-
作者：Guetlein, Marie-Charlotte
作者单位：Swiss Federal Institutes of Technology Domain; ETH Zurich
摘要：This paper suggests a characterization of increases in risk aversion within the smooth ambiguity model by Klibanoff, Marinacci, and Mukerji (2005). I show that an increase in risk aversion is qualitatively different from that under expected utility, due to the incomplete separation between risk and ambiguity attitude. The analysis clarifies how ambiguity perception and attitude depend on risk aversion.
-
作者：Aghion, Philippe; Jackson, Matthew O.
作者单位：Harvard University; Stanford University; The Santa Fe Institute
摘要：How can a principal (employer or voter) induce an agent (worker or politician) to choose the right actions if risky actions reveal the agent's decision-making competence and only dismissal can be used as an incentive instrument? We first show that if the principal can commit to a replacement strategy, then optimal mechanisms involve either (i) a probationary period and then indefinite tenure, or (ii) dismissing poorly performing agents but also randomly replacing agents who take nonrevealing a...
-
作者：Argenziano, Rossella; Severinov, Sergei; Squintani, Francesco
作者单位：University of Essex; University of British Columbia; University of Warwick
摘要：This paper explores the implications of costly information acquisition in a strategic communication setting. We show that equilibrium decisions based on a biased expert's advice may be more precise than when information is directly acquired by the decision maker, even if the expert is not more efficient than the decision maker at acquiring information. This result bears important implications for organization design. Communication by an expert to a decision maker may often outperform delegatio...
-
作者：Boutin, Aleksandra
摘要：Patent pools reduce prices when selling complementary inputs to technologies, but can also effectively cartelize markets when involving substitutes. Independent licensing, by reintroducing competition, ensures that only good pools form when there are two patent holders involved. For larger pools, independent licensing needs to be complemented by other policy tools. We propose to constrain the royalties for the patents individually licensed outside the pool with price caps replicating the pool'...
-
作者：Fleurbaey, Marc; Mongin, Philippe
作者单位：Princeton University; Princeton University; Hautes Etudes Commerciales (HEC) Paris; Centre National de la Recherche Scientifique (CNRS)
摘要：Harsanyi (1955) invested his Aggregation Theorem and Impartial Observer Theorem with utilitarian sense, but Sen (1986) described them as representation theorems with little ethical import. This critical view has never been subjected to full analytical scrutiny. The formal argument we provide here supports the utilitarian relevance of the Aggregation Theorem. Following a hint made by Sen himself, we posit an exogeneous utilitarian ordering that evaluates riskless options by the sum of individua...
-
作者：Ambrus, Attila; Calvano, Emilio; Reisinger, Markus
作者单位：Duke University; University of Bologna; Frankfurt School Finance & Management
摘要：In media markets, consumers spread their attention to several outlets, increasingly so as consumption migrates online. The traditional framework for competition among media outlets rules out this behavior by assumption. We propose a new model that allows consumers to choose multiple outlets and use it to study the effects on advertising levels and the impact of entry and mergers. We identify novel forces which reflect outlets' incentives to control the composition of their customer base. We li...
-
作者：Stefanadis, Christodoulos
作者单位：University of Piraeus
摘要：The analysis shows that the volatility of a potential entrant's innovation is an important parameter that shapes an incumbent supplier's exclusivity strategy. Higher volatility encourages the incumbent supplier to adopt an accommodation strategy rather than a pure exclusion strategy. When volatility is above a threshold, the incumbent always chooses accommodation regardless of the expected size of the entrant's innovation. And since an accommodation strategy merely redistributes surplus withou...
-
作者：Ekmekci, Mehmet; Kos, Nenad; Vohra, Rakesh
作者单位：Boston College; Bocconi University; University of Pennsylvania
摘要：We consider the problem of selling a firm to a single buyer. The buyer privately knows post-sale cash flows and the benefits of control. Unlike the case where buyer's private information is one-dimensional, the optimal mechanism is a menu of tuples of cash-equity mixtures. When the seller wants to screen finely with respect to the private benefits, he makes an offer for the smallest fraction of the company that facilitates the transfer of control. When he wants to screen finely with respect to...
-
作者：de Corniere, Alexandre
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：Search engines enable advertisers to target consumers based on the query they have entered. In a framework in which consumers search sequentially after having entered a query, I show that such targeting reduces search costs, improves matches and intensifies price competition. However, a profit-maximizing monopolistic search engine imposes a distortion by charging too high an advertising fee, which may negate the benefits of targeting. The search engine also has incentives to provide a suboptim...
-
作者：Roberts, James W.; Sweeting, Andrew
作者单位：Duke University; National Bureau of Economic Research; University System of Maryland; University of Maryland College Park
摘要：We estimate the value of competition in United States Forest Service (USFS) timber auctions, in the context of the Reagan administration's bailout of firms that faced substantial losses on existing contracts. We use a model with endogenous entry by asymmetric firms, allowing survivors to respond to the exit of bailed-out firms by entering more auctions and for these marginal entrants to have lower values than firms that would choose to enter in any event, a selective entry effect. Observed asy...
