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作者：Alaoui, Larbi; Penta, Antonio
作者单位：Pompeu Fabra University; ICREA; Pompeu Fabra University
摘要：Individuals often attach a special meaning to attaining a certain goal, and getting past a threshold marks the difference between success and failure. In this paper, we take a standard expected utility (EU) setting with an exogenous reference point that separates success from failure and define attitudes toward success and failure as features of preferences over lotteries. The distinctive feature of our definitions is that they concern a local reversal of the decision-maker's risk attitude acr...
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作者：Alon, Shiri; Lehrer, Ehud
作者单位：Durham University; Bar Ilan University
摘要：We provide axioms that relate the preferences of each group in a society to the preferences of the subgroups contained in them. These axioms yield cardinal utility indices for each individual and a representation of group preferences as the group-dependent weighted sum of the utility indices of the members of that group. We show that these weights are group independent whenever one additional axiom and a mild linear independence assumption are satisfied.
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作者：Jackson, Matthew O.; Storms, Evan C.
作者单位：Stanford University; The Santa Fe Institute
摘要：When people coordinate their behaviors with their friends-e.g., choosing whether to adopt a new technology, protest against a government, attend university-divisions within a social network can lead to contrasting norms of behavior in different parts of the network. We define a society's atoms to be groups of people who adopt the same behavior in every equilibrium. We show that the atoms are at least as coarse as blocks in stochastic block models, and that using knowledge of the atoms to seed ...
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作者：Benkard, C. Lanier; Yurukoglu, Ali; Zhang, Anthony Lee
作者单位：Stanford University; National Bureau of Economic Research; Stanford University; University of Chicago
摘要：This paper measures concentration in narrowly defined product markets for a broad range of consumer goods and services in the United States from 1994 to 2019. We document two main empirical facts. First, concentration levels are high. Of the markets in our sample, 44.4 percent are highly concentrated as defined by US regulators. Second, market concentration has been decreasing since 1994. The median HHI falls from 2,362 to 2,045. These findings stand in stark contrast to the prior literature, ...
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作者：Gaudin, Germain
作者单位：University of Freiburg
摘要：We study quality distortions when firms hold market power. We develop a model allowing for flexible functional forms of demand in order to extend Spence's (1975) monopoly analysis to imperfect competition. We show that quality distortions are determined by a competition effect that captures the externality a firm exerts on its competitors when raising both its price and its quality, in addition to Spence's (1975) effect related to the shape of total market demand. Our approach also allows us t...
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作者：Cao, Dan; Lagunoff, Roger; Xu, Yingqi
作者单位：Georgetown University
摘要：We examine the dynamic connections between local wealth inequality and the local politics of property rights. A jurisdiction comprises a politically dominant in-group and a marginalized out-group. At each date, the jurisdiction exploits weaknesses in due process rights under the legal system to redistribute property claims away from the out-group and toward the in-group. It combines takings and zoning with the leveraging of public assets to deter legal challenges. This leverage varies over tim...
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作者：Hara, Chiaki; Mukerji, Sujoy; Riedel, Frank; Tallon, Jean-Marc
作者单位：Kyoto University; University of London; Queen Mary University London; University of Bielefeld; University of Johannesburg; Centre National de la Recherche Scientifique (CNRS); Paris School of Economics
摘要：This paper examines efficient allocations in economies where consumers exhibit heterogeneous smooth ambiguity preferences and face model uncertainty with a common set of identifiable models. Aggregate endowment is ambiguous. We characterize economies where the representative consumer is of the smooth ambiguity type and derive efficient sharing rules. Heterogeneous ambiguity aversion leads to sharing rules that systematically differ from those in vNM economies. The representative consumer's amb...
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作者：Strack, Philipp; Taubinsky, Dmitry
作者单位：Yale University; University of California System; University of California Berkeley; National Bureau of Economic Research
摘要：We study the possibility of identifying time-inconsistent preferences in empirical designs where preferences are elicited in advance at time 0 and then again at time 1, after the agent receives additional information. For single-peaked preferences, time consistency is rejected only when the time-1 ranking between a pair of alternatives is always the reverse of the time-0 ranking. We establish variations and generalizations of this result. Since such stark reversals are rarely observed, choice-...
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作者：Sullivan, Michael Rolland
作者单位：University of British Columbia
摘要：This article develops techniques for the empirical analysis of repeated sequential search over unordered alternatives using data on consumer search processes. I use these techniques to assess why consumers conduct little search in e-commerce and often pay significantly above the minimum available price for a product. Search costs could explain these facts, as could pre-search seller differentiation: Consumers with low search costs may not visit stores they dislike based on information known be...
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作者：Liu, Ce; Wang, Ziwei; Zhang, Hanzhe
作者单位：Michigan State University; Peking University
摘要：Complementarities and peer effects are common in matching markets, yet incorporating them often leads to nonexistence of stable matchings. We observe that matching is often an ongoing process rather than a static allocation, where long-lived firms interact over time with short-lived workers. We show that when wages are flexible and firms are sufficiently patient, a dynamically stable solution always exists in many-to-one matching markets - even with complementarities and peer effects. Flexible...
