Research

"An Analysis of Constrained Property Taxes in a Simple Optimal Tax Model" (with T. Davidoff), CESifo Economic Studies, 2012

"What's in a Name?" (with G. Hess), Economic Inquiry, 2010

"Supply Constraints and Housing Prices"(with T. Davidoff), Economics Letters, 2008

Handbook on the Economics of Retailing and Distribution (editor). Edward Elgar Publishing, 2016, 494pp

"Does the Minimum Wage Bite into Fast-Food Prices?" (with M. Khan), Journal of Labor Research, 2016

"Change at the Checkout: Tracing the Impact of a Process Innovation," Journal of Industrial Economics, 2015

"Supersize It: The Growth of Retail Chains and the Rise of the `Big Box' Retail Format" (with S. Klimek and P. H. Van), Journal of Economics and Management Strategy, 2012

"Raising the Barcode Scanner: Technology and Productivity in the Retail Sector," American Economic Journal: Applied Economics, 2012

 

"Monetary Mechanisms" (with R. Wright) Journal of Economic Theory, 2016.

"Money and Credit Redux" (with F. Mattesini and R. Wright) Econometrica, 2016.

"Unconventional Optimal Open Market Purchases" (with J. Haslag) Review of Economic Dynamics, 2014.

"Endogenous Credit Cycles" (with F. Mattesini, C. Monnet and R. Wright) Journal of Political Economy, 2013.

"Banking: A New Monetarist Approach" (with F. Mattesini, C. Monnet and R. Wright) Review of Economic Studies, 2013.

"Noisy Sunspots and Bank Runs" Macroeconomic Dynamics, 2011.

"Production, Hidden Action, and the Payment System" (with M. Guzman & J. Haslag) Journal of Monetary Economics, 2011.

"Herding and Bank Runs" Journal of Economic Theory, 2011.

“Diminished-Dimensional Political Economy” (with Selten), European Economic Review, 2016.

"Modeling Bounded Rationality: Taks to Become Intellectually Competitive" (with Selten) Journal of Economic Literature 2013

"Auctioning the Right to Choose When Competition Persist," Decision Analysis, special issue, 2010

"Information Variability Impacts in Auctions," (with Jia & Rothkopf), Decision Analysis, special issue, 2010

"Relevance to Practice and Auction Theory: A Memorial Essay for Michael Rothkopf," (with Pekec), Interfaces, 2008

"Does a Seller Really Want Another Bidder?", AER Bulletin, 2008

"Information Aggregation in Auctions with an Unknown Number of Bidders" (with I. Tsetlin and A. Pekec),Games and Economic Behavior, 2008

“Ex-Post Full Surplus Extraction, Straightforwardly” (with Mares), Economic Theory, 2007.

“Experimental Methods and Elicitation of Values” (with Harrison and Rutstrom), Experimental Economics, 2004.

“Private Information Revelation in Common-Value Auctions” (with Mares), Journal of Economic Theory, 2003.

“Is Subsidizing Inefficient Bidders Actually Costly?” (with Rothkopf and Fu), Management Science, 2003.

“Dominant Strategy Adoption and Bidders' Experience with Pricing Rules,” Experimental Economics, 2000.

“An Alternating Recognition Model of English Auctions” (with Rothkopf), Management Science, 2000.

“Franchise Bidding without Holdups: Utility Regulation with Efficient Pricing and Choice of Provider” (with Crew), Journal of Regulatory Economics, 1999.

“Computationally Manageable Combinational Auctions” (with Rothkopf and Pekec), Management Science, 1998.

“Auction Form Preferences of Risk-Averse Bidtakers” (with Waehrer and Rothkopf), Rand Journal of Economics, 1998.

"Government Policy under Price Uncertainty: A Source of Volatility in Illegal Immigration" (with M. Guzman and P. Orrenius), Canadian Journal of Economics, forthcoming

"Unconventional Optimal Open Market Purchases," (with C. Gu), Review of Economic Dynamics, forthcoming.

