The Experts below are selected from a list of 1257 Experts worldwide ranked by ideXlab platform

Lamar Pierce - One of the best experts on this subject based on the ideXlab platform.

  • organizational structure and the limits of knowledge sharing incentive conflict and agency in Car Leasing
    Management Science, 2012
    Co-Authors: Lamar Pierce
    Abstract:

    This paper argues that conflicting incentives among managers may impede potential knowledge-sharing benefits from vertical integration. I study knowledge-based agency costs from vertical integration in Car Leasing, where manufacturer-owned captive lessors compete with independent lessors. Both organizational forms must acquire and integrate diffuse knowledge to accurately predict vehicle depreciation---a condition critical for profitability. Using a data set of 180,000 leases, I compare contracts of independent and captive lessors across Car models, market conditions, and product life cycles. I find that managers in vertically integrated firms have conflicting incentives on whether to accurately and completely share proprietary knowledge, and show that these incentives appear to generate agency costs inconsistent with corporate profitability as managers selectively use and share knowledge for personal gain. The findings suggest that most knowledge benefits of vertical integration will be nullified when managerial interests are incompatible with the profit concerns of the firm. This paper was accepted by Bruno Cassiman, business strategy.

  • organizational structure and the limits of knowledge sharing incentive conflict and agency in Car Leasing
    Social Science Research Network, 2011
    Co-Authors: Lamar Pierce
    Abstract:

    This paper argues that conflicting incentives among managers may impede potential knowledge sharing benefits from vertical integration. I study knowledge-based agency costs from vertical integration in Car Leasing, where manufacturer-owned captive lessors compete with independent lessors. Both organizational forms must acquire and integrate diffuse knowledge in order to accurately predict vehicle depreciation --- a condition critical for profitability. Using a dataset of 180,000 leases, I compare contracts of independent and captive lessors across Car models, market conditions, and product life cycles. I find managers in vertically integrated firms have conflicting incentives on whether to accurately and completely share proprietary knowledge, and show that these incentives appear to generate agency costs inconsistent with corporate profitability as managers selectively use and share knowledge for personal gain. The findings suggest that most knowledge benefits of vertical integration will be nullified when managerial interests are incompatible with the profit concerns of the firm.

Michael Waldman - One of the best experts on this subject based on the ideXlab platform.

  • the role and growth of new Car Leasing theory and evidence
    The Journal of Law and Economics, 2014
    Co-Authors: Justin P Johnson, Henry S Schneider, Michael Waldman
    Abstract:

    AbstractThere has been substantial growth in rates of new-Car Leasing over the last few decades. Building on recent theoretical research, we construct a model of the Leasing decision in which Leasing mitigates adverse selection and reduces transaction costs, but moral hazard limits its use. In our model, the prevalence of Leasing is related to new-Car reliability, which suggests that the recent growth in Leasing is at least partly due to improvements in new-Car reliability. We use this model to derive testable implications and then conduct an empirical analysis to investigate whether the operation of the new- and used-Car markets is consistent with the predictions of this theoretical approach. Our empirical results support the theoretical predictions of our model. In particular, we provide direct evidence that Leasing mitigates adverse selection and that an important factor in the growth in new-Car Leasing rates has indeed been the growth of new-Car reliability.

  • Leasing lemons and moral hazard
    The Journal of Law and Economics, 2010
    Co-Authors: Justin P Johnson, Michael Waldman
    Abstract:

    Abstract A number of recent papers have analyzed Leasing in the new‐Car market as a response to the adverse‐selection problem in the used‐Car market originally explored in the seminal 1970 paper by George Akerlof. In this paper we consider a model characterized by both adverse selection, as in these earlier papers, and moral hazard concerning the maintenance choices of new‐Car drivers. We show that this approach provides explanations for a number of empirical findings concerning real‐world new‐ and used‐Car markets, including that Leasing has become more popular over time, very high income new‐Car drivers lease more, and used Cars that were leased when new sell for more than used Cars that were purchased when new. We also compare and contrast our approach to new‐Car Leasing with alternative approaches.

