Experimental Economics:
I have studied the effect of quantity constraints in capacity constrained markets. In further work I studied some questions in Behavioural Economics looking at issues such as the effect of Fairness on price convergence in markets and the Endowment Effect. I have also written on water allocation in experimental markets. Currently I am working on the effect of ambiguity in asset markets, forward markets, quantity setting oligopolies, cheap talk and other regarding behavior in experiments. Published Papers: (1) "Asymmetric Surplus Distribution and the Price Convergence Path in Posted Offer Markets: A Note," Vol.39, 1992, Economics Letters. (2) "Firm Specific Output Limits in a Posted Offer Market: Distributive and Efficiency Effects," 25:3, December 1994, Journal of Economic Behavior & Organization. (3) "Fairness: Effect on Temporary and Equilibrium Prices in Posted Offer Markets," (with G. Deng, R. Franciosi, R. Michelitsch, and V. Smith), July 1995, The Economic Journal). (reprinted in:“Bargaining and market behavior: essays in experimental economics,” Vernon L. Smith, Cambridge, U.K. ; New York : Cambridge University Press, 2000.) (4) "Experiments on the Endowment Effect," (with Robert Franciosi, Roland Michelitsch, and Vernon L. Smith), Vol. 30, The Journal of Economic Behavior & Organization, 1996, 213-226. (reprinted in: “Bargaining and market behavior: essays in experimental economics,” Vernon L. Smith, Cambridge, U.K. ; New York : Cambridge University Press, 2000.) (5) “A Comparision of the Distibutive Effects of Price Controls and Firm-Specific Quantity Restrictions in Posted-Offer Markets,” Information, Economics, and Policy, 11, 1999, 389-406. (6) “Monopoly Power and Terms of Trade,” (with Roland Michelitsch) Experiments Investigating Market Power, Research in Experimental Economics, Elsevier/JAI Press, 2002. (7) “Mixture and distribution of different water qualities: An experiment on vertical structure in a complex market" (with Georgantzis, N. A. Gª Gallego, E. Fatás, and T. Neugebauer), Cuadernos de Economía, vol. 75, nº 3, 2004. (8) “Experimental insights on alternative water management institutions,” (with N. Georgantzis and A. Gallego) eds: Ariel Dinar, José Albiac and Joaquin-SanchezSoriano, Game Theory and Policy Making in Natural Resources and the Environment, Routledge, 2007. (9) “Fairness and Short Run Price Adjustment in Posted Offer Markets,” (figure) (with Vernon L. Smith) (the Handbook of Results in Experimental Economics), eds. Charles Plott and Vernon L. Smith, Elsevier, 2008. (10) “The Endowment Effect,” (figure 1, figure 2)) (with Vernon L. Smith) (the Handbook of Results in Experimental Economics), eds. Charles Plott and Vernon L. Smith, Elsevier. 2008. (11) “Quantitative Restrictions in Experimental Posted-Offer Markets,” (figure 2, figure 3, figure 4) (the Handbook of Results in Experimental Economicsv), eds. Charles Plott and Vernon L. Smith, Elsevier, 2008. (12) “Uninformative Announcements and Asset Trading Behavior,” (with Brice Corgnet (Universidad de Navarra) and Dave Porter (Economic Science Institute, Chapman University), Journal of Economic Behavior and Organization,Vol.16, pp. 254-266, 2010. (13) “Diferencias de género en competencia y cooperación,” (with Eleonora Bottino and Roberto Hernán González) Economía Experimental y de Comportamiento, Editor: Pablo Brañas Garza, Antoni Bosch Editor, 2011. (14) How do Markets Manage Water Resources? An Experiment on Resource Market (de)centralization with Endogenous Quality,” (with A. Gª Gallego, N. Georgantzis and Roberto Hernán) (forthcoming, Environmental and Resource Economics). (15) Water Management by an Experimental Dynamic Duopoly with Endogenous Quality, (with Roberto Hernán, N. Georgantzis and A. Gª Gallego) (forthcoming, Revista Internacional de Sociología). (16) Reaction to Public Information in Asset Markets: Does Ambiguity Matter? (with Brice Corgnet and David Porter). (conditionally accepted The Economic Journal) International Trade and Industrial Organization: I have been interested in the role of endogenous sunk costs in determining policy outcomes. This is motivated because of two issues: First,the premise that endogenous sunk costs are relevant in oligopolistic industries (see Sutton, 1991, MIT Press) and, second, the effect of policy on long run strategic variables such a quality and R&D. Recent papers have included extending the literature on strategic trade including endogenous sunk costs (R&D and quality). Currently I am extending this research to study the role of Quality Standards in International Trade. In Industrial Organization I have looked at Vertical Relations and equilibria in Bertrand Edgeworth Games. Published Papers: (1) "Incentives for Cost Reduction under Export Restraints," (with Celia Cabral and E. Petrakis), Annales d’Economie et de Statistiques (special issue on the Economics of Innovation), June 1998, No. 49/50, pp. 479-493. (reprinted in: “The Economics and Econometrics of Innovation,” Kluwer Academic Press, 2000.) (2) “Quantity Restrictions and Endogenous Quality Choice,” (with I. Herguera and E. Petrakis). The International Journal of Industrial Organization), Vol. 18, No. 8., pp:1259-1277, December, 2000. (3) “Trade Policies, Quality Reversals and Exit in Vertically Differentiated Industries,” (with Iñigo Herguera and Emmanuel Petrakis), Journal of International Economics,vol. 58/2, pp 467-483, November, 2002. (4) "Implementing R&D Policies: An Analysis Of Spain´s Pharmaceutical Research Program," (with Klaus Desmet & Félix Lobo), Research Policy, 33, 2004, 1493-1507. (5) “Cost Effectiveness of R&D and Strategic Trade Policy,” (with Juan Ruiz), The B.E. Journal of Economic Analysis & Policy: Vol. 7 : Iss. 1 (Topics), Article 21, 2007. (6) “International trade policy towards monopolies and oligopolies” (with Juan Ruiz), 17(3), 461–475, 2009, Review of International Economics. (7) “List-Pricing and Pure Strategy Equilibra in Bertrand Edgeworth Oligopolies,” (with José Antonio Garcia and Roberto Hernán), 27 (2009) 719–727, International Journal of Industrial Organization. (8) “Vertical Integration, Market Foreclosure and Quality Investment,” (with Roberto Hernan) (forthcoming, Portugese Economic Journal). Current Research:
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