"Cyclical Co-Movement between Output, the Price Level, and the Inflation Rate," ( with Yu-Chin Hsu),Advances in Econometrics, vol. 30., 2012

"Production, Hidden Action, and the Payment System," (with C. Gu & M. Guzman), Journal of Monetary Economics, 2011

"Optimal Monetary Policy and Economic Growth,"(with J. Bhattacharya and A. Martin), European Economic Review, 2009

"Why Does Overnight Liquidity Cost More Than Intraday Liquidity," (with J. Bhattacharya and A. Martin), Journal of Economic Dynamics and Control, 2009

"Who is Afraid of the Friedman Rule?" (with J. Bhattacharya, A. Martin and R. Singh), Economic Inquiry, 2009

"Understanding the Cost Differences Between Intraday and Overnight Liquidity," (with J. Bhattacharya and A. Martin), Journal of Financial Transformation, 2008

The Cyclical Dynamics of Illiquid Housing, Debt, and Foreclosures, Quantitative Economics, 2016

Estate Taxation and Human Capital with Information Externalities, Macroeconomic Dynamics, Forthcoming

Illiquidity and its Discontents: Trading Delays and Foreclosures in the Housing Market, Journal of Monetary Economics, Forthcoming

Koedel, Cory, Jiaxi Li, Matthew G. Springer and Li Tan (forthcoming). The Impact of Performance Ratings on Job Satisfaction for Public School Teachers. American Educational Research Journal.

Koedel, Cory, and P. Brett Xiang (forthcoming). Pension Enhancements and the Retention of Public Employees. Industrial and Labor Relations Review.

Backes, Ben, Dan Goldhaber, Cyrus Grout, Cory Koedel, Shawn Ni, Michael Podgursky, P. Brett Xiang and Zeyu Xu (2016). Benefit or Burden? On the Intergenerational Inequity of Teacher Pension Plans. Educational Researcher 45(6): 367-377.

Ehlert, Mark, Cory Koedel, Eric Parsons and Michael Podgursky (2016). Selecting Growth Measures for Use in School Evaluation Systems: Should Proportionality Matter? Educational Policy 30(3): 465-500.

Koedel, Cory, and Jiaxi Li (2016). The Efficiency Implications of Using Proportional Evaluations to Shape the Teaching Workforce. Contemporary Economic Policy 34(1): 47-62.

Darolia, Rajeev, Cory Koedel, Paco Martorell, Katie Wilson and Francisco Perez-Arce (2015). Do Employers Prefer Workers Who Attend For-Profit Colleges? Evidence from a Field Experiment. Journal of Policy Analysis and Management 34(4): 881-903.

Koedel, Cory, Eric Parsons, Michael Podgursky and Mark Ehlert (2015). Teacher Preparation Programs and Teacher Quality: Are There Real Differences Across Programs? Education Finance and Policy 10(4): 508-534.

Koedel, Cory, Kata Mihaly, and Jonah E. Rockoff (2015). Value-Added Modeling: A Review. Economics of Education Review 47: 180-195.

Parsons, Eric, Cory Koedel, Michael Podgursky, Mark Ehlert and P. Brett Xiang (2015). Incorporating End-of-Course Exam Timing into Educational Performance Evaluations. Journal of Research on Educational Effectiveness 8(1): 130-147.

Arcidiacono, Peter and Cory Koedel (2014). Race and College Success: Evidence from Missouri. American Economic Journal: Applied Economics 6(3): 20-57.

Koedel, Cory, Shawn Ni and Michael Podgursky (2014). Who Benefits from Pension Enhancements? Education Finance and Policy 9(2): 165-192.

Koedel, Cory, Michael Podgursky and Shishan Shi (2013). Teacher Pension Systems, the Composition of the Teaching Workforce, and Teacher Quality. Journal of Policy Analysis and Management 32(3): 574-596.

Bhatt, Rachana, Cory Koedel and Douglas Lehmann (2013). Is Curriculum Quality Uniform? Evidence from Florida. Economics of Education Review 34: 107-121.

