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作者：Haghpanah, Nima; Hartline, Jason
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Northwestern University
摘要：We study when pure bundling, i.e., offering only the grand bundle of all products, is optimal for a multi-product monopolist. Pure bundling is optimal if consumers with higher values for the grand bundle have higher relative values for smaller bundles compared to the grand bundle. Conversely, pure bundling is not optimal if consumers with higher values for the grand bundle have lower relative values. We prove the results by decomposing the problem into simpler ones in which types can be ranked...
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作者：Hoffmann, Florian; Inderst, Roman; Opp, Marcus
作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; KU Leuven; Goethe University Frankfurt; Centre for Economic Policy Research - UK; Stockholm School of Economics
摘要：This article characterizes optimal compensation contracts in principal-agent settings in which the consequences of the agent's action are only observed over time. The optimal timing of pay trades off the costs of deferred compensation arising from the agent's relative impatience and potential consumption smoothing needs against the benefit of exploiting additional informative signals. By capturing this information benefit of deferral in terms of the likelihood ratio dynamics, our characterizat...
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作者：Libgober, Jonathan; Mu, Xiaosheng
作者单位：University of Southern California; Princeton University
摘要：We introduce a robust approach to study dynamic monopoly pricing of a durable good in the face of buyer learning. A buyer receives information about her willingness-to-pay for the seller's product over time, and decides when to make a one-time purchase. The seller does not know how the buyer learns but commits to a pricing strategy to maximize profits against the worst-case information arrival process. We show that a constant price path delivers the robustly optimal profit, with profit and pri...
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作者：Bugni, Federico A.; Bunting, Jackson
作者单位：Duke University
摘要：We study the first-order asymptotic properties of a class of estimators of the structural parameters in dynamic discrete choice games. We consider K-stage policy iteration (PI) estimators, where K denotes the number of PIs employed in the estimation. This class nests several estimators proposed in the literature. By considering a pseudo likelihood criterion function, our estimator becomes the Kpseudo maximum likelihood (PML) estimator in Aguirregabiria and Mira (2002, 2007). By considering a m...
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作者：Hess, Simon; Jaimovich, Dany; Schuendeln, Matthias
作者单位：Goethe University Frankfurt; Universidad de Talca
摘要：This article investigates the effects of development projects on economic networks. To this end, we study the impact that a randomly allocated Community-Driven Development program in The Gambia has on economic interactions within rural villages. The program provides an exogenous source of variation to village-level stocks of productive capital and to village-wide collective activities. Based on detailed data on economic and social networks, we find a significant reduction of transfers in these...
