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  • 1
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd
    Journal of economics & management strategy 2 (1993), S. 0 
    ISSN: 1530-9134
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: In markets, in which exchange requires costly search for trading partners, intermediaries can help to reduce the trading frictions. This intuition is modeled in a framework with heterogeneous agents, who have the choice between intermediated exchange and search accompanied by some bargaining procedure. The equilibria of such a game are characterized. In the case of a monopolistic intermediary, the tradeoff between the bid-ask spread and the costs of delay during private search determine the intermediary's clientele. In equilibrium the monopolist charges a positive spread. Traders with large gains from trade prefer to deal with him, whereas traders with relatively low gains from trade engage in search. In case of competition among intermediaries, the classical Bertrand result obtains, and bid and ask prices converge to the (unique) Walrasian equilibrium price. Thus, in the confines of the model, the Walrasian auctioneer of the market under consideration can be replaced by competing intermediaries. In addition a multiplicity of subgame perfect Nash equilibria emphasizes the coordination problems inherent in models of intermediation.
    Type of Medium: Electronic Resource
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  • 2
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd
    Journal of economics & management strategy 1 (1992), S. 0 
    ISSN: 1530-9134
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: In this paper we analyze the properties of price equilibria in a duopoly market where firms sell vertically differentiated products, consumers being uncertain about which firm sells which quality. Both existence and properties of price equilibria are characterized by the beliefs of the consumers' population about the distribution of quality between firms.
    Type of Medium: Electronic Resource
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  • 3
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd
    Journal of economics & management strategy 1 (1992), S. 0 
    ISSN: 1530-9134
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Type of Medium: Electronic Resource
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  • 4
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd
    Journal of economics & management strategy 1 (1992), S. 0 
    ISSN: 1530-9134
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: The survey classifies economic theories of the firm into four categories based on the level of aggregation in economic models: (1) neoclassical, (2) industrial organization, (3) contractual, and (4) organizational incentive. Economic theories of the firm are evaluated on the basis of their potential application to problems of management decision making. The survey suggests that a management perspective can be useful in developing an integrated theoretical analysis of the firm that addresses both competitive strategy and organizational design.
    Type of Medium: Electronic Resource
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  • 5
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd
    Journal of economics & management strategy 1 (1992), S. 0 
    ISSN: 1530-9134
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Commitment: The Dynamic of Strategy, by Pankaj Ghemawat.Ghemawat's Commitment makes recent results in game-theoretic industrial organization accessible and useful to practitioners in the field of strategic management. This book contributes to the management strategy literature on two levels. On a conceptual level, Ghemawat strives to isolate “commitment” as the sole explanation of persistent differences in firm performance. On a more pragmatic level, he provides a framework intended to aid managers in making commitment-intensive decisions. It is with respect to how well he achieves these two distinct goals that I evaluate Ghemawat's contribution. In addition, I review briefly the book's content, and I compare Ghemawat's approach to some alternative approaches familiar to scholars and practitioners of strategic management.
    Type of Medium: Electronic Resource
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  • 6
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd
    Journal of economics & management strategy 1 (1992), S. 0 
    ISSN: 1530-9134
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: In the present paper, we relate the extent of job security offered to incumbent managers to the extent of competition among firms in the product market, where the extent of job security is measured by the probability that an incumbent manager continues to be employed by his current firm and the extent of competition is measured by the degree of differentiation between competing brands. We demonstrate that when competition between firms intensifies and “on-the-job training” is relatively more conducive to reducing the variable costs of production, firms tend to offer reduced (increased) job security to incumbent managers, provided that the degree of differentiation between competing products is sufficiently large (small), respectively. If “on-the-job training” is relatively more conducive to reducing the fixed costs of production, however, the previous result is reversed.
    Type of Medium: Electronic Resource
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  • 7
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd
    Journal of economics & management strategy 1 (1992), S. 0 
    ISSN: 1530-9134
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Type of Medium: Electronic Resource
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  • 8
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd
    Journal of economics & management strategy 1 (1992), S. 0 
    ISSN: 1530-9134
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This paper presents a model of strategic product choice when consumer preferences combine features of both horizontal and vertical product differentiation. Consumers disagree on what amount of a “special” characteristic makes for a better product, but those who prefer more of this attribute are willing to pay more for it. Within this demand structure, I examine the advantages of first-mover firms. I find that such firms typically do best in markets where the maximum degree of product differentiation is limited by preferences rather than technology. These are “niche markets”. Follower firms do better in markets in which the range of preferences is broad relative to the span of feasible goods.
    Type of Medium: Electronic Resource
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  • 9
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd
    Journal of economics & management strategy 1 (1992), S. 0 
    ISSN: 1530-9134
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This paper reexamines Grossman and Hart's (1980) insight into how the free-rider problem excludes an external raider from capturing the increase in value it brings to R firm The inability of the raider to capture any of the surplus depends critically on the assumption of equal and indivisible shareholdings–the one-share-per-shareholder model In contrast, we show that once shareholdings are large and potentially unequal, a raider may capture a significant part of the increase in value Specifically, the free-rider problem does not prevent the takeover process when shareholdings are divisible.
    Type of Medium: Electronic Resource
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  • 10
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd
    Journal of economics & management strategy 1 (1992), S. 0 
    ISSN: 1530-9134
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Type of Medium: Electronic Resource
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