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Collusion in markets with syndication
(2018) Dimitrellos, Panos; Athens University of Economics and Business, Department of Economics; Katsoulakos, Ioannis; Zacharias, Eleftherios; Vettas, Nikolaos
Many markets are syndicated, in the sense that firms compete when they set their prices for an identical good, but after the buyer chooses one of the firms, then the latter hires the rest of the firms in order to smooth the convex production cost. Because of this dependence,the firms have a credible threat over each other so to support a price higher than the perfect-competition price. We model syndicated markets as a repeated extensive form game,and show that standard intuitions from industrial organization can be violated. Collusion may become easier as market concentration falls, and market entry may in fact facilitate collusion. We use this subgame perfect Nash equilibrium to rationalize the findings of the IPO market. We extend previous results that hold in monopsony context to markets that are accessed by an arbitrary number of consumers.
Dynamic optimization and revenue management: capacity constraints and market competition
(25-09-2023) Βαλάσκας, Κωνσταντίνος; Valaskas, Konstantinos; Athens University of Economics and Business, Department of Economics; Antoniou, Fabio; Gkenakos, Xristos; Zacharias, Eleftherios; Kyriakopoulou, Efthymia; Milliou, Chrysovalantou; Pechlivanos, Lambros; Vettas, Nikolaos
Η δυναμική τιμολόγηση προϊόντων ή υπηρεσιών από τις επιχειρήσεις αφορά στην προσαρμογή τους στις συνθήκες της αγοράς σε μια αναζήτηση των τιμών που θα μεγιστοποιήσουν τα διαχρονικά τους κέρδη. Στον πραγματικό κόσμο αυτή είναι μια πρακτική που παρατηρείται αρκετά συχνά. Ήταν πάντα χρήσιμη, όπως σε παζάρια όπου τα επίπεδα των αποθεμάτων και η ώρα της ημέρας έχουν σημαντικό αντίκτυπο στις τιμές. Σήμερα, οι ψηφιακές και άλλες τεχνολογικές εξελίξεις έχουν δώσει τα μέσα σε πολλές εταιρείες σε διαφορετικές αγορές να εφαρμόσουν με επιτυχία τέτοιες μεθόδους με πιο εξελιγμένους τρόπους. Πολλοί οικονομικοί τομείς χρησιμοποιούν σήμερα δυναμική τιμολόγηση, όπως η αεροπορική βιομηχανία, οι δημόσιες μεταφορές, τα τουριστικά καταλύματα, τα εποχιακά αγαθά, αλλά και σε σχέση με την ταχεία ανάπτυξη του ηλεκτρονικού εμπορίου, των διαδικτυακών πωλήσεων λιανικής, των ψυχαγωγικών και αθλητικών εκδηλώσεων, των υπηρεσιών κοινής ωφέλειας, καθώς και τις επώνυμες εταιρίες, την αγορά ηλεκτρικής ενέργειας ή άλλες αγορές ενέργειας. Αυτή η διατριβή μελετά τις αποφάσεις τιμολόγησης των επιχειρήσεων όταν έχουν αποθέματα ή με άλλα λόγια μια σταθερή χωρητικότητα που αποτελείται από έναν δεδομένο αριθμό μονάδων, για να πουλήσουν με την πάροδο του χρόνου.Δείχνουμε ότι η ασυμμετρία στα αποθέματα μπορεί να επηρεάσει σημαντικά τις επιλογές τοποθεσίας, μέχρι και να αναγκάσει την επιχείρηση χαμηλού αποθέματος να τοποθετηθεί στην άκρη της αγοράς με την εταιρεία υψηλού αποθέματος στη μέση της αγοράς. Το μοντέλο μας λαμβάνει υπόψη τις ασυμμετρίες τοποθεσιών και δυναμικότητας, και παράγει μια πλούσια συμπεριφορά τιμολόγησης ισορροπίας για τις επιχειρήσεις. Δεδομένου του χρόνου που απομένει, το επίπεδο ανταγωνισμού αυξάνεται στην τιμή επιφύλαξης και στην ασυμμετρία τοποθεσιών, αλλά μειώνεται στον συντελεστή προεξόφλησης, στην απόσταση των εταιρειών και στην ασυμμετρία των αποθεμάτων.
