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Will smart machines do to humans what the internal combustion engine did to horses – make them obsolete? If so, can putting people out of work or, at least, good work leave them unable to buy what smart machines produce? Our model's answer is yes. Over time and under the right conditions,...
Persistent link: https://www.econbiz.de/10013028067
We summarize existing empirical findings regarding the adoption of robotics and AI and its effects on aggregated labor and productivity, and argue for more systematic collection of the use of these technologies at the firm level. Existing empirical work primarily uses statistics aggregated by...
Persistent link: https://www.econbiz.de/10012929542
that the tax was largely, but not completely, passed through to consumers 5-7 weeks after implementation. Some retailers …
Persistent link: https://www.econbiz.de/10012911088
informational advantage over consumers in selecting arbitrators, resulting in industry-friendly arbitration outcomes. We then … arbitrators without the input of firms and consumers would increase consumer awards by $40,000 on average, relative to the current … mechanism for the benefit of consumers hinges on whether consumers are informed. Policies such as increasing arbitrator …
Persistent link: https://www.econbiz.de/10012909516
In this paper, we exploit new sources of cross-sectional data to estimate a detailed product-level demand system for new passenger vehicles. We use four data sources: on the characteristics of products, on the attributes of the U.S. population of households, on the match between the first and...
Persistent link: https://www.econbiz.de/10013239351
with prices and quantities as perceived by consumers, not firms. Thus, factor shares need to be calculated using after …
Persistent link: https://www.econbiz.de/10013066273
. This paper analyzes the dynamics of these efforts in terms of a 'market for standards' in which consumers, stimulated by …
Persistent link: https://www.econbiz.de/10013246261
Consumers solve many agency problems, by pointing out when they believe that agents have made mistakes. This paper … considers the role that consumers play in inducing efficient behavior by agents. I distinguish between two case: those where … consumers have similar preferences to the principal, and those where consumer preferences diverge from those of the principal …
Persistent link: https://www.econbiz.de/10013249541
The social value of an innovation is comprised of the value to consumers and the value to innovators. We estimate that …
Persistent link: https://www.econbiz.de/10013234087
-functioning marketplace, suggest that prospect theory adequately organizes behavior among inexperienced consumers, whereas consumers with …
Persistent link: https://www.econbiz.de/10013216838