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  • 14 May 2013
  • First Look

First Look: May 14

diversion relative to competition for consumers. Both types of competition lead to at least as much search diversion as a monopoly platform. Nevertheless, in the case of competing platforms, the equilibrium level of search diversion... View Details
Keywords: Sean Silverthorne
  • 30 Mar 2010
  • First Look

First Look: March 30

incentive to default through inflation versus hedging against unforeseen shocks. We model and calibrate these arguments to assess their quantitative importance. We use a dynamic equilibrium model with tax distortion, government outlays... View Details
Keywords: Sean Silverthorne
  • 09 Mar 2010
  • First Look

First Look: March 9

match between firms, managers, and incentives using a new survey that contains information on managers' risk preferences and human capital, on their compensation schemes, and on the firms they work for. The data is consistent with the View Details
Keywords: Martha Lagace
  • 12 Jun 2006
  • Research & Ideas

The Promise of Channel Stewardship

day-to-day, tactical flavor. It may even end up doing a heroic job of achieving sales targets in a changing environment without making a dent in the channel structure. The problem is that even when an industry reaches a new equilibrium as... View Details
Keywords: by V. Kasturi Rangan & Marie Bell; Consumer Products
  • 03 Nov 2015
  • First Look

November 3, 2015

evidence on the choices made by decision makers in such settings. Equilibrium assumptions that are commonly applied to analyze these situations yield the least cost-separating outcome as the unique equilibrium. In this equilibrium, the... View Details
Keywords: Sean Silverthorne
  • 04 Feb 2014
  • First Look

First Look: February 4

choices to optimally guide the other choices." This definition captures the idea of strategy as the core of an intended course of action that is potentially flexible and adaptive. It coincides with the equilibrium outcome of a... View Details
Keywords: Sean Silverthlorne
  • 02 Aug 2016
  • First Look

August 2, 2016

the capital regulation of commercial banks? This paper builds a quantitative general equilibrium model with commercial banks and shadow banks to study the unintended consequences of capital requirements. A key feature of our model is... View Details
Keywords: Sean Silverthorne
  • 01 Feb 2011
  • First Look

First Look: Feb. 1

maximizes joint utility); (2) an equilibrium selection problem (consumption complementarities often lead to multiple equilibria, which result in different utility levels for the users); and (3) a coordination problem (lacking perfect... View Details
  • 03 Mar 2009
  • First Look

First Look: March 3, 2009

multihoming also make platforms' price-cutting strategies on the consumer side less effective. This second effect on equilibrium pricing structures goes in the opposite direction relative to the first one. Third, variable fees charged to... View Details
Keywords: Martha Lagace
  • 26 Feb 2008
  • First Look

First Look: February 26, 2008

wealth is observed, the effect of higher wealth on equilibrium bribes is ambiguous (and that the political class will exhibit lower variance in consumption than the general population). In settings where formal contracts matter, we show... View Details
Keywords: Martha Lagace
  • 08 Sep 2016
  • News

How We Make It Work

Edited by Julia Hanna and Dan Morrell Above: Josh Escher, hard at work as father Peter supervises. (photo by Michael Hanson) The phrase “work-life balance”—that mythical equilibrium between career and family responsibilities—has been... View Details
  • 04 Jan 2012
  • First Look

First Look: January 4

may be positive and is strictly lower than 1. We also investigate the possibility of platforms investing in "educating" unsophisticated users. In a competitive environment, such education is a public good among platforms and therefore the View Details
Keywords: Carmen Nobel
  • 06 Jun 2005
  • Research & Ideas

Microsoft vs. Open Source: Who Will Win?

long-run equilibrium regardless of the speed of Linux's demand-side learning persists if there are cost asymmetries. We find that because OSS implies lower profits for Microsoft, the larger the cost differences are between Linux and... View Details
Keywords: by Sean Silverthorne; Technology
  • 18 Sep 2007
  • First Look

First Look: September 18, 2007

joint decision of holding sovereign debt and reserves, we construct a stochastic dynamic equilibrium model calibrated to a sample of emerging markets. We obtain that the reserve accumulation does not play a quantitative important role in... View Details
Keywords: Martha Lagace
  • 01 Dec 2005
  • News

Trillion-Dollar Fixer-Upper

“Prices adjusted and real estate became more attractive. And we got back to relative equilibrium through the tech bust in 2001. After the bust, a lot of money began to pour into real estate.” Suddenly the old economy looked good again.... View Details
Keywords: Roger Thompson; Real Estate
  • 16 Apr 2013
  • First Look

First Look: April 16

(and demand for redistribution) even if luck plays no role. In other words, there is multiplicity even if the equilibrium tax rate is independent of the signal-to-noise ratio (a quantity that expresses how important effort is, relative to... View Details
Keywords: Sean Silverthorne
  • 21 Aug 2018
  • First Look

New Research and Ideas, August 21, 2018

can affect the set of stable equilibrium outcomes. Consequently, agents may be incentivized to modify the set of contracts upfront. We consider one simple way in which agents may do so: unilateral bundling, in which a single agent links... View Details
Keywords: Dina Gerdeman
  • 21 Jun 2011
  • First Look

First Look: June 21

intermediate, respectively. However, for larger quality provision costs, firms exploit both dimensions to differentiate their products. In particular, we characterize a maximal differentiation equilibrium in which one firm chooses the... View Details
Keywords: Sean Silverthorne
  • 02 Feb 2010
  • First Look

First Look: Feb. 2

calibrate these arguments to assess their quantitative importance. We use a dynamic equilibrium model with tax distortion, government outlays uncertainty, and contingent-debt service. Our framework also recognizes that contingent debt can... View Details
Keywords: Martha Lagace
  • 15 Dec 2015
  • First Look

December 15, 2015

https://www.hbs.edu/faculty/Pages/item.aspx?num=50187 Capital Requirements, Risk Choice, and Liquidity Provision in a Business Cycle Model By: Begenau, Juliane Abstract—This paper develops a quantitative dynamic general equilibrium model... View Details
Keywords: Carmen Nobel