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作者：Dequiedt, Vianney; Martimort, David
作者单位：Universite Clermont Auvergne (UCA); Paris School of Economics
摘要：We consider vertical contracting arrangements between a manufacturer and a retailing network when retailers have private information and the organization is run through bilateral contracts. We highlight a new form of informational opportunism arising when the manufacturer manipulates information learned separately in each relationship. We characterize the set of allocations robust to such opportunism by means of simple ex post incentive compatibility constraints. Those constraints limit the ma...
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作者：Garleanu, Nicolae; Panageas, Stavros; Yu, Jianfeng
作者单位：University of California System; University of California Berkeley; University of Chicago; University of Minnesota System; University of Minnesota Twin Cities; The Chinese University of Hong Kong, Shenzhen
摘要：We propose a unified model of limited market integration, asset-price determination, leveraging, and contagion. Investors and firms are located on a circle, and access to markets involves participation costs that increase with distance. Due to a complementarity between participation and leverage decisions, the equilibrium may exhibit diverse leverage and participation choices across investors, although investors are ex ante identical. Small changes in market-access costs can cause a change in ...
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作者：Andreoni, James; Sprenger, Charles
作者单位：University of California System; University of California San Diego; University of California System; University of California San Diego
摘要：Can the well-known experimental phenomenon of present-bias in intertemporal choice be confounded with the risks associated with receiving payment? Can measurements of risk preferences be used to represent desires for smoothness in intertemporal payments? In our two 2012 papers in this journal we explored these two questions and found the answer to the first to be yes and the second to be no. We feel the three papers inspired by our work and published here underscore these arguments and point t...
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作者：Takahashi, Yuya
作者单位：Johns Hopkins University
摘要：This paper empirically studies firm's strategic exit decisions in an environment where demand is declining. Specifically, I quantify the extent to which the exit process generated by firms' strategic interactions deviates from the outcome that maximizes industry profits. I develop and estimate a dynamic exit game using data from the US movie theater industry in the 1950s, when the industry faced demand declines. Using the estimated model, I quantify the magnitude of strategic delays and find t...
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作者：Caplin, Andrew; Dean, Mark
作者单位：New York University; New York University; Brown University
摘要：Apparently mistaken decisions are ubiquitous. To what extent does this reflect irrationality, as opposed to a rational trade-off between the costs of information acquisition and the expected benefits of learning? We develop a revealed preference test that characterizes all patterns of choice mistakes consistent with a general model of optimal costly information acquisition and identify the extent to which information costs can be recovered from choice data. (JEL D11, D81, D83)
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作者：Miao, Bin; Zhong, Songfa
作者单位：Shanghai University of Finance & Economics; National University of Singapore
摘要：Andreoni and Sprenger (2012a,b) observe that utility functions are distinct for risk and time preferences, and show that their findings are consistent with a preference for certainty. We revisit this question in an enriched experimental setting in which subjects make intertemporal decisions under different risk conditions. The observed choice behavior supports a separation between risk attitude and intertemporal substitution rather than a preference for certainty. We further show that several ...
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作者：Braguinsky, Serguey; Ohyama, Atsushi; Okazaki, Tetsuji; Syverson, Chad
作者单位：Carnegie Mellon University; National Bureau of Economic Research; Hokkaido University; University of Tokyo; University of Chicago
摘要：We explore how changes in ownership affect the productivity and profitability of producers. Using detailed data from the Japanese cotton spinning industry at the turn of the last century, we find that acquired firms' production facilities were not on average less physically productive than the plants of the acquiring firms before acquisition. They were much less profitable, however, due to higher inventory levels and lower capacity utilization-differences that reflected problems in managing th...
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作者：Cheung, Stephen L.
作者单位：University of Sydney
摘要：Andreoni and Sprenger (2012a, b) report evidence that distinct utility functions govern choices under certainty and risk. I investigate the robustness of this result to the experimental design. I find that the effect disappears completely when a multiple price list instrument is used instead of a convex time budget design. Alternatively, the effect is reduced by half when sooner and later payment risks are realized using a single lottery instead of two independent lotteries. The result is thus...
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作者：Fu, Qiang; Lu, Jingfeng; Pan, Yue
作者单位：National University of Singapore; National University of Singapore; National University of Singapore
摘要：We consider a multi-battle team contest in which players from two rival teams form pairwise matches to fight in distinct component battles, which are carried out sequentially or (partially) simultaneously. A team wins if and only if its players win a majority of battles. Each player benefits from his team's win, while he can also receive a private reward for winning his own battle. We find that the outcomes of past battles do not distort the outcomes of future battles. Neither the total expect...
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作者：Agarwal, Nikhil
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：This paper develops a framework for estimating preferences in a many-to-one matching market using only observed matches. I use pairwise stability and a vertical preference restriction on one side to identify preferences on both sides of the market. Counterfactual simulations are used to analyze the antitrust allegation that the centralized medical residency match is responsible for salary depression. Due to residents' willingness to pay for desirable programs and capacity constraints, salaries...
