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作者：Li, Xing; MacGarvie, Megan; Moser, Petra
作者单位：Peking University; Boston University; New York University
摘要：Copyrights create long-lived intellectual property in goods ranging from science, literature, and music to news, film, and software. The economic effects of copyright, however, are difficult to identify in modern settings. This article exploits an unintended differential increase in copyright length under the UK Copyright Act of 1814in favor of books by dead authorsto examine the effects of longer copyright terms on price. We find that a doubling in copyright length was associated with a subst...
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作者：Kastl, Jakub; Pagnozzi, Marco; Piccolo, Salvatore
作者单位：Princeton University; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; University of Naples Federico II; University of Bergamo
摘要：Internal agency conflicts distort firms' choices and reduce social welfare. To limit these distortions, principals dealing with privately informed agents often acquire information from specialized intermediaries, such as auditing and certification companies, that are able to ascertain, and credibly disclose, agents' private information. We study how the structures of both the information provision and the final good markets affect information accuracy. A monopolistic information provider may s...
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作者：Hyytinen, Ari; Lundberg, Sofia; Toivanen, Otto
作者单位：University of Jyvaskyla; Umea University; Aalto University; KU Leuven
摘要：We analyze a regime change from beauty contests to first-price sealed-bid and scoring auctions, using Swedish data on public procurement of cleaning services. In beauty contests, the lowest bid often lost, leaving substantial money on the table. The procurement costs were similar before and after the regime change: (i) Entry strongly decreases the procurement cost but did not change. Entry would have decreased had the municipalities not adjusted the objects of auctions. (ii) Municipalities fav...
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作者：Luo, Yao; Perrigne, Isabelle; Quang Vuong
作者单位：University of Toronto; Rice University; New York University
摘要：Uncertainty about ex post realized values is an inherent component in many auction environments. In this article, we develop a structural framework to analyze auction data subject to ex post uncertainty as a pure risk. We consider a low-price sealed-bid auction model with heterogeneous bidders' preferences and ex post uncertainty. The uncertainty can be common to all bidders or idiosyncratic. We derive the model restrictions and study nonparametric and semiparametric identification of the mode...
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作者：Petrikaite, Vaiva
作者单位：Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE); Barcelona School of Economics
摘要：This article shows that a multiproduct firm has incentives to obfuscate its products by using search costs to induce consumers to search through its products in a particular order. The consumers who draw high valuations of the first product terminate their search earlier than the consumers who draw low valuations. Thus, the firm has incentives to raise the price of the earlier searched product. The optimal search cost for an obfuscated product is such that consumers inspect the product only if...
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作者：Kuehn, Joseph
摘要：I study why local banking markets became dominated by multimarket firms following deregulation in the 1990s. I estimate a model of branch entry that allows for spillovers across markets. The spillovers complicate estimation, and so I develop a revealed preference approach that also deals with unobserved firm and market heterogeneity. I then analyze the impact of multimarket banks and find that they increase local competition, but that they also open more branches than single-market firms, and ...
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作者：Chen, Yongmin; Sappington, David E. M.
作者单位：University of Colorado System; University of Colorado Boulder; State University System of Florida; University of Florida
摘要：We analyze the optimal design of damages for patent infringement when a follow-on innovator may infringe the patent of an initial innovator. We consider damage rules that are linear combinations of the popular lost profit (LP) and unjust enrichment (UE) rules, coupled with a lump-sum transfer between innovators. Such linear rules can sometimes induce the socially optimal levels of sequential innovation and the optimal allocation of industry output. The optimal linear rule achieves the highest ...
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作者：Holmberg, Par; Wolak, Frank A.
作者单位：University of Cambridge; University of Cambridge; Stanford University
摘要：We analyze how market design influences bidding in multiunit procurement auctions where suppliers have asymmetric information about production costs. Our analysis is particularly relevant to wholesale electricity markets, because it accounts for the risk that a supplier is pivotal; market demand is larger than the total production capacity of its competitors. With constant marginal costs, expected welfare improves if the auctioneer restricts offers to be flat. We identify circumstances where t...
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作者：Chen, Ying-Ju; Zenou, Yves; Zhou, Junjie
作者单位：Hong Kong University of Science & Technology; Monash University; National University of Singapore
摘要：We study pricing strategies of competing firms selling heterogeneous products to consumers. Goods are substitutes and there are network externalities between neighboring consumers. In equilibrium, firms price discriminate based on the network positions and charge lower prices to more central consumers. We also show that, under some conditions, firms' equilibrium profits decrease when either the network becomes denser or network effects increase. In contrast, consumers always benefit from being...
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作者：Galasso, Alberto; Schankerman, Mark
作者单位：University of Toronto; National Bureau of Economic Research; University of London; London School Economics & Political Science; Center for Economic & Policy Research (CEPR)
摘要：We study the causal impact of patent invalidation on subsequent innovation and exit by patent holders. The analysis uses patent litigation data from the US Federal Circuit Court and exploits random allocation of judges to control for endogeneity of the decision. Invalidation causes patent holders to reduce patenting over a five-year window by 50% on average, but the effect is heterogeneous. The impact is large for small- and medium-sized firms, particularly where they face many large competito...
