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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：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：Newberry, Peter W.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：This article provides an empirical examination of observational learning. Using data from an online market for music, I find that observational learning benefits consumers, producers of high-quality music, and the online platform. I also study the role of pricing as a friction to the learning process by comparing outcomes under demand-based pricing to counterfactual pricing schemes. I find that employing a fixed price (the industry standard) can hamper learning by reducing the incentive to exp...
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作者：Moeller, Marc; Watanabe, Makoto
作者单位：University of Bern; Vrije Universiteit Amsterdam; Tinbergen Institute
摘要：This article offers a tractable model of (oligopolistic) competition in differentiated product markets characterized by individual demand uncertainty. The main result shows that, in equilibrium, firms offer advance purchase discounts and that these discounts are larger than in the monopolistic benchmark. Competition reduces welfare by increasing the fraction of consumers who purchase in advance, that is, without (full) knowledge of their preferences.
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作者：Letina, Igor
作者单位：University of Zurich
摘要：This article examines the effects of market structure on the variety of research projects undertaken and the amount of duplication of research. A characterization of the equilibrium market portfolio of R&D projects and the socially optimal portfolio is provided. It is shown that a merger decreases the variety of developed projects and decreases the amount of duplication of research. An increase in the intensity of competition among firms leads to an increase in the variety of developed project...
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作者：Cowan, Simon
作者单位：University of Oxford
摘要：When demand functions in different markets are derived from distributions of reservation prices that differ only in their means, conditions exist such that third-degree price discrimination leads to greater total output and greater total welfare. Welfare is higher with discrimination than with a uniform price when demand functions are derived from logistic distributions with different means. Welfare and consumer surplus are higher with discrimination for demands derived from a distribution rel...
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作者：Babus, Ana
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：Modern banking systems are highly interconnected. Despite various benefits, linkages between banks carry the risk of contagion. In this article, I investigate whether banks can commit ex ante to mutually insure each other, when there is contagion risk in the financial system. I model banks' decisions to share this risk through bilateral agreements. A financial network that allows losses to be shared among various counterparties arises endogenously. I characterize the probability of systemic ri...
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作者：Shcherbakov, Oleksandr
作者单位：University of Mannheim
摘要：In this article, I develop and estimate a model of dynamic consumer behavior with switching costs in the market for paid-television services. I estimate the parameters of the structural model using data on cable and satellite systems across local US television markets over the period 1992-2006. The results suggest switching costs range from $159 to $242 for cable and from $212 to $276 for satellite providers in 1997 dollars. Using a simple dynamic model of cable providers, I demonstrate that s...