The effects of a consumer subsidy on the fuel market: evidence from Greece
(31-03-2023) Κουτσόπουλος, Αργύριος; Koutsopoulos, Argyrios; Athens University of Economics and Business, Department of Economics; Genakos, Christos; Tzavalis, Elias; Vettas, Nikolaos
Στην παρούσα διπλωματική εργασία, εξετάζουμε τον αντίκτυπο μιας επιδότησης καυσίμων, εν ονόματι Fuel Pass, η οποία προσφέρθηκε σε οδηγούς από την ελληνική κυβέρνηση με στόχο την αντιμετώπιση της αύξησης των τιμών των καυσίμων τον Απρίλιο του 2022. Χρησιμοποιώντας ημερήσια δεδομένα τιμών καυσίμων από πρατήρια της περιφέρειας Αττικής, διερευνούμε τη μετακύλιση αυτής της επιδότησης στις τελικές τιμές, για την καλύτερη κατανόηση των επιπτώσεων στο πλεόνασμα καταναλωτών. Συνδυάζοντας δεδομένα για προϊόντα Diesel και Unleaded 95, διαπιστώνουμε ότι το Fuel Pass οδήγησε σε μια ήπια μέση αύξηση 2 λεπτών και για τα δύο προϊόντα. Όταν εξετάζουμε κάθε προϊόν ξεχωριστά, διαπιστώνουμε πως η τιμή των προϊόντων Diesel αυξήθηκε κατά 3 λεπτά, ενώ η τιμή των προϊόντων Unleaded 95 αυξήθηκε κατά 1 λεπτό. Αυτά τα αποτελέσματα υποδεικνύουν πως οι οδηγοί εισέπραξαν το μεγαλύτερο μέρος της επιδότησης, και παρέχουν πολύτιμες πληροφορίες όσον αφορά την αποτελεσματική χάραξη πολιτικής. Ωστόσο, πρέπει να δίνεται προσοχή κατά τη διερμηνεία των αποτελεσμάτων μας, καθότι οι βασικές υποθέσεις που απαιτούνται για μια έγκυρη ανάλυση DiD δεν πληρούνται επακριβώς στην μελέτη μας.
Entry, exit, innovation and an empirical application on the distribution of professional services in concentrated markets
Chatzistamoulou, Nikolaos; Athens University of Economics and Business, Department of Economics; Gkenakos, Xristos; Louri, Eleni; Vettas, Nikolaos
The present dissertation offers a broad of an extremely interesting field in the Industrial Organization called Industry Dynamics. This is about the way that an industry evolves in time and the determinants that characterize this transformation.At the first chapter we will consider the issue of entry, along with some stylized facts, as well as that of exit. Also, we will consider the issue of the long-run equilibrium that is shaped by entry and exit decisions. Moreover we will examine entry regulation and its impact. Additionally, aspects as structural entry barriers, entry rates, survival rates, productivity and growth, mobility and firms’ turnover are also considered. At the end of the chapter we examine if entry conditions vary across different markets and we introduce the subject of professional services we are going to be dealt thereafter.The second chapter examines in more detail the aspect of firm survival and examines its potential correlation with firm size. For this reason Gibrat’s Law is introduced in order to understand the size distribution of the firms. Convergence of firms sizes, the role of industry life cycle, the duration of new firms and insights of the role of innovation are given.The third chapter deals with the role of innovation and its effect on market structure. Aspects as the entry and the rate of innovation, innovation adoption and the Schumpeterian Hypothesis are discussed. Furthermore, two case studies –innovation in large and small firms and automobile industry-, comparison between competition and monopoly for the better innovative regime and the growth perspective of innovation are also included.The fourth chapter is about a relatively new approach to Industrial Organization, the New Empirical Industrial Organization and its methodology to solve the extent our knowledge about the mechanisms of the markets under interest. Structural models i.e. models that rely heavily on economic theory and game theoretic models are the basic tools to fulfill its purpose. Finally, the fifth chapter is an empirical application about the distribution of dentists on the Greek islands. By collecting raw data and following the methodology developed by Bresnahan and Reiss in a series of papers, I estimate four different ordered probit models of entry and calculate entry threshold and entry threshold ratios in order to understand the pattern of entry in the industry of health services in isolated markets i.e. markets that are geographically distinct from the mainland of Greece.
