published_or_final_version / Economics and Finance / Doctoral / Doctor of Philosophy

published_or_final_version / abstract / Economics and Finance / Doctoral / Doctor of Philosophy

This dissertation considers organizational problems of market entry. The research follows the experimental path. Game theoretic models are combined with laboratory experiments to produce a set of empirical findings. Two market entry problems are studied. The first considers the chain store paradox developed by Selten (1978). This game considers an established chain store with locations in numerous towns. In each of these towns a different competitor decides whether to enter and compete with the chain store. When entry occurs, the chain store can respond cooperatively or aggressively. The game proceeds sequentially, the players are not symmetric, and the critical solution concept is the subgame perfect equilibrium. Three experiments are conducted for a total of 550 trials of the game. Experiments differ in the size of payoffs, the number of entrants, the anonymity of the chain store, and whether subjects play in both the role of the chain store and an entrant or in just one role. There is qualified support for the game theoretic prediction that a chain store cannot deter the sequential entry of competitors. Entry occurred on 459 of 550 trials; while some chain stores pursue deterrence, it largely is not effective in these specific experimental environments. It is suggested that deterrence might be effective if the number of entrants or payoffs are increased. The results have implications for discussions on predatory pricing, reputation, and the value of backwards induction as a solution concept. The second market entry problem is based on a simultaneous market entry game developed by Rapoport (1994). In this game symmetric players decide simultaneously whether to enter a market with a specified capacity. The game theoretic prediction for the number of entrants is based on a Nash equilibrium (in pure or mixed strategies). Again, experimental results support game theoretic predictions. Across three experiments the correlation between the number of entrants and the size of the market capacity is consistently above 0.90. Taken together, these experiments on market entry problems provide strong support for the conceptual use of game theory and the methodological use of controlled laboratory experiments in the field of strategic management.

Chan Yeung. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2003. / Includes bibliographical references (leaves 56-57). / Abstracts in English and Chinese. / Chapter 1 --- Introduction --- p.1 / Chapter 2 --- "Literature reviews, contributions of this thesis and the comparison" / Chapter 2.1 --- Literature reviews / Chapter 2.11 --- Endogenous labor supply models --- p.3 / Chapter 2.12 --- The CIA models --- p.12 / Chapter 2.2 --- Contributions of this thesis and the comparison --- p.17 / Chapter 3 --- The Model --- p.20 / Chapter 4 --- "Trade restrictions, welfare and employment" / Chapter 4.1 --- Tariff and welfare --- p.26 / Chapter 4.2 --- Tariff and employment --- p.30 / Chapter 4.3 --- Comparing welfare and employment effects --- p.31 / Chapter 4.4 --- "Quotas, welfare, employment and price level" --- p.32 / Chapter 5 --- Optimal tariffs --- p.33 / Chapter 6 --- Indirect taxation and welfare --- p.40 / Chapter 7 --- Conclusion --- p.43 / Appendix / Appendix A: Determine the sign of Δ --- p.45 / Appendix B: Derivation of equation (4.2) --- p.45 / Appendix C: Derivation of equation (4.3) --- p.47 / "Appendix D: Quotas, welfare,employment and price level" --- p.48 / Appendix E: The derivation of optimal tariff --- p.50 / Appendix F: Optimal consumption tax and wage subsidy --- p.53

Cheung Ho Sang. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2004. / Includes bibliographical references (leaves 185-187). / Abstracts in English and Chinese. / Curriculum Vitae --- p.ii / Acknowledgments --- p.iii / Abstract --- p.v / Table of Contents --- p.viii / Chapter Chapter 1. --- Introduction --- p.1 / Chapter Chapter 2. --- The behavior of income velocity of money --- p.3 / Chapter 2.1 --- Introduction --- p.3 / Chapter 2.2 --- Literature Review --- p.4 / Chapter 2.3 --- Data Description --- p.9 / Chapter 2.4 --- Methodology --- p.9 / Chapter 2.5 --- Empirical Result --- p.16 / Chapter 2.6 --- Conclusion --- p.26 / Chapter Chapter 3. --- The behavior of equity premium --- p.106 / Chapter 3.1 --- Introduction --- p.106 / Chapter 3.1 --- Literature Review --- p.106 / Chapter 3.2 --- Data Description --- p.112 / Chapter 3.3 --- Methodology --- p.112 / Chapter 3.4 --- Empirical Result --- p.120 / Chapter 3.5 --- Conclusion --- p.130 / Data Appendices --- p.182 / Bibliography --- p.185

