We empower faculty to design and discover original research that challenges conventions and creates breakthroughs that push boundaries of knowledge.
Publication Types
Journal Articles
Books
Working Papers
Case Studies
Browse Publications
Multimarket Oligopoly: Strategic Substitutes and Complements
A firm’s actions in one market can change competitors’ strategies in a second market, by affecting its own marginal costs in that other market. Whether the action provides costs or benefits in the second market depends on (a) whether it…
New Evidence that Taxes Affect the Valuation of Dividends
This paper uses British data to examine the effects of dividend taxes on investors relative valuation of dividends and capital gains. British data offer great potential to illuminate the dividends and taxes question, since there have been two…
A Noisy Rational Expectations Equilibrium for Musti-Asset Securities Markets
Abstract not available.
Noncooperative Regulation of a Nonlocalized Externality
A nonlocalized pollution externality poses special regulatory problems when both a) the costs and benefits of abatement are borne by different persons and b)the interests of the two groups are represented by different regulatory agencies. A…
Nonlinear Least Squares Estimation of the Bass Diffusion Model of New Product Acceptance
Schmittlein and Mahajan (Marketing Science 1982) made an important improvement in the estimation of the Bass (1969) diffusion model by appropriately aggregating the continuous time model over the time intervals represented by the data. However,…
Optimal Lot Sizing, Process Quality Improvement and Setup Cost Reduction
This author has recently contributed to understanding the economic tradeoffs of alternative production systems by introducing the option of investing in reducing the setup cost parameter in the classical undiscounted EOQ model. That work only…
Organizational Considerations for the Space Station's Development: Autonomy and the Human Element in Space
Abstract not available.
Portfolio Choice in Research and Development
Possible distortions in the choice of a mix of research and development projects in the market, where competition is subject to “winner-take-all” payoff structure, are analyzed. Attention is devoted to choices of weights on alternative “knowledge…
Practical Aspects of Portfolio Optimization
Abstract not available.
Predictable Representation of Martingale Spaces and Changes of Probability Measure
We study the predictable representations of martingale spaces under a change of probability measure. The canonical decomposition of special semi-martingales provides a simple route to the identity and cardinality of a minimal generating subset of…
Price Destabilizing Speculation
Abstract not available.
Productive and Counterproductive Cooperative Monetary Policies
Abstract not available.
Regulation of Prices and Pollution Under Incomplete Information
The regulation of prices and pollution for a regulated monopolist is considered with a focus on the comparison of standard-setting and emissions taxation approaches to pollution control. The firm is assumed to be better informed about the costs…
Risk Aversion and the Choice Between Prices and Quantities
Abstract not available.
Sales Compensation Plans: A Theory
A theory of sales compensation plans is presented where the sales for a product depends not only on the salespersons effort but also on the uncertainty in the selling environment. The firm chooses a compensation plan to maximize its profit taking…
Salesforce Compensation Plans in Environments with Asymmetric Information
In this paper, we present a theory of salesforce compensation plans to explain the type of plans implemented by IBM and St. Regis Paper where the members of the salesforce are provided an opportunity to choose a compensation scheme from a menu of…
Self-Regulating Commodity Futures Exchanges
Signaling and Imperfect Capital Markets
This paper uses a two-period signaling model of education to show that capital-market imperfections can cause underinvestment in the signal. This can happen even if the government pays all tuition bills and access to credit increases with…
A Simple Econometric Approach for Utility-Based Asset Pricing Models
Utility-based models of asset pricing may be estimated with or without assuming a distribution for security returns; both approaches are developed and compared here. The chief strength of a parametric estimator lies in its computational…