"Learning in Advance Selling with Heterogeneous Consumers” (with X. Henry Wang and Chenhang Zeng), Managerial and Decision Economics, forthcoming 

“Pricing Strategies in Advance Selling: Should a Retailer Offer a Pre-order Price Guarantee?” Review of Industrial Organization, 2016

"Customization in an Endogenous-Timing Game with Vertical Differentiation" (with X. Henry Wang), Economic Modelling, 2013

"Competitive Effects of Mass Customizations," Review of Marketing Science, 2012

"Customization with Vertically Differentiated Products'' (with X. Henry Wang), Journal of Economics and Management Strategy, 2011

"Brand Familiarity and Product Knowledge in Customization," International Journal of Economic Theory, 2010

"Customization: Ideal Varieties, Product Uniqueness and Price Competition,'' (with X. Henry Wang), Economics Bulletin, 2009

“Incentive Schemes in Peer-to-Peer Networks” (with Haibin Lu and X. Henry Wang), The B.E. Journal of Theoretical Economics, 2009

Real and Virtual Competition," Journal of Industrial Economics, 2009

"Exposure Order Effects and Advertising Competition," Journal of Economic Behavior and Organization, 2009

"Price Experimentation with Strategic Buyers" (with Curtis Taylor), Review of Economic Design, 2008

Producers, Consumers and Partial Equilibrium.  Elsevier/Academic Press 2016.

“Targeting Rivals: Moving from ‘Whether’ to ‘Whom’” (with John W. Mayo and David E. M. Sappington), International Journal of Industrial Organization. 46 (2016):  1-15.

 “Motivating Regulated Suppliers to Assess Alternative Technologies, Protocols and Capital Structures” (with Mark Jamison and David E. M. Sappington), International Journal of Industrial Organization 37 (2014): 13-22.

 “On Second Order Conditions for Equality Constrained Extremum Problems,” Economics Letters 121 (2013): 440-443. 

"Pricing Inputs to Induce Efficient Make-or-Buy Decisions," Journal of Regulatory Economics, 2009.

"Incentives for Sabotage in Vertically Related Industries" (with D. E. M. Sappington), Journal of Regulatory Economics, 2007.

"TELRIC Pricing with Vintage Capital," Journal of Regulatory Economics, 2002.

"Killing the Goose that May have Laid the Golden Egg: Only the Data Know whether Sabotage Pays," Journal of Regulatory Economics, 2000.

"Relative Efficiency with Equivalence Classes of Asymptotic Covariances," (with C. Martins-Filho)Journal of Econometrics, 1999.

"A Unified Approach to Asymptotic Equivalence of Aitken and Feasible Aitken Instrumental Variables Estimators," (with C. Martins-Filho) International Economic Review, 1994.

"Seemingly Unrelated Regressions Under Additive Heteroscedasticity: Theory and Share Equation Applications," (with Carlos Martins-Filho) Journal of Econometrics, 1993

"Nonuniform Bertrand Competition," Econometrica, 1992

“Simple Robust Tests for the Specification of High-Frequency Predictors of a Low-Frequency Series,” Econometrics and Statistics, forthcoming.

“Disentangling Temporal Patterns in Elasticities: A Functional Coefficient Panel Analysis of Electricity Demand” (with Y. Chang, Y. Choi, C.S. Kim, and J.Y. Park), Energy Economics, 2016.

“A New Approach to Modeling the Effects of Temperature Fluctuations on Monthly Electricity Demand” (with Y. Chang, C.S. Kim, J.Y. Park, and S. Park), Energy Economics, 2016.

“Implementing Residual-Based KPSS Tests for Cointegration with Data Subject to Temporal Aggregation and Mixed Sampling Frequencies” (with X. Wang), Journal of Time Series Analysis, 2016.

"Conditionally Efficient Estimation of Long-Run Relationships Using Mixed-Frequency Time Series," Econometric Reviews, 2016.

“Testing for Cointegration with Temporally Aggregated and Mixed-Frequency Time Series” (with E. Ghysels), Journal of Time Series Analysis, 2015.

"Time-Varying Long-Run Income and Output Elasticities of Electricity Demand with an Application to Korea" (with Y. Chang, C.S. Kim, J.Y. Park, and S. Park), Energy Economics, 2014.

"On the Size Distortion from Linearly Interpolating Low-Frequency Series for Cointegration Tests" (with E. Ghysels), Advances in Econometrics, 2014.

"On the Spatial Correlation of International Conflict Initiation and Other Binary and Dyadic Dependent Variables" (with S. Luo), Regional Science and Urban Economics, 2014.

"Mixed-frequency Cointegrating Regressions with Parsimonious Distributed Lag Structures," Journal of Financial Econometrics, 2014.

"Long-Term Oil Price Forecasts: A New Perspective on Oil and the Macroeconomy" (with S. Ni), Macroeconomic Dynamics, 2011.

