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作者：Tasoff, Joshua; Zhang, Wenjie
作者单位：Claremont Colleges; Claremont Graduate University
摘要：Time preferences and risk preferences play an important role in a wide range of behavior, including financial decisions, entrepreneurship, and the proper incentivizing of agents. Numerous methods have been developed to measure these preferences hypothetically in surveys, but they have yielded inconsistent results. We analyze a panel data set in which subjects have collectively answered more than 400 surveys including 15 time preference and 36 risk-preference elicitations. We evaluate the perfo...
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作者：Pandolfi, Lorenzo
作者单位：University of Naples Federico II; University of Naples Federico II
摘要：This paper analyzes the effects of bail-in and bailout policies on banks' funding costs, incentives for loan monitoring, and financing capacity. In a model with moral hazard and two investment stages, a full bail-in turns out to be, ex post, the optimal policy to deal with a failing bank. Unlike a bailout, it allows the government to recapitalize the bank without resorting to distortionary taxes. As a consequence, however, investors expect bailins rather than bailouts. Ex ante, this raises ban...
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作者：Gibbard, Peter
作者单位：University of Otago
摘要：This paper presents a model of choice with two stages of information acquisition. In this model, the choice problem can be interpreted as a variant of a more general multiarmed bandit problem. We assume that information acquisition takes a simple additive form-the value of an alternative is the sumof two components, which the decision maker can learn by undertaking two stages of information acquisition. This assumption yields a model that is tractable for the purposes of structural estimation....
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作者：Budish, Eric; Kessler, Judd B.
作者单位：University of Chicago; University of Pennsylvania
摘要：In mechanism design theory it is common to assume that agents can perfectly report their preferences, even in complex settings in which this assumption strains reality. We experimentally test whether real market participants can report their real preferences for course schedules accurately enough for a novel course allocation mechanism, approximate competitive equilibrium from equal incomes (A-CEEI), to realize its theoretical benefits. To use market participants' real preferences (i.e., rathe...
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作者：Fabra, Natalia; Montero, Juan-Pablo
作者单位：Universidad Carlos III de Madrid; Centre for Economic Policy Research - UK; Pontificia Universidad Catolica de Chile
摘要：A well-known principle in economics is that firms differentiate their product offerings in order to relax competition. However, in this paper we show that information frictions can invalidate this principle. We build a duopolistic competition model of seconddegree price discrimination with information frictions in which (i) an equilibrium always exists with overlapping product qualities, whereas (ii) an equilibrium with nonoverlapping product qualities exists only if both information frictions...
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作者：Jindal, Pranav; Newberry, Peter
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University System of Georgia; University of Georgia
摘要：We study how the presence of a monthly revenue-based quota impacts a retailer's profits when prices are negotiated by a salesperson. Using transaction level data for refrigerators, we first provide reduced-form evidence that prices are impacted by the quota: the negotiated discounts are approximately 3.8% higher if the salesperson is 10% closer to reaching the quota in the final week of the month. Guided by this result, we specify and estimate a demand model that identifies the impact of the q...
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作者：Li, Xiaobo; Sun, Hailong; Teo, Chung Piaw
作者单位：National University of Singapore; National University of Singapore; National University of Singapore
摘要：We study the bundle size pricing (BSP) problem in which a monopolist sells bundles of products to customers and the price of each bundle depends only on the size (number of items) of the bundle. Although this pricing mechanism is attractive in practice, finding optimal bundle prices is difficult because it involves characterizing distributions of the maximum partial sums of order statistics. In this paper, we propose to solve the BSP problem under a discrete choice model using only the first a...
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作者：Petracou, Electra V.; Xepapadeas, Anastasios; Yannacopoulos, Athanasios N.
作者单位：University of Aegean; Athens University of Economics & Business; University of Bologna; Athens University of Economics & Business; Athens University of Economics & Business
摘要：This paper contributes to the literature on decision making under multiple probability models by studying a class of variational preferences. These preferences are defined in terms of Frechet mean utility functionals, which are based on the Wasserstein metric in the space of probabilitymodels. In order to produce ameasure that is the closest to all probability models in the given set, we find the barycenter of the set. We derive explicit expressions for the Frechet-Wasserstein mean utility fun...
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作者：Reme, Bjorn-Atle; Rohr, Helene Lie; Saethre, Morten
作者单位：Norwegian Institute of Public Health (NIPH); Kristiania University College; Norwegian School of Economics (NHH)
摘要：We study customer inattention by utilizing a notification about a future price change in the mobile subscription market. With detailed customer-level data from a large telecom operator, together with data on prices and contracts offered by competitors, we document that the notification causes an increase in customer attention, which triggers search, plan switching, and churn. In particular, we show that the monthly propensity to churn increases by 60% (from 1% to 1.6%) among customers whose co...