  • Leasing lemons and buybacks
    Social Science Research Network, 2003
    Co-Authors: Justin P Johnson, Michael Waldman
    Abstract:

    In his seminal article of 1970, Akerlof argued that the used-Car market is not efficient because adverse selection causes too little trade. We construct a competitive model of the new- and used-Car markets and investigate the relationship between new-Car Leasing and adverse selection. Our analysis yields a number of interesting results, including that new-Car Leasing reduces the adverse-selection problem, and that buybacks also increase efficiency in the secondhand market. We also discuss alternative explanations for new-Car Leasing and an explanation for the growth in new-Car Leasing during the last fifteen years.

  • Leasing lemons and buybacks
    The RAND Journal of Economics, 2003
    Co-Authors: Justin P Johnson, Michael Waldman
    Abstract:

    In his seminal article of 1970, Akerlof argued that the used-Car market is not efficient because adverse selection causes too little trade. We construct a competitive model of the new- and used-Car markets and investigate the relationship between new-Car Leasing and adverse selection. Our analysis yields a number of interesting results, including that new-Car Leasing reduces the adverse-selection problem, and that buybacks also increase efficiency in the secondhand market. We also discuss alternative explanations for new-Car Leasing and an explanation for the growth in new-Car Leasing during the last fifteen years. Copyright 2003 by the RAND Corporation.

  • durable goods theory for real world markets
    Journal of Economic Perspectives, 2003
    Co-Authors: Michael Waldman
    Abstract:

    The early 1970s witnessed three major advances in durable-goods theory--Swan (1970, 1971) and Sieper and Swan (1973) on optimal durability, Coase (1972) on time inconsistency, and Akerlof (1970) on adverse selection. This paper surveys durable goods theory starting with these three contributions, where much of the focus is on recent literature and on models that explain real-world phenomena. In addition to the ideas found in the contributions of Swan, Coase, and Akerlof, topics covered include why producers sometimes practice "planned obsolescence," the role of adverse selection in new-Car Leasing, and reasons for aftermarket monopolization.

Justin P Johnson - One of the best experts on this subject based on the ideXlab platform.

  • the role and growth of new Car Leasing theory and evidence
    The Journal of Law and Economics, 2014
    Co-Authors: Justin P Johnson, Henry S Schneider, Michael Waldman
    Abstract:

    AbstractThere has been substantial growth in rates of new-Car Leasing over the last few decades. Building on recent theoretical research, we construct a model of the Leasing decision in which Leasing mitigates adverse selection and reduces transaction costs, but moral hazard limits its use. In our model, the prevalence of Leasing is related to new-Car reliability, which suggests that the recent growth in Leasing is at least partly due to improvements in new-Car reliability. We use this model to derive testable implications and then conduct an empirical analysis to investigate whether the operation of the new- and used-Car markets is consistent with the predictions of this theoretical approach. Our empirical results support the theoretical predictions of our model. In particular, we provide direct evidence that Leasing mitigates adverse selection and that an important factor in the growth in new-Car Leasing rates has indeed been the growth of new-Car reliability.

  • Leasing lemons and moral hazard
    The Journal of Law and Economics, 2010
    Co-Authors: Justin P Johnson, Michael Waldman
    Abstract:

    Abstract A number of recent papers have analyzed Leasing in the new‐Car market as a response to the adverse‐selection problem in the used‐Car market originally explored in the seminal 1970 paper by George Akerlof. In this paper we consider a model characterized by both adverse selection, as in these earlier papers, and moral hazard concerning the maintenance choices of new‐Car drivers. We show that this approach provides explanations for a number of empirical findings concerning real‐world new‐ and used‐Car markets, including that Leasing has become more popular over time, very high income new‐Car drivers lease more, and used Cars that were leased when new sell for more than used Cars that were purchased when new. We also compare and contrast our approach to new‐Car Leasing with alternative approaches.

