-
作者：Mysliwski, Mateusz; Sanches, Fabio Miessi; Silva Junior, Daniel; Srisuma, Sorawoot
作者单位：Norwegian School of Economics (NHH); Getulio Vargas Foundation; City St Georges, University of London; National University of Singapore
摘要：We propose a dynamic oligopoly pricing model, in which consumers' choices exhibit inertia and firms face costly price adjustments. The primitives of the model are estimated using scanner data from the UK butter and margarine industry. We evaluate the effects of frictions on price dynamics, profits and consumer welfare. We find that price adjustment costs are substantial and represent between 24%-34% of net margins. Our model predicts that the absence of these costs reduces persistence in price...
-
作者：Halim, Edward; Riyanto, Yohanes E.; Roy, Nilanjan; Wang, Yan
作者单位：Nanyang Technological University; City University of Hong Kong; Fudan University; City University of Hong Kong
摘要：We design an experiment to analyse the consequences of dark trading in a financial market. The channel through which dark trading affects market efficiency critically depends on how information regarding fundamentals is distributed among investors. When information is concentrated in the hands of a few investors, possibly due to sparse investor connectedness or low media coverage, dark trading primarily impacts market efficiency by deteriorating the quality of asset prices. When information is...
-
作者：Bakhtiar, M. Mehrab; Fafchamps, Marcel; Goldstein, Markus; Leonard, Kenneth L.; Papineni, Sreelakshmi
作者单位：CGIAR; International Food Policy Research Institute (IFPRI); Stanford University; The World Bank; University System of Maryland; University of Maryland Baltimore
摘要：We conduct an original lab-in-the-field experiment on the decision-making process of married couples over the allocation of rival and non-rival household goods. The experiment measures individual preferences over allocations and traces the process of deferral, consultation, communication and accommodation by which couples implement these preferences. We find few differences in individual preferences over allocations of goods. However, wives and husbands have strong preferences over process: wo...
-
作者：Gauriot, Romain; Page, Lionel
作者单位：Deakin University; University of Queensland
摘要：Using a natural experiment setting in binary options markets, we compare the evolution of market prices in situations where the occurrence of public information shocks is contingent on knife-edge conditions and can be considered nearly random. We find that prices mostly react efficiently and quickly to information shocks, adjusting to the new fundamental value. Nonetheless, we observe a tendency for prices to initially under-react when the information shocks are large. This under-reaction is s...
