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Estimating utility functions using generalized maximum entropy
Pires, Cesaltina; Dionísio, Andreia; Coelho, LuísThis paper estimates von Neumann and Morgenstern utility functions using the generalized maximum entropy (GME), applied to data obtained by utility elicitation methods. Given the statistical advantages of this approach, we provide a comparison of the performance of the GME estimator with ordinary least square (OLS) in a real data small sample setup. The results confirm the ones obtained for small samples through...
Economies of Scope, Entry Deterrence and Welfare
PIRES, CESALTINA PACHECO; Catalão-Lopes, MargaridaThis paper develops a model where the incumbent may expand to a related market to signal economies of scope and deter entry in the former market. We show that the incumbent only expands when scope economies are large enough. Thus expansion is a signal of larger economies of scope and, for certain parameter values, leads to entry deterrence. Although our game is twoperiod, the expansion strategy creates a long-t...
Electronic Academic Libraries Services Valuation: A Case Study of the Portugues...
Melo, Luiza; Pires, CesaltinaThis paper investigates the factors that influence the value for the users of the Portuguese electronic scientific information consortium b-on (Biblioteca do Conhecimento Online). In order to be able to estimate this value in monetary terms we used the contingent valuation method based on a willingness to pay scenario. Data was collected through an e-survey sent to the whole Portuguese academic users. The main ...
Which factors influence the willingness to pay for electronic library services?...
Melo, Luiza; Pires, CesaltinaThis paper investigates the factors that influence the value for the users of the Portuguese electronic scientific information consortium b-on (Biblioteca do Conhecimento Online). We used the contingent valuation method based on a willingness to pay scenario to estimate the value that each user is willing to pay. Data were collected through an e-survey sent to all Portuguese academic users. The main aims of thi...
Limit pricing under third-degree price discrimination
Pires, Cesaltina; Jorge, SílviaThis paper shows how a multimarket incumbent can use low pre-entry prices for entry deterrence. We consider an incumbent who operates in two independent markets and has private information about his production cost. In one of the markets, there is a potential entrant offering a differentiated product. The most reasonable perfect Bayesian equilibrium is either the least-cost separating equilibrium or the pooling...
The impact of CAP policy in farmer’s behavior – A modeling approach using the C...
Coelho, Luís; Pires, Cesaltina; Dionísio, Andreia; Serrão, AmílcarThis paper proposes a modeling approach to evaluate the impact of economic policies on the decision maker’s behavior. This modeling approach incorporates the agent’s preferences, estimated through utility elicitation methods, into the objective function of a discrete sequential stochastic programming model that describes the uncertainties and the constraints faced by the decision maker. Our approach was applied...
The exit decision in the European venture capital market
Félix, Elisabete G.S.; Pires, Cesaltina Pacheco; Gulamhussen, Mohamed AzzimThis article analyses the exit decision in the European venture capital market, studying when to exit and how it interacts with the exit form. Using a competing risks model we study the impact on the exit decision of the characteristics of venture capital investors, of their investments and of contracting variables. Our results reveals that the hazard functions are non-monotonic for all exit forms and suggest t...
The Determinants of Venture Capital in Europe—Evidence Across Countries
Félix, Elisabete G.S.; Pires, Cesaltina Pacheco; Gulamhussen, Mohamed AzzimAbstract This article analyses the determinants of European venture capital activity. The main novelty of our work is in accounting for the idiosyncrasies of the European venture capital market. In particular, we investigate whether the size of the merger and acquisition market (M&A) is important in explaining venture capital. Moreover, our work is the first that analyses the impact of the degree of information...
The exit decision in the European venture capital market
Félix, Elisabete Gomes Santana; PIRES, CESALTINA PACHECO; Gulamhussen, Mohamed AzzimThis article analyses the exit decision in the European venture capital market, studying when to exit and how it interacts with the exit form. Using a competing risks model we study the impact on the exit decision of the characteristics of venture capital investors, of their investments and of contracting variables. Our results reveals that the hazard functions are non-monotonic for all exit forms and suggest t...
Signaling advertising by multiproduct firms
Pires, Cesaltina; Catalão-Lopes, MargaridaWe consider the use of advertising expenses as quality signals in multiproduct firms, extending previous results on single product firms. In our model, a firm introduces sequentially two products whose qualities are positively correlated.We investigate whether there exist information spillovers from the first to the second market. We show that, when correlation is high, the equilibrium in market 2 depends on th...
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