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Competition in dual markets: two game-theoretical models on pricing in online versus multiple channels 双重市场中的竞争:在线与多渠道定价的两种博弈模型
International journal of economic research Pub Date : 2009-08-01 DOI: 10.17256/JER.2009.14.2.001
Yuanzhu Lu, F. Tang, Xiaolin Xing
{"title":"Competition in dual markets: two game-theoretical models on pricing in online versus multiple channels","authors":"Yuanzhu Lu, F. Tang, Xiaolin Xing","doi":"10.17256/JER.2009.14.2.001","DOIUrl":"https://doi.org/10.17256/JER.2009.14.2.001","url":null,"abstract":"This paper develops two theoretical models to explain why multichannel retailers (MCRs) usually price higher than pure Internet retailers (DotComs), a regular pattern observed in many empirical studies. In the first game-theoretical model, we assume that the number of non-MCRs in the conventional market is exogenously determined, while consumers are classified into three discrete groups: (a) aggressive consumers, (b) discreet online consumers, and (c) offline consumers. We relax the first constraint in the second model so that all retailers in the Brick & Mortar sector are potential MCRs. Before setting prices, these retailers have to make their entry choices. Then, the pricing distribution becomes related to the factors such as the number of retailers in two markets, the search costs, and the pricing strategies of the retailers in the online market. We explore how the different types of retailers compete in the dual channels. We find that MCRs benet from the existence of their conventional stores, since they can charge higher prices than marginal production cost and earn positive profits. However, if DotComs cannot differentiate themselves by building loyal consumers or investing in the new technology, they face the severe competition both from their own type and from MCRs, and gain zero profits. The price dispersion may exist in the long term due to the pricing strategy for MCRs to conciliate the competition in online market.","PeriodicalId":90860,"journal":{"name":"International journal of economic research","volume":"29 4 1","pages":"129-150"},"PeriodicalIF":0.0,"publicationDate":"2009-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90530089","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Looking for the Balassa-Samuelson effect in real exchange rate changes 寻找实际汇率变化中的巴拉萨-萨缪尔森效应
International journal of economic research Pub Date : 2009-08-01 DOI: 10.17256/JER.2009.14.2.004
G. Ahn
{"title":"Looking for the Balassa-Samuelson effect in real exchange rate changes","authors":"G. Ahn","doi":"10.17256/JER.2009.14.2.004","DOIUrl":"https://doi.org/10.17256/JER.2009.14.2.004","url":null,"abstract":"Using the MSE decomposition technique, Engel (1999) found that real exchange rate changes between the US and the UK are accounted for mainly by tradables price changes. He reported that no Balassa-Samuelson effect in real exchange rate changes is detected in real data. However, we argue that Engel’s findings are because the US and the UK do not have large enough sectoral productivity differentials as the Balassa-Samuelson effect requires. Using the monthly data from January 1985 through February 2007 for a country pair of the US and Korea as well as from January 1980 through February 2007 for another country pair of the US and Japan, we measured and compared the MSE shares of non-tradables price changes in real exchange rate changes. We found a clear difference in the movements of non-tradables price changes between the two pairs: the MSE shares of non-tradables price changes in the real exchange rate changes between the US and Korea were two times greater than those between the US and Japan from January 1985 through September 1995 when Korea experienced more rapid growths in the tradable sector than in the non-tradable sector in comparison with between the US and Japan.","PeriodicalId":90860,"journal":{"name":"International journal of economic research","volume":"6 1","pages":"219-237"},"PeriodicalIF":0.0,"publicationDate":"2009-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74514708","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 6
Technology cycle and its multiple equilibria 技术周期及其多重均衡
International journal of economic research Pub Date : 2009-08-01 DOI: 10.17256/JER.2009.14.2.005
Sung-Jin Cho
