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Convictions versus Conviction Rates: The Prosecutor’s Choice

Author

Listed:
  • Eric Rasmusen

    (Department of Business Economics and Public Policy, Indiana University Kelley School of Business)

  • Manu Raghav,

    (Department of Economics and Management, Depauw University)

  • Mark Ramseyer

    (Harvard Law School)

Abstract

Is it better to move first, or second— to innovate, or to imitate? We look at this in a context with both asymmetric information and payoff externalities. Suppose two players, one with superior information about market quality, consider entering one of two new markets immediately or waiting until the last possible date. We show that the more accurate the informed player’s information, the more he wants to delay to keep his information private. The less-informed player also wants to delay, but in order to learn. The less accurate the informed player’s information, the more both players want to move first to foreclose a market. More accurate information can lead to inefficiency by increasing the players’ incentive to delay. Thus, a moderate delay cost can increase industry profits.

Suggested Citation

  • Eric Rasmusen & Manu Raghav, & Mark Ramseyer, 2008. "Convictions versus Conviction Rates: The Prosecutor’s Choice," Working Papers 2008-16, Indiana University, Kelley School of Business, Department of Business Economics and Public Policy.
    • Handle: RePEc:iuk:wpaper:2008-16
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    References listed on IDEAS

    as
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