A Welfare Analysis of Regulation in Relationship Banking Markets (2009)
Carlin, Bruce Ian, Rob, Rafael
The increasing dependence of individuals on debt financing raises several welfare considerations that we analyze in this paper. We develop a dynamic, competitive model of relationship banking to...
A Welfare Analysis of Regulation in Relationship Banking Markets (2008)
The increasing dependence of individuals on debt financing raises several welfare considerations that we analyze in this paper. We develop a dynamic, competitive model of relationship banking to...
Paul S. Calem, Paul S. Calem, Rafael Rob, Rafael Rob
The views expressed in this paper are those of the authors and do not necessarily represent the views of the Board of Governors of the Federal Reserve System. We thank John Boyd, John Campbell, Mark...
The implications of embodiment and Putty-Clay to economic development (2004)
Pessoa, Samuel De Abreu, Rob, Rafael
Rio de Janeiro
Elasticity of Substitution Between Capital and Labor: a Panel Data Approach (2003)
Pessoa, Samuel De Abreu, Pessoa, Silvia Matos, Rob, Rafael
Rio de Janeiro
We develop a model in which information about a firm’s past performance diffuses gradually among potential consumers. In our model, a firm’s ability to deliver high-quality products at any given...
Vintage Capital, Distortions and Development (2002)
Pessoa, Samuel De Abreu, Rob, Rafael
Rio de Janeiro
Board of Governors of the Federal Reserve System (1996)
The views expressed in this paper are those of the authors and do not necessarily represent the views of the Board of Governors of the Federal Reserve System. We thank John Boyd, John Campbell, Mark...
Essays on the theory of public choice / (1981)
Thesis (Ph. D.)--University of California, Los Angeles - Economics.
Foreign Direct Investment and Exports with Growing Demand
We explore entry into a foreign market with uncertain demand growth. A multinational can serve the foreign demand by two modes, or by a combination thereof: it can export its products, or it can...
We consider a repeated duopoly game where each firm privately chooses its investment in quality, and realized quality is a noisy indicator of the firm's investment. We focus on dynamic reputation...
Recording industry revenue has fallen sharply in the last three years, and some -- but not all -- observers attribute this to file sharing. We collect new data on albums obtained via purchase and...
New information technology has reduced marginal production and distribution costs of information goods to negligible levels and promises to revolutionize many industries. Unpaid copies of digital...
The Size of Firms and R&D Investment.
We construct an industry-equilibrium model in which it is costly for consumers who have previously purchased from one firm to switch to competitors. This gives firms a certain degree of market power...
Elasticity of Substitution between Capital and Labor and its applications to growth and development
Silvia Matos Pessoa, Rafael Rob
This paper estimates the elasticity of substitution of an aggregate production function. The estimating equation is derived from the steady state of a neoclassical growth model. The data comes from...
R&D, Investment and Industry Dynamics
We present a model of industry evolution where the dynamics are driven by a process of endogenous innovations, followed by subsequent embodiments in physical capital. Traditionally, the only...
PIRACY ON THE SILVER SCREEN -super-*
Using survey data on movie consumption by about 500 University of Pennsylvania undergraduate students, we ask whether unpaid consumption of movies displaces paid consumption. A variety of...
The Dynamics of Technological Adoption in Hardware/Software Systems
Neil Gandal, Michael Kende, Rafael Rob
In this paper we examine the dyamic resolution of technological adoption in "hardware/software" systems. We are interested in determining to what extent software availability affects hardware sales...
The Growth and Diffusion of Knowledge.
This paper analyzes a decentralized process for the diffusion of knowledge. In equilibrium, the economy converges from an initial distribution of knowledge over agents to the steady-state...
The impact of capital-based regulation on bank risk-taking: a dynamic model
In this paper, we model the dynamic portfolio choice problem facing banks, calibrate the model using empirical data from the banking industry for 1984-1993, and assess quantitatively the impact of...
Entry and exit of firms and the turnover of jobs in U.S. manufacturing
Industrial location ; Labor turnover ; Manufactures
The Durability of Information, Market Efficiency and the Size of Firms.
The authors analyze a search-theoretic framework in which consumers buy the product repeatedly and firms' costs vary over time. They show the cross-sectional correlation between profits and firm...
