| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3412 |
| DP3412 Labour Mobility of Immigrants: Training, Experience, Language and Opportunities | |
| Zvi Eckstein; Sarit Cohen-Goldner | |
| 发表日期 | 2002-06-20 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | This article develops a multi-period production model to examine the optimal dynamic behaviour of a large monopolistic value-maximizing firm that manipulates its valuation as well as the price of its output. In the pre-commitment equilibrium the firm?s output and labour demand are decreased, while the price of consumption is increased, as compared with its competitive counterpart. Profits and the firm's value can, however, be either increased or decreased. In the time-consistent equilibrium the firm?s output and labour demand are increased, while the price of consumption is decreased. More strikingly, the profits in every period are decreased, and may even go negative, while the firm's value can be either lower or higher than in the competitive benchmark. In the continuous-time limit, while the pre-commitment equilibrium retains its basic discrete-time structure, the time-consistent equilibrium tends to the limit of zero profits and hence zero firm's value. |
| 主题 | Financial Economics |
| 关键词 | Monopoly Asset pricing theory General equilibrium Short-sighted Time-consistency |
| URL | https://cepr.org/publications/dp3412 |
| 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/532432 |
| 推荐引用方式 GB/T 7714 | Zvi Eckstein,Sarit Cohen-Goldner. DP3412 Labour Mobility of Immigrants: Training, Experience, Language and Opportunities. 2002. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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