We study the competitive structure of a market where firms compete to provide various products within a bundle. Firms adopt price functions proportional to their per-unit costs by selecting markups. We consider two measures reflecting, respectively, the intensity of direct competition and the impact of complementarity on each producer’s markup. We characterize the sensitivity of these terms to ...

We offer an investment-based explanation of momentum. The neoclassical theory of investment implies that expected stock returns are related to expected investment returns, defined as the next-period marginal benefits of investment divided by the current-period marginal costs of investment. Empirically, winners have higher expected growth of investment-to-capital and higher expected marginal pro...

We investigate a dynamic advertising model where product quality is endogenous. In the differential game between single-product firms, there exists a parameter range where the low-quality firm uses a more efficient advertising technology and earns higher profits than the rival. Moreover, we show that equilibrium qualities are the same under duopoly, multiproduct monopoly and social planning, th...

X.efficiency theory challenges the maximization postulate of standard economic theory. This paper shows that X-inefficiency is. at times, as much as 30 times greater than allocative inefficiency and suggests reasons for the existence of X-inefficiency—-i.e., (a) incomplete employment contracts, (b) discretionary effort, and (c) nonmaximization of profits. [The Social Sciences Citation Index® (S...

Introduction Community Based Forestry (CBF) implies commitment to the long term ecological, economic and social well being of forest dependent communities. CBF, or community scale sustainable forestry, constitutes a departure from industrial forestry due to this commitment to the preservation of the ecological integrity of the forest ecosystem in perpetuity and to the maintenance or improvement...

purity involves commitment and awareness of the principles of a religion so that these principles can affect a person’s individual and social life. since religion deals with fulfilling social needs and those public profits within which the group’s desires lie, today it is expected that a religion can attract and guarantee commitment in its followers. meanwhile, new cities, especially baharestan...

The concept of social capital, which has gained wide currency in the literature, examines how actors’ ties to others advantage or disadvantage them and the groups to which they belong. Two conceptually distinct types of social capital, closure and brokerage in Burt’s (2005) terms, have been identified. In this paper, we propose a method by which brokerage and closure can be distinguished using ...