. We built an equilibrium model to analyze both specialists' decisions about which sector to work in, and patients' choice of physician and therefore sector. More specifically, the model allowed us to study the effect of changes in prices and economy-wide patient-to-specialist ratios on profits and patients' utility associated with the services provided in each sector.</p>","PeriodicalId":47931,"journal":{"name":"Journal of Economics & Management Strategy","volume":"32 2","pages":"400-423"},"PeriodicalIF":1.9,"publicationDate":"2022-10-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jems.12505","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50136424","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Designing division of labor with strategic uncertainty within organizations: Model analysis and a behavioral experiment 组织内部具有战略不确定性的分工设计：模型分析和行为实验
IF 1.9 4区 管理学
Journal of Economics & Management Strategy Pub Date : 2022-10-10 DOI: 10.1111/jems.12506
Yoshio Kamijo, Daisuke Nakama
{"title":"Designing division of labor with strategic uncertainty within organizations: Model analysis and a behavioral experiment","authors":"Yoshio Kamijo,&nbsp;Daisuke Nakama","doi":"10.1111/jems.12506","DOIUrl":"https://doi.org/10.1111/jems.12506","url":null,"abstract":"<p>For managers who are responsible for designing the division of labor, there are prototypes such as the divisional and functional designs, but insufficient knowledge of what to consider when selecting them. To address this shortfall, we developed a multiple economic game model with a two-step structure to examine the strategic interdependence between the two prototypes. We analyzed the model from three different perspectives: a traditional analysis, an equilibrium analysis, and a behavioral analysis followed by a laboratory experiment. While the first analysis revealed that the functional design would outperform divisional design when individual decisions are exogenous, the game theoretic equilibrium analysis demonstrated that the two prototype designs have similar equilibria when individuals are rational. However, assuming that individuals made autonomous decisions with accessible information under given organizational structures, behavioral analysis derived predictions that the divisional design was more likely to produce favorable consequences than the functional design. This prediction was confirmed by the economic experiment in the laboratory. These results imply that the strategic uncertainty within organizations differs according to the designs and affects organizational consequences.</p>","PeriodicalId":47931,"journal":{"name":"Journal of Economics & Management Strategy","volume":"32 2","pages":"257-272"},"PeriodicalIF":1.9,"publicationDate":"2022-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jems.12506","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50147885","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Optimal promotions of competing firms in a frictional labour market with organizational hierarchies 具有组织层级的摩擦劳动力市场中竞争企业的最优晋升
IF 1.9 4区 管理学
Journal of Economics & Management Strategy Pub Date : 2022-10-07 DOI: 10.1111/jems.12502
Herbert Dawid, Mariya Mitkova, Anna Zaharieva
{"title":"Optimal promotions of competing firms in a frictional labour market with organizational hierarchies","authors":"Herbert Dawid,&nbsp;Mariya Mitkova,&nbsp;Anna Zaharieva","doi":"10.1111/jems.12502","DOIUrl":"https://doi.org/10.1111/jems.12502","url":null,"abstract":"<p>We study optimal promotion decisions of hierarchical firms, with one junior and one senior managerial position, which interact in a search and matching labour market. Workers acquire experience over time while being employed in a junior position and the firm has to determine the experience level at which the worker receives a promotion which allows her to fill a senior position. Promoted workers move to the senior position in their current firm, if it is vacant, otherwise they search for senior positions on the market. The promotion cut-offs of the competing firms exhibit strategic complementarity, but we show that generically a unique stable symmetric general equilibrium exists. We find that stronger competition among firms leads to later (earlier) promotions if the initial number of firms is small (large) giving rise to an inverse U-shape relationship. In the presence of two skill groups, stronger competition among firms reduces the importance of skill differences, so the gap in wages and promotion times decreases with the number of firms. The model is compatible with empirical evidence that high-skill workers are promoted faster than the low-skilled and that internal promotions are more frequent than cross-firm moves to a higher hierarchical position.</p>","PeriodicalId":47931,"journal":{"name":"Journal of Economics & Management Strategy","volume":"32 1","pages":"100-131"},"PeriodicalIF":1.9,"publicationDate":"2022-10-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jems.12502","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50138219","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Hedging to market-wide shocks and competitive selection 对冲市场范围的冲击和竞争选择
IF 1.9 4区 管理学
Journal of Economics & Management Strategy Pub Date : 2022-10-06 DOI: 10.1111/jems.12504
Richard Friberg, Isak Trygg Kupersmidt
