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作者：Rauh, Michael T.
作者单位：Indiana University System; Indiana University Bloomington
摘要：We develop a theory of incentives, wages, and employment in the context of team production. A central insight is that specialization and division of labor not only improve productivity but also increase effort and the sensitivity of effort to incentives under moral hazard. We show that employment and incentives are complements for the principal when the positive effects of specialization and division of labor outweigh the increase in risk associated with additional employment and are substitut...
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作者：Shin, Dongsoo; Strausz, Roland
作者单位：Santa Clara University; Humboldt University of Berlin
摘要：Using an agency model, we show how delegation, by generating additional private information, improves dynamic incentives under limited commitment. It circumvents ratchet effects and facilitates the revelation of persistent private information through two effects: a play-hardball effect, which mitigates an efficient agent's ratchet incentive, and a carrot effect which reduces an inefficient agent's take-the-money-and-run incentive. Although delegation entails a loss of control, it is optimal wh...
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作者：Sekeris, Petros G.
作者单位：University of Portsmouth
摘要：Earlier research has shown that the tragedy of the commons may be resolved by Folk theorems for dynamic games. In this article, we graft on a standard natural-resource exploitation game the possibility to appropriate the resource through violent means. Because conflict emerges endogenously as resources get depleted, the threat supporting the cooperative outcome is no longer subgame perfect, and thus credible. The unique equilibrium is such that players exploit noncooperatively the resource whe...
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作者：Loertscher, Simon; Reisinger, Markus
作者单位：University of Melbourne; WHU - Otto Beisheim School of Management
摘要：We analyze the competitive effects of backward vertical integration when firms exert market power upstream and compete in quantities downstream. Contrasting with previous literature, a small degree of vertical integration is always procompetitive because efficiency gains dominate foreclosure effects, and vertical integration even to full foreclosure can be procompetitive. Interestingly, vertical integration is more likely to be procompetitive if the industry is otherwise more concentrated. Ext...
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作者：de Corniere, Alexandre; Taylor, Greg
作者单位：University of Oxford
摘要：We study the effects of integration between a search engine and a publisher. In a model in which the search engine (i) allocates users across publishers and (ii) competes with publishers to attract advertisers, we find that the search engine is biased against publishers that display many ads - even without integration. Integration can (but need not) lead to own-content bias. It can also benefit consumers by reducing the nuisance costs due to excessive advertising. Advertisers are more likely t...
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作者：Tangeras, Thomas P.
作者单位：Research Institute of Industrial Economics (IFN)
摘要：I generalize the workhorse model of network competition to include income effects in demand. Empirical work has shown income effects to be positive and statistically significant. Income effects deliver theoretical results consistent with regulatory concern about excessive termination rates: unregulated network operators competing in nondiscriminatory retail contracts negotiate termination rates above cost for any positive income effect. This also holds when operators discriminate between on-ne...
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作者：Koulayev, Sergei
摘要：When consumers search for differentiated products, a given search decision can be explained either by low search cost or by low tastes for the set of products already found. We propose an identification strategy that allows to estimate the search cost distribution in the presence of unobserved tastes. The required data takes the form of conditional search decisions: observations of search actions combined with previously observed product displays. We develop an application using clickstream da...
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作者：Copeland, Adam
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：This article presents a dynamic demand model for motor vehicles. This approach accounts for the change in the mix of consumers over the model year and measures consumers' substitution patterns across products and time. I find intertemporal substitution is significant; consumers are more likely to change the timing of their purchase in reaction to a price increase rather than buy another vehicle in the same period. Further, I find automakers' use of large cash-back rebates at the end of the mod...
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作者：Georgiadis, George; Lippman, Steven A.; Tang, Christopher S.
作者单位：California Institute of Technology; Boston University; University of California System; University of California Los Angeles
摘要：We study the interaction between a group of agents who exert effort to complete a project and a manager who chooses its objectives. The manager has limited commitment power so that she can commit to the objectives only when the project is sufficiently close to completion. We show that the manager has incentives to extend the project as it progresses. This result has two implications. First, the manager will choose a larger project if she has less commitment power. Second, the manager should de...
