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作者：Bertoletti, Paolo; Etro, Federico
作者单位：University of Pavia; Universita Ca Foscari Venezia
摘要：We provide a unified approach to imperfect (monopolistic, Bertrand, and Cournot) competition when preferences are symmetric over a finite but endogenous number of goods. Markups depend on the Morishima elasticity of substitution and on the number of varieties. The comparative statics of free-entry equilibria is examined, establishing the conditions for markup neutrality with respect to income, market size, and productivity. We compare endogenous and optimal market structures for several non-CE...
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作者：Lee, Frances Z. Xu; Bernhardt, Dan
作者单位：Loyola University Chicago; University of Illinois System; University of Illinois Urbana-Champaign
摘要：We characterize how the process of publicly gathering information via discovery affects strategic interactions between litigants. It allows privately informed defendants to signal through the timing of settlement offers, with weaker ones attempting to settle prediscovery. Discovery reduces the probability of trial. Properly designed limited discovery reduces expected litigation costs. Stronger defendants gain more (lose less) from a given amount of discovery. We find that the court should gran...
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作者：De Fraja, Gianni
作者单位：University of Nottingham; University of Rome Tor Vergata; Center for Economic & Policy Research (CEPR)
摘要：This article studies how a government should distribute funds among research institutions and how it should allocate them to basic and applied research. Institutions differ in reputation and efficiency and have an information advantage. The government should award funding for basic research to induce the most productive institutions to carry out more applied research than they would like. Institutions with better reputation a do more research than otherwise identical ones, and applied research...
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作者：Ekinci, Emre
作者单位：Universidad Carlos III de Madrid
摘要：This article develops a career-concerns model to examine the screening function of employee referrals. First, I show that employees' reputational concerns provide them with an incentive to refer high-ability applicants. This result explains how firms that offer fixed payments, rather than bonuses contingent on the referral's posthire performance, can elicit high-ability referrals from their employees. Second, I consider the promotion competition as a potential mechanism that creates a conflict...
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作者：Rosato, Antonio
作者单位：University of Technology Sydney
摘要：This article derives the optimal pricing and product-availability strategies for a retailer selling two substitute goods to loss-averse consumers and shows that limited-availability sales manipulate consumers into an ex ante unfavorable purchase. The seller maximizes profits by raising the consumers' reference point through a tempting discount on a good available only in limited supply (the bargain), and cashing in with a high price on the other (the rip-off), which consumers buy if the bargai...
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作者：Koulayev, Sergei; Rysman, Marc; Schuh, Scott; Stavins, Joanna
作者单位：Boston University; Federal Reserve System - USA; Federal Reserve Bank - Boston
摘要：Motivated by recent policy intervention into payments markets, we develop and estimate a structural model of adoption and use of payment instruments by U.S. consumers. Our structural model differentiates between the adoption and use of payment instruments. We evaluate substitution among payment instruments and welfare implications. Cash is the most significant substitute to debit cards in retail settings, whereas checks are the most significant in bill-pay settings. Furthermore, low income con...
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作者：Okat, Deniz
作者单位：Aalto University
摘要：Individuals being audited potentially learn how to exploit the weaknesses inherent in any audit methodology if they face the same method many times. Hence, an auditor better deters fraud by randomizing her choice of methodology over time, thereby frustrating a would-be fraudster's ability to learn. In the extreme, an auditor benefits from refusing to audit, even though audits are costless to her.
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作者：Golman, Russell; Klepper, Steven
作者单位：Carnegie Mellon University
摘要：Geographic clustering of innovative industries is associated with the entry and success of spinoff firms. We develop a model to explain the multiple empirical patterns regarding cluster growth and spinoff formation and performance, without relying on agglomeration externalities. Clustering naturally follows from spinoffs locating near their parents. In our model, firms grow and spinoffs form through the discovery of new submarkets based on innovation. Rapid and successful innovation creates mo...
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作者：Han, Lu; Hong, Seung-Hyun
作者单位：University of Toronto; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：About 20% of residential real estate transactions in North America are in-house transactions, for which buyers and sellers are represented by the same brokerage. We examine to what extent in-house transactions are explained by agents' strategic incentives as opposed to matching efficiency. Using home transaction data, we find that agents are more likely to promote internal listings when they are financially rewarded and such effect becomes weaker when consumers are more aware of agents' incent...
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作者：Marinovic, Ivan; Varas, Felipe
作者单位：Stanford University; Duke University
摘要：We study disclosure dynamics when the firm value evolves stochastically over time. The presence of litigation risk, arising from the failure to disclose unfavorable information, crowds out positive disclosures. Litigation risk mitigates firms' tendency to use inefficient disclosure policies. From a policy perspective, we show that a stricter legal environment may be an efficient way to stimulate information transmission in capital markets, particularly when the nature of information is proprie...