  • Leasing lemons and buybacks
    The RAND Journal of Economics, 2003
    Co-Authors: Justin P Johnson, Michael Waldman
    Abstract:

    In his seminal article of 1970, Akerlof argued that the used-Car market is not efficient because adverse selection causes too little trade. We construct a competitive model of the new- and used-Car markets and investigate the relationship between new-Car Leasing and adverse selection. Our analysis yields a number of interesting results, including that new-Car Leasing reduces the adverse-selection problem, and that buybacks also increase efficiency in the secondhand market. We also discuss alternative explanations for new-Car Leasing and an explanation for the growth in new-Car Leasing during the last fifteen years. Copyright 2003 by the RAND Corporation.

  • Leasing lemons and buybacks
    Social Science Research Network, 2003
    Co-Authors: Justin P Johnson, Michael Waldman
    Abstract:

    In his seminal article of 1970, Akerlof argued that the used-Car market is not efficient because adverse selection causes too little trade. We construct a competitive model of the new- and used-Car markets and investigate the relationship between new-Car Leasing and adverse selection. Our analysis yields a number of interesting results, including that new-Car Leasing reduces the adverse-selection problem, and that buybacks also increase efficiency in the secondhand market. We also discuss alternative explanations for new-Car Leasing and an explanation for the growth in new-Car Leasing during the last fifteen years.

G. Passerini - One of the best experts on this subject based on the ideXlab platform.

  • precise estimates at municipality level of airborne pollutant emissions due to road traffic
    WIT Transactions on the Built Environment, 2013
    Co-Authors: S. Carletti, G. Di Nicola, G. Passerini
    Abstract:

    In Central Italy, road traffic emissions of airborne pollutants (i.e. Corinair Group 7) account for more than 50% of overall emissions. The principal pollutants emitted into the atmosphere by Cars and trucks are: particulate matter (PM, PM10, and PM2.5), Nitrogen oxides (NOx), Volatile Organic Compounds (VOC) and Carbon monoxide (CO). For this kind of emissions, emission estimate is the only way to assess local impact. Unfortunately, precise estimates at small scales (e.g. county or municipality) rely upon the knowledge of several data such as number and type of vehicles, road transits, fuel consumption etc. detailed for the same scale. Such data are difficult to collect (almost impossible for transits) and update. Moreover, Car Leasing, national and local polices, and taxes force several people to possess and drive Cars that are namely registered and licensed elsewhere. Nevertheless, assessing emission contributions of the various vehicle classes at township level becomes crucial to implement proper limitation policies and regulations. The aim of this study is to compare different methods able to disaggregate airborne pollutant emissions using different proxy variables (e.g. population, number of vehicles, and Car registrations) to allow a routinely estimate at local level based on the regional emission data and reliable and easy-to-obtain proxy variables. The authors analyzed mobility and vehicles of the Marche Region to calculate emissions for the year 2010 using COPERT 4 (COmputer Programme to estimate Emissions from Road Traffic), the choice methodology indicated by the EMEP/CORINAIR Emission Inventory Guidebook. The emissions were estimated at regional level (NUTS2) and provincial level (NUTS3) and we checked several methodologies to allow an accurate estimate at township level.

  • Precise estimates at municipality level of airborne pollutant emissions due to road traffic
    WIT Press (GB), 2013
    Co-Authors: S. Carletti, G. Di Nicola, G. Passerini
    Abstract:

    In Central Italy, road traffic emissions of airborne pollutants (i.e. Corinair Group 7) account for more than 50% of overall emissions. The principal pollutants emitted into the atmosphere by Cars and trucks are: particulate matter (PM, PM10, and PM2.5), Nitrogen oxides (NOx), Volatile Organic Compounds (VOC) and Carbon monoxide (CO). For this kind of emissions, emission estimate is the only way to assess local impact. Unfortunately, precise estimates at small scales (e.g. county or municipality) rely upon the knowledge of several data such as number and type of vehicles, road transits, fuel consumption etc. detailed for the same scale. Such data are difficult to collect (almost impossible for transits) and update. Moreover, Car Leasing, national and local polices, and taxex force several people to possess and drive Cars that are namely registered and licensed elsewhere. Nevertheless, assessing emission contributions of the various vehicle classes at township level becomes crucial to implement proper limitation policies and regulations. The aim of this study is to compare different methods able to disaggregate airborne pollutant emissions using different proxy variables (e.g. population, number of vehicles, and Car registrations) to allow a routinely estimate at local level based on the regional emission data and reliable and easy-to-obtain proxy variables. We analyzed mobility and vehicles of the Marche Region to calculate emissions for the year 2010 using COPERT 4 (COmputer Programme to estimate Emissions from Road Traffic), the choice methodology indicated by the EMEP/CORINAIR Emission Inventory Guidebook. The emissions were estimated at regional level (NUTS2) and provincial level (NUTS3) and we checked several methodologies to allow an accurate estimate at township level.In Central Italy, road traffic emissions of airborne pollutants (i.e. Corinair Group 7) account for more than 50% of overall emissions. The principal pollutants emitted into the atmosphere by Cars and trucks are: particulate matter (PM, PM10, and PM2.5), Nitrogen oxides (NOx), Volatile Organic Compounds (VOC) and Carbon monoxide (CO). For this kind of emissions, emission estimate is the only way to assess local impact. Unfortunately, precise estimates at small scales (e.g. county or municipality) rely upon the knowledge of several data such as number and type of vehicles, road transits, fuel consumption etc. detailed for the same scale. Such data are difficult to collect (almost impossible for transits) and update. Moreover, Car Leasing, national and local polices, and taxex force several people to possess and drive Cars that are namely registered and licensed elsewhere. Nevertheless, assessing emission contributions of the various vehicle classes at township level becomes crucial to implement proper limitation policies and regulations. The aim of this study is to compare different methods able to disaggregate airborne pollutant emissions using different proxy variables (e.g. population, number of vehicles, and Car registrations) to allow a routinely estimate at local level based on the regional emission data and reliable and easy-to-obtain proxy variables. We analyzed mobility and vehicles of the Marche Region to calculate emissions for the year 2010 using COPERT 4 (COmputer Programme to estimate Emissions from Road Traffic), the choice methodology indicated by the EMEP/CORINAIR Emission Inventory Guidebook. The emissions were estimated at regional level (NUTS2) and provincial level (NUTS3) and we checked several methodologies to allow an accurate estimate at township level

S. Carletti - One of the best experts on this subject based on the ideXlab platform.

  • precise estimates at municipality level of airborne pollutant emissions due to road traffic
    WIT Transactions on the Built Environment, 2013
    Co-Authors: S. Carletti, G. Di Nicola, G. Passerini
    Abstract:

    In Central Italy, road traffic emissions of airborne pollutants (i.e. Corinair Group 7) account for more than 50% of overall emissions. The principal pollutants emitted into the atmosphere by Cars and trucks are: particulate matter (PM, PM10, and PM2.5), Nitrogen oxides (NOx), Volatile Organic Compounds (VOC) and Carbon monoxide (CO). For this kind of emissions, emission estimate is the only way to assess local impact. Unfortunately, precise estimates at small scales (e.g. county or municipality) rely upon the knowledge of several data such as number and type of vehicles, road transits, fuel consumption etc. detailed for the same scale. Such data are difficult to collect (almost impossible for transits) and update. Moreover, Car Leasing, national and local polices, and taxes force several people to possess and drive Cars that are namely registered and licensed elsewhere. Nevertheless, assessing emission contributions of the various vehicle classes at township level becomes crucial to implement proper limitation policies and regulations. The aim of this study is to compare different methods able to disaggregate airborne pollutant emissions using different proxy variables (e.g. population, number of vehicles, and Car registrations) to allow a routinely estimate at local level based on the regional emission data and reliable and easy-to-obtain proxy variables. The authors analyzed mobility and vehicles of the Marche Region to calculate emissions for the year 2010 using COPERT 4 (COmputer Programme to estimate Emissions from Road Traffic), the choice methodology indicated by the EMEP/CORINAIR Emission Inventory Guidebook. The emissions were estimated at regional level (NUTS2) and provincial level (NUTS3) and we checked several methodologies to allow an accurate estimate at township level.

