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作者：Salant, Yuval; Siegel, Ron
作者单位：Northwestern University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We study a model of contracts in which a profit-maximizing seller uses framing to influence buyers' purchasing behavior. Framing temporarily affects how buyers evaluate different products, and buyers can renege on their purchases after the framing effect wears off. We characterize the optimal contracts with framing and their welfare properties in several settings. Framing that is not too strong reduces total welfare in regulated markets with homogenous buyers, but increases total welfare in ma...
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作者：Karni, Edi
作者单位：Johns Hopkins University
摘要：This paper describes a direct revelation mechanism for eliciting decision makers' introspective beliefs on sets of subjective prior or posterior probabilities. The proposed scheme constitutes a revealed-preference procedure for measuring the inclination of decision makers to choose one alternative over another modeled by Minardi and Savochkin (2015).
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作者：Kimya, Meat
作者单位：Koc University
摘要：It is well known that decision makers do not always consider all of the available alternatives when making a choice. When the alternatives have attributes, these attributes provide a natural way to form the consideration set. I assume a procedure in which the decision maker uses the relative ranking of the alternatives on each attribute to reduce the size of the choice set. I provide a characterization of the procedure and illustrate how to identify the underlying preference and consideration ...
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作者：Hyytinen, Ari; Steen, Frode; Toivanen, Otto
作者单位：Hanken School of Economics; University of Jyvaskyla; Norwegian School of Economics (NHH); Centre for Economic Policy Research - UK; Aalto University; KU Leuven
摘要：How many cartels are there, and how long do they live? The answers to these questions are important in assessing the need for competition policy. We present a Hidden Markov Model that takes into account that often it is not known whether a cartel exists or not. We take the model to data from a period of legal cartels-Finnish manufacturing industries 1951-1990. Our estimates suggest that once born, cartels are persistent; by the end of the period, almost all industries were cartelized.
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作者：Osborne, Matthew
作者单位：University of Toronto; University Toronto Mississauga; University of Toronto; University Toronto Mississauga
摘要：This paper estimates a cost-of-living index using a dynamic structural model for two storable product categories. In each category, regime shifts to higher or lower retail prices are observed. Fixed-base indexes do a poor job of capturing changes in welfare after a regime shift, and deviate front the dynamic index by as much as 300 percent. I evaluate the extent to which two recently proposed indexes can approximate the model-derived index. These indexes improve welfare measurement and are str...
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作者：Demuynck, Thomas; Seel, Christian
作者单位：Universite Libre de Bruxelles; Maastricht University
摘要：We derive revealed preference tests for models where individuals use consideration sets to simplify their consumption problem. Our basic test provides necessary and sufficient conditions for consistency of observed choices with the existence of consideration set restrictions. The same conditions can also be derived from a model in which the consideration set formation is endogenous and based on subjective prices. By imposing restrictions on these subjective prices, we obtain additional refined...
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作者：Fershtman, Chaim; Segal, Uzi
作者单位：Tel Aviv University; Center for Economic & Policy Research (CEPR); Boston College; University of Warwick
摘要：Interaction between decision makers may affect their preferences. We consider a setup in which each individual is characterized by two sets of preferences: his unchanged core preferences and his behavioral preferences. Each individual has a social influence function that determines his behavioral preferences given his core preferences and the behavioral preferences of other individuals in his group. Decisions are made according to behavioral preferences. The paper considers different propertie...
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作者：Guerrieri, Veronica; Shimer, Robert
作者单位：University of Chicago; University of Chicago
摘要：This paper explores price formation when sellers are privately informed about their preferences and the quality of their asset. There are many equilibria, including a semi-separating one in which each seller's price depends on a one-dimensional index of her preferences and asset quality. This multiplicity does not rely on off-the-equilibrium path beliefs and so is not amenable to standard signaling game refinements. The semi-separating equilibrium may not be Pareto efficient, even if it is not...
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作者：Heinsalu, Sander
作者单位：Australian National University
摘要：This article studies costly signaling. The signaling effort is chosen in multiple periods and observed with noise. The signaler benefits front the belief of the market, not directly from the effort or the signal. Optimal signaling behavior in time-varying environments trades off effort-smoothing and influencing belief exactly when it yields a return. If the return to signaling first increases over time and then decreases, then the optimal effort rises slowly, reaches its maximum before the ret...
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作者：Flach, Lisandra; Irlacher, Michael
作者单位：University of Munich; Leibniz Association; Ifo Institut; Centre for Economic Policy Research - UK
摘要：We investigate the effects of better access to foreign markets on innovation strategies of multiproduct firms in industries with different scope for product differentiation. Industry-specific demand and cost linkages induce a distinction between the returns to innovation. In differentiated industries, cannibalization is lower and firms invest more in product innovation. In homogeneous industries, firms internalize intra-firm spillovers and invest more in process innovation. Using firm-level da...
