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作者：Habermacher, Daniel
作者单位：Universidad de los Andes - Chile
摘要：We analyze authority allocation to incentivize information acquisition under interdependence. Agents access noisy signals about two states of the world. Beyond costs, acquisition depends on the expected influence on decisions, determined by whether authority is centralized or split among decision-makers. Restricting an agent's information on the extensive margin enhances communication. When such specialization is not feasible, informational congestion may induce similar incentive effects. Spli...
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作者：Chi, Chang Koo; Olsen, Trond E.
作者单位：Yonsei University; Norwegian School of Economics (NHH)
摘要：This article investigates contracts between two risk-neutral parties with bounded bonus payments. If the available signal about the agent's behavior satisfies a novel condition, the monotone likelihood ratio transformation property, the optimal contract takes a simple form irrespective of whether the first-order approach (FOA) is valid or not. The contract rewards the agent the maximum bonus if the signal's likelihood ratio exceeds a threshold, which in contrast to the FOA contract is not nece...
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作者：Kirkegaard, Rene
作者单位：University of Guelph
摘要：A general mixture model of contests is introduced, combining stochastic performance and multivariate incomplete information. Performance is determined by a mixture distribution with endogenous weights on a good and bad distribution, respectively. Incomplete information does not increase the complexity of the problem, and actions are unambiguously strategic substitutes when technologies are homogeneous. These properties enable comparative statics with respect to changes in the type distribution...
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作者：Hsieh, Chih Sheng; Konig, Michael D.; Liu, Xiaodong
作者单位：National Taiwan University; Tinbergen Institute; University of Colorado System; University of Colorado Boulder
摘要：We introduce an R&D network formation model where firms choose both R&D efforts and collaboration partners. Neighbors in the network benefit from each other's R&D through technology spillovers, and there exists competition effects reflecting strategic substitutability in R&D. We provide a complete equilibrium characterization, and develop an estimation method that is computationally feasible for large networks. We then conduct an analysis of R&D collaboration subsidies, and find that a subsidy...
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作者：Domnisoru, Ciprian; Schiopu, Ioana
作者单位：Aalto University; Universitat Ramon Llull; Escuela Superior de Administracion y Direccion de Empresas (ESADE)
摘要：For-profit colleges have increased their share of the 4-year college market, particularly among nontraditional and online students, raising concerns about post-graduation outcomes. We set up and calibrate a general equilibrium model of college choice to analyze how for-profits compete with public and private nonprofit institutions. We quantify their response to changes in Pell Grant caps, public university subsidies, and gainful employment legislation linking federal funding to graduates' debt...
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作者：Li, Hanzhe
作者单位：University of Hong Kong
摘要：How does the politician's reputation concern affect information provision when the information is endogenously provided by a biased lobbyist? I develop a model to study this problem and show that the answer depends on the transparency design. When the lobbyist's preference is publicly known, the politician's reputation concern induces the lobbyist to provide more information. When the lobbyist's preference is unknown, the politician's reputation concern may induce the lobbyist to provide less ...
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作者：Mohapatra, Debi Prasad; Zhang, Yang
作者单位：University of Massachusetts System; University of Massachusetts Amherst; Cornell University
摘要：We study the US Anti-Ulcer Drug market, where market exclusivity is granted to the first over-the-counter (OTC) drug independent of prescription drugs' patent expiry. We show that due to the interplay of incentives in the prescription and OTC drug markets, compared to a world with no market exclusivity policy, the status quo design reduces consumer welfare by 1.6 billion USD, as it causes many firms to delay entry into the OTC drug market until prescription drug patents expire. An alternative ...
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作者：Aridor, Guy
作者单位：Northwestern University
摘要：Substitution patterns are a crucial input to antitrust analysis, but measuring them for free digital products has proved difficult due to the lack of price variation. I measure substitution patterns by installing software on experimental participants' Android phones that restricts access to Instagram or YouTube-generating variation in choice sets-and monitoring how participants reallocate their time. I find that participants substitute to multiple product categories in both restrictions but al...
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作者：Bobtcheff, Catherine; Levy, Raphael; Mariotti, Thomas
作者单位：Centre National de la Recherche Scientifique (CNRS); Paris School of Economics; Hautes Etudes Commerciales (HEC) Paris; Communaute d'universites et etablissements de Toulouse (Comue); Centre National de la Recherche Scientifique (CNRS); Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：Firms receiving independent signals on a common-value risky project compete to be the first to invest. When firms are symmetric and competition is winner-take-all, rents are fully dissipated in equilibrium and the extent to which signals are publicly disclosed is irrelevant for welfare. When disclosure of signals is asymmetric, welfare is highest when firms are most asymmetric, and policies that uniformly promote disclosure may backfire, especially when competition is severe. When firms strate...
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作者：Ellison, Glenn; Ellison, Sara Fisher
作者单位：Massachusetts Institute of Technology (MIT); Paris School of Economics
摘要：This article examines effects of internet search technologies on match-quality markets. A model in which sellers of unusual objects wait for high-value buyers illustrates how more efficient search may simultaneously increase price levels, price dispersion, and social welfare. A reduced-form analysis of the used-book market finds support for several nuanced model predictions. Estimates from a novel structural framework indicate the shift to online sales more than doubled social welfare, with ga...
