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作者：Bull, Jesse; Watson, Joel
作者单位：State University System of Florida; Florida International University; University of California System; University of California San Diego
摘要：We propose a new model of disclosure, interpretation, and management of hard evidence in the context of litigation and similar applications. A litigant has private information and may also possess hard evidence that can be disclosed to a fact-finder, who interprets the evidence and decides a finding in the case. We identify conditions under which hard evidence generates value that is robust to the scope of rational reasoning and behavior. These fail if the litigant's private information is suf...
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作者：Guertler, Marc; Guertler, Oliver
作者单位：University of Cologne
摘要：This article studies discrimination in a model in which promotions are used as signals of worker ability. The model can account for statistical and taste-based discrimination. In the short run, a positive discrimination policy is beneficial for workers in the middle of the ability distribution, because these workers are promoted if and only if the policy is in place. Instead, workers of either high or low ability suffer from the policy. In the long run, the policy benefits all targeted workers...
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作者：Antoniou, Fabio; Fiocco, Raffaele
作者单位：University of Ioannina; Humboldt University of Berlin; University of Bergamo
摘要：In a dynamic storable good market where demand changes over time, we investigate the producer's strategic incentives to hold inventories in response to the possibility of buyer stockpiling. The literature on storable goods has demonstrated that buyer stockpiling in anticipation of higher future prices harms the producer's profitability, particularly when the producer cannot commit to future prices. We show that the producer's inventories act as a strategic device to mitigate the loss from the ...
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作者：Campbell, Arthur
作者单位：Monash University
摘要：Learning from friends is a key process by which consumers acquire information about available products. This article embeds social learning in a model of firms producing differentiated products. I consider how the structure of social relationships between consumers influences pricing and welfare. In particular, how a variety of characteristics of social networks - distribution of friendships, homophily, clustering, and correlations between an individual's preferences and number of friends - in...
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作者：Saeedi, Maryam
作者单位：Carnegie Mellon University
摘要：How can a marketplace introduce mechanisms to overcome inefficiencies caused by adverse selection? In this article, I use a unique data set that follows eBay sellers to show that reputation is a major determinant of price variations. I develop a model of sellers' dynamic behavior where sellers have heterogeneous qualities unobservable by buyers. Using reputation as a signal of quality, I structurally estimate the model to uncover buyers' utility and sellers' costs and underlying qualities. I s...
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作者：Coey, Dominic; Larsen, Bradley; Sweeney, Kane
作者单位：Facebook Inc; Stanford University; National Bureau of Economic Research; Uber Technologies, Inc.
摘要：We introduce a new, simple-to-compute test of independence of valuations and the number of bidders for ascending button auctions with symmetric, conditionally independent private values. The test involves estimating the expected revenue drop from excluding a bidder at random, which can be computed as a scaled sample average of a difference of order statistics. This object also provides a bound on counterfactual revenue changes from optimal reserve pricing or bidder mergers. We illustrate the a...
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作者：Powell, Michael
作者单位：Northwestern University
摘要：I analyze a model of production in a competitive environment with heterogeneous firms. Efficient production requires individuals within the organization to take noncontractible actions for which rewards must be informally promised rather than contractually assured. The credibility of such promises originates from a firm's future competitive rents. In equilibrium, heterogeneous firms are heterogeneously constrained, and competitive rents are inefficiently concentrated at the top. I explore seve...
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作者：Geurts, Karen; Van Biesebroeck, Johannes
作者单位：KU Leuven; Center for Economic & Policy Research (CEPR)
摘要：We construct a comprehensive sample of takeovers in Belgium that shows they are remarkably common. Takeovers involve both small and large firms and, over a five-year period, 17% of private sector employment. We estimate their impact on employment growth using a framework that explicitly takes into account that takeovers involve pairs of firms and that post-merger outcomes are heterogeneous. The average merger temporarily reduces employment of the combined entity by -1.4%. Mergers likely to be ...
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作者：An, Yonghong; Zhao, Wei
作者单位：Texas A&M University System; Texas A&M University College Station; Nankai University
摘要：We evaluate the welfare effects of the 1997 Boeing-McDonnell Douglas merger in the medium-sized, wide-body aircraft industry. We find that the merger led to lower prices. To explain the price drop, we develop a dynamic oligopoly game with learning-by-doing. We quantify the welfare effects of the merger by incorporating both increased market power and merger efficiencies from accelerated learning-by-doing. Our dynamic analysis indicates that net consumer surplus increased by as much as $5.14 bi...
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作者：Myers, Kyle; Pauly, Mark
作者单位：Harvard University; University of Pennsylvania
摘要：We examine trends in the productivity of the pharmaceutical sector over the past three decades. Motivated by Ricardo's insight that productivity and rents are endogenous to demand when inputs are scarce, we examine the industry's aggregate Research and Development (R&D) production function. Using exogenous demand shocks to instrument investments, we find that demand growth can explain a large portion of R&D growth. Returns to scale have been stable, whereas total factor productivity has declin...
