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This paper explores consequences of consumer education on prices and welfare in retail financial markets when some consumers are naive about shrouded add-on prices and firms try to exploit it. Allowing for different information and pricing strategies we show that education is unlikely to push firms to disclose prices towards all consumers, which would be socially efficient. Instead, price discrimination emerges as a new equilibrium. Further, due to a feedback on prices, education that is good for consumers who become sophisticated may be bad for consumers who stay naive and even for the group of all consumers as a whole
Factors that cause differential establishment among naturalized, invasive, and native species are inadequately documented, much less often quantified among different communities. We evaluated the effects of seed addition and disturbance (i.e., understory canopy removal) on the establishment and seedling biomass among two naturalized, two invasive, and two native species (1 forb, 1 grass in each group) within steppe and low elevation forest communities in eastern Washington, USA. Establishment within each plant immigrant class was enhanced by seed addition: naturalized species showed the greatest difference in establishment between seed addition and no seed addition plots, native and invasive species establishment also increased following seed addition but not to the same magnitude as naturalized species. Within seed addition plots, understory canopy disturbance resulted in significant increases in plant establishment (regardless of plant immigration class) relative to undisturbed plots and the magnitude of this effect was comparable between steppe and adjacent forest. However, regardless of disturbance treatment fewer invasive plants established in the forest than in the steppe, whereas native and naturalized plant establishment did not differ between the habitats. Individual biomass of naturalized species were consistently greater in disturbed (canopy removed) versus undisturbed control plots and naturalized species were also larger in the steppe than in the forest at the time of harvest. Similar trends in plant size were observed for the native and invasive species, but the differences in biomass for these two immigration classes between disturbance treatments and between habitats were not significant. We found that strong limitations of non-native species is correlated with intact canopy cover within the forest understory, likely driven by the direct or indirect consequences of low light transmittance through the arboreal and understory canopy. Considered collectively, our results demonstrate how seed limitation and intact plant ground cover can limit the abundance and performance of naturalized species in Pacific Northwest steppe and low elevation forest, suggesting that local disturbance in both habitats creates microsites for these species to establish and survive. Future studies evaluating interactions between multiple barriers to establishment using more representatives from each immigration class will further reveal how biotic interactions ultimately influence the demography and distribution of non-native plants within these communities.
The cladoceran Daphnia lumholtzi is a subtropical and tropical zooplankter, and an invasive species in North America. Thus far, D. lumholtzi has not been detected in Europe. Here we investigated whether a hypothetical introduction to Europe could result in a successful invasion, either now or in the near future when facilitated by climate change. In laboratory experiments, we tested whether different clones of D. lumholtzi can invade a resident community consisting of native Daphnia from lake Klostersee, Germany, and how invasion success depends on temperature and the presence or absence of planktivorous fish. In some treatments, invasion success was consistently high, and D. lumholtzi reached densities similar to the native competitors by the end of the experiment. The presence of a planktivorous fish reduced the invasion success of D. lumholtzi, and a clone with an inducible defense against fish predation was a more successful invader than a permanently defended clone. Of the three temperatures tested in this study (15, 20, and 24 °C), invasion success was highest at 20 °C. To understand the competitive interaction between native and introduced Daphnia, we fit a Lotka-Volterra-type competition model to the population dynamics. Our experimental and modeling results suggest that D. lumholtzi can invade European lakes and can cause substantial declines in the population size of native Daphnia, with potential consequences for higher trophic levels.
This publication gives new records for all bumblebee species living in Iceland: B. hortorum, B. hypnorum, B. jonellus, B. lucorum, B. pascuorum, B. pratorum and B. terrestris. B. terrestris was detected outside the greenhouses for the first time. At 23 locations 217 specimens were collected. B. pratorum was only seen. The known strong expansion of B. lucorum (Kratochwil 2016) could be confirmed. The relation between B. jonellus and B. lucorum has constantly changed at the expense of of B. jonellus since B. lucorum occurred in Iceland. It is obvious that B. lucorum has already replaced the original species B. jonellus in some places. As a reason a strong competition of both species is given primarily (Kratochwil & Schwabe 2016). Factors effecting this competition are: the distribution of the neophyte Lupinus nootkatensis, the change in management of land as well as ethological but also morphological differences (Prys-Jones et al. 2016). A too low genetic diversity and a resulting suffering from diseases carried by other introduced bumblebee species (Prys-Jones et al. 2016) only can be supposed. Probably the influence of climatic change effects on B. jonellus in a negative way too (Kratochwil 2016, Kratochwil & Schwabe 2016). B. lucorum is just going to take the north top of Iceland. Only two locations could be found there without any bumblebees. In the future an ongoing expansion of B. lucorum is expected. B. jonellus will further be repressed and may become extinct in some places. A continuing expansion of B. terrestris can be expected.
We investigate the role of competition on the outcome of Austrian Treasury auctions. Austria's EU accession led to an increase in the number of banks participating in treasury auctions. We use structural estimates of bidders' private values to examine the effect of increased competition on auction performance: We find that increased competition reduced bidder surplus substantially, but less than reduced form estimates would suggest. A significant component of the surplus reduction is due to more aggressive bidding. Counterfactuals establish that as competition increases, concerns regarding auction format play a smaller role.