"Testing the Bounds: Empirical Behavior of Target Zone Fundamentals," Economic Modelling, 2011.

“Cointegrating Regressions with Messy Regressors and an Application to Mixed-frequency Series,” Journal of Time Series Analysis, 2010.

"Nonlinearity, Nonstationarity, and Thick Tails: How They Interact to Generate Persistence in Memory" (with J.Y. Park), Journal of Econometrics, 2010.

"A Nonlinear IV Likelihood-based Rank Test for Multivariate Time Series and Long Panels," Journal of Time Series Econometrics, 2010.

"Crude Oil and Stock Markets: Stability, Instability, and Bubbles" (with R. Ratti), Energy Economics, 2009.

"Extracting a Common Stochastic Trend: Theory with Some Applications" (with Y. Chang and J.Y. Park), Journal of Econometrics, 2009.

“Giving the People What They Want? Legislative Polarization and Public Approval of State Legislatures” (with Lilliard Richardson), State and Local Government Review, 2016.

“Public Confidence in the Redistricting Process: The Role of Independent Commissions, State Legislative Polarization and Partisan Preferences” (with Kathryn VanderMolen), State and Local Government Review, 2016.

“Measuring Public Corruption in the United States: Evidence from Administrative Records of Federal Prosecutions” (with Adriana Cordis), Public Integrity, 2016.

“The Quantities and Qualities of Poll Workers” (with Barry Burden), Election Law Journal, 2015.

"Money in Politics", Emerging Trends in the Social and Behavioral Sciences. Edited by Robert Scott and Stephen Kosslyn. 2015

"Corporate Influence and Political Corruption: Lessons from Stock Market Reactions to Political Events," Independent Review, 2014.

"Sincere Versus Sophisticated Voting When Legislators Vote Sequentially" (with T. Groseclose), Social Choice and Welfare, 2013.

"Do State Ethics Commissions Reduce Political Corruption? An Exploratory Investigation" (with K. Crider), UC Irvine Law Review, 2013.

“Campaign Spending and Electoral Competition: Towards More Policy Relevant Research,” The Forum: A Journal of Applied Research in Contemporary Politics, 2013.

"The Public's Right to Know Versus Compelled Speech: What Does Social Science Research Tell Us About the Benefits and Costs of Campaign Finance Disclosure in Non- Candidate Elections?" (with D. Carpenter), Fordham Urban Law Journal, 2013.

“Brief of Amici Curiae David M. Primo and Jeffrey D. Milyo,” filed with the United States Supreme Court, Iowa Right to Life v. Tooker, 2013.

"The Recruitment and Training of Poll Workers: What We Know from Scholarly Research" (with B. Burden), Report to the Presidential Commission on Election Administration, 2013.

 “Labor-Market Returns to the GED Using Regression Discontinuity Analysis” (with C. Jepsen and K. Troske), Journal of Political Economy, vol. 124, no. 3, June 2016

"Temporary Help Work: Earnings, Wages and Multiple Job Holding" (with S. Hamersma & C. Heinrich),Industrial Relations, 2014

"Do Public Employment and Training Programs Work?" (with C. Heinrich, K. Troske, K. Jeon & D. Kahvecioglu), IZA Journal of Labor Economics, 2013

"The Impact of Welfare Reform on Leaver Characteristics, Employment and Recidivism: An Analysis of Maryland and Missouri" (with D. Stevens, and K. Troske), Welfare Reform and its Long-Term Consequences for America's Poor, James P. Ziliak (ed.), Cambridge, UK: Cambridge University Press. 2009

"The Role of Temporary Help Employment in Low-wage Worker Advancement" (with C. Heinrich and K. Troske), Labor Market Intermediaries, edited by D. Autor. Cambridge, Mass: National Bureau of Economic Research, 2009

"Introduction: Economics and Interdisciplinary Approaches in Migration Research" (with C. Boswell),Journal of Ethnic and Migration Studies, 2008

Pension Rules and Teachers’ Retirement Behaviors: Estimation of a Structural Model, (with M. Podgursky), Journal of Labor Economics, 2016.

Why Doesn't the Hong Kong Government Sell More Public Land? (with S. Aura and K. Cheung), Frontier Economics in China, 2016. 

New Evidence on Excess Sensitivity of Household Consumption (with Y. Seol), Journal of Monetary Economics, 2014.

