Publications
Publications
Show Results For
- All HBS Web
(336)
- Faculty Publications (130)
←
Page 7 of 130
Results
- Forthcoming
- Article
Collusion in Brokered Markets
By: John William Hatfield, Scott Duke Kominers and Richard Lowery
High commissions in the U.S. residential real estate agency market present a puzzle for economic theory because brokerage is not a concentrated industry. We model brokered markets as a game in which agents post prices for customers and then choose which other agents to... View Details
Keywords: Real Estate Agents; Real Estate; Realtors; Broker Networks; Brokerage; Brokerage Commissions; ＂Brokerage Industry; Brokered Markets; Brokering; Brokers; Industrial Organization; Repeated Game Framework; ＂Repeated Games＂; Collusion; Antitrust; Microeconomics; Market Design; Theory; Game Theory; Real Estate Industry
- Research Summary
Debt Maturity: Is Long-Term Debt Optimal? (with Fabio Kanczuk)
By: Laura Alfaro
We model and calibrate the arguments in favor and against short-term and long-term debt. These arguments broadly include: maturity-term premium, tax smoothing, rolling over risk and the cost from defaulting. We use a dynamic equilibrium model with tax distortion,... View Details
- Forthcoming
- Article
Dynamic Competition for Customer Memberships
By: Cristian Chica, Julian Jimenez-Cardenas and Jorge Tamayo
A competitive two-period membership (subscription) market is analyzed. Two symmetric firms charge a “membership” fee that allows consumers to buy products or services at a given unit price for both periods. Firms can choose between long- or short-term memberships. When... View Details
- Forthcoming
- Article
Institutional Corporate Bond Pricing
By: Lorenzo Bretscher, Lukas Schmid, Ishita Sen and Varun Sharma
We propose an equilibrium corporate bond pricing model that accommodates the heterogeneity in institutional investors' preferences and mandates in an empirically tractable way. Our model, estimated on rich holdings data, quantifies investors' preferences and demand... View Details
Keywords: Corporate Bonds; Demand Systems; Insurance Companies; Mutual Funds; Liquidity; Bonds; Price; Investment Funds
- Research Summary
Knowledge flows and capability acquisition
By: Willy C. Shih
Technological advancements are a major source of improvement in competiveness, and a firm’s incentives to invest are diminished when the knowledge generated is involuntarily dispersed to competitors. While intellectual property rights can moderate this flow to the... View Details
- Research Summary
Nominal versus Indexed Debt: A Quantitative Horse Race (joint with Fabio Kanczuk)
By: Laura Alfaro
There are different arguments in favor and against nominal and indexed debt which broadly include the incentive to default through inflation versus hedging against unforeseen shocks. We model these arguments and calibrate the model to assess the quantitative importance... View Details
- Research Summary
Optimal Reserve Management and Sovereign Debt (with Fabio Kanczuk)
By: Laura Alfaro
Most models currently used to determine optimal foreign reserve holdings take the level of international debt as given. Some of the implications of this analysis, however, may not be generalized once one considers the joint decision to hold debt and reserves by a... View Details
- Research Summary
Sovereign Debt as a Contingent Claim: A Quantitative Approach (joint with Fabio Kanczuk)
By: Laura Alfaro
We construct a dynamic equilibrium model with contingent service and adverse selection to quantitatively study sovereign debt. In the model, benefits of defaulting are tempered by higher future interest rates. For a wide parameter, the only equilibrium is one in which... View Details
- Research Summary
The Equilibrium Concept in Game Theory
By: Elon Kohlberg
Elon Kohlberg is studying the foundations of the equilibrium concept in game theory, which is to the study of economic systems what the notion of "equilibrium of forces" is to the study of mechanical systems. Although much of economic theory can be viewed in... View Details
- Research Summary
Working Papers
By: Dennis A. Yao
Lewis, Tracy R. and Dennis A. Yao. (2001, revised 2006). "Innovation, Knowledge Flow, and Worker... View Details
- ←
- 7