{"title":"Technology cycle and its multiple equilibria","authors":"Sung-Jin Cho","doi":"10.17256/JER.2009.14.2.005","DOIUrl":"https://doi.org/10.17256/JER.2009.14.2.005","url":null,"abstract":"This paper shows the existence of multiple equilibria in technology the cycle. According to Cho (2008), two main reasons of faster replacement demand for main computer systems are faster technological progress and increased demand for services a telecommunication company provides. This paper primarily focuses on the role of faster technological progress due to the faster replacement demand for mainframe computer systems. The cyclical relationship among replacement demand for mainframe computer systems, faster technological progress, and R&D expenditure shows multiple equilibria in technology. The technology cycle can happen as follows. Increased replacement demand for mainframe computer systems is induced by faster technological progress in computer industry. Then, this induced replacement demand can increase R&D expenditure in the computer industry. Again, this increased R&D expenditure also causes faster technological progress. Using data from Cho (2008) and a simple calibration, I show the existence of multiple equilibria in the above technology cycle, which exist in both the lower part and higher part of technology cycle.","PeriodicalId":90860,"journal":{"name":"International journal of economic research","volume":"26 1","pages":"239-249"},"PeriodicalIF":0.0,"publicationDate":"2009-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77901885","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
Estimating Compensating Wage Differentials:Results from the US Displaced Worker Survey 估计补偿工资差异:来自美国失业工人调查的结果
International journal of economic research Pub Date : 2009-08-01 DOI: 10.17256/JER.2009.14.2.003
조동훈
{"title":"Estimating Compensating Wage Differentials:Results from the US Displaced Worker Survey","authors":"조동훈","doi":"10.17256/JER.2009.14.2.003","DOIUrl":"https://doi.org/10.17256/JER.2009.14.2.003","url":null,"abstract":"","PeriodicalId":90860,"journal":{"name":"International journal of economic research","volume":"57 1","pages":"197-217"},"PeriodicalIF":0.0,"publicationDate":"2009-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82084628","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Recent Evolutions of Capital Structure and Its Determinants: A Comparison of Major Stock Exchanges in Japan 资本结构的最新演变及其决定因素:日本主要证券交易所的比较
International journal of economic research Pub Date : 2009-05-11 DOI: 10.17256/JER.2009.14.3.001
Seungwook Bahng
{"title":"Recent Evolutions of Capital Structure and Its Determinants: A Comparison of Major Stock Exchanges in Japan","authors":"Seungwook Bahng","doi":"10.17256/JER.2009.14.3.001","DOIUrl":"https://doi.org/10.17256/JER.2009.14.3.001","url":null,"abstract":"The recent evolutions of corporate capital structure in Japan and its determinants were analyzed in this research, with special emphasis on comparison between firms in major stock exchanges. The specific questions examined in this study are: Do differences in debt regression coefficients exist between (1) Tokyo, Osaka, and JASDAQ exchanges?; (2) companies listed and delisted?, and (3) the contraction and expansion periods of the economy? Test results are as follows. First, the financial ratios of each stock exchange showed converging behavior over time. Second, differences in individual regression coefficients such as ROA and non-debt tax shield turned out to exist between listed and delisted firms. Third, the overall regression coefficients about debt ratios seemed to be differently influenced by the states of the economy.","PeriodicalId":90860,"journal":{"name":"International journal of economic research","volume":"23 1","pages":"251-283"},"PeriodicalIF":0.0,"publicationDate":"2009-05-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85689479","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
The Effect of the Food Stamp Program and the Minimum Wage on Obesity: An Empirical Investigation Using Behavioral Risk Factor Surveillance System (BRFSS) Data 食品券计划和最低工资对肥胖的影响:基于行为风险因素监测系统(BRFSS)数据的实证调查
International journal of economic research Pub Date : 2009-05-01 DOI: 10.17256/JER.2009.14.1.002
C. Jo, 임재영
{"title":"The Effect of the Food Stamp Program and the Minimum Wage on Obesity: An Empirical Investigation Using Behavioral Risk Factor Surveillance System (BRFSS) Data","authors":"C. Jo, 임재영","doi":"10.17256/JER.2009.14.1.002","DOIUrl":"https://doi.org/10.17256/JER.2009.14.1.002","url":null,"abstract":"","PeriodicalId":90860,"journal":{"name":"International journal of economic research","volume":"16 1","pages":"17-48"},"PeriodicalIF":0.0,"publicationDate":"2009-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82156246","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 10
Creative Destruction, Heterogeneous Firm Growth, and Efficient Resources Reallocation 创造性破坏、异质企业成长与有效资源再配置
International journal of economic research Pub Date : 2009-05-01 DOI: 10.17256/JER.2009.14.1.005
Hyunbae Chun, Jung-wook Kim
