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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：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：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：Dong, Ailin; Massa, Massimo; Zaldokas, Alminas
作者单位：Shanghai Jiao Tong University; INSEAD Business School; Hong Kong University of Science & Technology
摘要：In a cross-country study, we investigate how staggered passage of national leniency programs from 1990-2012 has affected firms' margins and merger activity. We find that these programs, which give amnesty to cartel conspirators that cooperate with antitrust authorities, reduced the gross margins of the affected firms. However, firms reacted to new regulations by engaging in more mergers that had negative effects on downstream firms. Our results imply that although these programs were generally...
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作者：Anh Nguyen; Teck Yong Tan
作者单位：Carnegie Mellon University; Nanyang Technological University
摘要：We study the use of information control to mitigate hold-up risks. We identify a distinction between asymmetric information that creates an ex ante investment incentive and asymmetric information that causes ex post inefficiency, which then allows ex post inefficiency to be eliminated without compromising the ex ante investment incentive. We characterize the properties of the optimal information structure and the payoffs and welfare achievable with information control in the presence of hold-u...
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作者：Rochet, Jean-Charles; Thanassoulis, John
作者单位：University of Zurich; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; University of Warwick; Centre for Economic Policy Research - UK
摘要：We study the two-product monopoly profit maximization problem for a seller who can commit to a dynamic pricing strategy. We show that if consumers' valuations are not strongly ordered, then optimality for the seller can require intertemporal price discrimination: the seller offers a choice between supplying a complete bundle now, or delaying the supply of a component of that bundle until a later date. For general valuations, we establish a sufficient condition for such dynamic pricing to be mo...
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作者：de Corniere, Alexandre; Taylor, Greg
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; University of Oxford
摘要：We study situations in which consumers rely on a biased intermediary's advice when choosing among sellers. We introduce the notion that sellers' and consumers' payoffs can be congruent or conflicting, and show that this has important implications for the effects of bias. Under congruence, the firm benefiting from bias has an incentive to offer a better deal than its rival and consumers can be better-off than under no bias. Under conflict, the favored firm offers lower utility, and bias harms c...
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作者：Linn, Joshua; McCormack, Kristen
作者单位：Harvard University
摘要：Between 2005 and 2015, US electricity sector emissions of nitrogen oxides and sulfur dioxide, which harm human health and the environment, declined by two thirds, and many coal-fired power plants became unprofitable and retired. Intense public controversy has focused on these changes, but the literature has not identified their underlying causes. Using a new electricity sector model of the US eastern interconnection that accurately reproduces unit operation, emissions, and retirement, we find ...
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作者：Neeman, Zvika; Ory, Aniko; Yu, Jungju
作者单位：Tel Aviv University; Yale University; City University of Hong Kong
摘要：We study a model of reputation with two long-lived firms who operate under a collective brand or as two individual brands. Firms' investments in quality are unobserved and can only be sustained through reputational concerns. In a collective brand, consumers cannot distinguish between the two firms. In the long run, this generates incentives to free-ride on the other firm's investment, but in the short run, it mitigates the temptation to milk a good reputation. The signal structure and consumer...