  • Precise estimates at municipality level of airborne pollutant emissions due to road traffic
    WIT Press (GB), 2013
    Co-Authors: S. Carletti, G. Di Nicola, G. Passerini
    Abstract:

    In Central Italy, road traffic emissions of airborne pollutants (i.e. Corinair Group 7) account for more than 50% of overall emissions. The principal pollutants emitted into the atmosphere by Cars and trucks are: particulate matter (PM, PM10, and PM2.5), Nitrogen oxides (NOx), Volatile Organic Compounds (VOC) and Carbon monoxide (CO). For this kind of emissions, emission estimate is the only way to assess local impact. Unfortunately, precise estimates at small scales (e.g. county or municipality) rely upon the knowledge of several data such as number and type of vehicles, road transits, fuel consumption etc. detailed for the same scale. Such data are difficult to collect (almost impossible for transits) and update. Moreover, Car Leasing, national and local polices, and taxex force several people to possess and drive Cars that are namely registered and licensed elsewhere. Nevertheless, assessing emission contributions of the various vehicle classes at township level becomes crucial to implement proper limitation policies and regulations. The aim of this study is to compare different methods able to disaggregate airborne pollutant emissions using different proxy variables (e.g. population, number of vehicles, and Car registrations) to allow a routinely estimate at local level based on the regional emission data and reliable and easy-to-obtain proxy variables. We analyzed mobility and vehicles of the Marche Region to calculate emissions for the year 2010 using COPERT 4 (COmputer Programme to estimate Emissions from Road Traffic), the choice methodology indicated by the EMEP/CORINAIR Emission Inventory Guidebook. The emissions were estimated at regional level (NUTS2) and provincial level (NUTS3) and we checked several methodologies to allow an accurate estimate at township level.In Central Italy, road traffic emissions of airborne pollutants (i.e. Corinair Group 7) account for more than 50% of overall emissions. The principal pollutants emitted into the atmosphere by Cars and trucks are: particulate matter (PM, PM10, and PM2.5), Nitrogen oxides (NOx), Volatile Organic Compounds (VOC) and Carbon monoxide (CO). For this kind of emissions, emission estimate is the only way to assess local impact. Unfortunately, precise estimates at small scales (e.g. county or municipality) rely upon the knowledge of several data such as number and type of vehicles, road transits, fuel consumption etc. detailed for the same scale. Such data are difficult to collect (almost impossible for transits) and update. Moreover, Car Leasing, national and local polices, and taxex force several people to possess and drive Cars that are namely registered and licensed elsewhere. Nevertheless, assessing emission contributions of the various vehicle classes at township level becomes crucial to implement proper limitation policies and regulations. The aim of this study is to compare different methods able to disaggregate airborne pollutant emissions using different proxy variables (e.g. population, number of vehicles, and Car registrations) to allow a routinely estimate at local level based on the regional emission data and reliable and easy-to-obtain proxy variables. We analyzed mobility and vehicles of the Marche Region to calculate emissions for the year 2010 using COPERT 4 (COmputer Programme to estimate Emissions from Road Traffic), the choice methodology indicated by the EMEP/CORINAIR Emission Inventory Guidebook. The emissions were estimated at regional level (NUTS2) and provincial level (NUTS3) and we checked several methodologies to allow an accurate estimate at township level