-
作者：Cai, Hongbin; Feng, Hong; Weng, Xi
作者单位：Peking University; Harbin Institute of Technology
摘要：We consider a three-member organization in which one member retires in each period and the incumbent members vote to admit a candidate to fill the vacancy. Candidates differ in quality center dot and belong to one of two types, and majority-type members share the total rent of that period. We characterize the symmetric Markov equilibria with undominated strategies and compare the long-term welfare among them. Unanimity voting is better than majority voting at promoting long-term welfare. In ad...
-
作者：Dizdar, Deniz
作者单位：Universite de Montreal
摘要：Heterogeneous buyers and sellers must make investments before entering a continuum assignment market. I show that efficient ex post contracting equilibria (Cole, Mailath, and Postlewaite 2001b) exist in a general assignment game framework. I then shed light on what enables and what precludes coordination failures. A simple condition-absence of technological multiplicity-guarantees efficient investments for each pair, but a mismatch of agents may still occur. However, using optimal transport th...
-
作者：Cisternas, Ionlalo
作者单位：Massachusetts Institute of Technology (MIT)
摘要：I examine how career concerns are shaped by the nature of productive actions taken by workers. A worker's skills follow a Gaussian process with an endogenous component reflecting human-capital accumulation. Effort and skills are substitutes both in the output process (as in Holmstrom 1999) and in the skills technology. The focus is on deterministic equilibria by virtue of Gaussian learning. When effort and skills are direct inputs to production and skills are exogenous, effort can be inefficie...
-
作者：Bederson, Benjamin B.; Jin, Ginger Zhe; Leslie, Phillip; Quinn, Alexander J.; Zou, Ben
作者单位：University System of Maryland; University of Maryland College Park; University System of Maryland; University of Maryland College Park; National Bureau of Economic Research; Purdue University System; Purdue University; Michigan State University
摘要：In 2011, Maricopa County adopted voluntary restaurant hygiene grade cards (A, B, C, D). Using inspection results between 2007 and 2013, we show that only 58 percent of the subsequent inspections led to online grade posting. Although the disclosure rate in general declines with inspection outcome, higher-quality A restaurants are less likely to disclose than lower-quality As. After examining potential explanations, we believe the observed pattern is best explained by a mixture of signaling and ...
-
作者：Salant, Yuval; Siegel, Ron
作者单位：Northwestern University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We study a model of contracts in which a profit-maximizing seller uses framing to influence buyers' purchasing behavior. Framing temporarily affects how buyers evaluate different products, and buyers can renege on their purchases after the framing effect wears off. We characterize the optimal contracts with framing and their welfare properties in several settings. Framing that is not too strong reduces total welfare in regulated markets with homogenous buyers, but increases total welfare in ma...
-
作者：Karni, Edi
作者单位：Johns Hopkins University
摘要：This paper describes a direct revelation mechanism for eliciting decision makers' introspective beliefs on sets of subjective prior or posterior probabilities. The proposed scheme constitutes a revealed-preference procedure for measuring the inclination of decision makers to choose one alternative over another modeled by Minardi and Savochkin (2015).
-
作者：Kimya, Meat
作者单位：Koc University
摘要：It is well known that decision makers do not always consider all of the available alternatives when making a choice. When the alternatives have attributes, these attributes provide a natural way to form the consideration set. I assume a procedure in which the decision maker uses the relative ranking of the alternatives on each attribute to reduce the size of the choice set. I provide a characterization of the procedure and illustrate how to identify the underlying preference and consideration ...
-
作者：Hyytinen, Ari; Steen, Frode; Toivanen, Otto
作者单位：Hanken School of Economics; University of Jyvaskyla; Norwegian School of Economics (NHH); Centre for Economic Policy Research - UK; Aalto University; KU Leuven
摘要：How many cartels are there, and how long do they live? The answers to these questions are important in assessing the need for competition policy. We present a Hidden Markov Model that takes into account that often it is not known whether a cartel exists or not. We take the model to data from a period of legal cartels-Finnish manufacturing industries 1951-1990. Our estimates suggest that once born, cartels are persistent; by the end of the period, almost all industries were cartelized.
-
作者：Osborne, Matthew
作者单位：University of Toronto; University Toronto Mississauga; University of Toronto; University Toronto Mississauga
摘要：This paper estimates a cost-of-living index using a dynamic structural model for two storable product categories. In each category, regime shifts to higher or lower retail prices are observed. Fixed-base indexes do a poor job of capturing changes in welfare after a regime shift, and deviate front the dynamic index by as much as 300 percent. I evaluate the extent to which two recently proposed indexes can approximate the model-derived index. These indexes improve welfare measurement and are str...
-
作者：Demuynck, Thomas; Seel, Christian
作者单位：Universite Libre de Bruxelles; Maastricht University
摘要：We derive revealed preference tests for models where individuals use consideration sets to simplify their consumption problem. Our basic test provides necessary and sufficient conditions for consistency of observed choices with the existence of consideration set restrictions. The same conditions can also be derived from a model in which the consideration set formation is endogenous and based on subjective prices. By imposing restrictions on these subjective prices, we obtain additional refined...
