-
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...
-
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...
-
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...
-
作者：Epple, Dennis; Romano, Richard; Sarpca, Sinan; Sieg, Holger; Zaber, Melanie
作者单位：Carnegie Mellon University; State University System of Florida; University of Florida; Koc University; University of Pennsylvania; RAND Corporation
摘要：We estimate an equilibrium model of private and state college competition that generates realistic pricing patterns for private colleges using a large national data set from the National Postsecondary Student Aid Study (NPSAS). Our analysis distinguishes between tuition variation that reflects efficient pricing to students who generate beneficial peer externalities and variation that reflects arguably inefficient exercise of market power. Our findings indicate substantial exercise of market po...
-
作者：An, Yonghong; Tang, Xun
作者单位：Texas A&M University System; Texas A&M University College Station; Rice University
摘要：We investigate contractors' bargaining power and holdup on buyers in procurement auctions of incomplete contracts held by California Department of Transportation. Using a model where contractors bid competitively in response to a buyer's choice of initial contract design, we infer the contractors' costs and bargaining power from the bids and transfers negotiated after the auction. We find that the contract winners have substantial bargaining power in post-auction negotiation. The average holdu...
-
作者：Reisinger, Markus; Tarantino, Emanuele
作者单位：Frankfurt School Finance & Management; University of Mannheim
摘要：Patent pools are commonly used to license technologies to manufacturers. Whereas previous studies focused on manufacturers active in independent markets, we analyze pools licensing to competing manufacturers, allowing for multiple licensors and nonlinear tariffs. We find that the impact of pools on welfare depends on the industry structure: whereas they are procompetitive when no manufacturer is integrated with a licensor, the presence of vertically integrated manufacturers triggers a novel tr...
-
作者：Raval, Devesh R.
摘要：This article provides evidence on the micro capital-labor elasticity of substitution and the bias of technology. Using data on US manufacturing plants, I find several facts inconsistent with a Cobb-Douglas production function, including large, persistent variation in capital shares. I then estimate the elasticity using variation in local wages, and several instruments for them, for identification. Estimates of the substitution elasticity using all plants range between 0.3 and 0.5, with similar...
-
作者：Inderst, Roman; Montez, Joao
作者单位：Goethe University Frankfurt; University of Lausanne
摘要：We study bilateral bargaining between several buyers and sellers in a framework that allows both sides, in case of a bilateral disagreement, flexibility to adjust trade with each of their other trading partners and receive the gross benefit generated by each adjustment. A larger buyer pays a higher per-unit price when buyers' bargaining power in bilateral negotiations is sufficiently low, and a lower price otherwise. An analogous result holds for sellers. These predictions, and the implication...
-
作者：Suijs, Jeroen; Wielhouwer, Jacco L.
作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; Vrije Universiteit Amsterdam
摘要：This article shows that firms voluntarily increase their disclosures in response to the threat of more stringent disclosure regulations. These disclosures are mostly just sufficient to deter regulation. However, when investment risk is low, both managers and investors might strictly prefer the regulation deterring equilibrium. We further find that in many cases, regulation can only be deterred by asymmetric disclosure behavior of the firms. This suggests that coordination issues and free-ridin...
