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作者：Nocke, Volker; Schutz, Nicolas
作者单位：University of Mannheim
摘要：Using an aggregative games approach, we analyze horizontal mergers in a model of multiproduct-firm price competition with CES and logit demand, allowing for arbitrary firm and product heterogeneity. We provide conditions under which a merger raises consumer surplus, and establish the dynamic optimality of a myopic, consumer-surplus-based merger approval policy. We also study the aggregate surplus and external effects of a merger. Finally, we show that the market power effect of a merger, defin...
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作者：Aridor, Guy
作者单位：Northwestern University
摘要：Substitution patterns are a crucial input to antitrust analysis, but measuring them for free digital products has proved difficult due to the lack of price variation. I measure substitution patterns by installing software on experimental participants' Android phones that restricts access to Instagram or YouTube-generating variation in choice sets-and monitoring how participants reallocate their time. I find that participants substitute to multiple product categories in both restrictions but al...
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作者：Bobtcheff, Catherine; Levy, Raphael; Mariotti, Thomas
作者单位：Paris School of Economics; Centre National de la Recherche Scientifique (CNRS); Hautes Etudes Commerciales (HEC) Paris; Centre National de la Recherche Scientifique (CNRS); Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：Firms receiving independent signals on a common-value risky project compete to be the first to invest. When firms are symmetric and competition is winner-take-all, rents are fully dissipated in equilibrium and the extent to which signals are publicly disclosed is irrelevant for welfare. When disclosure of signals is asymmetric, welfare is highest when firms are most asymmetric, and policies that uniformly promote disclosure may backfire, especially when competition is severe. When firms strate...
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作者：Butters, R. Andrew; Sacks, Daniel W.; Seo, Boyoung
作者单位：Pennsylvania State System of Higher Education (PASSHE); Indiana University of Pennsylvania; University of Wisconsin System; University of Wisconsin Madison
摘要：Examining widely-sold products across dozens of categories in a national scanner database, we find seasonality in demand is large-20 log points for the median category, and pervasive. At seasonal frequencies, price fluctuations are typically countercyclical but small-1.5 log points on average. For most categories, we find seasonality in demand is driven by extensive margin changes in households purchasing any product in the category, and coincides with demand becoming more elastic as it peaks....
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作者：Ning, Z. Eddie
作者单位：University of British Columbia
摘要：Some projects require collaboration between firms to implement. The expected return from such a project can change over time due to evolving market conditions or the arrival of new information. Each firm may also choose an outside option rather than collaborating. In such a case, when is the joint project implemented, and how do firms split the return? To address these questions, the paper studies a continuous-time model of bilateral bargaining with a stochastic cake and outside options. I sho...
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作者：Dertwinkel-Kalt, Markus; Wey, Christian
作者单位：University of Munster; Heinrich Heine University Dusseldorf
摘要：To help households and firms with exploding energy costs in the aftermath of the Ukraine war, a new policy called the energy price brake was implemented. A unique feature of this relief measure is that it provides a transfer that increases in the consumer's contractual per-unit price of energy. In a formal model, we show that this policy creates incentives for moral hazard of energy providers to raise per-unit prices. Whereas this moral hazard problem increases the policy's fiscal costs, it al...
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作者：Bisceglia, Michele; Piccolo, Salvatore
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; University of Bergamo
摘要：We study a two-period industry where firms are run by agents privately informed about their (persistent) costs, and principals can only use spot contracts. We characterize novel semi-separating equilibria where principals randomize in one or both periods. These equilibria have the following implications for industry dynamics and firms' performance. First, despite some principals learning their agents' type early on, aggregate output need not increase over time: the inefficiencies generated by ...
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作者：Mezzetti, Claudio
作者单位：University of Queensland
摘要：This article studies the verifiable disclosure of data by an informed expert whose bias direction is unknown to the decision maker. It shows that the expert's disclosure induces the decision maker to choose an action biased in the expert's desired direction. The pattern of manipulation depends on the weighted mass of left and right-biased expert types with the same ideal action. All expert types with bias on the side with lower weighted mass, and a subset of types with bias on the other side, ...
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作者：Benatia, David; de Villemeur, etienne Billette
作者单位：Universite de Montreal; HEC Montreal; Universite de Lille; Centre National de la Recherche Scientifique (CNRS); CNRS - Institute for Humanities & Social Sciences (INSHS)
摘要：This article investigates the incentives for firms with market power to manipulate markets by strategically reneging on forward commitments. We first study the behavior of a dominant firm in a two-period model with demand uncertainty. We then use the model's predictions and a machine learning approach to investigate multiple occurrences of reneging on long-term commitments in Alberta's electricity market in 2010-2011. We find that a supplier significantly increased its revenues by strategicall...
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作者：Vollmer, Drew
摘要：In what circumstances is allowing resale more efficient than providing refunds? I study common aftermarket policies in perishable goods markets with demand uncertainty. Using primary and resale market data on college football ticket sales, I estimate a structural model comparing resale, which has flexible prices but incurs frictions, to a partial refund scheme, which is centralized but has rigid prices. In the model, consumers anticipate shocks when making initial purchases, then engage in res...