This paper empirically examines the role of soft information in the competitive interaction between relationship and transaction banks. Soft information can be interpreted as a private signal about the quality of a firm that is observable to a relationship bank, but not to a transaction bank. We show that borrowers self-select to relationship banks depending on whether their privately observed soft information is positive or negative. Competition affects the investment in learning the private signal from firms by relationship banks and transaction banks asymmetrically. Relationship banks invest more; transaction banks invest less in soft information, exacerbating the selection effect. Finally, we show that firms where soft information was important in the lending decision were no more likely to default compared to firms where only financial information was used.
Many successful invasions involve long initial periods in which the invader exists at low densities followed by sudden population increases. The reasons for such time-lags remain poorly understood. Here we document a sudden increase in density of the introduced Japanese white-eye (Zosterops japonicus) in a restoration area contiguous with old-growth forest at Hakalau Forest National Wildlife Refuge on the Island of Hawaii. The refuge, with very high density of native birds, existed in a pocket of low whiteeye density that persisted for at least 20 years since the late 1970s. The refuge began an extensive native trees restoration project in 1989 within a 1314 ha abandoned pasture above old-growth forest. This area was soon colonized by white-eyes and their population grew exponentially once the trees had grown tall enough to develop a canopy. This increase was in turn followed by significantly more white-eyes in the open and closed forests adjacent to the restoration area. Competition between white-eyes and native species was documented on study sites within these forests. Density data indicate that competition was more widespread, with loss of tens of thousands of native birds in the 5371 ha area surveyed. Our results are consistent with the view that ecological barriers may delay the population increase of invaders and that human-derived activities may help invaders cross these barriers by creating new ecological opportunities. Control of white-eye numbers may be essential for recovery of native species.
We develop a simple theoretical model to motivate testable hypotheses about how peer-to-peer (P2P) platforms compete with banks for loans. The model predicts that (i) P2P lending grows when some banks are faced with exogenously higher regulatory costs; (ii) P2P loans are riskier than bank loans; and (iii) the risk-adjusted interest rates on P2P loans are lower than those on bank loans. We confront these predictions with data on P2P lending and the consumer bank credit market in Germany and find empirical support. Overall, our analysis indicates the P2P lenders are bottom fishing when regulatory shocks create a competitive disadvantage for some banks.
Market fragmentation and technological advances increasing the speed of trading altered the functioning and stability of global equity limit order markets. Taking market resiliency as an indicator of market quality, we investigate how resilient are trading venues in a high-frequency environment with cross-venue fragmented order flow. Employing a Hawkes process methodology on high-frequency data for FTSE 100 stocks on LSE, a traditional exchange, and on Chi-X, an alternative venue, we find that when liquidity becomes scarce Chi-X is a less resilient venue than LSE with variations existing across stocks and time. In comparison with LSE, Chi-X has more, longer, and severer liquidity shocks. Whereas the vast majority of liquidity droughts on both venues disappear within less than one minute, the recovery is not lasting, as liquidity shocks spiral over the time dimension. Over half of the shocks on both venues are caused by spiralling. Liquidity shocks tend to spiral more on Chi-X than on LSE for large stocks suggesting that the liquidity supply on Chi-X is thinner than on LSE. Finally, a significant amount of liquidity shocks spill over cross-venue providing supporting evidence for the competition for order flow between LSE and Chi-X.
Das schmalblättrige Weideröschen, Epilobium angustifolium, zählt in Mitteleuropa zu den charakteristischen Pionierpflanzen auf Kahlschlagflächen und Waldrändern. Durch seine lange Blütezeit (Juni bis September) ist es für viele Blütenbesucher eine wichtige Pollen- und Nektarressource im ansonsten blütenarmen Spätsommer (MAURITZIO & SCHÄFER 1994). Zu seinen häufigsten Blütenbesuchern zählt die solitär lebende oligolektische Blattschneiderbiene Megachile lapponica. Sie sammelt Pollen nur an Pflanzen der Gattung Epilobium und bevorzugt dabei das schmalblättrige Weidenröschen (WESTRICH 1989). Aber auch Honigbienen, Apis mellifera, sind oft in großer Menge an diesen Blüten anzutreffen. Sie nutzen E. angustifolium vorwiegend als Nektarquelle (MAURITZIO & SCHÄFER 1994), sammeln aber auch Pollen auf den Blüten. Bei starkem Beflug durch die Honigbienen könnte es daher zu einer Verknappung der Ressource Pollen kommen. Dies könnte dazu führen, dass die Wildbienenweibchen für ihre Sammelflüge mehr Zeit und Energie aufwenden müssen. Im kritischen Fall einer Konkurrenz sollte auch die Aufzuchtrate und somit die Fitness von M. lapponica betroffen sein, deren Larven fast ausschließlich mit Epilobium-Pollen verpflegt werden. Auf einer Kahlschlagfläche im Kottenforst (Bonn) sollte untersucht werden, welche Insekten an den Blüten des schmalblättrigen Weidenröschens Pollen und/oder Nektar sammeln und welche Blütenbesucher gleichzeitig auch Blütenbestäuber sind. Vor allem aber sollte die Frage geklärt werden, ob es durch die Honigbiene zur Konkurrenz um den Pollen kommt.