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Quantifying Market Power and Business Dynamism in the Macroeconomy

De Loecker, Jan; Eeckhout, Jan; Mongey, Simon - National Bureau of Economic Research - 2021

We propose a general equilibrium economy with oligopolistic output markets in which two channels can cause a change in market power: (i) technology, via changes to productivity shocks and the cost of entry, (ii) market structure, via changes to the number of potential competitors. First, we...

Persistent link: https://www.econbiz.de/10012533310

A Tale of Two Networks : Common Ownership and Product Market Rivalry

Ederer, Florian; Pellegrino, Bruno - National Bureau of Economic Research - 2022

general equilibrium model with a hedonic demand system in which firms compete in a network game of oligopoly. Firms are …

Persistent link: https://www.econbiz.de/10013191098

Voting Choice

Malenko, Andrey; Malenko, Nadya - National Bureau of Economic Research - 2023

Traditionally, fund managers cast votes on behalf of investors whose capital they manage. Recently, this system has … come under intense debate given the growing concentration of voting power among a few asset managers and disagreements over … environmental and social issues. Major fund managers now offer their investors a choice: delegate their votes to the fund or cast …

Persistent link: https://www.econbiz.de/10014337868

Identification using Revealed Preferences in Linearly Separable Models

Agarwal, Nikhil; Li, Pearl Z.; Somaini, Paulo J. - National Bureau of Economic Research - 2023

hedonic choice models, auctions, school choice mechanisms, oligopoly pricing and trading games. We characterize the identified …

Persistent link: https://www.econbiz.de/10014436999

Mistrust, Misperception, and Misunderstanding : Imperfect Information and Conflict Dynamics

Acemoglu, Daron; Wolitzky, Alexander - National Bureau of Economic Research - 2023

Building on theories of international relations, we analyze how mistrust (uncertainty about an adversary's preferences or capabilities), misperception (imperfect observation of an adversary's actions), and misunderstanding (non-degenerate higher-order beliefs) can lead to conflict and drive its...

Persistent link: https://www.econbiz.de/10014372438

A Theory of Power Structure and Institutional Compatibility : China vs. Europe Revisited

Jia, Ruixue; Roland, Gérard; Xie, Yang - National Bureau of Economic Research - 2021

stronger, and the Ruler's incentive to promote such symmetry will be greater. The theory explains the power structure …

Persistent link: https://www.econbiz.de/10012482621

Dynamic Games in Empirical Industrial Organization

Aguirregabiria, Victor; Collard-Wexler, Allan; Ryan, Stephen - National Bureau of Economic Research - 2021

This survey is organized around three main topics: models, econometrics, and empirical applications. Section 2 presents the theoretical framework, introduces the concept of Markov Perfect Nash Equilibrium, discusses existence and multiplicity, and describes the representation of this equilibrium...

Persistent link: https://www.econbiz.de/10012629511

Individual and Collective Information Acquisition : An Experimental Study

Reshidi, Pëllumb; Lizzeri, Alessandro; Yariv, Leeat; … - National Bureau of Economic Research - 2021

Many committees--juries, political task forces, etc.--spend time gathering costly information before reaching a decision. We report results from lab experiments focused on such information-collection processes. We consider decisions governed by individuals and groups and compare how voting rules...

Persistent link: https://www.econbiz.de/10012794585

A Solomonic Solution to Ownership Disputes : An Application to Blockchain Front-Running

Gans, Joshua; Holden, Richard T. - National Bureau of Economic Research - 2022

Blockchain front-running involves multiple agents, other than the legitimate agent, claiming a payment from performing a contract. It arises because of the public nature of blockchain transactions and potential network congestion. This paper notes that disputes over payments are similar to...

Persistent link: https://www.econbiz.de/10012938749

Fairness in Incomplete Information Bargaining : Theory and Widespread Evidence from the Field

Keniston, Daniel; Larsen, Bradley J.; Li, Shengwu; … - National Bureau of Economic Research - 2021

This paper uses detailed data on sequential offers from seven vastly different real-world bargaining settings to document a robust pattern: agents favor offers that split the difference between the two most recent offers on the table. Our settings include negotiations for used cars, insurance...

Persistent link: https://www.econbiz.de/10012599401