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作者：Hossain, Tanjim; Minor, Dylan; Morgan, John
作者单位：University of Toronto; Northwestern University; University of California System; University of California Berkeley
摘要：Platform competition is ubiquitous, yet platform market structure is little understood. Theory models typically suffer from equilibrium multiplicity-platforms might coexist or the market might tip to either platform. We use laboratory experiments to study the outcomes of platform competition. When platforms are primarily vertically differentiated, we find that even when platform coexistence is theoretically possible, markets inevitably tip to the more efficient platform. When platforms are pri...
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作者：Hellmann, Thomas; Perotti, Enrico
作者单位：University of British Columbia; University of Amsterdam
摘要：This paper models the generation, circulation, and completion of new ideas, showing how markets and innovative firms complement each other in a symbiotic relationship. Novel ideas are initially incomplete and require further insight before yielding a valuable innovation. Finding the complementary piece requires ideas to circulate, which creates appropriation risks. Circulation of ideas in markets ensures efficient completion, but because ideas can be appropriated, market entrepreneurs underinv...
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作者：Giesecke, Kay; Kim, Baeho
作者单位：Stanford University; Korea University
摘要：This paper develops dynamic measures of the systemic risk of the financial sector as a whole. It defines systemic risk as the conditional probability of failure of a sufficiently large fraction of the total population of financial institutions. This definition recognizes that the cause of systemic distress is the correlated failure of institutions to meet obligations to creditors, customers, and trading partners. The likelihood estimators of the failure probability are based on a dynamic hazar...
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作者：Goldfarb, Avi; Tucker, Catherine E.
作者单位：University of Toronto; Massachusetts Institute of Technology (MIT)
摘要：We explore substitution patterns across advertising platforms. Using data on the advertising prices paid by lawyers for 139 Google search terms in 195 locations, we exploit a natural experiment in ambulance-chaser regulations across states. When lawyers cannot contact clients by mail, advertising prices per click for search engine advertisements are 5%-7% higher. Therefore, online advertising substitutes for offline advertising. This substitution toward online advertising is strongest in marke...
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作者：Cockburn, Iain M.; MacGarvie, Megan J.
作者单位：Boston University; National Bureau of Economic Research
摘要：To what extent are firms kept out of a market by patents covering related technologies? Do patents held by potential entrants make it easier to enter markets? We estimate the empirical relationship between market entry and patents for 27 narrowly defined categories of software products during the period 1990-2004. Controlling for demand, market structure, average patent quality, and other factors, we find that a 10% increase in the number of patents relevant to market reduces the rate of entry...
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作者：van de Kuilen, Gijs; Wakker, Peter P.
作者单位：Tilburg University; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam
摘要：This paper introduces a parameter-free method for measuring the weighting functions of prospect theory and rank-dependent utility. These weighting functions capture risk attitudes, subjective beliefs, and ambiguity attitudes. Our method, called the midweight method, is based on a convenient way to obtain midpoints in the weighting function scale. It can be used both for risk (known probabilities) and for uncertainty (unknown probabilities). The resulting integrated treatment of risk and uncert...
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作者：Shulman, Jeffrey D.; Coughlan, Anne T.; Savaskan, R. Canan
作者单位：University of Washington; University of Washington Seattle; Northwestern University; Southern Methodist University
摘要：This paper investigates the pricing and restocking fee decisions of two competing firms selling horizontally differentiated products. We model a duopoly facing consumers who have heterogeneous tastes for the products and who must experience a product before knowing how well it matches with their preferences. The analysis yields several key insights. Restocking fees not only can be sustained in a competitive environment, but also are more severe when consumers are less informed about product fi...
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作者：Aid, Rene; Chemla, Gilles; Porchet, Arnaud; Touzi, Nizar
作者单位：Imperial College London; Centre for Economic Policy Research - UK; Universite PSL; Universite Paris-Dauphine; Universite PSL; Universite Paris-Dauphine; Institut Polytechnique de Paris; Ecole Polytechnique; ENSTA Paris
摘要：This paper analyzes the interactions between competitive (wholesale) spot, retail, and forward markets and vertical integration in electricity markets. We develop an equilibrium model with producers, retailers, and traders to study and quantify the impact of forward markets and vertical integration on prices, risk premia, and retail market shares. We point out that forward hedging and vertical integration are two separate mechanisms for demand and spot price risk diversification that both redu...
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作者：Bernstein, Fernando; DeCroix, Gregory A.; Wang, Yulan
作者单位：Duke University; University of Wisconsin System; University of Wisconsin Madison; Hong Kong Polytechnic University
摘要：We consider an assemble-to-order system in which multiple products are assembled from a common component and a set of product-dedicated components. Component capacities are chosen prior to a finite-horizon selling season, and the common component is allocated to the products based on observed demands. We propose a collection of allocation mechanisms involving varying degrees of demand aggregation, ranging from a scheme under which all demands are observed prior to making the allocation decisio...
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作者：Ren, Charlotte R.; Hu, Ye; Hu, Yu (Jeffrey); Hausman, Jerry
作者单位：Purdue University System; Purdue University; University of Houston System; University of Houston; Massachusetts Institute of Technology (MIT)
摘要：Product variety is an important strategic tool that firms can use to attract customers and respond to competition. This study focuses on the retail industry and investigates how stores manage their product variety, contingent on the presence of competition and their actual distance from rivals. Using a unique data set that contains all Best Buy and Circuit City stores in the United States, the authors find that a store's product variety (i.e., number of stock-keeping units) increases if a riva...
