-
作者：Benoit, Jean-Pierre; Dubra, Juan; Romagnoli, Giorgia
作者单位：University of London; London Business School; Universidad de Montevideo; University of Amsterdam
摘要：Elicitation mechanisms typically presume only money enters utility functions. However, nonmonetary objectives are confounders. In particular, psychologists argue people favor bets where ability is involved over equivalent random bets-a preference for control. Our new elicitation method mitigates control objectives and determines that under the widely used matching probabilities method, subjects report beliefs 18 percent higher than their true beliefs to increase control. Nonmonetary objectives...
-
作者：Vasquez, Jorge
作者单位：Smith College
摘要：This paper develops a theory of crime in which potential victims elect their vigilance levels. When vigilance expenses are greater than expected property losses, an increase in penalties raises crime, namely, a criminal Laffer curve emerges. This curve is higher and peaks earlier when victims face higher costs. Thus, the government may wish to subsidize vigilance rather than increase penalties. Indeed, an increase in penalties may shift the vigilance levels further away from their socially opt...
-
作者：Chen, Yongmin; Li, Zhuozheng; Zhang, Tianle
作者单位：University of Colorado System; University of Colorado Boulder; Shanghai University of Finance & Economics; Lingnan University
摘要：We introduce a search model where products differ in horizontal attributes and unobserved quality (experience goods), and firms can establish quality reputation. We show that the inability of consumers to observe quality before purchase significantly changes how search frictions affect market performance. In equilibrium, higher search costs reduce match values and increase price but can boost firms' investment in product quality. Under plausible conditions, both consumer and total welfare init...
-
作者：Imas, Alex; Kuhn, Michael A.; Mironova, Vera
作者单位：University of Chicago; University of Oregon; Harvard University
摘要：We study the impact of deliberation on intertemporal choices. Using multiple experiments, including a field study in the Democratic Republic of the Congo, we show that the introduction of waiting periods-a policy that temporally separates information about choices from choices themselves-causes substantially less myopic decisions. These results cannot be captured by models of exponential discounting nor present bias. Comparing the effects of waiting periods to making planned choices over futur...
-
作者：Prat, Andrea; Valletti, Tommaso
作者单位：Columbia University; Imperial College London
摘要：We model digital platforms as attention brokers that have proprietary information about their users' product preferences and sell targeted ad space to retail product industries. Retail producers-incumbents or entrants-compete for access to this attention bottleneck. We dis-cuss when increased concentration among attention brokers results in a tightening of the attention bottleneck, leading to higher ad prices, fewer ads being sold to entrants, and lower consumer welfare in the product industri...
