We examine whether the Coase conjecture [7, 14, 4, 10] is robust against slight ability of commitment of the monopolist not to sell the durable goods to consumers. We quantify the commitment ability in terms of the speed that the durable goods perish, while keeping the time between the o ers small. We demonstrate that the slight commitment capability makes a substantial di erence by constructin...

A durable-goods monopolist may use quality degradation as a commitment not to lower price in the future. The introduction of damaged goods expedites lowvaluation consumers’ future demands, and helps the firm to mitigate the Coasian time-consistency problem. In such a case, damaged goods are more likely to be observed relative to the static setting where only the price-discrimination aspect of q...

Social life consists of making mistakes, then correcting them. The big questions do not concern who makes the fewest mistakes and why, but whether the mistakes are fruitful, how fast people recognize them, and how well they correct them. The same principles apply to writing books, even if the interaction and error-correction take longer to operate than in everyday conversation. This symposium’s...

We consider a cheap-talk game with one sender and one receiver. If the receiver does not commit to listen to only one message, the equilibrium refinements due to Farrell [5], Grossman and Perry [7] and Matthews, OkunoFujiwara and Postlewaite [11] are no longer applicable. We discuss different notions of durability and sequential credibility when a message can later be followed by more messages,...

BACKGROUND Serum infliximab trough levels correlate with efficacy; dose escalation is often beneficial in patients with Crohn's disease who stop responding to infliximab treatment. OBJECTIVE To carry out a post hoc analysis of A Crohn's Disease Clinical Trial Evaluating Infliximab in a New Long-term Treatment Regimen I (ACCENT I) to evaluate the association between serum infliximab trough lev...

Tremelimumab is a fully human monoclonal antibody specific for human cytotoxic T lymphocyte-associated antigen 4. Administration of tremelimumab to patients with locally advanced and metastatic melanoma has resulted in a subset of patients with durable objective tumour regressions. Our echocardiographic images impressively show the effects of this new antibody in a patient with cardiac metastat...

Results are also compared to EN350-1. Results to date indicate that furfurylation and acetylation are capable of improving the durability classification of UK grown Sitka spruce from Not Durable, Durability Class (DC) 5 for control samples to Very Durable (DC1). More interestingly, lower durability classifications were obtained when using UK grown Scots pine, where the treated samples could be ...

So far the literature on DSGE models with energy price shocks uses energy on the production side only. In these models, energy shocks are responsible for only a negligible share of output fluctuations. We study the robustness of this finding. The aim of our paper is to model the response of household behavior to energy shocks in more detail as in the existing literature. Specifically, in additi...

I document that durable consumption growth is highly persistent and predicted by the price-dividend ratio. This provides strong and direct evidence for the existence of a highly persistent expected component. I also document robust evidence that durable consumption growth is left skewed and exhibits time-varying volatility. These properties motivate a model for durable consumption growth as dri...