Carolyn Pitchik

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∗ Dulleck: Johannes Kepler University Linz and University of Vienna. Kerschbamer: University of Innsbruck and CEPR. Previous versions have benefitted from comments by and discussions with Heski Bar-Isaac, Gerhard Clemenz, Winand Emons, Roger Gordon, Ulrich Kamecke, Gilat Levy, John McMillan, Dennis Mueller, Gerhard Orosel, Carolyn Pitchik, Larry Samuelson,(More)
I study a budget-constrained, private-valuation, sealed-bid sequential auction with two incompletely-informed, risk-neutral bidders in which the valuations and income may be non-monotonic functions of a bidder’s type. Parameters permit the existence of multiple equilibrium symmetric bidding functions that differ in allocation, efficiency and revenue. The(More)
Recent studies have found evidence linking Africa’s current underdevelopment to colonial rule and the slave trade. Given that these events ended long ago, why do they continue to matter today? I develop a model, exhibiting path dependence, that explains how these past events could have lasting impacts. The model has multiple equilibria: one equilibrium with(More)
In an infinite horizon stochastic model, a coup not only disciplines a dictator’s policy towards a group of “kingmakers” but also enables a kingmaker to become dictator. Greater competition for the dictator’s position, a lower impact of the dictator’s policy on the kingmakers, or lower risks of staging a coup raises the benefit of a coup relative to its(More)
What is the impact on human capital investment when a worker’s ability and investments are observed by the labour market only when the worker invests in self-promoting activities? When ...rms pay spot market wages, high ability workers overinvest in selfpromotion. There is no employment contract that attains full e¢ciency. Constrained e¢ciency is attained(More)
In this paper, we compare an n-firm Cournot game with a Stackelberg model, where n-firms choose outputs sequentially, in a stochastic demand environment with private information. The Stackelberg perfect revealing equilibrium expected output and total surplus are lower while expected price and total profits are higher than the Cournot equilibrium ones(More)
This paper characterizes the set of Nash equilibria in a model of price-setting duopoly in which each firm has limited capacity, and demand is continuous and decreasing. In general there is a unique equilibrium, so that comparative static exercises are meaningful. The properties of the equilibrium conform with a number of stylized facts. The equilibrium(More)
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