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| Registros recuperados: 25 | |
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| Dosi, Cesare; Moretto, Michele. |
| We study the competition to acquire the exclusive right to operate an infrastructure service, by comparing two different specifications for the financial proposals - "lowest price to consumers" vs "highest concession fee", and two alternative contractual arrangements: a contract which imposes the obligation to immediately undertake the investment required to operate the concessioned service and a contract which simply assigns to the winning bidder the right to supply the market at a date of her choosing. By comparing the returns of these alternative award criteria and concessioning conditions, we show that concessioning without imposing rollout time limits may or may not provide a higher expected social value, depending on the bidding rule used to allocate... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Concessions; Auctions; Award criteria; Service Rollout Time limits; Public Economics; L51; D44; D92. |
| Ano: 2009 |
URL: http://purl.umn.edu/50409 |
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| Levaggi, Rosella; Moretto, Michele; Pertile, Paolo. |
| The paper studies the incentive for providers to invest in new health care technologies under alternative payment systems, when the patients' benefits are uncertain. If the reimbursement by the purchaser includes both a variable (per patient) and a lump-sum component, efficiency can be ensured both in the timing of adoption (dynamic) and the intensity of use of the technology (static). If the second instrument is unavailable, a trade-off may emerge between static and dynamic efficiency. In this context, we also discuss how the regulator could use the control of the level of uncertainty faced by the provider as an instrument to mitigate the trade-off between static and dynamic efficiency. Finally, the model is calibrated to study a specific technology. |
| Tipo: Working or Discussion Paper |
Palavras-chave: Health Care; Investments; Health Economics and Policy; I18; D92. |
| Ano: 2010 |
URL: http://purl.umn.edu/98047 |
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| Dosi, Cesare; Moretto, Michele. |
| We study the competition to operate an infrastructure service by developing a model where firms must report a two-dimensional sealed bid: the price to consumers and the concession fee paid to the government. Two bidding rules are considered in this paper. One rule consists of awarding the concession to the firm that reports the lowest price. The other consists of granting the franchise to the bidder offering the highest fee. We compare the outcome of these rules with reference to two alternative concession arrangements. The former imposes the obligation to immediately undertake the investment required to roll-out the service. The latter allows the concessionaire to optimally decide the investment timing. The focus is on the effect of bidding rules and... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Concessions; Auctions; Bidding Rules; Managerial Flexibility; Research Methods/ Statistical Methods; L51; D44; D92. |
| Ano: 2006 |
URL: http://purl.umn.edu/6630 |
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| Oskam, Arie J.; Goncharova, Natalia V.; Verstegen, Jos A.A.M.. |
| Investment models typically explain only a small share of the total investment variation within or between firms. A reason for this may be that those models do not explicitly differentiate between the decision to invest and the decision about the level of investment. In this paper, a two-steps theoretical framework and estimation procedure are developed to take into account the different nature of both decisions. ‘Nearly zero’ investments are considered to be small replacement or maintenance investments and treated as ‘zero’ investments. The applied two-step Heckman model shows that the decision to invest is significantly related to available capital (-), wealth (+), debts (-), output prices (+), land price growth (+), capital price growth (-), energy... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Investments; Glasshouse horticulture; Heckman selection model; Agribusiness; Agricultural Finance; D92; Q12. |
| Ano: 2009 |
URL: http://purl.umn.edu/51574 |
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| Kirchesch, Kai. |
| The link between investment and finance usually enters the empirical literature in the form of financial constraints which are defined as the wedge between the costs of internal and external finance or as the risk of being rationed on the credit market. In this context, the sensitivity of investment with respect to single internal or external finance indicators is assumed to be appropriate to proxy for these constraints. However, enterprises that rely on external funds do not only face this external finance premium and potential borrowing limits, but also the risk of not being able to meet their repayment obligations and thus the risk of bankruptcy. If the risk of bankruptcy enters the profit maximization of the firm, the resulting empirical investment... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Investment; Bankruptcy; Financial Constaints; GMM; Financial Economics; E22; D92; G33; C23. |
| Ano: 2004 |
URL: http://purl.umn.edu/26185 |
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| Registros recuperados: 25 | |
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