A Fast Literature Search Engine based on top-quality journals, by Dr. Mingze Gao.
- Topic classification is ongoing.
- Please kindly let me know [mingze.gao@mq.edu.au] in case of any errors.
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Results 419 resources
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Automobile manufacturers frequently use promotions involving cash incentives.While payments are nominally directed to either customers or dealers, the ultimatebeneficiary of the promotion depends on the outcome of price negotiation. We useprogram evaluation methods to compare the incidence of these two types ofpromotions. Customers obtain 70 to 90 percent of a customer rebate, but only 30 to40 percent of a dealer discount promotion, a $500 difference for a typical promotion.Our leading hypothesis is that pass-through rates differ because of information asymmetries: customer rebates are well-publicized to customers, while dealerdiscount promotions are not. (JEL D82, L11, L15, L62, L81, M31)
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We study how financial incentives can be used to overcome a history of coordinationfailure using controlled laboratory experiments. Subjects' payoffs depend on coordinatingat high effort levels. In an initial phase, the benefits of coordination arelow, and play typically converges to an inefficient outcome. We then explore varyingfinancial incentives to coordinate at a higher effort level. An increase in the benefitsof coordination leads to improved coordination, but large increases have no moreimpact than small increases. Once subjects have coordinated on a higher effortlevel, reductions in the incentives to coordinate have little effect on behavior. (JELC92, D23, J31, L23, M52)
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When utility is nonseparable in nondurable and durable consumption and the elasticity of substitution between the two consumption goods is sufficiently high, marginal utility rises when durable consumption falls. The model explains both the cross‐sectional variation in expected stock returns and the time variation in the equity premium. Small stocks and value stocks deliver relatively low returns during recessions, when durable consumption falls, which explains their high average returns relative to big stocks and growth stocks. Stock returns are unexpectedly low at business cycle troughs, when durable consumption falls sharply, which explains the countercyclical variation in the equity premium.
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We propose that a simple ?dual-self? model gives a unified explanation for severalempirical regularities, including the apparent time inconsistency that has motivatedmodels of quasi-hyperbolic discounting and Rabin?s paradox of risk aversion in thelarge and small. The model also implies that self-control costs imply excess delay,as in the O?Donoghue and Rabin models of quasi-hyperbolic utility, and it explainsexperimental evidence that increased cognitive load makes temptations harder toresist. The base version of our model is consistent with the Gul-Pesendorfer axioms,but we argue that these axioms must be relaxed to account for the effect of cognitiveload. (JEL D11, D81)
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Lerner, J., & Tirole, J. (2006). A Model of Forum Shopping. American Economic Review, 96, 1091–1113.
Owners of intellectual property or mere sponsors of an idea (e.g., authors, securityissuers, sponsors of standards) resort to more or less independent certifiers to persuadepotential users (buyers or adopters) of the worth of their property or idea. We analyzethe sponsor?s choices of certifier and design, social preferences regarding these choices,and the impacts thereon of multiple categories of users, of a downstream presence of thesponsor, and of certifier market power. Finally, we study strategic forum shopping bysponsors of competing ideas. (JEL D82, 031, 034)
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I show existing evidence on labor supply behavior places an upper bound on risk aversion in the expected utility model. I derive a formula for the coefficient of relative risk aversion (γ) in terms of the ratio of the income elasticity of labor supply to wage elasticity and degree of complementarity between consumption and labor. I bound the degree of complementarity using data on consumption choices when labor supply varies across states. Using labor supply elasticity estimates, I find a mean estimate of γ ≈ 1, then show generating γ > 2 requires that wage increases cause sharper labor supply reductions. (JEL D81 J22 )
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