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Essays in industrial organization.

Snider, Connan.

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Essays in industrial organization.

Record Type:	Language materials, printed : Monograph/item
Title/Author:	Essays in industrial organization./
Author:	Snider, Connan.
Description:	104 p.
Notes:	Source: Dissertation Abstracts International, Volume: 71-07, Section: A, page: 2571.
Contained By:	Dissertation Abstracts International71-07A.
Subject:	Economics, General. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3408437
ISBN:	9781124045979

Essays in industrial organization.
Snider, Connan.

Essays in industrial organization. - 104 p.

Source: Dissertation Abstracts International, Volume: 71-07, Section: A, page: 2571.

Thesis (Ph.D.)--University of Minnesota, 2010.

This dissertation is composed of two essays. The first examines the problem of predatory pricing in the airline industry through the lens of a widely discussed predation case. The second examines the incentives of banks to misreport borrowing costs in their reports to the survey that determines the LIBOR benchmark interest rates. While the applications differ dramatically, there is a unifying theme. Regulation, antitrust, and the design of market institutions in general all face the problem of not being able to observe all of the determinants of the choices made by market participants. Evaluation of the performance of these institutions, by necessity, can only rely on a few observable variables such as prices and number of seats in airline markets or bank quotes in the LIBOR survey. These goal of these essays is to utilize the tools of economic theory and econometrics to infer the the unobserved determinants of these choices and, in turn, use this inference to evaluate the performance of two important market institutions.

ISBN: 9781124045979Subjects--Topical Terms:

1017424
Economics, General.

Essays in industrial organization.
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020 $a 9781124045979
035 $a (UMI)AAI3408437
035 $a AAI3408437
040 $a UMI $c UMI
100 1 $a Snider, Connan. $3 1682928
245 1 0 $a Essays in industrial organization.
300 $a 104 p.
500 $a Source: Dissertation Abstracts International, Volume: 71-07, Section: A, page: 2571.
500 $a Adviser: Patrick L. Bajari.
502 $a Thesis (Ph.D.)--University of Minnesota, 2010.
520 $a This dissertation is composed of two essays. The first examines the problem of predatory pricing in the airline industry through the lens of a widely discussed predation case. The second examines the incentives of banks to misreport borrowing costs in their reports to the survey that determines the LIBOR benchmark interest rates. While the applications differ dramatically, there is a unifying theme. Regulation, antitrust, and the design of market institutions in general all face the problem of not being able to observe all of the determinants of the choices made by market participants. Evaluation of the performance of these institutions, by necessity, can only rely on a few observable variables such as prices and number of seats in airline markets or bank quotes in the LIBOR survey. These goal of these essays is to utilize the tools of economic theory and econometrics to infer the the unobserved determinants of these choices and, in turn, use this inference to evaluate the performance of two important market institutions.
520 $a In the first essay, I estimate a model of competition in the airline industry to think about predatory pricing in the industry. Two major issues have led courts and antitrust enforcers to take a highly skeptical view when assessing claims of anticompetitive predation. First, predation is an inherently dynamic and strategic phenomenon but the practical tools available to identify predatory behavior are based on a static, competitive view of markets. Second, there is understandable concern about the potential distortionary implications of punishing firms for competing too intensely. This paper analyzes these problems in the context of the U.S. airline industry, where there have been frequent allegations of predatory conduct. I first argue, via an explicit dynamic industry model, that certain features of the industry do make it fertile ground for predatory incentives to arise. Specifically, differences in cost structures between large, hub and spoke carriers and small, low cost carriers give incentives for the large carriers to respond aggressively to low cost carriers. I estimate the model parameters and use it to quantify the welfare and behavioral implications of predation policy for a widely discussed case: U.S. vs. American Airlines (2000). To do this, I solve and simulate the model under a menu of counterfactual antitrust predation policies, similar to those employed in practice. I find, for the example of the American case, the potential problems of predation policy are not as severe as the problem of predatory behavior itself.
520 $a The second essay analyzes data on bank level quotes in the LIBOR survey to investigate the possibility that banks misreport their true costs. The London Interbank Offered Rate (Libor) is an important financial index and is referenced by hundreds of trillions of dollars worth of contracts. Concern has arisen that the Libor, which is intended to measure the interbank borrowing costs of large banks, has been too low during the financial crisis. We document several problems with the hypothesis that banks are truthfully quoting their borrowing costs to the Libor survey. We also show that quotes tend to cluster around discontinuities involved in the Libor's construction, which is predicted by a model where banks take into consideration their portfolios of Libor-indexed contracts when submitting their quotes to determine the overall Libor. We then present suggestive evidence that several banks have large exposures to the Libor through their interest rate derivative portfolios and have recently profited from the rapid descent of the Libor.
590 $a School code: 0130.
650 4 $a Economics, General. $3 1017424
650 4 $a Business Administration, Banking. $3 1018458
690 $a 0501
690 $a 0770
710 2 $a University of Minnesota. $b Economics. $3 1022416
773 0 $t Dissertation Abstracts International $g 71-07A.
790 1 0 $a Bajari, Patrick L., $e advisor
790 1 0 $a Holmes, Thomas J. $e committee member
790 1 0 $a Petrin, Amil K. $e committee member
790 1 0 $a Town, Robert J. $e committee member
790 $a 0130
791 $a Ph.D.
792 $a 2010
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3408437