Issue 4

December 2002

Do R&D Subsidies Stimulate or Displace Private R&D? Evidence from Israel

In evaluating the effect of an R&D subsidy we need to know what the subsidized firm would have spent on R&D had it not received the subsidy.

How to Set Minimum Acceptable Bids, with an Application to Real Estate Auctions

In a general auction model with affiliated signals, common components to valuations and endogenous entry, we compute the equilibrium bidding strategies and outcomes, and derive a lower bound on the op

All–Pay Auctions with Variable Rewards

We study all–pay auctions with variable rewards under incomplete information.

Love or Money? The Effects of Owner Motivation in the California Wine Industry

Models that assume only consumer tastes determine the characteristics of supply are restrictive; producers can gain utility from aspects of production and pay for deviating from demand by accepting lo

The Effects of Managed Care on Medical Referrals and the Quality of Specialty Care

This paper analyzes the role of referrals in the provision of surgical services.

Pricing with Consumer Switching Costs: Evidence from the Credit Card Market

The credit card market is a natural setting for investigating the relationship between pricing and consumer switching costs.