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作者：Duffie, Darrell; Giroux, Gaston; Manso, Gustavo
作者单位：Stanford University; Massachusetts Institute of Technology (MIT)
摘要：We study the percolation of information of common interest through a large market as agents encounter and reveal information to each other over time. We provide an explicit solution for the dynamics of the cross-sectional distribution of posterior beliefs. We also show that convergence of the cross-sectional distribution of beliefs to a common posterior is exponential and that the rate of convergence does not depend on the size of the groups of agents that meet. The rate of convergence is mere...
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作者：Berry, Steven; Jia, Panle
作者单位：Yale University; Massachusetts Institute of Technology (MIT)
摘要：The US airline industry went through tremendous turmoil in the early 2000s, with four major bankruptcies, two major mergers, and various changes in network structure. This paper presents a structural model of the industry, and estimates the impact of demand and supply changes on profitability. Compared with 1999, we find that, in 2006, air-travel demand was 8 percent more price sensitive, passengers displayed a stronger preference for nonstop flights, and changes in marginal cost significantly...
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作者：Friebel, Guido; Raith, Michael
作者单位：Goethe University Frankfurt; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; University of Rochester
摘要：We develop a theory of firm scope and structure in which merging two firms allows the integrated firm's top management to allocate resources that are costly to trade. However, information about their use resides with division managers. We show that establishing truthful upward communication raises the cost of inducing managerial effort compared with stand-alone firms. This effect dominates a positive effect on effort driven by competition for the firm's resources. We derive predictions about o...
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作者：Keane, Michael P.; Merlo, Antonio
作者单位：University of Technology Sydney; University of Pennsylvania
摘要：We assess the impact of a variety of policies that may influence the career decisions of members of the US Congress. These policies alter incentives to run for re-election, run for higher office or leave Congress, by altering wages, non-pecuniary rewards and career prospects (both in and out of Congress). We find that the effect of most policies varies considerably across different types of politicians. For example, a reduction in the congressional wage would disproportionately induce exit fro...
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作者：Daughety, Andrew F.; Reinganum, Jennifer F.
作者单位：Vanderbilt University; Vanderbilt University
摘要：We model privacy as an agent's choice of action being unobservable to others. An agent derives utility from his action, the aggregate of agents' actions, and other agents' perceptions of his type. If his action is unobservable, he takes his full-information optimal action and is pooled with other types, while if observable, then he distorts it to enhance others' perceptions of him. This increases the public good, hut the disutility from distortion is a social cost. When the disutility of disto...
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作者：Hopkins, Ed; Kornienko, Tatiana
作者单位：University of Edinburgh
摘要：We introduce a new distinction between inequality in initial endowments (e.g., ability, inherited wealth) and inequality of what one can obtain as rewards (e.g., prestigious positions, money). We show that, when society allocates resources via tournaments, these two types of inequality have opposing effects on equilibrium behavior and well-being. Greater inequality of rewards hurts most people both the middle class and the poor who are forced into greater effort. Conversely, greater inequality...
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作者：Kagel, John H.; Lien, Yuanchuan; Milgrom, Paul
作者单位：University System of Ohio; Ohio State University; California Institute of Technology; Stanford University
摘要：We use theory and experiment to explore the performance of multiround, price-guided, combinatorial auctions. We define efficiency-relevant and core-relevant packages and show that if bidders bid aggressively on these and losing bidders bid to their limits, then the auction leads to efficient or core allocations. We study the theoretically relevant behaviors and hypothesize that subjects will make only a few significant bids, and that certain simulations with auto-bidders will predict variation...
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作者：Ottaviani, Marco; Sorensen, Peter Norman
作者单位：Northwestern University; Northwestern University; University of Copenhagen
摘要：According to the favorite-longshot bias, the expected return on an outcome tends to increase in the fraction of bets laid on that outcome. We derive testable implications for the direction and extent of the bias depending on the ratio of private information to noise present in the market. We link this ratio to observables such as the number of bettors, the number of outcomes, the amount of private information, the level of participation generated by recreational interest in the event, the divi...
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作者：Jeon, Doh-Shin; Rochet, Jean-Charles
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：More and more academic journals are adopting an open access policy by which articles are accessible free of charge, while publication costs are recovered through author fees. We study the consequences of this open access policy on the quality standard of an electronic academic journal. If the journal's objective were to maximize social welfare, open access would be optimal. However, we show that if the journal has a different objective (such as maximizing readers' utility, the impact of the jo...
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作者：Epple, Dennis; Peress, Michael; Sieg, Holger
作者单位：Carnegie Mellon University; University of Rochester; University of Pennsylvania
摘要：We develop a new model of household sorting in a system of residential neighborhoods. We show that this model is partially identified without imposing parametric restrictions on the distribution of unobserved tastes for neighborhood quality and the shape of the indirect utility function. The proof of identification is constructive and can be used to derive a new semiparameteric estimator Our empirical application focuses on residential choices in the Pittsburgh metropolitan area. We find that ...
