Vassar College Digital Library

Vassar Scholarship

Vassar Scholarship, the institutional repository formerly known as Digital Window, reflects the research and scholarly output of the Vassar College community.  It provides access to a variety of collections, including senior theses and projects across a wide range of disciplines.

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Vassar Scholarship

Bargaining in the shadow of precedent: the surprising irrelevance of asymmetric stakes

Publication Date
2006-April-12
Document Type
working paper
Authors
Marco, Alan C.
Kieran J. Walsh
Department or Program
Economics Department
Document Type
Working Paper
Abstract

We develop a model of bargaining and litigation in the context of patent licensing (or any contractual setting). Following Priest and Klein (1984) we developed a model that explicitly allows for (1) multiple parties (leading to asymmetry of stakes), (2)...

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Vassar Scholarship

Credibility and credulity: how beliefs about beliefs affect entry incentives

Publication Date
2006-November-13
Document Type
working paper
Authors
Kieran J. Walsh
Marco, Alan C.
Department or Program
Economics Department
Document Type
Working Paper
Abstract

In this note we investigate the infringement (entry) decision for a firm facing an incumbent patent holder with uncertain patent rights. The entrant risks a dispute by entering, resulting in either a settlement (licensing) or litigation and trial. Using the...

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Vassar Scholarship

Limited arbitrage, segmentation, and investor heterogeneity: Why the law of one price so often fails

Publication Date
2003-August-28
Document Type
working paper
Authors
Flynn, Sean Masaki
Department or Program
Economics Department
Document Type
Working Paper
Abstract

There are numerous examples of assets with identical payout streams being priced differently. These violations of the law of one price result from two factors. First, investors have heterogeneous asset valuations so that if two groups of investors trade in...

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Vassar Scholarship

The portfolio allocation effects of investor sentiment about the ability of managers to beat the market

Publication Date
2003-February-03
Document Type
working paper
Authors
Flynn, Sean Masaki
Department or Program
Economics Department
Document Type
Working Paper
Abstract

I present a model that can transform discounts on closed-end mutual funds into a measure of investor sentiment about the ability of fund managers to beat the market. This measure of sentiment varies positively with capital flows into actively managed...

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