-
作者：Magnolfi, Lorenzo; Mcclure, Jonathon; Sorensen, Alan
作者单位：University of Wisconsin System; University of Wisconsin Madison; Purdue University System; Purdue University; National Bureau of Economic Research
摘要：We propose a method to augment conventional demand estimation approaches with crowd-sourced data on the product space. Our method obtains triplets data (product A is closer to B than it is to C) from an online survey to compute an embedding-i.e., a low-dimensional representation of the latent product space. The embedding can either replace data on observed characteristics in mixed logit models, or provide pairwise product distances to discipline cross-elasticities in log-linear models. We illu...
-
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...
-
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.
-
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 ...
-
作者：Chaves, Daniel; Duarte, Marco
作者单位：Western University (University of Western Ontario)
摘要：We study the inner workings of a hub-and-spoke cartel in the Brazilian automotive fuel industry. Based on court documents and detailed price and sales data, we discuss how gas station owners (spokes) operating inside the federal capital received help from fuel distributors (hub) to reduce dispersion of and increase gasoline's retail price. We provide evidence that distributor cartel members benefited by raising wholesale prices while keeping competitors from supplying retail cartel members. We...
-
作者：Miettinen, Topi; Vanberg, Christoph
作者单位：Hanken School of Economics; Ruprecht Karls University Heidelberg
摘要：We theoretically investigate how the application of unanimity rule can lead to inefficient delay in collective decision-making. We do so in the context of a distributive multilateral bargaining model featuring strategic precommitment. Prior to each bargaining round, players can declare a minimum share that they must receive in return for their vote. Such declarations become binding with an exogenously given probability. We characterize the set of stationary subgame perfect equilibria (SSPE) un...
-
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, ...
-
作者：Belot, Michele; Kircher, Philipp; Muller, Paul
作者单位：Cornell University; University of Edinburgh; Universite Catholique Louvain; Tinbergen Institute
摘要：We propose a simple method for eliciting individual time preferences without estimating utility functions even in settings where background consumption changes over time. It relies on eliciting preferences for receiving high stakes lottery tickets at different points in time. In a standard intertemporal choice model high rewards decouple lottery choices from variation in background consumption. We investigate robustness to other assumptions theoretically, and validate our elicitation method ex...
-
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...
-
作者：Arigapudi, Srinivas; Heller, Yuval; Schreiber, Amnon
作者单位：Indian Institute of Technology System (IIT System); Indian Institute of Technology (IIT) - Kanpur; Bar Ilan University
摘要：Coordination games feature two types of equilibria: pure equilibria, where players successfully coordinate their actions, and mixed equilibria, where players frequently experience miscoordination. We investigate learning dynamics where agents observe the actions of a random sample of their opponents. First, we show that when all agents have the same sample size, whether it is small or large, their behavior converges to one of the pure coordinated equilibria. By contrast, our main results show ...