Who Benefits from Pension Enhancements (with C. Koedel and M. Podgursky), Education Finance and Policy, 2014.

A Bayesian Analysis of Normalized VAR Models (with D. Sun), Journal of Multivariate Analysis, 2014.

Bayesian Multivariate Estimates of Global Temperature Trends (with D. Sun and P. Speckman), Proceedings of American Statistical Association, 2013.

"Bayesian Testing of Restrictions on Vector Autoregressive Models" (with D. Sun), Journal of Statistical Planning and Inference, 2012.

"Long-Term Oil Price Forecasts: A New Perspective on Oil and the Macroeconomy," (with I. Miller), Macroeconomic Dynamics, 2011.

"A Bayesian Estimation of Estate-Specific Price to Rent Ratio of Shanghai and Shenzhen," (with J. Chen), International Real Estate Review, 2011.

"Selection of Multivariate Stochastic Volatility Models via Bayesian Stochastic Search," (with A. Loddo and D. Sun). 
Journal of Business and Economic Statistics, 2011.

"Bayesian Estimation and Hypothesis Testing of AR Models under a Reference Prior," (with Sun), Proceedings of American Statistical Association 2010.

"Estimating a Dynamic Discrete Choice Model on Teachers' Retirement Decision," (with M. Podgursky), Proceedings of American Statistical Association 2010.

"Bayesian Stochastic Search for Restricted VAR Models," (with E. George and D. Sun), Journal of Econometrics, 2008.

"Intrinsic Bayesian Estimation of VAR Impulse Responses," (with D. Sun and X. Sun), Journal of Business and Economic Statistics 2007.

“Optimal Capital Controls and Real Exchange Rate Policy: A Pecuniary Externality Perspective,” Journal of Monetary Economics, vol 84, 2016, pages 147-165 (with Gianluca Benigno, Huigang Chen, Alessandro Rebucci and Eric R. Young)

“Specification and Estimation of Bayesian Dynamic Factor Models: A Monte Carlo Analysis with an Application to Global House Price Comovement,” 2015, Advances in Econometrics Vol. 35. (with Laura E. Jackson, M. Ayhan Kose and Michael T. Owyang)

“The Sources of Business Cycles in a Low Income Country,” Pacific Economic Review, 2015, Vol 20:1 pp 125-148. (with Romain Houssa and Jolan Mohimont)

"News Shocks and the Slope of the Term Structure of Interest Rates,"(with A. Kurmann) American Economic Review, 2013

"Global House Price Fluctuations: Synchronization and Determinants,", (with H. Hirata, M. Ayhan Kose and M. Terrones) NBER International Seminar on Macroeconomics 2012, University of Chicago Press, 2013

"Financial Crises and Macro-Prudential Policies," (with G. Benigno, H. Chen, A. Rebucci and E. R. Young),Journal of International Economics, 2013

"Global Business Cycles: Convergence or Decoupling?" (with M. A. Kose and E. Prasad) International Economic Review, 2012

"What Are The Driving Forces of International Business Cycles?," (with M. Crucini and M. A. Kose) Review of Economic Dynamics, 2011

"Do Credit Shocks Matter? A Global Perspective," (with T. Helbling, R. Huidrom, and M. A. Kose) European Economic Review, 2011

"Revisiting Overborrowing and its Policy Implications," (with G. Benigno, H. Chen, A. Rebucci and E. R. Young), Monetary Policy under Financial Turbulence, (eds. L. Cespedes, R. Chang and D. Saravia), 2011

"A Framework for Monetary Policy Analysis for Sub-Saharan Africa," (with R. Houssa and R. Puslenghea)Open Economies Review, 2010

"Understanding the Evolution of World Business Cycles," (with M. A. Kose and C. H. Whiteman) Journal of International Economics, , 2008

"99 Luftballons: Monetary Policy and the House Price Boom Across U.S. States," (with M. Del Negro) Journal of Monetary Economics, 2007.

"International Business Cycles: World, Region and Country Specific Factors," (with M. A. Kose and C. H. Whiteman) American Economic Review, , 2003

B. Backes, D. Goldhaber, C Grout, C. Koedel, S. Ni, M. Podgursky, P. Xiang, Z Xu.  Benefit or Burden?  Intergenerational Inequity of Teacher Pension Plans.  Educational Researcher.  (2016)  45(6), 367-377.