by Lam Cham. / Thesis (M.Phil.)--Chinese University of Hong Kong, 1997. / Includes bibliographical references (leaves 75-79). / ACKNOWLEDGMENTS --- p.i / ABSTRACT --- p.ii / LIST OF TABLES --- p.iii / LIST OF FIGURES --- p.iv / Chapter CHAPTER 1: --- INTRODUCTION --- p.1 / Chapter CHAPTER 2: --- HISTORICAL BACKGROUND --- p.8 / Chapter 2.1 --- Financial Liberalization in Nine Asian Countries --- p.8 / Chapter 2.1.1 --- Hong Kong --- p.8 / Chapter 2.1.2 --- Korea --- p.12 / Chapter 2.1.3 --- "Indonesia, Malaysia, Singapore and Thailand - the ASEAN-4" --- p.15 / Chapter 2.1.4 --- Taiwan --- p.18 / Chapter 2.1.5 --- Japan --- p.19 / Chapter 2.1.6 --- The Philippines --- p.20 / Chapter 2.2 --- Stock Market Trend --- p.21 / Chapter CHAPTER 3: --- LITERATURE REVIEW --- p.28 / Chapter 3.1 --- Gain from International Diversification --- p.28 / Chapter 3.2 --- International Transmission Effects --- p.30 / Chapter 3.3 --- Integration of World Stock Markets --- p.31 / Chapter CHAPTER 4: --- METHODOLOGY --- p.38 / Chapter 4.1 --- Cointegration and Diversification --- p.38 / Chapter 4.2 --- Testing for Cointegration --- p.45 / Chapter CHAPTER 5: --- DATA --- p.50 / Chapter 5.1 --- MSCI Index --- p.50 / Chapter 5.2 --- Asian Funds --- p.51 / Chapter CHAPTER 6: --- EMPIRICAL RESULTS --- p.52 / Chapter 6.1 --- Unit Root Test --- p.52 / Chapter 6.1.1 --- ADF and Phillips-Perron Unit Root Test --- p.52 / Chapter 6.1.2 --- Unit Root Test with Structural Break --- p.55 / Chapter 6.2 --- Cointegration Test on Stock Markets --- p.57 / Chapter 6.2.1 --- Regional Factor Vs World Factor --- p.57 / Chapter 6.2.2 --- Integration of the Asian Markets --- p.61 / Chapter 6.3 --- Cointegration Test on the Asian Funds --- p.63 / Chapter 6.3.1 --- Weekly Results --- p.65 / Chapter 6.3.2 --- Monthly Results --- p.66 / Chapter CHAPTER 7: --- CONCLUSIONS --- p.72 / REFERENCES --- p.75

Tam Chak Yue, Ben. / Thesis (M.Phil.)--Chinese University of Hong Kong, 1997. / Includes bibliographical references (leaves 49-51). / Chapter 1. --- Introduction --- p.3 / Chapter 2. --- Money and Growth in the neoclassical production function --- p.7 / Chapter 2.1 --- The Real Competitive Equilibrium --- p.8 / Chapter 2.2 --- The Monetary Competitive Equilibrium with the Cash-in-Advance approach --- p.11 / Chapter 2.3 --- Alternative Approach: Money-in-Utility-Function --- p.16 / Chapter 2.4 --- Alternative Approach: Transaction Cost --- p.20 / Chapter 3. --- Three Approaches with Endogenous Leisure --- p.25 / Chapter 3.1 --- The Real Competitive Equilibrium --- p.26 / Chapter 3.2 --- The Alternative Approaches to Interest Rate Smoothing --- p.28 / Chapter 3.2.1 --- The Cash-in-Advance Approach --- p.28 / Chapter 3.2.2 --- The Money-in-Utility-Function Approach --- p.29 / Chapter 3.2.3 --- The Transaction Cost Approach --- p.30 / Chapter 4. --- Money and Growth in an Economy with Endogenous Growth --- p.35 / Chapter 4.1 --- The Real Competitive Equilibrium of Ak Model --- p.36 / Chapter 4.2 --- The Alternative Approaches --- p.37 / Chapter 4.2.1 --- The Cash-in-Advance Approach --- p.37 / Chapter 4.2.2 --- The Money-in-Utility-Function Approach --- p.39 / Chapter 4.2.3 --- The Transaction Cost Approach --- p.40 / Chapter 5. --- Concluding Remark --- p.44 / Appendix --- p.46 / Chapter A1. --- The First Order Condition of The MIUF Approach with Endogenous Leisure --- p.46 / Chapter A2. --- The First Order Condition of The TC Approach with Endogenous Leisure --- p.46 / Chapter A3. --- The Transitional Dynamics of Ak Model with The money-in-utility-function Approach --- p.47 / Literature Cited --- p.50

Abstract not available

Abstract not available

This dissertation explores the intricacies associated with the use of distance functions in empirical studies. It focuses on the measurement of advertising efficiency and investigates the properties of the models that seek to approximate the abatement costs of socially undesirable outputs. The first manuscript is devoted to the development of the algorithm that can be used to measure the efficiency with which firms market their brands in the presence of advertising by rivals. An empirical illustration is carried out using the data from the U.S. brewing industry. The second study analyzes the difficulties associated with the accurate approximation of the abatement costs of socially undesirable outputs. It contrasts the results from a variety of different shadow-pricing models, each of which relies on a different type of distance functions that are used to approximate the polluting technology. The shadow prices of sulfur dioxide are computed using linear programming techniques and the data from the U.S. electric utility industry. The third manuscript shows how a generalized method of moments (GMM) algorithm can be used to estimate the parameters of certain types of distance functions; the empirical illustration is carried out using the data set from the second study. The first manuscript illustrates that advertising spillovers are important in brewing and shows that the estimates of marketing efficiency are inaccurate when spillover effects are present and ignored. The second study shows that the shadow price estimates of socially undesirable outputs are not invariant to the assumptions regarding the parametric form of production technology and can in fact be predetermined by selecting a specific model. Finally, the third study established the legitimacy of the GMM procedure as a choice of an algorithm for the shadow pricing of undesirable outputs. / Graduation date: 2005