Essays in industrial and economic impact analysis
(06/25/2021) Moustakas, Alexandros; Μουστάκας, Αλέξανδρος; Athens University of Economics and Business, Department of Economics; Vettas, Nikolaos
In this study we discuss the effects of discounts in retailing on inflation measurement, we propose a new method to update Input-Output tables and we introduce a new method to construct Multi-Regional Input-Output tables.In particular, we discuss the mismatch between the price trends implied by the Greek Consumer Price Index in the period 2008-2013, at the outbreak of the economic crisis in Greece, and the actual changes in the cost of living as perceived by consumers, focusing on the impact of discounts and promotional offers in retailing. We present a quantitative example illustrating that the price trends for a group of products in this period accounting for discounts differ significantly from the trends of nominal prices, as tracked by the Consumer Price Index.Furthermore, we present a new method to update Input-Output tables, based on quadratic programming, which allows to exogenously set both output and value added per sector, thus resolving a common problem with existing methods. Carrying out several simulations, we demonstrate that the proposed method has a much lower failure rate and often produces more accurate projections than established alternatives.Moreover, we present a new method to construct Multi-Regional Input-Output tables. We argue that the proposed method, which is based on linear programming, produces more realistic estimations of the regional and sectoral structure of an economy than existing methods and yields higher inter-regional trade flows, thus addressing a common weakness with established methods. In addition, the proposed method maintains the integrity of the technological structure of the economy, as dictated by the underlying national Input-Output table.
Essays in industrial organization : vertical relations and product differentiation
(Athens University of Economics and Business, 07-2010) Kourandi, Frago; Athens University of Economics and Business, Department of Economics; Vettas, Nikolaos
Doctoral thesis - Athens University of Economics and Business Department of Economics
Essays on technology transfer and vertical relations in markets
(06/06/2019) Sachtachtinskagia, Sabina; Σαχταχτίνσκαγια, Σαμπίνα; Athens University of Economics and Business, Department of Economics; Katsoulakos, Ioannis; Gatsios, Konstantinos; Louri, Eleni; Zacharias, Eleftherios; Genakos, Christos; Milliou, Chrysovalantou; Vettas, Nikolaos
This thesis examines issues related to vertical contracting and to the transfer of technology between upstream and downstream firms. A central motivating example for its first three chapters is a setting where a multi-national enterprise (MNE) operates in a developing country. Such a firm, as the inventor or intellectual property rights owner, considers the transfer or licensing of technology to a firm operating in the downstream local market. Often this takes place in environments where protection of intellectual property rights is imperfect. Such a setting is of particular interest given developments that have recently led to frictions in trade between the USA and China. The present research contributes towards an understanding of how much technology will be transferred by MNEs to the local firms under imperfect property rights protection. An important part of our focus is on if the MNE will choose to transfer technology to more than one downstream firms, simultaneously or sequentially, so that competition between them may help to diminish the moral hazard risks. We approach these questions by creating dynamic models for technology transfer, with endogenously formed market structure, and we examine the equilibrium technology transfer and competition in both Cournot and Bertrand markets.
Exclusivities in vertically linked distribution networks
(Athens University of Economics and Business, 04-2014) Andritsos, Faidon; Katsoulakos, Ioannis; Genakos, Christos; Vettas, Nikolaos
Thesis - Athens University of Economics and Business. Postgraduate, Department of Economics
Foreign direct investment decisions under uncertainty
Fakos, Alexandros; Athens University of Economics and Business, Department of Economics; Vettas, Nikolaos
I am going to review the literature on foreign direct investment decisions in uncertain environments. The sources of uncertainty I am going to focus on are demand uncertainty, exchange rate uncertainty, political or institutional uncertainty.
