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作者：Mace, Antonin; Treibich, Rafael
作者单位：Centre National de la Recherche Scientifique (CNRS); Universite PSL; Ecole Normale Superieure (ENS); University of Southern Denmark
摘要：We study the design of voting rules for committees representing heterogeneous groups (countries, states, districts) when cooperation among groups is voluntary. While efficiency recommends weighting groups proportionally to their stakes, we show that accounting for participation constraints entails overweighting some groups, those for which the incentive to cooperate is the lowest. When collective decisions are not enforceable, cooperation induces more stringent constraints that may require gra...
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作者：Ganapati, Sharat
作者单位：Georgetown University
摘要：American industries have grown more concentrated over the last 40 years. In the absence of productivity innovation, this should lead to price hikes and output reductions, decreasing consumer welfare. With US census data from 1972 to 2012, I use price data to disentangle revenue from output. Industry-level estimates show that concentration increases are positively correlated to productivity and real output growth, uncorrelated with price changes and overall payroll, and negatively correlated wi...
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作者：Aygun, Orhan; Bo, Inacio
作者单位：Bogazici University; Southwestern University of Finance & Economics - China
摘要：In 2012, Brazilian public universities were mandated to use affirmative action policies for candidates from racial and income minorities. We show that the policy makes the students' affirmative action status a strategic choice and may reject high-achieving minority students while admitting low-achieving majority students. Empirical data shows evidence consistent with this type of unfairness in more than 49 percent of the programs. We propose a selection criterion and an incentive-compatible me...
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作者：Backus, Matthew; Conlon, Christopher; Sinkinson, Michael
作者单位：Columbia University; National Bureau of Economic Research; Centre for Economic Policy Research - UK; New York University; Yale University
摘要：We empirically assess the implications of the common ownership hypothesis from a historical perspective using the set of S&P 500 firms from 1980 to 2017. We show that the dramatic rise in common ownership in the time series is driven primarily by the rise of indexing and diversification and, in the cross section, by investor concentration, which the theory presumes to drive a wedge between cash flow rights and control. We also show that the theory predicts incentives for expropriation of undiv...
