Polymorphic Equilibrium in Advertising

Hallagan, William; Joerding, Wayne

doi:10.2307/3003546

Cited by 24 publications

(4 citation statements)

References 9 publications

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“…This finding contrasts with that of Berger and Mester (1997), who found a negative association between standard profit efficiency and the ratio of purchased funds to total assets. However, our results would be consistent with a polymorphic equilibrium (Hallagan and Joerding, 1983) in which banks can be equally profitable using different strategies. The specific equilibria considered by Halla-gan and Joerding referred to unequal uses of advertising, but the same concept would apply mutatis mutandis to unequal uses of core deposits versus other inputs.…”

Section: Efficiency Correlates and The Association Between Risk And Performancesupporting

confidence: 83%

Efficiency versus risk in large domestic US banks

Fan¹,

Shaffer

2004

Managerial Finance

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This paper studies the profit efficiency of a sample of large U.S. commercial banks and explores how this performance varies with selected measures of bank risk reflecting aspects of credit risk, liquidity risk, and insolvency risk. We use a standard profit function and the stochastic frontier approach, and compare two standard functional forms -Cobb-Douglas and translog-to assess the tradeoff between precision and parsimony. We find that profit efficiency is sensitive to credit risk and insolvency risk but not to liquidity risk or to the mix of loan products.

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Section: Efficiency Correlates and The Association Between Risk And Performancesupporting

confidence: 83%

Efficiency versus risk in large domestic US banks

Fan¹,

Shaffer

2004

Managerial Finance

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“…When it provides direct benefits to consumers 1 This statement is strictly true only in a covered market. For recent treatments of persuasive advertising in imperfectly competitive markets that are covered and uncovered, see Hallagan and Joerding (1983), Von der Fehr and Stevik (1998), Bloch and Manceau (1999), Tremblay and Martins-Filho (2001) and Tremblay and Polasky (2002). 2 The impact of advertising on market prices has been extensively investigated in the empirical literature.…”

Section: Introductionmentioning

confidence: 98%

Advertising, search costs, and social welfare

Stivers

Tremblay

2005

Information Economics and Policy

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“…23. For an interesting discussion of when mixes are socially preferable to single-strategy equilibria, see Hallagan and Joerding (1983). .24.…”

Section: Resultsmentioning

confidence: 99%

Cooperation among egoists in Prisoners' Dilemma and Chicken games

Lipman

1986

Public Choice

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Axelrod has developed an evolutionary approach to the study of repeated games and applied that approach to the Prisoners' Dilemma. We apply this approach, with some modifications in the treatment of clustering, to a game that has the Prisoners' Dilemma and Chicken as special cases, to analyze how the evolution of cooperation differs in the two games. We find that the main barrier to the evolution of cooperation in Chicken is that cooperation may not always be correctly thought of as socially optimal, but that strong forces do push the players toward socially optimal action. We derive some of the results on mixed populations for any game with pairwise interaction.

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Polymorphic Equilibrium in Advertising

Cited by 24 publications

References 9 publications

Efficiency versus risk in large domestic US banks

Efficiency versus risk in large domestic US banks

Advertising, search costs, and social welfare

Cooperation among egoists in Prisoners' Dilemma and Chicken games

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