Investments cycles in the shipping industry and their relation to commodity and trade volume forecasts
Efstathiou, Nikolaos; Athens University of Economics and Business, Department of Economics; Vettas, Nikolaos
This thesis studies investments cycles in shipping industry and their relation to commodity and trade volume forecasts. Shipping plays a central part in the global economy, and its well-documented history, stretching back for 5,000 years, gives maritime economists a unique perspective on the way the industry‘s economic mechanisms and institutions have evolved. Shipping lays the foundation for the development of the maritime industry and the change in market structures and industry production structure. It is a business that evolved along with the world economy, exploring and exploiting the ebb and flow of trade. Today‘s trading world has gradually evolved over many centuries and history demonstrates the regional center of sea trade is constantly on the move (chapter 1).Because shipping is a service business, ship demand for vessels depends on several factors, including price, speed, reliability and security. It starts from the volume of trade, and how trade of commodities can be analyzed by dividing them into groups which share economic characteristics, such as energy, agricultural trades, metal industry trades, forest products trades and other industrial manufactures. To meet marginal fluctuations in demand, or for trades such as grain, where the quantities and routes over which cargo will be transported are unpredictable, tonnage is drawn from the charter market. To this end, an overview of the market will be given, covering the transport system, the demand for sea transport, the merchant fleet, how transport is provided, the role of ports, shipping company organization and political influences (chapter 2).Market cycles are the central economic characteristic in the shipping market. A discussion of the characteristics of shipping cycles leads on to a review of how experts have explained the shipping cycle. We start the analysis with the characteristics of cycles, identifying the secular trend, short cycles and seasonal cycles. Then we proceed to define shipping risk. This is the risk that the investment in the hull of a merchant ship, including the return on the capital employed, is not recovered during a period of ownership (chapter 3).A brief account of each cycle is provided, drawing attention to the economic mechanism which drove the market up or down and the underlying secular trend. Each cycle is developed within a framework of supply and demand, so common features such as cycles in the economy and over-ordering of ships emerge again and again. As a rule, supply has no difficulty keeping up with demand, so the big freight ‗booms‘ are often the result of unexpected events (chapter 4). The rapid expansion of import trade, matched by a corresponding export trade in primary produce or simple manufactures to pay for the imports. Whilst the early stages favor the bulk shipping business, when the economy reaches maturity, the liner business gains from the almost unlimited potential for shipping components and finished goods between developed markets. Shipping depends on trade, so it must be understood at some depth why countries trade and why certain trading patterns change. First, a discussion of the trade theory is presented, identifying the various explanations for trade, followed by the supply–demand model used to analyze natural resource based commodity trades (chapter 5).The range of maritime business activities which require forecasts is extraordinarily wide, particularly if we take into account the activities of banks, governments, port authorities, shippers and other organizations with an interest in the shipping market. Decision makers need to decide what the best thing to do is, and this requires analysis and forecasting. The ‗forecasting paradox‘ is that businessmen do not really expect forecasts to be correct, yet they continue to use them (chapter 6).There are two different types of ‗forecasts‘ used in the shipping industry: market forecasts and market research. Market forecasts cover the market in general, whilst market research applies to a specific decision. Different techniques are discussed covering each type of study. Since forecasters are only called on to predict things which are unpredictable, they must be expected to be wrong. Their task is not to predict precisely, it is to help decision-makers to reduce uncertainty by obtaining and analyzing the right information about the present and show how that information can help to understand the future. All forecast analyses should satisfy three simple criteria: they should be relevant to the decision for which they are required; they should be rational in the sense that the conclusion should be based upon a consistent line of argument; and they should be based upon research at a significant level of detail (chapter 7).The relation between commodities and the cycle is stronger for industrial commodities. This affects the historical relationship in the sense that commodity futures indices need more weighted toward agriculturals in the decades prior to the 1990s. The correlation between stocks and commodities is higher during periods of economic weakness. This is consistent with recession-increased risk aversion causing investors to treat all risky assets the same, and with firms adjusting input use more quickly during tough times. The relation between correlation and the cycle is stronger for industrial commodities (chapter 8).
