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作者：Parameswaran, Giri
作者单位：Haverford College
摘要：I develop a dynamic model of judge-made law in which the ideal legal rule is unknown but can be learned. In contrast to existing articles, the flow of cases heard by the court is affected by the court's prior decisions. The model highlights the significance of this feedback in explaining when and why the court will write broader or narrower opinions, and the long-run properties of common law. In equilibrium, the law settles endogenously, because the incentives to make legally controversial cho...
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作者：Perrone, Helena
作者单位：Pompeu Fabra University; Barcelona School of Economics
摘要：When consumers stockpile, static demand models overestimate long-term price responses. This article presents a dynamic model of demand with consumer inventories and proposes a shortcut to estimate the long-run price elasticities without having to solve the dynamic program. Using French data on food purchases, I find elasticities consistent with those that result from the full-blown estimations found in the literature.
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作者：Burguet, Roberto; Sakovics, Jozsef
作者单位：State University System of Florida; University of Central Florida; University of Edinburgh
摘要：We model oligopolistic firms, producing substitutes, who compete for inputs from capacity constrained suppliers in a decentralized market. Compared to a price-taking input market, the incentive to foreclose downstream competitors leads to higher input prices and to a higher aggregate amount of input acquired. This novel feature mitigates the output reducing effect of downstream market power and may even restore efficiency in the unique (input) market clearing equilibrium. Other equilibria, whe...
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作者：Dranove, David; Garthwaite, Craig; Ody, Christopher
作者单位：Northwestern University
摘要：The theory of cost shifting posits that nonprofit firms share the pain of negative financial shocks with their stakeholders, for example, by raising prices. We examine how nonprofit hospitals responded to the sharp reductions in their assets caused by the 2008 stock market collapse. The average hospital did not raise prices, but hospitals with substantial market power did cost shift in this way. We find no evidence that hospitals reduced treatment costs. Hospitals eliminated but left unchanged...
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作者：Hunold, Matthias; Muthers, Johannes
作者单位：Heinrich Heine University Dusseldorf; University of Wurzburg
摘要：We investigate the incentives of two manufacturers with common retailers to use resale price maintenance (RPM). Retailers provide product-specific services that increase demand and manufacturers use minimum RPM to compete for favorable retail services for their products. Minimum RPM increases consumer prices and can create a prisoner's dilemma for manufacturers without increasing, and possibly even reducing, the overall level of retail services. If manufacturer market power is asymmetric, mini...
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作者：Karle, Heiko; Schumacher, Heiner
作者单位：Frankfurt School Finance & Management; KU Leuven
摘要：We analyze a monopolist's optimal advertising strategy when consumers are expectation-based loss-averse and uncertain about their individual match value with the product. Advertising provides verifiable match value information. It modifies the consumers' reference point and hence their willingness to pay for the product. We show that the optimal advertising strategy pools different consumer types so that some consumers engage in ex ante unfavorable trade. Incomplete informative advertising thu...
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作者：Honka, Elisabeth; Hortacsu, Ali; Vitorino, Maria Ana
作者单位：University of California System; University of California Los Angeles; University of Chicago; National Bureau of Economic Research; University of Minnesota System; University of Minnesota Twin Cities
摘要：How does advertising influence consumer decisions and market outcomes? We utilize detailed data on consumer shopping behavior and choices over bank accounts to investigate the effects of advertising on the different stages of the shopping process: awareness, consideration, and choice. We formulate a structural model with costly search and endogenous consideration sets, and show that advertising in the U.S. banking industry is primarily a shifter of awareness as opposed to consideration or choi...
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作者：Kartik, Navin; Lee, Frances Xu; Suen, Wing
作者单位：Columbia University; Loyola University Chicago; University of Hong Kong
摘要：We study a persuasion game in which biased-possibly opposed-experts strategically acquire costly information that they can then conceal or reveal. We show that information acquisition decisions are strategic substitutes when experts have linear preferences over a decision maker's beliefs. The logic turns on how each expert expects the decision maker's posterior to be affected by the presence of other experts should he not acquire information that would turn out to be favorable. The decision ma...
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作者：Kim, Kyungmin; Pease, Marilyn
作者单位：University of Miami; University of Iowa
摘要：We analyze a dynamic trading model of adverse selection where a seller can increase the frequency of strategic price quotes. A low-quality seller benefits more from trade and, therefore, searches more intensively than a high-quality seller. This makes a seller's contact carry negative information but a seller's availability become a stronger indicator of high quality. In the stationary environment, the two effects exactly offset each other, and reducing search costs is weakly beneficial to the...
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作者：Chi, Chang-Koo; Choi, Kyoung Jin
作者单位：Norwegian School of Economics (NHH); Aalto University; University of Calgary
摘要：Recent studies conclude that small firms have higher but more variable growth rates than large firms. To explore how this empirical regularity affects moral hazard and investment, we develop an agency model with a firm size process having two features: the drift is controlled by the agent's effort and the principal's investment decision, and the volatility is proportional to the square root of size. The firm improves on production efficiency as it grows, and wages are back- loaded when size is...
