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Maverick Firms: An Exploratory Analysis of Mortgage Providers in Australia

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This paper develops an empirical strategy to measure maverick-like behaviour. It applies the strategy to a dataset that contains interest rates charged by mortgage providers in Australia from January 2003 to October 2006. The Reserve Bank of Australia raised its cash rate five times in this period, which provides a natural setting to observe suppliers� responses. We examine suppliers� behaviour both in terms of the rates they charge and the time it takes them to change their rates as a response to a systemic increase in costs. These empirical observations suggest that the development of a theory for maverick behaviour be focused on dynamic, asymmetric models and informed by institutions and market dynamics that are relevant to the case at hand.

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File URL: http://www.uq.edu.au/economics/abstract/348.pdf
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Paper provided by School of Economics, University of Queensland, Australia in its series Discussion Papers Series with number 348.

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Date of creation: 2007
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Handle: RePEc:qld:uq2004:348

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Postal: St. Lucia, Qld. 4072
Phone: +61 7 3365 6570
Fax: +61 7 3365 7299
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Web page: http://www.uq.edu.au/economics/
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Cited by:
  1. Owen Phillips & Dale Menkhaus & John Thurow, 2011. "The Small Firm in a Quantity Choosing Game: Some Experimental Evidence," Review of Industrial Organization, Springer, vol. 38(2), pages 191-207, March.

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