Models for investment and capacity decisions in electricity markets
Sakellaris, Konstantinos; Athens University of Economics and Business, Department of Economics; Vettas, Nikolaos
Optimal capital structure under the problem of effort exercise and motives for taking excessive risk
(12-03-2012) Branikas, Ioannis; Athens University of Economics and Business, Department of Economics; Vettas, Nikolaos
This paper studies a complete information game of capital structure played by the manager of the firm, the shareholders and the debtholders and characterized by two sources of moral hazard: (i) the problem of effort exercise and (ii) excessive risk taking. The equilibrium concept which is followed is that of the Subgame Perfect Nash Equilibrium. Due to the assumptions of perfect competition in the capital markets and risk neutrality, the SPNE that are derived are multiple. Therefore, refinement is done using the criterion of payoff dominance and the payoff dominant SPNE is declared as the “reasonable solution” of the game. An algorithm that straightforward produces the “reasonable solution” given the values of the parameters of the game is constructed. Moreover, suggestions for further research regarding the analysis of games of capital structure that combine moral hazard with asymmetric information are made. The types of management in such games are distinguished and the equilibriumconcept that is proposed is that of the Perfect Bayesian Equilibrium. A sketch of the methodology that derives the PBE of some of these games is also included.
The prediction of wind energy evolution worldwide and in Greece
(28-05-2009) Γιάξας, Ιωάννης; Yaxas, Yannis; Athens University of Economics and Business, Department of Economics; Kordas, Gregory; Kyriazidou, Ekaterini; Vettas, Nikolaos
The objective of this report is to present a number of reflections and place wind on the aggregate global energy picture. It is a summary of macro and micro elements through a literature survey of how the industry expects the wind energy sector to grow on the medium and long run. With wind being a small part interlinked in the total energy mix, continuous feedback on technological, political and environmental elements is made with examples of how certain European countries have developed and how Greece has progressed so far and can be expected to progress in the future. The first chapter provides a very basic introduction on energy at world level and the different fuel sources. Briefly the importance of the share of fossil fuels in the world energy balance is underlined, and specially oil which is considered as the reference when aggregating all products in one unit of measure. Consequently, a small reference is being made to climate change, strongly due to usage of fossil fuels and the alarming consequences of global warming are presented. Besides the global warming due to fossil fuels usage, the geopolitical issues of fossil fuels are reported, and the solution of nuclear energy is presented with its advantages and disadvantages. Finally, a brief overview of renewable energy is provided that underlines the major advantages of these abundant and clean sources of energy. The second chapter tries to give an overview of wind energy starting from a brief history and providing certain basic technical characteristics and their technical evolution. In numbers is then provided the development of wind energy in the last twenty years in the countries that it has been present and lists the parties involved, activities in its implementation, focusing on the suppliers of wind turbines and the owners of the wind parks. Finally, a brief economical overview is given on the economics of a wind park, touching on the construction and operation costs, underlining the importance of the components of the wind turbines themselves. In the third chapter predictions at short and long term are given from three well established sources, the International Energy Agency, the Global Wind Energy Council and a consultancy firm from the field BTM. The first analysis focuses on the expected evolution scenarios of energy for all fuel sources to 2030, considering the basic macro-economic factors. The GWEC reports information on a region and country basis and the expected growth up to 2013. The BTM report provides predictions up to 2013 as well but referring also more on the industry's feedback and underling the current financial crisis influence. The fourth chapter focuses on Greece, providing first information on its aggregate energy status, its position compared to the other countries in the world and Europe and the development of renewable energies and specially wind. The importance of the EU directives is underlined and their mechanisms in Europe that motivate wind energy deployment. The progress of the field in Greece is described by making reference to licensing and the main wind parks owners in Greece. A small part refers to the obstacles faced in the wind energy deployment in Greece, to finally focus on the possibilities for future progress, the experience from other countries, the expansion abroad, the local manufacturing of wind turbine components, and the capabilities through technological improvement. The conclusions seek to provide four main elements in the expansion of wind energy. Firstly, underlining the importance of external costs of using fossil fuels and secondly the potential growth of employment in the wind energy field. A part is dedicated to the alternative scenarios to the current prediction of the IEA, where CO2 emissions are maintained at current or even lower levels than today. Finally, the importance of technological process is brought up, being that the offshore field and hybrid solutions with hydro power or targeting sectors beyond electricity generation such as transport through hydrogen production and further areas such as desalination. How many roads must a man walk down/Before you call him a man? Yes, 'n' how many seas must a white dove sail/Before she sleeps in the sand?/Yes, 'n' how many times must the cannon balls fly/Before they're forever banned?/The answer, my friend, is biowin' in the wind,/The answer is blowin' in the wind./How many years can a mountain exist/ Before it's washed to the sea?/Yes, 'n' how many years can some people exist/Before they're allowed to be free?/Yes, 'n' how many times can a man turn his head,/Pretending he just doesn't see?/The answer, my friend, is biowin' in the wind,/The answer is biowin' in the wind./How many times must a man look up/Before he can see the sky?/Yes, 'n' how many ears must one man have/Before he can hear people cry?/Yes, 'n' how many deaths will it take till he knows/That too many people have died?/The answer, my friend, is biowin' in the wind,/The answer is blowin' in the wind.
