American Economic Journal: Microeconomics

最新文章

• Complementary Bidding and the Collusive Arrangement: Evidence from an Antitrust Investigation AI翻译
  作者：Clark, Robert; Coviello, Decio; De Leverano, Adriano
  作者单位：Queens University - Canada; Universite de Montreal; HEC Montreal
  摘要：Clustered bids and a missing mass of nearly tied bids have both been proposed as markers of collusion. We present causal empirical evidence from an actual procurement cartel that bidding involves both clustering and a gap around the winning bid. We support these results with information from the testimony of cartel participants that explains how both patterns arise naturally as part of an arrangement featuring complementary bidding. Based on these findings, we develop an easy-to-implement scre...
• Optimal Contract Regulation in Selection Markets AI翻译
  作者：Levy, Yehuda John; Veiga, Andre
  作者单位：University of Glasgow; Imperial College London
  摘要：We model competitive insurance markets with continuous cost-types. A regulator sets minimum and maximum coverage levels and a fee for nonbuyers. Equilibrium is unique if the type distribution is log-concave. Increasing the nonpurchase fee increases welfare if the density of types is decreasing. The optimal level of the minimum coverage is positive, is below full insurance, and induces some pooling at the minimum coverage contract. The optimal level of the maximum coverage is full insurance, ev...
• The Organization of Innovation: Incomplete Contracts and the Outsourcing Decision AI翻译
  作者：Jungbauer, Thomas; Nicholson, Sean; Pan, June; Waldman, Michael; Wang, Lucy Xiaolu
  作者单位：Cornell University; Cornell University; National Bureau of Economic Research; Cornell University; University of Massachusetts System; University of Massachusetts Amherst
  摘要：Why do firms outsource research and development (R&D) for some products while conducting R&D in-house for similar ones? An innovating firm risks cannibalizing its existing products. The more profitable these products, the more the firm wants to limit cannibalization. We apply this logic to the organization of R&D by introducing a novel theoretical model in which developing in-house provides the firm more control over the new product's location in product space. An empirical analysis of our tes...
• Unraveling and Inefficient Matching AI翻译
  作者：Vohra, Akhil
  作者单位：University System of Georgia; University of Georgia; University of Exeter
  摘要：Labor markets unravel when workers and firms match inefficiently early under limited information. I argue that a significant determinant of unraveling is the presence of a secondary market, where firms can poach workers, and its transparency: how well firms can ascertain workers' value once they are employed by competitors. While early hiring reduces the probability of hiring a high-type worker, it prevents rivals from learning about the worker, making poaching difficult. When secondary market...
• Strategic Thinking Skills: A Key to Collective Economic Success AI翻译
  作者：Choi, Syngjoo; Kim, Seonghoon; Lim, Wooyoung
  作者单位：Seoul National University (SNU); Singapore Management University; Hong Kong University of Science & Technology
  摘要：We conduct a large-scale experiment to measure elementary aspects of strategic thinking skills and their linkage to labor market outcomes. Two incentivized measures of higher-order rationality and backward induction are developed. Males' (females') strategic thinking skills are positively (negatively) associated with individual labor income. However, among married individuals, strategic thinking skills are significantly and positively associated with their household labor income regardless of ...
• The Modern Wholesaler: Global Sourcing, Domestic Distribution, and Scale Economies† AI翻译
  作者：Ganapati, Sharat
  作者单位：Georgetown University; Leibniz Association; Ifo Institut; National Bureau of Economic Research
  摘要：Half of all transactions in the $6 trillion market for manufactured goods in the United States were intermediated by wholesalers in 2012, up from 32 percent in 1992. Seventy percent of this increase is due to the growth of superstar firms-the largest 1 percent. Estimates based on detailed administrative data show that the rise of the largest firms was driven by an intuitive linkage between their sourcing of goods from abroad and an expansion of their domestic distribution network to reach more...
• One Man, One Vote AI翻译
  作者：Pancs, Romans; Sharma, Tridib
  作者单位：University of Rochester; Instituto Tecnologico Autonomo de Mexico
  摘要：In the United States, electoral districts must be equipopulous. This requirement is known as the one man, one vote doctrine. We propose welfare-based justifications for this requirement under the economic view, according to which voters care about the policy, and under the political view, according to which voters care about representation. Both justifications assume that the districter is partisan. If the districter is benevolent, one man, one vote is harmless under the economic view but may ...
• Voter Information and Distributive Politics AI翻译
  作者：Blumenthal, Benjamin
  作者单位：Universite Libre de Bruxelles; Fonds de la Recherche Scientifique - FNRS; Universite Libre de Bruxelles
  摘要：Does more information benefit voters? I examine this question in a novel setting of distributive politics and electoral accountability. Homogeneously informed electorates can benefit from less information through improvements in the control or screening of politicians. For heterogeneously informed electorates, I show that the distribution of resources and voter welfare is affected by the nature of informational heterogeneity and by voters' ability to communicate with each other, making less-in...
• Search Costs and Context Effects AI翻译
  作者：Karle, Heiko; Kerzenmacher, Florian; Schumacher, Heiner; Verboven, Frank
  作者单位：Centre for Economic Policy Research - UK; Leibniz Association; Ifo Institut; University of Innsbruck; KU Leuven
  摘要：Empirical search cost estimates are often large and increasing in the size of the transaction. We conduct an online search experiment in which we manipulate the price scale while keeping the physical search effort per price quote constant. Additionally, we obtain a direct measure of subjects' opportunity costs of time. Using a standard search model, we confirm that search cost estimates are large and increasing in the price scale. We then modify the model to incorporate context effects with re...
• Asymmetric Models of Sales AI翻译
  作者：Myatt, David P.; Ronayne, David
  作者单位：University of London; London Business School; European School of Management & Technology
  摘要：We generalize the captive-and-shopper model of sales to allow asymmetries in production costs and captive audiences, in oligopoly. Both kinds of asymmetry determine the firms that compete (via randomized sales) to serve the price-comparing shoppers, while other firms exploit their captive audiences. In contrast to a model with symmetric costs (but asymmetric captive audiences), there are natural situations in which more than two firms use sales by engaging in pairwise battles across distinct p...