| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2606 |
| DP2606 Exchange Rates and Trade: How Important is Hysteresis in Trade? | |
| José Manuel Campa | |
| 发表日期 | 2000-11-28 |
| 出版年 | 2000 |
| 语种 | 英语 |
| 摘要 | This Paper studies the interaction between repeated auctions of rail franchises of different lengths, uncertainty, and incentives for investment in rolling stock, following the privatization of British Rail. Theoretical predictions are tested empirically using a unique panel of data. Theory suggests that short franchise lengths reduce incentives to invest in specific assets. Our empirical results suggest that competition and strategic behaviour at the re-procurement stage can create incentives for delayed investment. Investing just before the end of the franchise enhances the incumbent?s probability of having the contract re-awarded and provides it with a first-mover advantage, while raising the entry cost for other potential bidders. |
| 主题 | Industrial Organization |
| 关键词 | Railways investment Contracts Panel data |
| URL | https://cepr.org/publications/dp2606 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531673 |
| 推荐引用方式 GB/T 7714 | José Manuel Campa. DP2606 Exchange Rates and Trade: How Important is Hysteresis in Trade?. 2000. |
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