-
作者：Hu, Audrey; Offerman, Theo; Zou, Liang
作者单位：Tsinghua University; University of Amsterdam; Tinbergen Institute; University of Amsterdam
摘要：English auctions are known to be ex post efficient under various circumstances. However, they are inefficient ex ante for risk-averse seller and bidders. Our analysis of the English premium auction (EPA) reveals that, while maintaining ex post efficiency, awarding a premium to the highest two bidders makes the auction more attractive to all risk-averse bidders. This result is remarkably general, as it holds with possible interdependent bidder valuations and affiliated types. When bidders exhib...
-
作者：Mandler, Michael
作者单位：University of London; Royal Holloway University London
摘要：When luxury purchases signal the incomes of buyers, a monopoly will deliver signals efficiently. If in contrast competitors sell counterfeit copies of luxury goods at low prices, consumers will have to buy larger quantities or higher qualities to transmit the same signals, which wastes resources. Competition does maximal harm when entrants produce indistinguishable replicas of existing luxury goods since prices will fall the furthest. The choice of which goods should deliver signals presents a...
-
作者：Depetris-Chauvin, Emilio; Weil, David N.
作者单位：Pontificia Universidad Catolica de Chile; Pontificia Universidad Catolica de Chile; Brown University; National Bureau of Economic Research
摘要：We examine the effect of malaria on economic development in Africa over the very long run. Using data on the prevalence of the mutation that causes sickle cell disease, we measure the impact of malaria on mortality in Africa prior to the period in which formal data were collected. Our estimate is that in the more afflicted regions, malaria lowered the probability of surviving to adulthood by about ten percentage points, which is twice the current burden of the disease. The reduction in malaria...
-
作者：Affeldt, Pauline; Filistrucchi, Lapo; Klein, Tobias J.
作者单位：Leibniz Association; DIW Berlin - Deutsches Institut fur Wirtschaftsforschung; Technical University of Berlin; Tilburg University; University of Florence
-
作者：Dobrescu, Loretti Isabella; Fan, Xiaodong; Bateman, Hazel; Newell, Ben Rhodri; Ortmann, A.; Thorp, Susan
作者单位：University of New South Wales Sydney; University of Sydney
摘要：This study develops a structural dynamic life-cycle model to examine the behavior of members of an industry-wide pension fund to assess both the prevalence of defaults and their impact on retirement savings. We estimate the model using the simulated method of moments on administrative data from a large Australian pension fund. Our results show that default settings strongly influence wealth accumulation. Such settings are also highly persistent, both over time and across decisions. Overall, th...
