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作者：Wilson, Alistair J.; Vespa, Emanuel
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; University of California System; University of California Santa Barbara
摘要：We experimentally examine how information transmission functions in an ongoing relationship. Where the one-shot-cheap-talk literature documents substantial overcommunication and preferences for honesty, the outcomes in our repeated setting are more consistent with uninformative babbling outcomes. This is particularly surprising, as honest revelation is supportable as an equilibrium outcome in our repeated setting. We show that inefficient outcomes are driven by a coordination failure on how to...
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作者：Mass, Helene; Fugger, Nicolas; Gretschko, Vitali; Wambach, Achim
作者单位：University of Bonn; University of Cologne; Leibniz Association; Zentrum fur Europaische Wirtschaftsforschung (ZEW)
摘要：Procurement regulation. aimed at curbing discrimination requires equal treatment of sellers. However, Deb and Pai (2017) show that such regulation imposes virtually no restrictions on the ability to discriminate. We propose a simple rule-imitation perfection-that restricts discrimination significantly. It ensures that in every equilibrium, bidders with the same valuation distribution and the same valuation earn the same expected utility. If all bidders are homogeneous, revenue and social surpl...
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作者：Hatfield, John William; Jagadeesan, Ravi; Kominers, Scott Duke
作者单位：University of Texas System; University of Texas Austin; Harvard University; Harvard University; Harvard University; Harvard University
摘要：Hatfield and Kominers (2012) introduced a model of matching in networks with bilateral contracts and showed that stable outcomes exist in supply chains when firms' preferences over contracts are fully substitutable. Hatfield and Kominers (2012) also asserted that in their setting, full substitutability is equivalent to the assumption that all indirect utility representations of each firm's preferences are quasisubmodular; we show here that this claimed equivalence result does not hold in gener...
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作者：Eldar, Ofer; Magnolfi, Lorenzo
作者单位：Duke University; University of Wisconsin System; University of Wisconsin Madison
摘要：This article develops an empirical model of firms' choice of corporate laws under inertia. Delaware dominates the incorporation market, though recently Nevada, a state whose laws are highly protective of managers, has acquired a sizable market share. Using a database of firm incorporation decisions from 1995 to 2013, we show that most firms dislike protectionist laws, such as anti-takeover statutes and liability protections for officers, and that Nevada's rise is due to the preferences of smal...
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作者：Miravete, Eugenio J.; Seim, Katja; Thurk, Jeff
作者单位：University of Texas System; University of Texas Austin; Center for Economic & Policy Research (CEPR); Yale University; National Bureau of Economic Research; University of Notre Dame
摘要：Commodity taxation often involves uniform tax rates. We use alcohol laws that tax differentiated spirits with a comprehensive uniform markup to evaluate redistribution generated by such simple tax policy. We document preference heterogeneity among consumers, variation in product demand elasticities, and market power among producers with heterogeneous product portfolios. Relative to more flexible product-level markups recognizing demand heterogeneity and strategic price responses of firms, we f...
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作者：Fainmesser, Itay P.; Galeotti, Andrea
作者单位：Johns Hopkins University; Johns Hopkins University; University of London; London Business School
摘要：We steady the practice of influencer marketing in oligopoly markets and its effect on market efficiency. In our model, each consumer is influenced by choices of a subset of other consumers. Firms gather information on consumers' influence and price discriminate using this information. In equilibrium, firms charge premial subsidize below-/above-average-influential consumers; the premial discounts depend on the strength of network effects and on how much information firms have on consumers' infl...
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作者：Biglaiser, Gary; Cremer, Jacques
作者单位：University of North Carolina; University of North Carolina Chapel Hill; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：We study competition for the market in a dynamic model with network externalities, focusing on the efficiency of market outcomes. We propose a representation of the strategic advantages of incumbency and embed it in a dynamic framework with heterogeneous consumers. Then, we completely identify the conditions under which inefficient equilibria with several platforms emerge at equilibrium; explore the reasons why these inefficient equilibria arise; and compute the value of incumbency and analyze...
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作者：Ali, S. Nageeb; Benabou, Roland
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Princeton University; National Bureau of Economic Research; Centre for Economic Policy Research - UK; IZA Institute Labor Economics; Canadian Institute for Advanced Research (CIFAR)
摘要：We analyze the costs and benefits of using social image to foster desirable behaviors. Each, agent acts based on his intrinsic motivation, private assessment of the public good, and reputational concern for appearing prosocial. A Principal sets the general degree of privacy, observes the social outcome, and implements a policy: investment, subsidy, law, etc. Individual visibility reduces free riding but makes aggregate behavior (descriptive norm) less informative about societal preferences (pr...
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作者：Butters, R. Andrew
作者单位：Indiana University System; IU Kelley School of Business; Indiana University Bloomington
摘要：Measures of productivity reveal large differences across producers even within narrowly defined industries. Traditional measures of productivity, however, will associate differences in demand volatility to differences in productivity when adjusting factors of production is costly. I document this effect by comparing the influence of demand volatility on capacity utilization in a high (hotels) and low (airlines) adjustment cost industry. Differences in annual demand volatility explain a large s...
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作者：Mauring, Eeva
作者单位：University of Vienna
摘要：I show that market participants' equilibrium beliefs can create fluctuations in the volume of trading, even in a stationary environment. I study a sequential search model where buyers face an unknown distribution of offers. Each buyer learns about the distribution by observing whether a randomly chosen buyer traded yesterday. A cyclical equilibrium exists where the informational content of observing a trade fluctuates, which leads to fluctuations in the volume of trading. The cyclical equilibr...
