This article discusses the limitations of the orthodox economic theory of the firm as a nexus of contracts. Various experimental studies have shown that the aggregation of individuals in groups changes behavior and preferences systematically. This perspective has been formalized by models of interdependent preferences. Based on a prominent approach of interdependent preferences, intention-based...

We explore the relation between the establishment of a regulatory agency and the performance of the electricity sector. We exploit a dataset comprising firmlevel information on a representative sample of 220 electric utilities from 51 development countries for the period 1985 to 2005. Our results indicate that regulatory agencies are associated with more efficient firms and with higher social w...

We analyze an equilibrium search model in a duopoly setting with bilateral heterogeneities in production and search costs in which firms can advertise by announcing price and location. We study existence, stability, and comparative statics in such a setting, compare the duopolistic advertising level to the socially optimal level, and find conditions in which a duopolist advertises more or less ...

To better understand temporary price reductions or “sales,” this paper presents a generalized “clearinghouse” framework of advertised sales and explores some applications. By viewing the firms as competing in utility amending conventional tiebreak rule, we allow for multiple dimensions firm heterogeneity complex market environments. Moreover, (i) provide original insights into number types that...

The objects of this study were to investigate the effects of massage therapy during early life on postnatal growth, body composition, and skeletal development in juvenile and young adult rats. Massage therapy was performed for 10 minutes daily from D6 to D10 of postnatal life in rat pups (MT, n=24). Body composition, bone area, mineral content, and bone mineral density were measured by dual ene...

We consider hyperfine splitting of 1s and, in part, of 2s levels in light hydrogen-like atoms: hydrogen, deuterium, tritium, helium-3 ion, muonium and positronium. We discuss present status of precision theory and experiment for the hfs intervals. We pay a special attention to a specific difference, D21 = 8Ehfs(2s) − Ehfs(1s), which is known experimentally for hydrogen, deuterium and He ion. Th...

Runt piglets were used as a model for neonatal stress to test the hypothesis that stress during the pre-weaning period can alter adipokine gene transcription levels. Runts were selected by birth mass <1kg and compared to littermates (controls) of mean litter weight. Subcutaneous (SQ) and perirenal (PR) adipose tissues were collected at d1 (n=5), d7 (n=7) or d21 (n=9) of age. Real time PCR was u...

This paper studies the interaction between barriers to firm entry and distortions allocative efficiency in a standard model of dynamics. We derive strategy infer based on cross-country differences size distribution idiosyncratic distortions. The inferred resemble regulation-based indicators advanced economies but are substantially higher middle- low-income countries. Regulation-based cannot acc...

The concept of linear risk tolerance is transferred from the expected utility framework to the two-parameter, mean-variance approach. We show how the requirement of a hyperbolical Arrow-Pratt index translates from the EU-approach into a condition on the marginal rate of substitution between return and risk in the two-parameter approach. As a spin-off from this translation, we derive a specific ...

We analyse the effect of the anonymisation method multiplicative stochastic noise on the within estimation of a linear panel model. In particular, we concentrate on the panel model with serially correlated regressors. In addition to anonymisation as such, the serial correlation in a data set with only few points in time increases the bias of the within estimator and therefore must be taken into...