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作者：Li, Jing; Li, Shengyu; Zhang, Hongsong
作者单位：University of Hong Kong; University of New South Wales Sydney; University of New South Wales Sydney
摘要：Unobserved objective output quality complicates the analysis of firm productivity and demand because higher-quality products entail higher costs but offer greater consumption benefits. Using a panel of firms with output quality data, we decompose quantity-based productivity into fundamental productivity and the costs of quality, and separate the demand residual into fundamental demand and quality benefits. Fundamental demand accounts for most revenue variation, whereas quality's revenue-enhanc...
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作者：Balakin, Sergei; Roger, Guillaume
摘要：We study a long-horizon, oligopolistic market with random shocks to demand that can be arbitraged by two storage operators with finite capacity. This problem applies to any storable commodity-that is, most commodities. Because the arbitrage spread is so sensitive to market power, storage operators face strong incentives to restrain quantities by tacitly colluding. This cooperation takes new forms thanks to the multiplicity of actions they must take: selling, buying, or both. We construct payof...
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作者：D'annunzio, Anna; Russo, Antonio
作者单位：University of Rome Tor Vergata; IMT - Institut Mines-Telecom; Institut Mines-Telecom Business School
摘要：We study the pass-through of ad valorem taxes with a multiproduct monopolist. We characterize two mechanisms whereby an ad valorem tax on one good reduces all prices (Edgeworth's paradox), depending on the goods being substitutes or complements. We also find that the tax can increase the supply of all goods. Hence, consumer surplus and welfare can increase even when the goods are underprovided compared to the social optimum. We provide several applications where these results hold. Our finding...
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作者：Xu, Wenji; Yang, Kai Hao
作者单位：City University of Hong Kong; Yale University
摘要：This article examines the welfare implications of third-party informational intermediation. A seller sets the price of a product that is sold through an intermediary, who discloses information about the product to consumers. In a model where the intermediary is consumer-minded-has a payoff that depends on both the seller's revenue and the consumer surplus, we show that total welfare may decrease in the Pareto sense, as the intermediary's consumer-mindedness increases. Furthermore, we show that...
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作者：Eisenberg, Thomas; Estay, Manuel; Mohapatra, Debi Prasad
作者单位：University of Delaware; Universidad de Concepcion; University of Massachusetts System; University of Massachusetts Amherst
摘要：This article examines the welfare consequences of a trade association in an exporting country on consumers in destination countries. We estimate a structural model of the Chilean Salmon exporting industry that endogenizes firms' pricing and export decisions. Our results show that the trade association has a positive effect on consumer utility and involves higher marginal costs of production, consistent with higher quality products. Reduced form analysis estimates price effects associated with ...
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作者：Gomes, Renato; Lozachmeur, Jean-Marie; Maestri, Lucas
作者单位：Communaute d'universites et etablissements de Toulouse (Comue); Centre National de la Recherche Scientifique (CNRS); Universite Toulouse 1 Capitole; Toulouse School of Economics; Getulio Vargas Foundation
摘要：We study oligopolistic competition by firms practicing second-degree price discrimination. In line with the literature on demand estimation, our theory allows consumers' propensity to switch brands to vary with tastes for product quality. If low-type consumers are sufficiently more (respectively, less) prone to switch brands than are high types, (i) quality provision is inefficiently low at the bottom (respectively, high at the top) of the product line, and (ii) informational rents are positiv...
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作者：Compiani, Giovanni; Morozov, Ilya; Seiler, Stephan
作者单位：University of Chicago; Northwestern University; Imperial College London; Centre for Economic Policy Research - UK
摘要：We propose a demand estimation approach that leverages unstructured data to infer substitution patterns. Using pre-trained deep learning models, we extract embeddings from product images and textual descriptions and incorporate them into a mixed logit demand model. This approach enables demand estimation even when researchers lack data on product attributes or when consumers value hard-to-quantify attributes such as visual design. Using a choice experiment, we show this approach substantially ...
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作者：Bourreau, Marc; Jullien, Bruno; Lefouili, Yassine
作者单位：Institut Polytechnique de Paris; IMT - Institut Mines-Telecom; ENSAE Paris; Telecom Paris; Communaute d'universites et etablissements de Toulouse (Comue); Centre National de la Recherche Scientifique (CNRS); Universite Toulouse 1 Capitole; Toulouse School of Economics; Communaute d'universites et etablissements de Toulouse (Comue); Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：We study the impact of horizontal mergers on the incentives of merging firms to invest in incremental innovation. We provide a decomposition of this impact that clarifies the various forces at work and the differences between demand-enhancing and cost-reducing innovation. Moreover, we derive sufficient conditions for a merger to either reduce or raise the merging firms' incentives to innovate, and show that the comparison of the price diversion ratio and the innovation diversion ratio can help...
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作者：Lin, Haizhen; Zhou, Yaying
作者单位：Indiana University System; Pennsylvania State System of Higher Education (PASSHE); Indiana University Bloomington; IU Kelley School of Business; Indiana University of Pennsylvania; Nanyang Technological University
摘要：We study how insurer competition affects premiums for fully-insured plans in the employer-sponsored health insurance market. By utilizing quasi-experimental variations induced by mergers among national insurers, we show that increased insurer concentration leads to higher premiums, but there exists substantial heterogeneity. In particular, we find that a increase in insurer concentration increases premiums for mid-sized firms by but reduces premiums for large firms by . We explore additional s...
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作者：Reisinger, Markus; Zenger, Hans
作者单位：Frankfurt School Finance & Management
摘要：This article provides a full characterization of the competitive effects of horizontal mergers in the Cournot model with heterogeneous firms and constant marginal costs. We show that price effects depend only on the smaller merging firm's market share and the number of firms but are independent of the distribution of market shares among other firms. Standard concentration measures, instead, are often misleading. We also provide simple-yet general-closed-form solutions for merger effects based ...
