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作者：Buchsbaum, Jesse; Hausman, Catherine; Mathieu, Johanna L.; Peng, Jing
作者单位：University of Chicago; University of Michigan System; University of Michigan; University of Michigan System; University of Michigan
摘要：In electricity markets, generators are rewarded for providing energy and for enabling grid reliability. The two functions are compensated separately: with energy market payments and ancillary services market payments. We provide evidence of changes in the generation mix in the energy market that are driven by exogenous changes in an ancillary services market. We provide a theoretical framework and quasi-experimental evidence for understanding the mechanism: it results from the multi-product na...
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作者：Ritz, Robert A.
作者单位：University of Cambridge
摘要：In recent years, the literature has seen a surge of interest in pass-through as an economic tool. At the same time, widespread concerns have emerged about the rising market power of firms. How does competition affect pass-through? A standard intuition is that more competition makes prices more cost-reflective and hence raises the rate of cost pass-through. This article shows this conclusion is sensitive to the routine assumption that firms' marginal costs are constant. With modestly convex cos...
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作者：Hauser, Daniel N.
作者单位：Aalto University; Centre for Economic Policy Research - UK
摘要：I model a firm that invests in the quality of its product and influences how that quality is disclosed. The firm can promote its product; at random intervals it can disclose quality for a cost. At low reputations, promotion allows a firm to reestablish itself and the firm invests to take advantage of this. However, the ability to promote crowds out incentives for investment at high reputations generated by other information sources, in particular information that is generated whenever the firm...
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作者：Rosa, Benjamin, V
作者单位：University of Michigan System; University of Michigan
摘要：Government procurement contracts are frequently subject to policies that specify a subcontracting requirement for the utilization of historically disadvantaged firms. I study how such subcontracting policies affect procurement auctions using data from New Mexico's Disadvantaged Business Enterprise Program. Theoretically, subcontracting requirements reduce prime contractors' private information on their costs by requiring them to select their subcontractors from a common pool of disadvantaged f...
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作者：Breitmoser, Yves; Valasek, Justin
作者单位：University of Bielefeld; Norwegian School of Economics (NHH)
摘要：This article explores information aggregation and strategic communication in settings where committee members are held accountable, formally or informally, for their individual voting decisions. We show that if decisions are made via majority voting, expressive payoffs introduce a free-rider problem that prevents the committee from communicating truthfully and taking optimal decisions. In contrast, if decisions are made by unanimity, free-riding is mitigated because all agents are responsible ...
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作者：Klopack, Ben
作者单位：Texas A&M University System; Texas A&M University College Station
摘要：Multi-outlet firms, or chains, account for most US retail spending. This article quantifies the welfare and profit effects of standardized chains in the restaurant industry: chains face higher demand than independents, but are less flexible in customizing product selection or prices across locations. I find that on average chains could earn 19% higher variable profits if they could customize their product optimally, but they would lose 28% of their variable profits if they were to lose their d...