Regulation and competition in electricity markets: the European framework and the case of Greece
Valaskas, Konstantinos A.; Athens University of Economics and Business, Department of Economics; Vettas, Nikolaos
Electricity is a secondary commodity of the energy industry, produced by renewable and non renewable sources. The electric power system transfers electricity from the power plants to the consumers via a network. The physical functions are generation, transmission, distribution and system operation, whereas the merchant functions are wholesaling and retailing. The vertical integrated models resulted in a monopoly, reluctant to innovation and cost minimization due to lack of incentive, where utilities accumulated debts, reported annual losses and delays in infrastructure investments. In addition, advances in technology, like the gas turbine and the more efficient transmission systems, lifted some of the causation for a vertical integrated model. The problems were apparent and the first steps in Europe for market liberalization and deregulation emerged in the early 1980s, until European Union issues the first directive for full liberalization in 2001. After deregulating and unbundling the market, there is a need for a new market design. A good market design is the one that produces cost minimizing prices and sends the right signals to the investors. Competition can solve the regulator‘s problem and the key is obviously the transfer of risk from customers to firms, but the formulation of a competitive market is a very difficult task, which requires central governance and independent system operators, where the common target is to protect the customers‘ interests. In support of competition, the demand side should have many responsive buyers, use of contracts and hourly metering, to stabilize the price and increase the system‘s reliability. On the other hand, the supply side should include many responsive sellers and a framework to avoid market power abuse, like the expansion of transmission, use of contracts and ancillary services. The world gross electricity production increases at an annual average growth rate of 3.4% since 1974. Currently there is a wide range of generating technologies, applied or emerging, which vary in factors that should be considered in order to compare. The metric that provides a benchmark for comparing different electricity generating technologies, from an economic point of view, is the concept of the Levelized Cost of Electricity, while, by the use of Lifecycle Assessment, the emission intensity of electricity production can be used as a measure to compare the Greenhouse Gas emissions. The European Union's energy policies are driven by three main objectives: to secure energy supplies, to ensure a competitive environment and to have sustainable energy consumption, through the lowering of greenhouse gas emissions, pollution, and fossil fuel dependence. To pursue these goals within a coherent long-term strategy, the European Union has formulated targets for 2020, 2030, and 2050, with the, so far, necessary regulatory and legislative support. The 2050 Energy Roadmap states that the European Union‘s goal is to reduce its emissions by 80% in 2050, as compared to 1990. It is obvious that the energy sector will have to go through fundamental transformation to achieve this goal. Energy Transition is the set of policies and structural changes aimed at decarbonising the economy. But within the European Union, each country differs with respect to energy mix, availability of natural resources, public acceptance, political support and the stage of transition that they are at, which means that there is no unique solution. Today, the Greek electricity market is undergoing fundamental reforms. New advanced energy technologies and perpetual environmental issues, requirements arising from European and international cooperation, as well as various intergovernmental Agreements, are factors shaping and harmonizing the institutional and legislative framework of the Greek electricity market with current tendencies and perceptions. These reforms shaped the industry of today, where the Ministry of Environment and Energy has the responsibility for the definition and implementation of the national energy policy. The Regulatory Authority for Energy is an independent administrative authority, with financial and administrative independence. The Operator of the electricity Market was established to apply the rules of operation for the electricity market, while the Independent Power Transmission Operator was established in compliance with the European Union Directive 2009/72/EC