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Wohlfahrtsverluste

English translation: welfare losses (or losses of public benefit)

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
German term or phrase:Wohlfahrtsverluste
English translation:welfare losses (or losses of public benefit)
Entered by: Maureen Holm, J.D., LL.M.
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18:15 Dec 24, 2003
German to English translations [PRO]
Law/Patents / EU merger control
German term or phrase: Wohlfahrtsverluste
Als "coordinated effects" werden Wohlfahrtsverluste bezeichnet, die aus einem gleichförmigen und reaktionsverbundenen Handeln der einzelnen Unternehmen resultieren.
Maureen Holm, J.D., LL.M.
United States
Local time: 04:57
welfare losses
Explanation:
See: The Welfare Losses from Price Matching Policies
... We add to this literature by considering potential welfare losses, which have two
sources: Harberger triangles from high prices and Posner rectangles from over ...
netec.mcc.ac.uk/WoPEc/data/Papers/ wpawuwple9803001.html - 11k - Cached - Similar pages



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Note added at 1 day 8 hrs 56 mins (2003-12-26 03:11:18 GMT)
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Abstract: Several recent papers argue that price matching policies raise equilibrium prices. We add to this literature by considering potential welfare losses, which have two sources: Harberger triangles from high prices and Posner rectangles from over-entry. We compare markets with price matching and free entry to the traditional concerns of antitrust law, monopoly or cartel markets without entry. Price matching with entry leads to greater welfare losses than both monopoly and cartel in markets with a low ratio of fixed to marginal cost and low demand elasticity. We illustrate these general results using parameters from the wholesale gasoline and air travel markets, and relate our model to price matching on NASDAQ

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Note added at 1 day 8 hrs 58 mins (2003-12-26 03:14:06 GMT)
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I feel that the German word isn a result of translation from the English word. Hence my attempt at the answer to the extent of competing with the two persons, William Stein and Kim Metzger, for whom I have the maximum admiration.
Selected response from:

Narasimhan Raghavan
Local time: 15:27
Grading comment
Thanks.
4 KudoZ points were awarded for this answer

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Summary of answers provided
4 +1welfare losses
Narasimhan Raghavan
3residual loss
Kim Metzger
3loss of goodwill
William Stein


  

Answers


17 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5
loss of goodwill


Explanation:
Maybe the different strategies and images could be considered to generate goodwill through constructive competition. That competition would be eliminated by a merger.

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Note added at 18 mins (2003-12-24 18:33:38 GMT)
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or \"losses of efficiency\" though diminished competition

William Stein
Costa Rica
Local time: 03:57
Native speaker of: Native in EnglishEnglish
PRO pts in pair: 1734
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47 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5
residual loss


Explanation:
Residual loss - (verbleibender Wohlfahrtsverlust) - verbleibende Abweichungen der Leistung des Agenten gegenüber der "first-Best"-Situation ohne Anreizprobleme.

http://www.fernuni-hagen.de/BWLDLM/service/glossar/r.html


Residual loss - see agency costs.
Agency costs - the costs arising from an agency problem. These involve costs incurred by principals to measure and monitor the performance of agents (monitoring costs); costs incurred by the agents to reassure principals by voluntarily placing some explicit or implicit constraints on their behaviour such as the production of audited financial statements periodically (one part of bonding costs); costs incurred jointly by agents and principals in entering into and acting under contracts which help to align their interests such as incentive provisions in remuneration packages (Another part of bonding costs); and the remaining divergence between the results of the agent's actual performance and the performance the principal would ideally like (the residual loss). Monitoring and bonding costs are each ideally incurred to the point where at the margin their increase is equal to the reduction in other classes of agency cost that results.

http://www.treasury.govt.nz/gorringe/papers/gp-1986a.pdf


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Note added at 1 hr 3 mins (2003-12-24 19:18:39 GMT)
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Ein elementares Ergebnis der principal/agent-Theorie hat zum Inhalt, dass Interessenkonflikte unter den geschilderten Bedingungen immer zu einem geringeren Wohlfahrtsniveau führen, verglichen mit der Situation voll-kommener Zielkonformität zwischen Agent und Prinzipal. Auch durch die dargestellten Vorkehrungen (i) bis (v), die überdies ihrerseits erhebliche Kosten verursachen werden, kann das sogenannte first best optimum nicht wieder hergestellt werden: Gegenüber einer – allerdings real ohnehin nicht beobachtbaren - Welt vollkommener Harmonie zwischen Prinzipal und Agent ist in jedem Fall ein Wohlfahrtsverlust zu verbuchen (residual loss).

http://www.wiso.uni-koeln.de/treuhand/forschung/schriftenvzi...







    Reference: http://www.fernuni-hagen.de/BWLDLM/service/glossar/r.html
    Reference: http://www.treasury.govt.nz/gorringe/papers/gp-1986a.pdf
Kim Metzger
Mexico
Local time: 03:57
Native speaker of: Native in EnglishEnglish
PRO pts in pair: 21840
Login to enter a peer comment (or grade)

1 day 8 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +1
welfare losses


Explanation:
See: The Welfare Losses from Price Matching Policies
... We add to this literature by considering potential welfare losses, which have two
sources: Harberger triangles from high prices and Posner rectangles from over ...
netec.mcc.ac.uk/WoPEc/data/Papers/ wpawuwple9803001.html - 11k - Cached - Similar pages



--------------------------------------------------
Note added at 1 day 8 hrs 56 mins (2003-12-26 03:11:18 GMT)
--------------------------------------------------

Abstract: Several recent papers argue that price matching policies raise equilibrium prices. We add to this literature by considering potential welfare losses, which have two sources: Harberger triangles from high prices and Posner rectangles from over-entry. We compare markets with price matching and free entry to the traditional concerns of antitrust law, monopoly or cartel markets without entry. Price matching with entry leads to greater welfare losses than both monopoly and cartel in markets with a low ratio of fixed to marginal cost and low demand elasticity. We illustrate these general results using parameters from the wholesale gasoline and air travel markets, and relate our model to price matching on NASDAQ

--------------------------------------------------
Note added at 1 day 8 hrs 58 mins (2003-12-26 03:14:06 GMT)
--------------------------------------------------

I feel that the German word isn a result of translation from the English word. Hence my attempt at the answer to the extent of competing with the two persons, William Stein and Kim Metzger, for whom I have the maximum admiration.

Narasimhan Raghavan
Local time: 15:27
Native speaker of: Tamil
PRO pts in pair: 721
Grading comment
Thanks.

Peer comments on this answer (and responses from the answerer)
agree  RobinB: "welfare loss(es)" is a standard concept in economics, and I think you're right on track with your suggestion that the German is merely a translation of the English.
9 hrs
  -> Thanks RobinB.
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