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作者：Dye, Ronald A.; Sridhar, Sri S.
作者单位：Northwestern University
摘要：Management earnings forecasts (MEF), a form of voluntary disclosure, are different from most other disclosures because MEF have spillover effects on managers' subsequent operating decisions and earnings reports. These effects arise from managers' attempts to reduce their forecast errors. Even though managers can separate their firms from less profitable firms by issuing forecasts the latter cannot match, there is no equilibrium where all managers issue forecasts. We show that managers who issu...
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作者：Zhu, John Y.
作者单位：University of Kansas
摘要：New technologies allow firms to collect more information about worker performance than ever before. How will this extra information-much of which is non-contractible and is used at the firm's discretion-impact incentives? I highlight a better monitoring/worse outcome channel that speaks to these concerns. Some improvements to monitoring tempt the firm to punish excessively. Workers then demand contracts with a small punishment threat. Without a serious punishment threat, effort and surplus dec...
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作者：Martin, Simon
作者单位：University of Vienna
摘要：We estimate a model of incomplete information price competition where consumers endogenously choose whether to use a price search website. We examine how consumer search and prices would change under different transparency regimes. We find that aggregate consumer welfare is maximized when the price search website lists the lowest 20% of prices (i.e., one station in markets with less than five stations, and two stations in markets with more than five stations), with consumer expenditures fallin...
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作者：Michel, Christian; Paz y Mino, Jose Manuel; Weiergraeber, Stefan
作者单位：Charles River Associates; Barcelona School of Economics; Universidad de Chile; Indiana University System; Indiana University Bloomington
摘要：We estimate the evolution of competition in the ready-to-eat cereal industry. To separately identify detailed patterns of industry conduct from unobserved marginal cost shocks, we construct novel instruments that interact data on rival firms' promotions with measures of products' relative isolation in the characteristics space. We find strong evidence for partial price coordination among cereal manufacturers in the beginning of our sample. After a merger in 1993 conduct becomes more competitiv...
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作者：Chen, Nan; Tsai, Hsin-Tien
作者单位：National University of Singapore; National University of Singapore
摘要：This article studies self-preferencing in algorithmic recommendations on dominant platforms, focusing on Amazon's dual role as platform owner and retailer. We find that products sold by Amazon receive substantially more Frequently Bought Together recommendations across popularity deciles. To establish causality, we exploit within-product variation generated by Amazon stockouts. We find that when Amazon is out of stock, identical products sold by third-party sellers face an eight-percentage-poi...
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作者：Hummel, Patrick; Morgan, John; Stocken, Phillip C.
作者单位：Microsoft; University of California System; University of California Berkeley; Dartmouth College
摘要：We study a voluntary disclosure model with verifiable information, a range of sender and receiver preferences, and uncertainty about whether the sender is informed. When a sender's preferences are insensitive to the state relative to the receiver's, a sender discloses moderate news and suppresses extreme news. We also find a partial revelation equilibrium where the sender's message is an interval containing the realized state. When a sender's preferences are sensitive to the state relative to ...
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作者：Anderson, Simon; Defolie, Ozlem Bedre
作者单位：University of Virginia; Centre for Economic Policy Research - UK; European University Institute; European School of Management & Technology
摘要：We model a platform controlling the variety and prices of the products it hosts via a percentage fee on sellers and choosing whether to sell its own products (hybrid mode). We derive a mixed market demand system for differentiated products with monopolistically competitive sellers and a sizeable platform product range. The hybrid platform steers consumers toward its products by charging higher seller fees than pure marketplace. This insidious steering intensifies the larger the platform's prod...
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作者：Mangin, Sephorah
作者单位：Australian National University
摘要：We examine the effect of expected competition on markups in a random utility model where the number of competing firms may differ across consumers. Firms observe consumers' utility shocks and set prices using personalized pricing. We derive a precise condition under which the expected markup across consumers can be represented by a simple expression involving consumers' expected utility and the expected demand. This delivers a general condition under which greater expected competition is price...
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作者：Triviza, Eleftheria
作者单位：University of Mannheim
摘要：This article analyses how consumers' habit formation and addiction affect firms' pricing policies. I consider both sophisticated consumers, who realize that their current consumption will affect future tastes, and naive consumers, who do not. The optimal contract for sophisticated consumers is a two-part tariff. The main result is that the optimal pricing pattern when the consumer is naive is a bargain then rip-off contract, namely a fixed fee, with the first units priced below cost, and then ...
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作者：Donna, Javier D.; Pereira, Pedro; Pu, Yun; Trindade, Andre; Yoshida, Renan C.
作者单位：University of Miami; Autoridade da Concorrencia; Southwestern University of Finance & Economics - China; Universidade Nova de Lisboa; Getulio Vargas Foundation; Stanford University
摘要：Cutting out the intermediary and selling directly to consumers is an increasingly common strategy by manufacturers. We develop a structural model of vertical relations where manufacturers bargain with retailers and sell their products directly to consumers. Direct sales generate potential consumer gains due to additional competition and product variety but also increase manufacturers' bargaining leverage, thereby increasing upstream and downstream prices and potentially reducing consumer welfa...
