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作者：Aguirregabiria, Victor; Clark, Robert; Wang, Hui
作者单位：University of Toronto; Center for Economic & Policy Research (CEPR); Universite de Montreal; HEC Montreal; Peking University
摘要：The 1994 Riegle-Neal Act (RN) removed restrictions on branch-network expansion for banks in the United States. An important motivation was to facilitate geographic risk diversification (GRD). Using a factor model to measure banks' geographic risk, we show that RN expanded GRD possibilities in small states, but only some large banks took advantage. Using our measure of geographic risk and an empirical model of branch-network choice, we identify preferences toward GRD separately from other facto...
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作者：Deb, Joyee; Li, Jin; Mukherjee, Arijit
作者单位：Yale University; Northwestern University; Michigan State University
摘要：We study optimal dynamic contracting for a firm with multiple workers where compensation is based on public performance signals and privately reported peer evaluations. We show that if evaluation and effort provision are done by different workers (e.g., consider supervisor-agent hierarchy), first-best can be achieved even in a static setting. However, if each worker both exerts effort and reports peer evaluations (e.g., consider team setting), effort incentives cannot be decoupled from truth-t...
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作者：Shcherbakov, Oleksandr
作者单位：University of Mannheim
摘要：In this article, I develop and estimate a model of dynamic consumer behavior with switching costs in the market for paid-television services. I estimate the parameters of the structural model using data on cable and satellite systems across local US television markets over the period 1992-2006. The results suggest switching costs range from $159 to $242 for cable and from $212 to $276 for satellite providers in 1997 dollars. Using a simple dynamic model of cable providers, I demonstrate that s...
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作者：Li, Tong; Lu, Jingfeng; Zhao, Li
作者单位：Vanderbilt University; National University of Singapore; Shanghai Jiao Tong University
摘要：We study auctions with selective entry and risk averse bidders. Our model accounts for risk averse bidders' endogenous participation decision and thus encompasses the existing entry models. We establish entry and bidding equilibrium in first-price auction and ascending auction mechanisms and show that bidders' entry behavior differs between these two mechanisms with different forms of risk aversion. Our approach provides testable implications of risk aversion in terms of entry behavior. We ana...
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作者：Bronnenberg, Bart J.
作者单位：Tilburg University; Centre for Economic Policy Research - UK
摘要：Consumers commonly face purchasing costs, for example, travel or wait time, that are fixed to quantity but increase with variety. This article investigates the impact of such costs on the demand and supply of variety. Purchasing costs limit demand for variety like prices limit demand for quantity. When demand for variety is low, manufacturers generally invest substantially in lowering purchasing costs, to attract consumers. In the monopolistic competition free-entry equilibrium, providing conv...
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作者：Chen, Daniel L.
作者单位：Swiss Federal Institutes of Technology Domain; ETH Zurich
摘要：The alienability of legal claims holds the promise of increasing access to justice and fostering development of law. I develop a principal-agent framework where litigation funders provide expertise in reducing uncertainty in agents' disutility of production. The model leads to the counterintuitive prediction that litigation funders prefer cases with novel issues, and social surplus is positively correlated with legal uncertainty. Consistent with the model, court backlog, court expenditures, an...
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作者：Wang, Emily Yucai
作者单位：University of Massachusetts System; University of Massachusetts Amherst
摘要：The typical analysis on the effectiveness of soda taxes relies on price elasticity estimates from static demand models, which ignores consumers' inventory behaviors and their persistent tastes. This article provides estimates of the relevant price elasticities based on a dynamic demand model that better addresses potential intertemporal substitution and unobservable persistent heterogeneous tastes. It finds that static analyses overestimate the long-run own-price elasticity of regular soda by ...
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作者：Khalil, Fahad; Lawarree, Jacques; Scott, Troy J.
作者单位：University of Washington; University of Washington Seattle; Research Triangle Institute
摘要：When a principal's monitoring information is private (nonverifiable), the agent should be concerned that the principal could misrepresent the information to reduce the agent's wage or collect a monetary penalty. Restoring credibility may lead to an extreme waste of resourcesthe so-called burning of money. A more realistic and efficient outcome is feasible when the private information arrives in time to rescale the agent's effort. Rescaling is more effective than pure monetary penalties because...
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作者：Cisternas, Gonzalo; Figueroa, Nicolas
作者单位：Massachusetts Institute of Technology (MIT); Pontificia Universidad Catolica de Chile
摘要：We characterize the optimal mechanism and investment level in an environment where (i) two projects of independent costs are purchased sequentially, (ii) the buyer can commit to a two-period mechanism, and (iii) the winner of the first project can invest in a cost-reducing technology between auctions. We show that, in an attempt to induce more competition in the first period, the optimal mechanism gives an advantage to the first-period winner in the second auction. As a result of this advantag...
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作者：Gary-Bobo, Robert J.; Trannoy, Alain
作者单位：Institut Polytechnique de Paris; ENSAE Paris; Leibniz Association; Ifo Institut; Aix-Marseille Universite; Centre National de la Recherche Scientifique (CNRS)
摘要：We characterize the set of second-best menus of student-loan contracts in an economy with risky labor-market outcomes, adverse selection, moral hazard, and risk aversion. We combine student loans with optimal income taxation. Second-best optima provide incomplete insurance because of moral hazard. Optimal repayments must be income contingent, or the income tax must comprise a graduate tax. Individuals are ex ante unequal because of differing probabilities of success, and ex post unequal, becau...
