Fumagalli_Motta_Tarantino_2020.Models.Types

  1from dataclasses import dataclass
  2from enum import Enum
  3
  4
  5class MergerPolicies(Enum):
  6    """
  7    Defines the available merger policies in the models.
  8    """
  9
 10    Strict = "Strict"
 11    """
 12    The AA authorises only takeovers that, at the moment in which they are reviewed, are expected to increase total 
 13    welfare.
 14    """
 15    Intermediate_late_takeover_prohibited = "Intermediate (late takeover prohibited)"
 16    """The AA blocks late takeovers, but is more lenient with early takeovers."""
 17    Intermediate_late_takeover_allowed = "Intermediate (late takeover allowed)"
 18    """The AA authorises late takeovers, but is stricter with early takeovers."""
 19    Laissez_faire = "Laissez-faire"
 20    """The intervention threshold of the AA is so high that any acquisition would be allowed."""
 21
 22    def abbreviation(self) -> str:
 23        """
 24        Generates a string containing the abbreviation of the current merger policy.
 25
 26        Returns
 27        -------
 28        str
 29            Abbreviation of the current merger policy.
 30        """
 31        if self is MergerPolicies.Intermediate_late_takeover_prohibited:
 32            return "$I^P$"
 33        if self is MergerPolicies.Intermediate_late_takeover_allowed:
 34            return "$I^A$"
 35        return f"${self.value[0]}$"
 36
 37    def __str__(self) -> str:
 38        """
 39        Returns the string representation of the current merger policy.
 40
 41        Returns
 42        -------
 43        str
 44            String representation of the current merger policy.
 45        """
 46        return self.value
 47
 48    @staticmethod
 49    def legend() -> str:
 50        """
 51        Generates a string containing the legend of the possible merger policies.
 52
 53        Returns
 54        -------
 55        str
 56            Containing the legend for the merger policies.
 57        """
 58        return (
 59            f"{MergerPolicies.Strict.abbreviation()}: Strict\n"
 60            f"{MergerPolicies.Intermediate_late_takeover_prohibited.abbreviation()}:"
 61            f" Intermediate (late takeover prohibited)\n"
 62            f"{MergerPolicies.Intermediate_late_takeover_allowed.abbreviation()}:"
 63            f" Intermediate (late takeover allowed)\n"
 64            f"{MergerPolicies.Laissez_faire.abbreviation()}: Laissez-faire"
 65        )
 66
 67
 68class Takeover(Enum):
 69    """
 70    Defines the available options for a takeover of the start-up by the incumbent.
 71    """
 72
 73    No = "No bid"
 74    """The incumbent does not bid for the start-up."""
 75    Separating = "Separating bid"
 76    """The incumbent offers a low takeover price targeting only the credit-rationed start-ups."""
 77    Pooling = "Pooling bid"
 78    """
 79    The incumbent offers a high takeover price such that a start-up would always accept, irrespective of the amount of 
 80    its own assets.
 81    """
 82
 83    def abbreviation(self) -> str:
 84        """
 85        Generates a string containing the abbreviation of the current takeover option.
 86
 87        Returns
 88        -------
 89        str
 90            Abbreviation of the current takeover option.
 91        """
 92        return f"${self.value[0]}$"
 93
 94    def __str__(self) -> str:
 95        """
 96        Returns the string representation of the current takeover option.
 97
 98        Returns
 99        -------
100        str
101            String representation of the current takeover option.
102        """
103
104        return self.value
105
106    @staticmethod
107    def legend() -> str:
108        """
109        Generates a string containing the legend of the possible takeover options.
110
111        Returns
112        -------
113        str
114            Containing the legend for the takeover options.
115        """
116        return (
117            f"{Takeover.No.abbreviation()}: No bid by the incumbent\n"
118            f"{Takeover.Separating.abbreviation()}: Separating bid by the incumbent\n"
119            f"{Takeover.Pooling.abbreviation()}: Pooling bid by the incumbent"
120        )
121
122
123@dataclass(frozen=True)
124class ThresholdItem:
125    """
126    Threshold item containing the name (string representation) and the value (threshold express in float value).
127    """
128
129    name: str
130    value: float
131    include: bool = False
132    """Marks this ThresholdItem with high priority."""
133
134    def __eq__(self, other):
135        return self.value == other.value
136
137    def __lt__(self, other):
138        return self.value < other.value
139
140
141@dataclass(frozen=True)
142class Outcome:
143    """
144    Contains the bare-bones information about the outcome of a Fumagalli_Motta_Tarantino_2020.Models.Base.MergerPolicy.
