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作者：Martimort, David; Pouyet, Jerome; Ricci, Francesco
作者单位：Paris School of Economics; Centre National de la Recherche Scientifique (CNRS); CY Cergy Paris Universite; ESSEC Business School; Universite de Montpellier
摘要：A concessionaire has private information on the initial stock of resource. A virtual Hotelling rule describes how the resource price evolves over time and how extraction costs are compounded with information costs along the optimal extraction path. Fields which are heterogeneous in terms of their initial stocks follow different extraction paths. Resource might be left unexploited in the long run as a way to foster incentives. The optimal contract may sometimes be implemented through royalties ...
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作者：Besanko, David; Tong, Jian; Wu, Jason Jianjun
作者单位：Northwestern University; University of Southampton
摘要：We study subsidy policies for research programs when firms have private information about the likelihood of project viability, but the government cannot form a unique prior about this likelihood. When the shadow cost of public funds is zero, first-best welfare can be attained as a (belief-free) ex post equilibrium under both monopoly and competition, but it cannot be attained when the shadow cost is positive. However, max-min subsidy policies exist under monopoly and competition and consist of...
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作者：Gross, Daniel P.
作者单位：Harvard University; National Bureau of Economic Research
摘要：Although tractors are now used in nearly every agricultural field operation and in the production of nearly all crops, they first developed with much more limited application. Early diffusion was accordingly rapid in these narrower applications but limited in scope until tractor technology generalized. The sequence of diffusion is consistent with a model of Research and Development (R&D) in specific- versus general-purpose attributes and with other historical examples, suggesting that the key ...
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作者：Hyytinen, Ari; Lundberg, Sofia; Toivanen, Otto
作者单位：University of Jyvaskyla; Umea University; Aalto University; KU Leuven
摘要：We analyze a regime change from beauty contests to first-price sealed-bid and scoring auctions, using Swedish data on public procurement of cleaning services. In beauty contests, the lowest bid often lost, leaving substantial money on the table. The procurement costs were similar before and after the regime change: (i) Entry strongly decreases the procurement cost but did not change. Entry would have decreased had the municipalities not adjusted the objects of auctions. (ii) Municipalities fav...
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作者：Chen, Yongmin; Sappington, David E. M.
作者单位：University of Colorado System; University of Colorado Boulder; State University System of Florida; University of Florida
摘要：We analyze the optimal design of damages for patent infringement when a follow-on innovator may infringe the patent of an initial innovator. We consider damage rules that are linear combinations of the popular lost profit (LP) and unjust enrichment (UE) rules, coupled with a lump-sum transfer between innovators. Such linear rules can sometimes induce the socially optimal levels of sequential innovation and the optimal allocation of industry output. The optimal linear rule achieves the highest ...
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作者：Rhodes, Andrew; Wilson, Chris M.
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Loughborough University
摘要：There is widespread evidence that some firms use false advertising to overstate the value of their products. We consider a model in which a policy maker can punish such false claims. We characterize an equilibrium where false advertising actively influences rational buyers and analyze the effects of policy under different welfare objectives. We establish precise conditions where policy optimally permits a positive level of false advertising and show how these conditions vary intuitively with d...
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作者：Houde, Sebastien
作者单位：Swiss Federal Institutes of Technology Domain; ETH Zurich
摘要：I study how consumers respond to competing pieces of information that differ in their degree of complexity and informativeness. In particular, I study the choice of refrigerators in the United States, where a mandatory disclosure labelling program provides detailed information about energy cost, and a certification labelling program provides a simple binary-star rating related to energy use. I find that the coarse certification may help some consumers to pay attention to energy information, bu...
