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作者：Alviarez, Vanessa; Head, Keith; Mayer, Thierry
作者单位：Inter-American Development Bank; Institut d'Etudes Politiques Paris (Sciences Po); European Central Bank; Bank of France; Centre for Economic Policy Research - UK
摘要：Large beer and spirits makers expanded abroad mainly by acquiring local brands. Exploiting market share data in 76 countries and changes in brand ownership from 2007 to 2018, we estimate that owners matter little for brand performance, except via a negative consumer response to foreign ownership. Counterfactuals indicate that market power increases were large enough to yield higher profits for most mergers without relying on fixed-cost savings. Emulating procompetition policies used by the Uni...
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作者：Belot, Michele; Kircher, Philipp; Muller, Paul
作者单位：Cornell University; University of Edinburgh; Universite Catholique Louvain; Tinbergen Institute
摘要：We propose a simple method for eliciting individual time preferences without estimating utility functions even in settings where background consumption changes over time. It relies on eliciting preferences for receiving high stakes lottery tickets at different points in time. In a standard intertemporal choice model high rewards decouple lottery choices from variation in background consumption. We investigate robustness to other assumptions theoretically, and validate our elicitation method ex...
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作者：Harris, Adam; Nguyen, Thi mai anh
作者单位：Cornell University; New York University
摘要：This paper provides evidence on the scope and incentive mechanisms of long-term relationships in the US truckload freight industry. In this setting, shippers and carriers engage in repeated interactions under fixed-rate contracts that allow for inefficient opportunism. The main dynamic mechanism involves shippers using the threat of relationship termination to deter carriers from short-term opportunism. This threat and the potential of future rents induce more carrier cooperation. We test this...
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作者：Mackay, Alexander; Miller, Nathan h.
作者单位：University of Virginia; Georgetown University
摘要：We consider the identification of empirical models of supply and demand with imperfect competition. We show that a restriction on the covariance between unobserved demand and cost shocks can resolve endogeneity and identify the price parameter. We demonstrate how to employ this approach in estimation, and we compare it to the method of instrumental variables. Our formal results also indicate that weaker covariance restrictions can bound the price parameter. We illustrate the covariance restric...
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作者：Magnolfi, Lorenzo; Mcclure, Jonathon; Sorensen, Alan
作者单位：University of Wisconsin System; University of Wisconsin Madison; Purdue University System; Purdue University; National Bureau of Economic Research
摘要：We propose a method to augment conventional demand estimation approaches with crowd-sourced data on the product space. Our method obtains triplets data (product A is closer to B than it is to C) from an online survey to compute an embedding-i.e., a low-dimensional representation of the latent product space. The embedding can either replace data on observed characteristics in mixed logit models, or provide pairwise product distances to discipline cross-elasticities in log-linear models. We illu...
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作者：Schmidt, Patrick
作者单位：University of Zurich
摘要：Preferences for mixing can reveal ambiguity perception and attitude on a single event. The validity of the approach is discussed for multiple preference classes, including maxmin, maxmax, variational, and smooth second-order preferences. An experimental implementation suggests that participants perceive almost as much ambiguity for the stock index and actions of other participants as they do for the Ellsberg urn, indicating the importance of ambiguity in real-world decision-making. (JEL C72, D...
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作者：Arieli, Itai; Babichenko, Yakov; Talgam-cohen, Inbal; Zabarnyi, Konstantin
作者单位：Technion Israel Institute of Technology; Tel Aviv University
摘要：We study information aggregation with a decision-maker aggregating binary recommendations from symmetric agents. Each agent's recommendation depends on her private information about a hidden state. While the decision-maker knows the prior distribution over states and the marginal distribution of each agent's recommendation, the recommendations are adversarially correlated. The decision-maker's goal is choosing a robustly optimal aggregation rule. We prove that for a large number of agents for ...
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作者：Ganapati, Sharat
作者单位：Georgetown University; Leibniz Association; Ifo Institut; National Bureau of Economic Research
摘要：Half of all transactions in the $6 trillion market for manufactured goods in the United States were intermediated by wholesalers in 2012, up from 32 percent in 1992. Seventy percent of this increase is due to the growth of superstar firms-the largest 1 percent. Estimates based on detailed administrative data show that the rise of the largest firms was driven by an intuitive linkage between their sourcing of goods from abroad and an expansion of their domestic distribution network to reach more...
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作者：Pancs, Romans; Sharma, Tridib
作者单位：University of Rochester; Instituto Tecnologico Autonomo de Mexico
摘要：In the United States, electoral districts must be equipopulous. This requirement is known as the one man, one vote doctrine. We propose welfare-based justifications for this requirement under the economic view, according to which voters care about the policy, and under the political view, according to which voters care about representation. Both justifications assume that the districter is partisan. If the districter is benevolent, one man, one vote is harmless under the economic view but may ...
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作者：Chaves, Daniel; Duarte, Marco
作者单位：Western University (University of Western Ontario)
摘要：We study the inner workings of a hub-and-spoke cartel in the Brazilian automotive fuel industry. Based on court documents and detailed price and sales data, we discuss how gas station owners (spokes) operating inside the federal capital received help from fuel distributors (hub) to reduce dispersion of and increase gasoline's retail price. We provide evidence that distributor cartel members benefited by raising wholesale prices while keeping competitors from supplying retail cartel members. We...