145    """
146
147    early_bidding_type: Takeover
148    late_bidding_type: Takeover
149    development_attempt: bool
150    development_outcome: bool
151    early_takeover: bool
152    late_takeover: bool
153
154
155@dataclass(frozen=True)
156class Summary(Outcome):
157    """
158    Summary of Fumagalli_Motta_Tarantino_2020.Models.Base.MergerPolicy.
159    """
160
161    set_policy: MergerPolicies
162    credit_rationed: bool
163
164
165@dataclass(frozen=True)
166class OptimalMergerPolicySummary(Summary):
167    """
168    Summary of Fumagalli_Motta_Tarantino_2020.Models.Base.OptimalMergerPolicy.
169    """
170
171    optimal_policy: MergerPolicies
172
173
174class PossibleOutcomes(Enum):
175    """
176    Contains the outcomes in the models.
177    """
178
179    def __init__(
180        self,
181        early_bidding_type: Takeover,
182        early_takeover: bool,
183        development_attempt: bool,
184        development_outcome: bool,
185        late_bidding_type: Takeover,
186        late_takeover: bool,
187    ):
188        self.outcome = Outcome(
189            early_bidding_type=early_bidding_type,
190            early_takeover=early_takeover,
191            development_attempt=development_attempt,
192            development_outcome=development_outcome,
193            late_bidding_type=late_bidding_type,
194            late_takeover=late_takeover,
195        )
196
197    NoTakeoversSuccessfulDevelopment = (
198        Takeover.No,
199        False,
200        True,
201        True,
202        Takeover.No,
203        False,
204    )
205    """Neither an early or late takeover occurs and the development is successful."""
206
207    NoTakeoversFailedDevelopment = (Takeover.No, False, True, False, Takeover.No, False)
208    """Neither an early or late takeover occurs and the development is unsuccessful."""
209
210    NoTakeoversDevelopmentNotAttempted = (
211        Takeover.No,
212        False,
213        False,
214        False,
215        Takeover.No,
216        False,
217    )
218    """Neither an early or late takeover occurs and the development is not attempted."""
219
220    RejectedEarlySeparatingSuccessfulDevelopment = (
221        Takeover.Separating,
222        False,
223        True,
224        True,
225        Takeover.No,
226        False,
227    )
228    """An early separating bid is rejected by the start-up and the development is successful."""
229
230    RejectedEarlySeparatingUnsuccessfulDevelopment = (
231        Takeover.Separating,
232        False,
233        True,
234        False,
235        Takeover.No,
236        False,
237    )
238    """An early separating bid is rejected by the start-up and the development is unsuccessful."""
239
240    EarlySeparatingSuccessfulDevelopment = (
241        Takeover.Separating,
242        True,
243        True,
244        True,
245        Takeover.No,
246        False,
247    )
248    """An early separating bid is accepted by the start-up and the development is successful."""
249
250    EarlySeparatingUnsuccessfulDevelopment = (
251        Takeover.Separating,
252        True,
253        True,
254        False,
255        Takeover.No,
256        False,
257    )
258    """An early separating bid is accepted by the start-up and the development is unsuccessful."""
259
260    EarlySeparatingDevelopmentNotAttempted = (
261        Takeover.Separating,
262        True,
263        False,
264        False,
265        Takeover.No,
266        False,
267    )
268    """An early separating bid is accepted by the start-up and the development is not attempted."""
269
270    EarlyPoolingSuccessfulDevelopment = (
271        Takeover.Pooling,
272        True,
273        True,
274        True,
275        Takeover.No,
276        False,
277    )
278    """An early pooling bid is accepted by the start-up and the development is successful."""
279
280    EarlyPoolingUnsuccessfulDevelopment = (
281        Takeover.Pooling,
282        True,
283        True,
284        False,
285        Takeover.No,
286        False,
287    )
288    """An early pooling bid is accepted by the start-up and the development is unsuccessful."""
289
290    EarlyPoolingDevelopmentNotAttempted = (
291        Takeover.Pooling,
292        True,
293        False,
294        False,
295        Takeover.No,
296        False,
297    )
298    """An early pooling bid is accepted by the start-up and the development is not attempted."""
299
300    LatePooling = (
301        Takeover.No,
302        False,
303        True,
304        True,
305        Takeover.Pooling,
306        True,
307    )
308    """A late pooling bid is accepted by the start-up after a successful development."""
309
310    LatePoolingRejectedEarlySeparating = (
311        Takeover.Separating,
312        False,
313        True,
314        True,
315        Takeover.Pooling,
316        True,
317    )
318    """
319    An early separating bid is rejected by the start-up and the development is successful with subsequent late takeover.
320    """