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    <title>EconStor Collection: MAGKS Joint Discussion Paper Series in Economics, Universität Marburg</title>
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    <url>http://www.econstor.eu/retrieve/99890</url>
    <link>http://hdl.handle.net/10419/26733</link>
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  <item rdf:about="http://hdl.handle.net/10419/73142">
    <title>R&amp;D incentives in vertically related markets</title>
    <link>http://hdl.handle.net/10419/73142</link>
    <description>Title: R&amp;D incentives in vertically related markets
&lt;br/&gt;
&lt;br/&gt;Authors: Memar, Ahmad Reza Saboori; Götz, Georg
&lt;br/&gt;
&lt;br/&gt;Abstract: This paper focuses on incentives to invest in research and development (R&amp;D) in vertically related markets. In a bilateral duopoly setup, we consider how process R&amp;D incentives of the firms in both upstream and downstream market depend on the intensity of simultaneous interbrand and intrabrand competition. Among the results: both interbrand and intrabrand competition have twofold effects on R&amp;D incentives. Existence of a vertically related market with imperfect competition lowers both the incentives to invest in process R&amp;D and the competitive advantage through the R&amp;D investment. We will show how the impact of a firm's R&amp;D investments in either market on consumer surplus as well as on the profits of all firms in both markets depends on exogenous parameters.</description>
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  <item rdf:about="http://hdl.handle.net/10419/73141">
    <title>Profitable entry into an unprofitable market</title>
    <link>http://hdl.handle.net/10419/73141</link>
    <description>Title: Profitable entry into an unprofitable market
&lt;br/&gt;
&lt;br/&gt;Authors: Memar, Ahmad Reza Saboori
&lt;br/&gt;
&lt;br/&gt;Abstract: This paper shows how market entry into an unprofitable market can be profitable for a firm. A firm's expansion into a new market can have a beneficial feedback effect for that firm in its old market. By entering into a new market, the firm increases its produced quantity and has higher incentives to invest in process R&amp;D. This is a credible signal to the competitors that the firm will be more aggressive in its R&amp;D investments. This weakens the competitors since they scare off and invest less in process R&amp;D. This feedback effect of expanding in foreign markets increases the profits of the expanding firm in its 'old market' and if this profit gain exceeds the losses through market entry, then the market entry is profitable for the firm. I also consider how the results change under Bertrand vs Cournot regime and how results change if price discrimination is possible or not. Beside that I show how higher R&amp;D costs or lower demand in a market can lead to lower profits of one firm, but higher profits of the other firm.</description>
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  <item rdf:about="http://hdl.handle.net/10419/73140">
    <title>Evaluating FOMC forecast ranges: an interval data approach</title>
    <link>http://hdl.handle.net/10419/73140</link>
    <description>Title: Evaluating FOMC forecast ranges: an interval data approach
&lt;br/&gt;
&lt;br/&gt;Authors: Fischer, Henning; García-Bárzana, Marta; Tillmann, Peter; Winker, Peter
&lt;br/&gt;
&lt;br/&gt;Abstract: The Federal Open Market Committee (FOMC) of the U.S. Federal Reserve publishes the range of members' forecasts for key macroeconomic variables, but not the distribution of forecasts within this range. To evaluate these projections, previous papers compare the midpoint of the ranges with the realized outcome. This paper proposes a new approach to forecast evaluation that takes account of the interval nature of projections. It is shown that using the conventional Mincer-Zarnowitz approach to evaluate FOMC forecasts misses important information contained in the width of the forecast interval. This additional information plays a minor role at short forecast horizons but turns out to be of crucial importance for inflation and unemployment forecasts 18 months into the future. At long horizons the variation of members' projections contains information which is more relevant for explaining future inflation than information embodied in the midpoint.</description>
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  <item rdf:about="http://hdl.handle.net/10419/73139">
    <title>Political leaders' socioeconomic background and public deficits: Evidence from OECD countries</title>
    <link>http://hdl.handle.net/10419/73139</link>
    <description>Title: Political leaders' socioeconomic background and public deficits: Evidence from OECD countries
&lt;br/&gt;
&lt;br/&gt;Authors: Hayo, Bernd; Neumeier, Florian
&lt;br/&gt;
&lt;br/&gt;Abstract: This paper empirically analyses the relationship between political leaders' socioeconomic backgrounds and public budget deficits utilising panel data on 21 OECD countries from 1980 to 2008. Building on sociological, as well as economic, research, we argue that the socioeconomic status of political decision-makers, i.e., presidents or prime ministers, is an important determinant of fiscal budget decisions. Our theory-consistent findings show that the tenures of lower-class leaders - i.e., leaders of low socioeconomic status - are associated with a deficit-to-GDP ratio which is 1.6 percentage points higher than that during tenures of upperclass leaders.</description>
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