Browsing Discussion papers (FOR) by Title
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R & D investment responses to R & D subsidies : a theoretical analysis and a microeconometric study
(Discussion paper;2011:15, Working paper, 201109)Subsidies to the Norwegian hightech industries have traditionally been given as matching grants , i.e. the subsidies are targeted, and the firms have to contribute a 50 % own risk capital to the subsidized projects. ... 
R&D investments with competitive interactions
(Discussion paper, Working paper, 2002)In this article we develop a model to analyze patentprotected R&D investment projects when there is (imperfect) competition in the development and marketing of the resulting product. The competitive interactions that occur ... 
Rational investor sentiment
(Discussion paper, Working paper, 200211)We explain excess volatility, shortterm momentum and longterm reversal of asset prices by a repeated game version of Keynes' beauty contest. In every period the players can either place a buy or sell order on the asset ... 
A reexamination of credit rationing in the Stiglitz and Weiss model
(Discussion paper, Working paper, 201011)To explain the widely observed phenomenon of credit rationing, Stiglitz and Weiss (1981) propose a theory of random rationing under imperfect information. With a simple model plausibly expanding the Stiglitz and Weiss ... 
Realtime versus dayahead market power in a hydrobased electricity market
(Discussion paper;06/14, Working paper, 201402)We analyse in a theoretical framework the link between realtime and dayahead market performance in a hydrobased and imperfectly competitive wholesale electricity market. Theoretical predictions of the model are tested ... 
Recursive utility and disappearing puzzles for continuoustime models
(Discussion papers;2013/02, Working paper, 201305)Motivated by the problems of the conventional model in rational izing market data, we derive the equilibrium interest rate and risk premiums using recursive utility in a continuous time model. Two ordinally equivalent ... 
Recursive utility and jumpdiffusions
(Discussion paper;09/14, Working paper, 201403)We derive the equilibrium interest rate and risk premiums using recursive utility for jumpdi usions. Compared to to the continuous version, including jumps allows for a separate risk aversion related to jump size risk ... 
Recursive utility and jumpdiffusions
(Discussion paper;06/15, Working paper, 20150130)We derive the equilibrium interest rate and risk premiums using recursive utility for jumpdiffusions. Compared to to the continuous version, including jumps allows for a separate risk aversion related to jump size risk ... 
Recursive utility and the equity premium puzzle: A discretetime approach
(Discussion papers;2013/03, Working paper, 201305)We study the EpsteinZin model with recursive utility. Recognizing that recursive preferences implies that the underlying model is not Markovian, we use methods not depending upon the Markov property to solve the model. ... 
Recursive utility using the stochastic maximum principle
(Discussion paper;03/14, Working paper, 201402)Motivated by the problems of the conventional model in rationalizing market data, we derive the equilibrium interest rate and risk premiums using recursive utility in a continuous time model. We consider ... 
Redistributive taxation, multinational enterprises, and economic integration
(Discussion paper, Working paper, 200803)Increased activity of multinational firms exposes national corporate tax bases to crosscountry profit shifting, but also leads to rising profitability of the corporate sector. We incorporate these two effects of economic ... 
Reflections about pseudodual prices in combinatorial auctions
(Discussion paper, Working paper, 200504)Combinatorial auctions permitting bids on bundles of items have been developed to remedy the exposure problem associated with singleitem auctions. Given winning bundle prices a set of item prices is called market clearing ... 
A regression surprise resolved
(Discussion paper, Working paper, 200809)In this note we explore the following surprising fact: In regression with trend and seasonality, the prediction risk is constant for all seasons of a new cycle, despite the fact that it increases with time when the seasons ... 
Relational Contracting, Negotiation, and External Enforcement
(Discussion paper;8/18, Working paper, 20180518)We study relational contracting and renegotiation in environments with external enforcement of longterm contractual arrangements. An external, longterm contract governs the stage games the contracting parties will play ... 
Relational Incentive Contracts and Performance Measurement
(Discussion paper;6/18, Working paper, 20180430)This paper analyzes relational contracts under moral hazard. We first show that if the available information (signal) about effort satisfies a generalized monotone likelihood ratio property, then irrespective of whether ... 
Relational incentive contracts for teams of multitasking agents
(Discussion paper;10/23, Working paper, 20230630)We analyze optimal relational contracts for a group (team) of multitasking agents with hidden actions. Contracts are based on noisy signals that may be correlated across agents and between tasks. The optimal contract defines ... 
Relationshipspecificity, bargaining power, growth, and firm performance
(Discussion paper;04/14, Working paper, 201402)We investigate the relevance of relationshipspecificity in explaining firm performance and firm value. First, we use an incomplete contracts model to derive hypotheses on how relationshipspecificity interacts with ... 
Relative performance evaluation, agent holdup and firm organization
(Discussion paper, Working paper, 200707)We analyze a situation where common noise makes compensation based on relative performance evaluation (RPE) desirable, but where the agents' ability to holdup values ex post obstruct the implementation of optimal RPE ... 
Replication/prediction problems in the journeytowork
(Discussion paper, Working paper, 2002)In this paper we will consider gravity models for journeystowork. In applications of the theory it is sometimes assumed that the parameters in such models are fixed. We will provide examples to show that this is not ... 
Representation of preferences á la Savage with a general probability measure
(Discussion paper, Working paper, 200110)This paper addresses two weaknesses of the subjective expected utility representation of Savage: The first is that the resulting subjective probability measure P is atomless only, the second is that P is only finitely ...