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作者：Park, Jimin; Lim, Michael K.; Murali, Karthik
作者单位：Massachusetts Institute of Technology (MIT); Seoul National University (SNU); Oregon State University
摘要：Informal cross-border trade (ICBT) refers to the illegal activities of crossborder commerce conducted by unregistered small-scale traders. We seek to develop insights to understand the ICBT value chain and offer policy recommendations to successfully integrate it into the formal economy. Using a game-theoretic model, we analyze the operations and key market dynamics of ICBT. We analyze the policy implications of three representative UN directives: enhancing marginalized traders' access to form...
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作者：Luo, Cheng; Jiang, Zhenhui (Jack); Li, Xiuping; Yi, Cheng; Tucker, Catherine
作者单位：Tianjin University; University of Hong Kong; National University of Singapore; Tsinghua University; Massachusetts Institute of Technology (MIT)
摘要：Online video platforms face the challenge of balancing the needs of their users with those of their advertisers. Although users typically prefer to have less intrusive ads, advertisers aim to effectively catch user attention. This paper investigates how the provision of ad choice affects the effectiveness of video advertising. We argue that allowing users to choose an ad to view may trigger a conjecture-formation-and-confirmation process that motivates users to pay more attention to the select...
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作者：Slutzky, Pablo; Zeume, Stefan
作者单位：University System of Maryland; University of Maryland College Park; University of Illinois System; University of Illinois Urbana-Champaign
摘要：We exploit staggered municipality-level antimafia enforcement actions in Italy over the 1995-2015 period to study how the presence of organized crime affects firms. Following enforcement actions, we find increases in competition (i) among firms and (ii) for public procurement contracts. Firms that do not exit after a weakening of organized crime shrink in size, more so when operating in the nontradable sector. Our findings are consistent with organized crime acting as a barrier to entry and af...
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作者：Glasserman, Paul; Mamaysky, Harry; Shen, Yiwen
作者单位：Columbia University; Hong Kong University of Science & Technology
摘要：We develop a model of investor information choices and asset prices in which the availability of information about fundamentals is time-varying and responds to investor demand for information. A competitive research sector produces more information when more investors are willing to pay for that research. This feedback, from investor willingness to pay for information to more information production, generates two regimes in equilibrium, one having high prices and low volatility, the other the ...
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作者：Song, Yicheng; Sun, Tianshu
作者单位：University of Minnesota System; University of Minnesota Twin Cities; University of Southern California
摘要：Firms adopt randomized experiments to evaluate various interventions (e.g., web site design, creative content, and pricing). However, most randomized experiments are designed to identify the impact of one specific intervention. The literature on randomized experiments lacks a holistic approach to optimize a sequence of interventions along the customer journey. Specifically, locally optimal interventions unveiled by randomized experiments might be globally suboptimal when considering their inte...
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作者：Ahnert, Toni; Kuncl, Martin
作者单位：European Central Bank; Centre for Economic Policy Research - UK; Bank of Canada
摘要：We study third-party loan guarantees in a model in which lenders can screen and sell loans before maturity when in need of liquidity. Loan guarantees improve market liquidity, reduce lending standards, and can have a positive overall welfare effect. Guarantees improve the average quality of nonguaranteed loans traded and thus, the market liquidity of these loans because of selection. This positive pecuniary externality provides a rationale for guarantee subsidies. Our results contribute to a d...
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作者：Canidio, Andrea; Danos, Vincent
作者单位：Centre National de la Recherche Scientifique (CNRS); CNRS - Institute of Chemistry (INC); Universite PSL; UNICANCER; Institut Curie; Sorbonne Universite; Ecole Normale Superieure (ENS)
摘要：We provide a game-theoretic analysis of the problem of front-running attacks. We use it to distinguish attacks from legitimate competition among honest users for having their transactions included earlier in the block. We also use it to introduce an intuitive notion of the severity of front-running attacks. We then study a simple commit-reveal protocol and discuss its properties. This protocol has costs because it requires two messages and imposes a delay. However, we show that it prevents the...
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作者：Hagiu, Andrei; Wright, Julian
作者单位：Boston University; National University of Singapore
摘要：A key issue for the design of online marketplaces is addressing leakage. Buyers may use the marketplace to discover a seller or to obtain certain conveniences, but the seller may then want to take transactions off the marketplace to avoid transaction fees. Assuming buyers are heterogenous in their switching cost or inconvenience cost of purchasing directly, we provide a model in which there is partial leakage in equilibrium. We use the model to analyze the trade-offs associated with different ...
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作者：Baillon, Aurelien; Beshears, John; Kuebler, Dorothea; Soll, Jack B.; Villeval, Marie Claire; Weber, Roberto; Wu, George
作者单位：emlyon business school; Harvard University; Technical University of Berlin; Duke University; Centre National de la Recherche Scientifique (CNRS); University of Zurich; University of Chicago
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作者：Chapkovski, Philipp; Khapko, Mariana; Zoican, Marius
作者单位：University of Duisburg Essen; University of Toronto; University Toronto Scarborough; University of Calgary
摘要：We study the effect of gamification on retail traders' behavior using a randomized online experiment. Participants with lower financial literacy prefer platforms with hedonic gamification elements, such as confetti and achievement badges. On average, hedonic gamification increases trading volume by 5.17%. However, the difference in trading activity between gamified and nongamified platforms is driven primarily by self-selection (70%) rather than gamification (30%). Participants who prefer hedo...