We consider a repeated duopoly game where each firm privately chooses its investment in quality, and realized quality is a noisy indicator of the firm’s investment. We focus on dynamic reputation...
R&D, Investment, and Industry Dynamics
We present a model of industry evolution where the dynamics are driven by a process of endogenous innovations followed by subsequent embodiments in physical capital. Traditionally, the only...
We consider a repeated duopoly game where each firm privately chooses its investment in quality, and realized quality is a noisy indicator of the firm's investment.We focus on turnover equilibria in...
Foreign Direct Investment and Exports with Growing Demand
We explore entry into a foreign market with uncertain demand growth. A multinational can serve the foreign demand by two modes, or by a combination thereof: it can export its products, or it can...
Learning and Capacity Expansion under Demand Uncertainty.
A competitive, dynamic model of entry into a new industry is set up and both its positive and normative aspects are studied. The main assumptions are that entry is sequential, that it occurs under...
Entry, Fixed Costs and the Aggregation of Private Information.
This article investigates the ability of the price system to aggregate private information in a market of uncertai n size and where set-up costs are incurred by entrants. It is shown t hat the...
Demand-Driven Innovation and Spatial Competition over Time.
This paper explores a model of innovation and spatial co mpetition over time. A key implication of the paper is that firms' size is posit ively autocorrelated across time. The mechanism that...
Dominance and Belief Potential.
Morris, Stephen, Rob, Rafael, Shin, Hyun Song
This paper elucidates on the logic behind recent papers which show that a unique equilibrium is selected in the presence of higher order uncertainty, i.e., when players lack common knowledge. We...
Learning, Mutation, and Long Run Equilibria in Games.
Kandori, Michihiro, Mailath, George J, Rob, Rafael
An evolutionary model with a finite number of players and with stochastic mutations is analyzed. The expansion and contraction of strategies is linked to their current relative success, but...
Long Waves and Short Waves: Growth through Intensive and Extensive Search.
This paper endogenizes the frequency of major discoveries and the extent of their refinement. Four axioms deliver a one-parameter family of beliefs that guide exploratory effort. Such effort trades...
The Design of Procurement Contracts.
This paper investigates the interaction between bidding for procurementprograms and fractional buys. This problem is analyzed from the standpoint of a cost-minimizing procuring agent. It is shown...
The durability of information, market efficiency, and the size of firms
Business enterprises ; Prices
Shared ownership and pricing in a network switch
James J. McAndrews, Rafael Rob
Automated tellers ; Monopolies
Social Capital, Corporate Culture, and Incentive Intensity
We study the design of incentives in a firm in which cooperation among workers is important. Since cooperation is not observed, the firm is unable to reward workers for it. Workers may, nonetheless,...
Neil Gandal, Michael Kende, Rafael Rob
We examine the diffusion of a hardware/software system. For such systems there is interdependence between the hardware-adoption decisions of consumers and the supply decisions of software...
Product Innovation by a Durable-Good Monpoly
We consider a durable-good monopolist that periodically introduces new models, each new model representing an improvement upon its predecessor. We show that if the monopolist is able neither to...
Gandal, Neil, Kirkwood MP, Archy, Rob, Rafael
In this paper we examine the diffusion of a hardware/software system. For such systems there is interdependence between the hardware adoption decisions of consumers and the supply decisions of...
Working in Public and Private Firms
We develop a theoretical framework for comparing the style of work in public and private enterprises. We incorporate ‘socializing’, as an activity that yields utility for workers and affects a...
Foreign Direct Investment and Exports with Growing Demand
We explore entry into a foreign market with uncertain demand growth. A multinational can serve the foreign demand in two ways, or by a combination thereof: it can export its product, or it can create...
Solow vs. Solow: Machine Prices and Development
Machines are more expensive in poor countries, and the relation is pronounced. It is hard for a Solow (1956) type of model to explain the relation between machine prices and GDP given that in most...
A Welfare Analysis of Regulation in Relationship Banking Markets
The increasing dependence of individuals on debt financing raises several welfare considerations that we analyze in this paper. We develop a dynamic, competitive model of relationship banking to...