{"title":"Creative Destruction, Heterogeneous Firm Growth, and Efficient Resources Reallocation","authors":"Hyunbae Chun, Jung-wook Kim","doi":"10.17256/JER.2009.14.1.005","DOIUrl":"https://doi.org/10.17256/JER.2009.14.1.005","url":null,"abstract":"In this paper, we propose a new measure of creative destruction and analyze its effect on the pattern of economic growth. Using the U.S. firm-level data from 1971 to 2000, we find that industries with higher firm-specific volatility of total factor productivity (TFP) growth grow faster. Further, these industries exhibit substantial performance difference between young and old firms and active resources reallocation between them. Our findings are consistent with Hobijn and Jovanovic (2001) and significant others who argue that younger firms have relative advantage in adopting new technology than older firms. Our results also suggest that models that allow firm heterogeneity may generate fruitful results in analyzing the evolution of an economy.","PeriodicalId":90860,"journal":{"name":"International journal of economic research","volume":"8 1","pages":"93-119"},"PeriodicalIF":0.0,"publicationDate":"2009-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78603470","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
A Diagnostic Tool for Yield Curve Models 收益率曲线模型的诊断工具
International journal of economic research Pub Date : 2009-05-01 DOI: 10.17256/JER.2009.14.1.004
D. Ahn
{"title":"A Diagnostic Tool for Yield Curve Models","authors":"D. Ahn","doi":"10.17256/JER.2009.14.1.004","DOIUrl":"https://doi.org/10.17256/JER.2009.14.1.004","url":null,"abstract":"This paper explores an empirical methodology of investigating diffusion factor term structure models. This method is used to diagnose the validity of term structure models of given number of factors by investigating the uniqueness of stochastic discount factors implied by the models, or the equivalence of market price of risk across different bonds. Since we do not impose any parametric assumptions about dynamics of interest rates and market price of factor risk, this test constructs a direct inference on the consistency of diffusion factor models with bond data. We apply this methodology to a single factor diffusion model using daily data of Japan Government Bond (JGB) market over the period from January 2005 to December 2008.","PeriodicalId":90860,"journal":{"name":"International journal of economic research","volume":"39 1","pages":"69-92"},"PeriodicalIF":0.0,"publicationDate":"2009-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77403178","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
The Out-of-Sample Forecasting of Hedged Portfolio Variances using Bivariate Mixed Normal GARCH Models 二元混合正态GARCH模型对套期投资组合方差的样本外预测
International journal of economic research Pub Date : 2008-11-01 DOI: 10.17256/JER.2008.13.2.006
S. Chung
{"title":"The Out-of-Sample Forecasting of Hedged Portfolio Variances using Bivariate Mixed Normal GARCH Models","authors":"S. Chung","doi":"10.17256/JER.2008.13.2.006","DOIUrl":"https://doi.org/10.17256/JER.2008.13.2.006","url":null,"abstract":"In this study we compare two standard bivariate GARCH models with new bivariate mixed normal GARCH models in terms of the percentage variance reduction of the out-of-sample hedged portfolio and the statistical significance test of the performance improvements using Hansen’s (2001) Superior Predictive Ability statistics. All competing models are applied to estimate time-varying hedge ratios for corn and wheat, traded on the Chicago Board of Trade. The empirical results demonstrate that the standard BEKK-GARCH model significantly outperforms the other competing GARCH models at shorter horizons. However, as the hedge horizon is extended to longer than 10 days, it is evident that the mixed normal BEKK-GARCH model is the best at the usual significance level of 5%.","PeriodicalId":90860,"journal":{"name":"International journal of economic research","volume":"74 1","pages":"325-347"},"PeriodicalIF":0.0,"publicationDate":"2008-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81218099","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 6
The role of the exchange rate in Korean economy 汇率在韩国经济中的作用
International journal of economic research Pub Date : 2008-11-01 DOI: 10.17256/JER.2008.13.2.005
Seung-Nyeon Kim, Sangjik Lee
{"title":"The role of the exchange rate in Korean economy","authors":"Seung-Nyeon Kim, Sangjik Lee","doi":"10.17256/JER.2008.13.2.005","DOIUrl":"https://doi.org/10.17256/JER.2008.13.2.005","url":null,"abstract":"This paper analyzes the role of the exchange rate in Korean economic fluctuations based on a structural vector autoregression model. We employ sign restrictions to identify structural shocks of the VAR model, and examine whether the exchange rate works as a shock absorber or a source of shocks in Korea. We find that nominal shocks play a major role in explaining the real exchange rate fluctuations, especially after the currency crisis. This implies that the exchange rate seems to be a source of destabilization rather than a shock absorber in Korea.","PeriodicalId":90860,"journal":{"name":"International journal of economic research","volume":"145 1","pages":"303-324"},"PeriodicalIF":0.0,"publicationDate":"2008-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77496828","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 9
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