-
作者：Luco, Fernando; Marshall, Guillermo
作者单位：Texas A&M University System; Texas A&M University College Station; University of British Columbia
摘要：We study the impact of vertical integration on pricing incentives in multiproduct industries. To do so, we exploit recent variation in vertical structure in the US carbonated-beverage industry. While the elimination of double marginalization with vertical integration is normally characterized as procompetitive, economic theory predicts that it may cause anticompetitive price increases in multiproduct industries. We indeed find that vertical integration causes price decreases in products with e...
-
作者：Di Tella, Sebastian
作者单位：Stanford University
摘要：This paper proposes a flexible-price theory of the role of money in an economy with incomplete idiosyncratic risk sharing. When the risk premium goes up, money provides a safe store of value that prevents interest rates from falling, reducing investment. Investment is too high during booms when risk is low, and too low during slumps when risk is high. Monetary policy cannot correct this: money is superneutral and Ricardian equivalence holds. The optimal allocation requires the Friedman rule an...
-
作者：Bahaj, Saleem; Foulis, Angus; Pinter, Gabor
摘要：The homes of firm owners are an important source of finance for ongoing businesses. We use UK microdata to show that a 1 pound increase in the value of the homes of a firm's directors increases the firm's investment by 0.03 pound. This effect is concentrated among firms whose directors' homes are valuable relative to the firm's assets, that are financially constrained, and that have directors who are personally highly levered. An aggregation exercise shows that directors' homes are as importan...
-
作者：Flaaen, Aaron; Hortacsu, Ali; Tintelnot, Felix
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; University of Chicago; National Bureau of Economic Research
摘要：We estimate the price effect of US import restrictions on washers. The 2012 and 2016 antidumping duties against South Korea and China were accompanied by downward or minor price movements along with production relocation to other export platform countries. With the 2018 tariffs, on nearly all source countries, the price of washers increased nearly 12 percent. Interestingly, the price of dryers-not subject to tariffs-increased by an equivalent amount. Factoring in dryer prices and price increas...
-
作者：Herskovic, Bernard; Ramos, Joao
作者单位：University of California System; University of California Los Angeles; University of Southern California; University of London; Queen Mary University London
摘要：We develop an endogenous network formation model, in which agents form connections to acquire information. Our model features complementarity in actions as agents care not only about accuracy of their decision-making but also about the actions of other agents. In equilibrium, the information structure is a hierarchical network, and, under weakly convex cost of forming links, the equilibrium network is core-periphery. Although agents are ex ante identical, there is ex post heterogeneity in payo...
-
作者：Kremer, Michael
作者单位：Harvard University
摘要：The experimental method not only helps identify causal relationships, but also provides economists with a rich sense of context, focuses research on specific practical questions, stimulates collaboration with practitioners and specialists from other fields, and allows for rapid iteration. In this lecture, I present a series of examples illustrating how together these features make the experimental approach a powerful tool for advancing scientific understanding, informing policy, and promoting ...
-
作者：Watson, Joel; Miller, David A.; Olsen, Trond E.
作者单位：University of California System; University of California San Diego; University of Michigan System; University of Michigan; Norwegian School of Economics (NHH)
摘要：We study relational contracting and renegotiation in environments with external enforcement of long-term contractual arrangements. A long-term contract governs the stage games that the contracting parties will play in the future (depending on verifiable stage-game outcomes) until they renegotiate. In a contractual equilibrium, the parties choose their individual actions rationally, jointly optimize when selecting a contract, and exercise their relative bargaining power. Our main result is that...
-
作者：Banerjee, Abhijit Vinayak
作者单位：Massachusetts Institute of Technology (MIT)
-
作者：Bertrand, Marianne; Bombardini, Matilde; Fisman, Raymond; Trebbi, Francesco
作者单位：University of Chicago; National Bureau of Economic Research; Canadian Institute for Advanced Research (CIFAR); University of British Columbia; Boston University
摘要：We explore the role of charitable giving as a means of political influence. For philanthropic foundations associated with large US corporations, we present three different identification strategies that consistently point to the use of corporate social responsibility in ways that parallel the strategic use of political action committee (PAC) spending. Our estimates imply that 6.3 percent of corporate charitable giving may be politically motivated, an amount 2.5 times larger than annual PAC con...
-
作者：Sonmez, Tayfun; Unver, M. Utku; Yenmez, M. Bumin
作者单位：Boston College; Deakin University
摘要：Over the last 15 years, kidney exchange has become a mainstream paradigm to increase transplants. However, compatible pairs do not participate, and full benefits from exchange can be realized only if they do. We propose incentivizing compatible pairs to participate in exchange by insuring their patients against future renal failure via increased priority in deceased-donor queue. We analyze equity and welfare benefits of this scheme through a new dynamic continuum model. We calibrate the model ...