regarding the legal and functional unbundling of the Transmission and Distribution functions. Electricity generation in Greece is mainly located to North-Western Greece, due to the proximity to lignite deposits. Until 2012, lignite‘s contribution to total electricity generation was over 50%. Although the use of lignite is declining in recent years, it is expected to continue entering the energy mix in order to reduce energy dependence from imported fuels. According to Directive 2009/72/EC, the concentration of the electricity markets across EU should be reduced, so after the successful unbundling, Law 4273/2014 was focusing on the market share of Public Power Corporation, by bringing forward the ―Small PPC‖ plan. The latter law was repealed by Law 4336/2015, which introduced the NOME auctions to the Greek electricity market. Today, after two NOME auctions, PPC‘s market share is around 90%, so the intermediate target for 2016 is lost, as it was 87%. Concerns over failure of reducing the PPC‘s market share, raise the possibility of implementing a type of ―Small PPC‖ plan in parallel with NOME auctions, or some other equivalent measure. In the foreseeable future, it will be decided whether such extra measures are needed.
Signaling and product quality
(Athens University of Economics and Business, 01-2008) Bampasidou, Maria; Vettas, Nikolaos; Gatsios, Konstantinos
Thesis - Athens University of Economics and Business. Postgraduate, Department of Economics
Strategic signaling and financial markets
(Athens University of Economics and Business, 01-2008) Roumelioti, Anastasia R.; Athens University of Economics and Business, Department of Statistics; Vettas, Nikolaos; Kordas, Gregory
Thesis - Athens University of Economics and Business. Postgraduate, Department of Economics
Theories of non-rationality and market competition: reference-dependent preferences and loss aversion
Katsiardis, Charalampos; Athens University of Economics and Business, Department of Economics; Vettas, Nikolaos
Agents' rationality has been the cornerstone for the development of economic theory. It is the common foundation upon which economic research has produced valuable results.Still, lately there is increased interest regarding the validity of the rationality assumption from the point of view of psychology. Behavioral economics is now a growing field elaborating on the assumptions made in economic models regarding agents' preferences and decision-making processes. Intuition and evidence stemming from empirical or experimental studies show that people may misunderstand statistical significance, update their beliefs in a non-Bayesian way, overestimate the significance of vivid stories as opposed to \dry" statistical data, are prone to time-inconsistent choices, use mental shortcuts to simplify complex market situations or base their evaluations on relevant or irrelevant reference points.Bounded rationality models are developed in order to examine whether the addition of richer behavioral assumptions alters the conclusions of the traditional approach or leads to better explanations in cases where models with full rationality fail to do so. Focusing on the field of Industrial Organization, this thesis aims firstly to provide an introduction to bounded rationality models and give a brief description of the major biases that have been introduced to different market settings.The main focus is the case of reference-dependent preferences. Agents usually evaluate outcomes by comparing them to reference points, such as their initial endowment or the status quo. They also exhibit loss aversion; losses loom larger than equal gains and that affects agents' choices. Starting from Kahneman and Tversky's (1979) Prospect Theory, this thesis describes the empirical findings linked to reference dependence and loss aversion and presents the different models proposed to capture these notions, leading up to the model of K}oszegi and Rabin (2006), which is used by most recent papers with loss averse agents. Applications of this model are discussed in various market settings so as to give insight to the effects of loss aversion in consumer behavior. Monopolistic and competitive markets, oligopolies with differentiated products, price discriminating strategies and optimal contracts are some of the environments that have been combined with reference dependence and loss aversion. The results of incorporating loss aversion in Industrial Organization settings include price stickiness, kinked demand curves and pricing strategies that consist of regular prices and sales, as well as the optimality of simple over more complex contracts.