{"title":"Hedging to market-wide shocks and competitive selection","authors":"Richard Friberg,&nbsp;Isak Trygg Kupersmidt","doi":"10.1111/jems.12504","DOIUrl":"https://doi.org/10.1111/jems.12504","url":null,"abstract":"<p>This paper examines hedging against a large market-wide shock in a model with heterogeneous firms and sunk costs of entry. If hedging is voluntary only the most efficient firms hedge against this shock, a finding in line with empirical evidence but at odds with standard motivations for risk management. Hedging affects the critical level of the marginal cost needed to operate in the market. A setting with mandatory hedging is associated with stronger competition than when hedging is voluntary which, in turn, is associated with stronger competition than when hedging is unavailable.</p>","PeriodicalId":47931,"journal":{"name":"Journal of Economics & Management Strategy","volume":"32 2","pages":"450-466"},"PeriodicalIF":1.9,"publicationDate":"2022-10-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jems.12504","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50123090","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Truly standard-essential patents? A semantics-based analysis 真正标准的基本专利？基于语义的分析
IF 1.9 4区 管理学
Journal of Economics & Management Strategy Pub Date : 2022-09-26 DOI: 10.1111/jems.12500
Lorenz Brachtendorf, Fabian Gaessler, Dietmar Harhoff
{"title":"Truly standard-essential patents? A semantics-based analysis","authors":"Lorenz Brachtendorf,&nbsp;Fabian Gaessler,&nbsp;Dietmar Harhoff","doi":"10.1111/jems.12500","DOIUrl":"https://doi.org/10.1111/jems.12500","url":null,"abstract":"<p>Standard-essential patents (SEPs) have become a key element of technical coordination via standard-setting organizations. Yet, in many cases, it remains unclear whether a declared SEP is truly standard-essential. To date, there is no automated procedure that allows for a scalable and objective assessment of SEP status. This paper introduces a semantics-based method for approximating the standard essentiality of patents. We provide details on the procedure that generates the measure of standard essentiality and present the results of several validation and robustness exercises. We illustrate the measure's usefulness in estimating the share of true SEPs in firm patent portfolios for several telecommunication standards.</p>","PeriodicalId":47931,"journal":{"name":"Journal of Economics & Management Strategy","volume":"32 1","pages":"132-157"},"PeriodicalIF":1.9,"publicationDate":"2022-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jems.12500","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50145097","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The location of cross-border and national mergers and acquisitions within the United States 美国境内跨境和国内并购的地点
IF 1.9 4区 管理学
Journal of Economics & Management Strategy Pub Date : 2022-09-20 DOI: 10.1111/jems.12501
Steven Brakman, Harry Garretsen, Charles van Marrewijk, Arjen van Witteloostuijn
{"title":"The location of cross-border and national mergers and acquisitions within the United States","authors":"Steven Brakman,&nbsp;Harry Garretsen,&nbsp;Charles van Marrewijk,&nbsp;Arjen van Witteloostuijn","doi":"10.1111/jems.12501","DOIUrl":"https://doi.org/10.1111/jems.12501","url":null,"abstract":"<p>Research on the location choice of foreign direct investment (FDI) focuses on the choice between countries. The within-country location choice is either not analyzed at all or restricted to greenfield investments only. The majority of FDI, however, takes the form of cross-border mergers and acquisitions (M&amp;As). We develop and test a pair of hypotheses regarding location-target selection for both cross-border and national M&amp;As across the United States, expecting differences in line with the liability of foreignness argument. Using a detailed firm-level data set for M&amp;As in the period 1985–2012, we compare location choices of cross-border versus national M&amp;As. We find that cross-border M&amp;As are more spatially concentrated, and tend to sort into larger agglomerations than national M&amp;As. This finding holds both for urban agglomerations in isolation, as well as for agglomerations that take the economic geography of the United States into account.</p>","PeriodicalId":47931,"journal":{"name":"Journal of Economics & Management Strategy","volume":"32 1","pages":"177-206"},"PeriodicalIF":1.9,"publicationDate":"2022-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jems.12501","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50148118","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Which is better for durable goods producers, exclusive or open supply chain? 哪一个对耐用品生产商更好，独家还是开放式供应链？
IF 1.9 4区 管理学
Journal of Economics & Management Strategy Pub Date : 2022-09-15 DOI: 10.1111/jems.12497
Hiroshi Kitamura, Noriaki Matsushima, Misato Sato
{"title":"Which is better for durable goods producers, exclusive or open supply chain?","authors":"Hiroshi Kitamura,&nbsp;Noriaki Matsushima,&nbsp;Misato Sato","doi":"10.1111/jems.12497","DOIUrl":"https://doi.org/10.1111/jems.12497","url":null,"abstract":"<p>We explore the supply chain problem of a downstream durable goods monopolist, who chooses one of the following trading modes: an exclusive supply chain with an incumbent supplier or an open supply chain, allowing the monopolist to trade with a new efficient entrant in the future. The expected retail price reduction in the future dampens the profitability of the original firms. An efficient entrant's entry magnifies such a price reduction, causing a further reduction of original firms' joint profits. In equilibrium, the downstream monopolist chooses the exclusive supply chain to escape further price reductions, although it expects efficient entry.</p>","PeriodicalId":47931,"journal":{"name":"Journal of Economics & Management Strategy","volume":"32 1","pages":"158-176"},"PeriodicalIF":1.9,"publicationDate":"2022-09-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50134228","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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