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作者：Ederer, Florian; Holden, Richard; Meyer, Margaret
作者单位：Yale University; University of New South Wales Sydney; University of Oxford; Centre for Economic Policy Research - UK
摘要：We study the benefits and costs of opacity (deliberate lack of transparency) of incentive schemes as a strategy to combat gaming by better informed agents. In a two-task moral hazard model in which only the agent knows which task is less costly, the agent has an incentive to focus his effort on the less costly task. Opaque schemes, which make a risk-averse agent uncertain about which task will be more highly rewarded, mitigate such gaming but impose more risk. We identify environments in which...
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作者：Quan, Thomas W.; Williams, Kevin R.
作者单位：University System of Georgia; University of Georgia; Yale University
摘要：Online retail gives consumers access to an astonishing variety of products. However, the additional value created by this variety depends on the extent to which local retailers already satisfy local demand. To quantify the gains and account for local demand, we use detailed data from an online retailer and propose methodology to address a common issue in such data-sparsity of local sales due to sampling and a significant number of local zeros. Our estimates indicate products face substantial d...
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作者：Kuehn, Joseph
摘要：I study why local banking markets became dominated by multimarket firms following deregulation in the 1990s. I estimate a model of branch entry that allows for spillovers across markets. The spillovers complicate estimation, and so I develop a revealed preference approach that also deals with unobserved firm and market heterogeneity. I then analyze the impact of multimarket banks and find that they increase local competition, but that they also open more branches than single-market firms, and ...
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作者：Holmberg, Par; Wolak, Frank A.
作者单位：University of Cambridge; University of Cambridge; Stanford University
摘要：We analyze how market design influences bidding in multiunit procurement auctions where suppliers have asymmetric information about production costs. Our analysis is particularly relevant to wholesale electricity markets, because it accounts for the risk that a supplier is pivotal; market demand is larger than the total production capacity of its competitors. With constant marginal costs, expected welfare improves if the auctioneer restricts offers to be flat. We identify circumstances where t...
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作者：Braido, Luis H. B.; Ledo, Bruno C. A.
作者单位：Getulio Vargas Foundation; Universidade de Sao Paulo
摘要：We analyze Brazilian data on auto insurance and document that (a) about 20% of policies are sold without brokerage commission; (b) over 40% are sold at the highest fee allowed; and (c) the remaining contracts are associated with a spread-out distribution of fees. Static models cannot rationalize these findings. We develop a dynamic model of price competition with search and switching costs that reproduces them. We use the equilibrium structure to estimate the model parameters and infer the bro...
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作者：Bijlsma, Michiel; Boone, Jan; Zwart, Gijsbert
作者单位：Tilburg University; CPB Netherlands Bureau for Economic Policy; University of Groningen
摘要：Perverse incentives for banks' traders have played a role in the financial crisis. We study how labor market competition interacts with the structure of compensation to result in excessive risk taking. In a model with trader moral hazard and adverse selection on trader abilities, we demonstrate how banks optimally induce top traders to take more risk as competition on the labor market intensifies, even if banks internalize the costs of negative outcomes. Distorting risk-taking incentives allow...
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作者：Sanches, Fabio; Silva Junior, Daniel; Srisuma, Sorawoot
作者单位：Pontificia Universidade Catolica do Rio de Janeiro; City St Georges, University of London; University of Surrey
摘要：This article examines the effects of bank privatization on the number of bank branches operating in small isolated markets in Brazil. We estimate a dynamic game played between Brazilian public and private banks. We find private banks compete with each other as expected. We also find public banks generate positive spillovers for private banks. Our counterfactual study shows that privatization substantially reduces the number of banks. The government can mitigate the effects of privatization by ...
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作者：Parameswaran, Giri
作者单位：Haverford College
摘要：I develop a dynamic model of judge-made law in which the ideal legal rule is unknown but can be learned. In contrast to existing articles, the flow of cases heard by the court is affected by the court's prior decisions. The model highlights the significance of this feedback in explaining when and why the court will write broader or narrower opinions, and the long-run properties of common law. In equilibrium, the law settles endogenously, because the incentives to make legally controversial cho...
