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作者：Qiu, Y. J. Jeff
作者单位：Yale University
摘要：Funding is important for research. However, research funding may suffer from the Matthew effect: the more researchers already have, the more they will be given. I develop an empirical framework to study how the National Institutes of Health (NIH) could allocate funding in a dynamically optimal manner by balancing funds between young and veteran principal investigators (PIs). I find that the discount factor that rationalizes NIH's funding behavior is about 0.75, implying it may underfund young ...
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作者：Gautier, Pieter; Hu, Bo; Watanabe, Makoto
作者单位：Vrije Universiteit Amsterdam; Fudan University; Shanghai Institute of International Finance & Economics; Kyoto University
摘要：This article develops a model in which market structure is determined endogenously by the choice of intermediation mode. There are two representative modes of intermediation that are widely used in real-life markets: one is a middleman mode where an intermediary purchases inventory from the wholesale market and resells to buyers; the other is a market-making mode where an intermediary offers a platform for buyers and sellers to meet and trade. We show that a marketmaking middleman, who adopts ...
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作者：Andres-Cerezo, David; Fabra, Natalia
作者单位：Universidad Carlos III de Madrid; Centre for Economic Policy Research - UK
摘要：We assess how firms' incentives to operate and invest in energy storage depend on the market structure. For this purpose, we characterize equilibrium market outcomes allowing for market power in storage and/or production, as well as for vertical integration between storage and production. Market power reduces overall efficiency through two channels: It induces an inefficient use of the storage facilities, and it distorts investment incentives. The worst outcome for consumers and total welfare ...
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作者：Rubens, Michael
作者单位：University of California System; University of California Los Angeles
摘要：A key difference between managers and other production inputs is that managers choose the other inputs. Modelling management as a Hicks-neutral productivity shifter, which is a common practice, omits the productivity returns from these input decisions. I illustrate this through a historical episode in which technology choices were important and managers plausibly influenced those choices.I study the entry of the first mining college graduates into coal mine management positions in Pennsylvania...
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作者：Lang, Matthias
作者单位：University of Munich; Leibniz Association; Ifo Institut
摘要：Subjective evaluations are widely used, but call for different contracts from classical moral-hazard settings. Previous literature shows that contracts require payments to third parties. I show that the (implicit) assumption of deterministic contracts makes payments to third parties necessary. This article studies incentive contracts with stochastic compensation, like payments in stock options or uncertain arbitration procedures. These contracts incentivize employees without the need for payme...
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作者：Preuss, Marcel
作者单位：Cornell University
摘要：In many search markets, some consumers search to learn both the price and their willingness-to-pay whereas others search only to learn prices. When a seller can track indicators of the likelihood that consumers already know their willingness-to-pay, I show that price discrimination reduces profits and welfare relative to uniform pricing if search costs are small, but may increase both if search costs are large. The analysis also applies to sequential search if learning causes the likelihood th...
