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Digital advertising, which uses consumer data to target ads to users, now accounts for most of global ad expenditures. Privacy concerns have prompted regulations that restrict the use of personal data. To inform these policy debates, we develop an equilibrium model of advertising and market...
Persistent link: https://www.econbiz.de/10014635689
Over the past four decades, the U.S. economy has seen a decline in the share of young firms alongside a rise in the profit share of GDP. This paper explores how population aging contributes to these twin trends through a demand-side channel. The core hypothesis is that younger households exhibit...
Persistent link: https://www.econbiz.de/10015409852
Before 1978, most of the U.S. domestic copper production and an important fraction of the imports were traded at a price set by the major U.S. producers. Simultaneously, the rest of the world was trading copper at prices determined in auction markets. This two-price system ended in 1978, when...
Persistent link: https://www.econbiz.de/10014031200
We examine the relationship between management turnover and product market structure in a sample of U.S. newspapers from 50 large cities over the 1950-1993 time period. Examining 6 key managerial positions representing 18,849 observation-years, we find evidence of significantly higher rates of...
Persistent link: https://www.econbiz.de/10014030732
In the last two decades, over 75% of U.S. industries have experienced an increase in concentration levels. We find that firms in industries with the largest increases in product market concentration have enjoyed higher profit margins and more profitable M&A deals. At the same time, we do not...
Persistent link: https://www.econbiz.de/10012100880
Although recent international broadband penetration rankings have Congress concerned about U.S. broadband policy, these statistics should not play a large role in forming U.S. broadband policy, as they fail to take into account geographic factors, demographic factors and consumer preferences...
Persistent link: https://www.econbiz.de/10014050581
Investors owned 15 percent of all single family houses in the U.S. in the year 2000, with a value of fixed assets that dwarfed that of any single manufacturing industry, and approached that of the entire manufacturing sector. Owner occupied and investor owned houses are functionally identical...
Persistent link: https://www.econbiz.de/10013052420
The welfare cost of imperfect competition in the product and labor market as well as distortionary taxation is quantified in a dynamic general equilibrium model parameterized to fit the U.S. economy. We find that the welfare cost of imperfect competition in the product market is 35.74 percent...
Persistent link: https://www.econbiz.de/10011583610
Using granular data from the consumer goods industry, we study pricing and non-pricing effects of common ownership at the product level. We find positive elasticity of consumer goods prices to common ownership and that firms pass along price increases to consumers through the marginal cost...
Persistent link: https://www.econbiz.de/10012863009
The U.S. credit card market is highly concentrated and highly profitable, two facts which have drawn scrutiny of its competitive practices. I study competition in this market by analyzing how lenders target and acquire new customers using direct-mail, their principal acquisition channel. I find...
Persistent link: https://www.econbiz.de/10013289116