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作者：Amasino, Dianna R.; Pace, Davide D.; Van der Weele, Joel J.
作者单位：University of Amsterdam; Tilburg University; University of Munich; Leibniz Association; Ifo Institut; University of Munich; Tinbergen Institute
摘要：Attitudes toward fairness and redistribution differ along socioeconomic lines. To understand their formation, we conduct a large-scale experiment on attention to merit and luck and the effect of attention on fairness decisions. Randomly advantaged subjects pay less attention to information about true merit and retain more economic surplus, and this effect persists in subsequent impartial decisions. Attention also has a causal role: encouraging subjects to look at merit reduces the effect of an...
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作者：Cetemen, Doruk; Margaria, Chiara
作者单位：University of London; Royal Holloway University London; Boston University
摘要：We study the exit of duopolists from a stochastically declining market. Firms privately learn about the market conditions from observing the stochastic arrival of customers, while exit decisions are publicly observed. A larger firm is more likely to have customers and hence has better information about the market conditions. We provide sufficient conditions for either the smaller or the larger firm to be the first to exit in the unique equilibrium. Because of observational learning, exiting ma...
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作者：Rostek, Marzena; Yoon, Ji Hee
作者单位：University of Wisconsin System; University of Wisconsin Madison; University of London; University College London; University of London; University College London
摘要：Advances in market -clearing technology for multiple assets and synthetic products present alternative ways to leverage complementarities and substitutabilites in asset payoffs. This paper compares their equilibrium and welfare effects. In competitive markets , either instrument can mimic the efficient design. When traders have price impact , however , synthetic products and market -clearing technology provide separate instruments for impacting markets' performance and can generate synergies o...
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作者：Fosgerau, Mogens; Monardo, Julien; De Palma, Andre
作者单位：University of Copenhagen; University of Bristol; CY Cergy Paris Universite
摘要：We introduce the inverse product differentiation logit ( IPDL ) model, a micro-founded inverse market share model for differentiated products that captures market segmentation according to one or more characteristics. The IPDL model generalizes the nested logit model to allow richer substitution patterns, including complementarity in demand, and can be estimated by linear instrumental variable regression with market-level data. Furthermore, we provide Monte Carlo experiments comparing the IPDL...
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作者：Halac, Marina; Kremer, Ilan; Winter, Eyal
作者单位：Yale University; Centre for Economic Policy Research - UK; University of Warwick; Lancaster University
摘要：A principal incentivizes a group of agents to work by choosing a monitoring structure and a scheme of performance-contingent rewards. The monitoring structure partitions the set of agents into monitoring teams, , each delivering a signal of joint performance. We show that unlike under partial implementation, , the principal always exhausts her monitoring capacity to optimally implement work as a unique outcome. Optimal monitoring teams are homogeneous between them: equally sized and with agent...
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作者：Kranton, Rachel; Mcadams, David
作者单位：Duke University; Duke University
摘要：This paper investigates information quality in a simple model of socially connected information markets. Suppliers' payoffs derive from the fraction of consumers who see their stories. Consumers prefer to share and act only on high-quality information. Quality is endogenous and highest when social connectedness is neither too high nor too low. In highly connected markets, low-quality stories are widely seen, giving suppliers little incentive to invest in quality. Increasing the volume of misin...
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作者：Ershov, Daniel
作者单位：University of London; University College London
摘要：In many online markets , consumers have to spend time and effort browsing through products. The addition of new products could make other products less visible , creating congestion externalities. Using Android app store data , I take advantage of a natural experiment-a redesign of part of the store-to show evidence of congestion externalities online: more apps in the market directly reduce per app usage / downloads. The natural experiment also increases long -run entry , but a structural dema...
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作者：Chen, Luming; Yi, Xuejie; Yu, Chuan
作者单位：University of Wisconsin System; University of Wisconsin Madison; Stanford University
摘要：This paper investigates the welfare effects of vertical integration in China's movie industry. We leverage data covering all theaters and 423 popular movies in China during 2014-2018. We find no evidence of integrated movies being foreclosed to rival theaters. Integrated theaters show movies for longer , allocate more screenings , and charge lower prices. We estimate a model of consumers' demand and theaters' screening decisions. Integrated theaters internalize a substantial fraction of their ...
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作者：Olivera, Rosina Rodriguez
作者单位：University of Bonn
摘要：A monopolist data seller offers information to privately informed data buyers. I characterize the seller's optimal menu, which screens between two types of buyers. Buyers' preferences for information allow the seller to extract all surplus, and the opti-mal menu's features are determined by the interaction between buyers' strategic incentives and the correlation of their pri-vate information. The seller offers perfect information to the buyer with the highest willingness to pay and partial inf...
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作者：Bridet, Luc; Schwardmann, Peter
作者单位：University of St Andrews; Carnegie Mellon University
摘要：We propose a model of borrower optimism in competitive lending markets with asymmetric information. Borrowers engage in self-deception to arrive at beliefs that optimally trade off the anticipatory utility benefits and material costs of optimism. Lenders' contract design shapes these benefits and costs. The model yields three key results. First, , the borrower's motivated cognition increases her material welfare, , which explains why it is not driven out of markets. Second, , in line with empi...