S. Ni and M. Podgursky.  “How Teachers Respond to Pension System Incentives:  New Estimates and Policy Applications.”  Journal of Labor Economics.   (2016)  34(4), 1075-1104.

C. Koedel, M. Ehlert, E. Parsons, M. Podgursky.  “Selecting Growth Measures for Use in School Evaluation Systems: Should Proportionality Matter?”  Educational Policy.  (2016) 30(3), 465-500. 

C. Koedel.,  M. Ehlert., E. Parsons., M. Podgursky.   “Teacher Preparation Programs and Teacher Quality: Are There Real Differences Across Programs?”  Education Finance and Policy.  (2015) 10 (4), 508-534.

E. Parsons, C. Koedel, M. Podgursky, M. Ehlert,  P.B. Xiang. “Incorporating End-of-Course Exam Timing into Educational Performance Evaluations.”  Journal of Research on Educational Effectiveness. 8 (2015), 130-147.

C. Koedel, S. Ni, M. Podgursky.  “Who Benefits from Pension Enhancements?”  Education Finance and Policy. (2014)  9(2), 165-192.

Kang, W., Ratti, R.A., Vespignani, J., 2017, Oil Price Shocks and Policy Uncertainty: New Evidence on the Effects of US and non-US Oil Production, Energy Economics, forthcoming.

Kang, W., Perez de Gracia, F., Ratti, R.A., 2017, Oil Price Shocks, Policy Uncertainty, and Stock Returns of Oil and Gas Corporations, Journal of International Money and Finance 70, 344–359.

Ratti, R.A., Vespignani, J.L., 2016, Oil Prices and Global Factor Macroeconomic Variables, Energy Economics 59, 198-212. 

Kang, W., Ratti, R.A., Vespignani, J., 2016, The Impact of Oil Price Shocks on the U.S. Stock Market:  A Note on the Roles of U.S. and non-U.S. Oil Production, Economics Letters 145, 176-181.

Kang, W., Ratti, R.A., Yoon, K.H., 2015, Time-Varying Effect of Oil Market Shocks on the Stock Market, Journal of Banking and Finance 61, S150-S163.

Kang, W., Ratti, R.A., 2015, Oil shocks and China’s Policy Uncertainty and Stock Returns, Economics of Transition 23, 657-676. 

Ratti, R.A., Vespignani, J., 2015, OPEC and non-OPEC oil production and the global economy, Energy Economics 50, 364-378.

Ratti, R.A., Vespignani, J., 2015, Commodity Prices and BRIC and G3 Liquidity: A SFAVEC Approach, Journal of Banking and Finance 53, 18-33

Kang, W., Ratti, R.A., Yoon, K.H., 2015, The Impact of Oil Price Shocks on the Stock Market Return and Volatility Relationship. Journal of International Financial Markets, Institutions & Money 34, 41-54.

"Neckties in the Tropics: a Model of International Trade and Cultural Diversity," Canadian Journal of Economics, 2009

"Networks, Standards and Intellectual Property Rights" (with J. Moenius), Intellectual Property, Growth, and Trade, 2008

"Inequality, Nonhomothetic Preferences, and Trade: a Gravity Approach" (with M. Dalgin and D. Mitra),Southern Economic Journal, 2008

"The Big Push, Industrialization, and International Trade: the Role of Exports," Journal of Development Economics, 2005

"Inequality and Trade" (with D. Mitra), Canadian Journal of Economics, 2005

"A Model of Advance Selling with Consumer Heterogeneity and Limited Capacity," (with C. Zeng) Journal of Economics (Zeitschrift fur Nationalokonomie), 2016

"Cournot and Bertrand Competition in a Differentiated Duopoly with Endogenous Technology Adoption," (with H. Ma and C. Zeng) Annals of Economics and Finance, 2015

“Private and Social Incentives for Vertical Contract Disclosure,” (with Q. Liu) Managerial and Decision Economics, 2014

"Entry Bias and Product Substitutability," (with L. Liu) Journal of Institutional and Theoretical Economics, 2013

"Strategic Choice of Channel Structure in an Oligopoly," (with L. Liu and B. Yang) Managerial and Decision Economics, 2012

"Customization with Vertically Differentiated Products," (with O. Loginova), Journal of Economics and Management Strategy, 2011