| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP2066
|
| DP2066 Risk Taking and Optimal Contracts for Money Managers |
| Frédéric Palomino; Andrea Prat
|
| 发表日期 | 1999-02-28
|
| 出版年 | 1999
|
| 语种 | 英语
|
| 摘要 | In this paper we examine the diffusion of a hardware/software system. For such systems there is interdependence between the hardware adoption decisions of consumers and the supply decisions of software manufacturers. Hence there can be bottlenecks to the diffusion of the system which stem not from high prices but from the fact that the complementary product is not available. We consider the CD-industry and estimate the (direct) elasticity of adoption with respect to CD prices and (the cross) elasticity with respect to the variety of CD-titles.
Our results show that the cross elasticity is indeed significant so that the presence of complementarities poses a serious bottleneck problem for the diffusion of the base product. We illustrate two applications of our methodology: (i) the business-policy question of how to subsidize a new base product which is contingent on a sufficiently large supply of complementary products & (ii) the public-policy question of what are the benefits of imposing backward compatibility on a new technology (e.g., high definition televisions). |
| 主题 | Industrial Organization
|
| 关键词 | Compact discs
Complementary products
Empirical study
Technological adoption
|
| URL | https://cepr.org/publications/dp2066
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531186
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推荐引用方式
GB/T 7714 |
Frédéric Palomino,Andrea Prat. DP2066 Risk Taking and Optimal Contracts for Money Managers. 1999.
|
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