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作者：Shapiro, Bradley T.
作者单位：University of Chicago
摘要：It is taken as given by many policy makers that Direct-to-Consumer Advertising of prescription drugs drives inappropriate patients to treatment. Alternatively, advertising may provide useful information that causes appropriate patients to seek treatment. I study this dynamic in the context of antidepressants. Leveraging variation driven by the borders of television markets, I find that a 10 percent increase in antidepressant advertising leads to a 0.3 percent ($32 million) increase in new pres...
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作者：Fukuda, Satoshi; Kamada, Yuichiro
作者单位：Bocconi University; Bocconi University; University of California System; University of California Berkeley
摘要：We study negotiations with limited specifiability-each party may not be able to fully specify a negotiation outcome. We construct a class of negotiation protocols to conduct comparative statics on specifiability as well as move structures. We find that asynchronicity of proposal announcements narrows down the equilibrium payoff set, in particular, leading to a unique prediction in negotiations with a common interest alternative. The equilibrium payoff set is not a singleton in general, and dep...
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作者：Janssen, Maarten C. W.; Roy, Santanu
作者单位：University of Vienna; HSE University (National Research University Higher School of Economics); Centre for Economic Policy Research - UK; Southern Methodist University
摘要：Information regulation that penalizes deceptive communication by firms can have significant unintended consequences. We consider a market where competing firms communicate private information about product quality through a combination of pricing and direct communication (advertising or labeling) that may be false. A higher fine for lying reduces the reliance on price signaling, thereby lowering market power and consumption distortions; however, it may lead to excessive disclosure. Low fines a...
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作者：Acemoglu, Daron; Makhdoumi, Ali; Malekian, Azarakhsh; Ozdaglar, Asu
作者单位：Massachusetts Institute of Technology (MIT); Duke University; University of Toronto; Massachusetts Institute of Technology (MIT)
摘要：When a user shares her data with online platforms, she reveals infor-mation about others. In such a setting, externalities depress the price of data because once a user's information is leaked by others, she has less reason to protect her data and privacy. These depressed prices lead to excessive data sharing. We characterize conditions under which shutting down data markets improves welfare. Platform competition does not redress the problem of excessively low data prices and too much data sha...
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作者：Akin, S. Nuray; Platt, Brennan C.
作者单位：Ozyegin University; Brigham Young University
摘要：We study a dynamic equilibrium search model where sellers differ in their urgency to liquidate an asset. Buyers strategically make price offers without knowing a given seller's urgency. We study liquidity and price dynamics on the transition path after an unex-pected shock. Generically, the transition includes a phase where all buyers offer the same price, causing a market collapse; how-ever, price dispersion resumes in finite time, leading to a recovery where both types make sales. We show th...
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作者：Levit, Doron; Tsoy, Anton
作者单位：University of Washington; University of Washington Seattle; European Corporate Governance Institute; University of Toronto; Center for Economic & Policy Research (CEPR)
摘要：One-size-fits-all recommendations are common in many contexts, including those with a widespread heterogeneity. We propose a model that rationalizes this phenomenon. An expert recommends publicly to two agents whether to adopt a policy. The expert is pri-vately informed about agents' payoffs from the policy and his conflict of interest. We show that one-size-fits-all recommendations can be informative even when payoffs are independent across agents. Such recommendations increase the expert's i...
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作者：Xiao, Mo; Yuan, Zhe
作者单位：University of Arizona; Zhejiang University; Zhejiang University
摘要：US spectrum licenses cover geographically distinct areas and often complement each other. A bidder seeking to acquire multiple licenses is exposed to the risk of winning only isolatedpatches. Using Auction 73 data, we model the bidding process as an entry game with inter-dependent markets and evolving bidder beliefs. Bidders' decisions on bidding provide bounds on licenses' stand-alone values and com-plementarity between licenses. We show that the effects of package bidding on bidders' exposur...
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作者：Choi, Albert H.; Spier, Kathryn E.
作者单位：University of Michigan System; University of Michigan; Harvard University
摘要：When firms collude and charge supracompetitive prices, consumers can bring antitrust lawsuits against the firms. When the litigation cost is low, firms accept the cost as just another cost of doing business, whereas when the cost is high, the firms lower the price to deter litigation. Class action is modeled as a mechanism that allows plaintiffs and attorneys to obtain economies of scale. We show that class actions, and the firms' incentive to block them, may or may not be socially desirable. ...
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作者：Dragone, Davide; Vanin, Paolo
作者单位：University of Bologna
摘要：We consider a broad class of intertemporal economic problems and characterize the short-run and long-run responses of the demand for a good to a permanent increase in its market price. Depending on the interplay between self-productivity and time discounting, we show that dynamic substitution effects can generate price elasticities of opposite signs in the short run and in the long run.
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作者：Tyazhelnikov, Vladimir
作者单位：University of Sydney
摘要：I introduce a model of international production that allows the production chain to be of any length or number of sourcing countries and in which the production process does not have to be perfectly sequential. The presence of trade costs in this model makes firms cluster their production geographically, while trade liberalization allows firms to fragment their production more. Clustering patterns depend on the characteristics of the production structure, with stronger clustering associated wi...
