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作者：Boone, Jan; Schottmuller, Christoph
作者单位：Tilburg University; Tilburg University; Tilburg University; Center for Economic & Policy Research (CEPR); University of Copenhagen
摘要：We analyze optimal procurement mechanisms when firms are specialized. The procurement agency has incomplete information concerning the firms' cost functions and values high quality as well as low price. Lower type firms are cheaper (more expensive) than higher type firms when providing low (high) quality. With specialized firms, distortion is limited and a mass of types earns zero profits. The optimal mechanism can be inefficient: types providing lower second-best welfare win against types pro...
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作者：Chone, Philippe; Linnemer, Laurent
摘要：Dominant firms often are unavoidable trading partners. Buyers may consider switching a fraction of their requirements to rival products, but that fraction is highly uncertain in rapidly evolving industries. Nonlinear pricing serves to adjust the competitive pressure placed on rival firms, depending on the joint distribution of the buyer willingness to pay for the rival's good and the share of contestable demand. Concave price-quantity schedules erect barriers to entry. Convex parts in schedule...
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作者：Grassi, Simona; Ma, Ching-to Albert
作者单位：University of Lausanne; Boston University
摘要：Each of two experts may provide a service to a client. Experts' cost comparative advantage depends on an unknown state, but an expert may exert effort to get a private signal about it. In a market, an expert may refer the client to the other for a fee. In equilibrium, only one expert exerts effort and refers, and the equilibrium allocation is inefficient. Referral efficiency can be restored when experts form an organization, in which a referring expert must bear the referred expert's cost. How...
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作者：Cowan, Simon
作者单位：University of Oxford
摘要：When demand functions in different markets are derived from distributions of reservation prices that differ only in their means, conditions exist such that third-degree price discrimination leads to greater total output and greater total welfare. Welfare is higher with discrimination than with a uniform price when demand functions are derived from logistic distributions with different means. Welfare and consumer surplus are higher with discrimination for demands derived from a distribution rel...
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作者：Babus, Ana
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：Modern banking systems are highly interconnected. Despite various benefits, linkages between banks carry the risk of contagion. In this article, I investigate whether banks can commit ex ante to mutually insure each other, when there is contagion risk in the financial system. I model banks' decisions to share this risk through bilateral agreements. A financial network that allows losses to be shared among various counterparties arises endogenously. I characterize the probability of systemic ri...
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作者：Nishiwaki, Masato
作者单位：Waseda University
摘要：Industries with declining demand tend to be riddled with chronic excess capital due to the presence of a business-stealing effect and fixed costs. This article highlights the potential of mergers to internalize this business-stealing effect and thereby promote divestment. Using the case of mergers in the Japanese cement industry, it examines whether such merger-induced divestment improves total welfare based on a dynamic model of divestment. The findings suggest that merged firms indeed tended...
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作者：de Corniere, Alexandre; de Nijs, Romain
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Institut Polytechnique de Paris; Ecole Polytechnique; Institut Polytechnique de Paris; Ecole des Ponts ParisTech
摘要：An online platform auctions an advertising slot. Several advertisers compete in the auction, and consumers differ in their preferences. Prior to the auction, the platform decides whether to allow advertisers to access information about consumers (disclosure) or not (privacy). Disclosure improves the match between advertisers and consumers but increases product prices, even without price-discrimination. We provide conditions under which disclosure or privacy is privately and/or socially optimal...
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作者：Pozzi, Andrea; Schivardi, Fabiano
作者单位：Center for Economic & Policy Research (CEPR); Bocconi University; Bocconi University
摘要：We disentangle the contribution of unobserved heterogeneity in demand and productivity to firm growth using Italian data containing unique information on firm-level prices. Demand and total factor productivity (TFP) shocks are equally important in shaping firm growth. However, the pass-through of shocks to growth is highly incomplete, more so for productivity shocks. We argue that incompleteness and asymmetry of the pass-through can be explained by frictions that, unlike those studied by the l...
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作者：Jeziorski, Przemyslaw; Krasnokutskaya, Elena
作者单位：University of California System; University of California Berkeley; Johns Hopkins University
摘要：This article provides evidence on the role of subcontracting in the auction-based procurement setting with private cost variability and capacity constraints. We demonstrate that subcontracting allows bidders to modify their costs realizations in a given auction as well as to control their future costs by reducing backlog accumulation. Restricting access to subcontracting raises procurement costs for an individual project by 12% and reduces the number of projects completed in equilibrium by 20%...
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作者：McCullough, Jeffrey S.; Parente, Stephen T.; Town, Robert
作者单位：University of Michigan System; University of Michigan; University of Minnesota System; University of Minnesota Twin Cities; University of Pennsylvania; National Bureau of Economic Research
摘要：Health information technology (IT) adoption, it is argued, will dramatically improve patient care. We study the impact of hospital IT adoption on patient outcomes focusing on the role of patient and organizational heterogeneity. We link detailed hospital discharge data on all Medicare fee-for-service admissions from 2002-2007 to detailed hospital-level IT adoption information. For all IT-sensitive conditions, we find that health IT adoption reduces mortality for the most complex patients but d...
