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Daniel L. Chen, Vardges Levonyan, S.Eric Reinhart, and Glen Taksler

vol. 48, n. 2, June 2019, pp. 409–440

The interaction of disclosure laws and the targeted behavior is typically unknown since data on disclosed activity rarely exist in the absence of disclosure laws. We exploit data from legal settlements disclosing $316 million in pharmaceutical company payments to 316,622 physicians across the U.S....

Koen Jochmans, and Tai Otsu

vol. 134, June 2019, pp. 227–242

Laurent Miclo, and Pierre Patie

vol. 2, June 2019, pp. 59–98

By providing instances of approximation of linear diffusions by birth-death processes, Feller [Fel50] has offered an original path from the discrete world to the continuous one. In this paper, by identifying an intertwining relationship between squared Bessel processes and some linear birth-death...

Emmanuelle Auriol

vol. 61, n. 2, June 2019

Economists study markets and their operation with the aim of finding rules that are robust to opportunistic and deviant behaviours. For them, institutions, legal rules and contracts should be designed to incite, even force, individuals to behave responsibly. Whether one considers the work of the...

Andrew Rhodes, and Jidong Zhou

vol. 65, n. 6, June 2019, pp. 2607–2623

A puzzling feature of many retail markets is the coexistence of large multiproduct firms and smaller firms with narrow product ranges. This paper provides a possible explanation for this puzzle, by studying how consumer search frictions influence the structure of retail markets. In our model single...

Alex Smolin, and Gleb Romanyuk

vol. 11, n. 2, May 2019, pp. 250–276

Short-lived buyers arrive to a platform over time and randomly match with sellers. The sellers stay at the platform and sequentially decide whether to accept incoming requests. The platform designs what buyer information the sellers observe before deciding to form a match. We show full information...

Bruno Biais, Christophe Bisière, Matthieu Bouvard, and Catherine Casamatta

vol. 32, n. 5, May 2019, pp. 1662–1715

Blockchains are distributed ledgers, operated within peer-to-peer networks. We model the proof-of-work blockchain protocol as a stochastic game and analyze the equilibrium strategies of rational, strategic miners. Mining the longest chain is a Markov perfect equilibrium, without forking, in line...

Marcel Boyer

May 2019

Christine Webb, Alice Baniel, Guy Cowlishaw, and Elise Huchard

vol. 151, May 2019, pp. 145–155

Alejandrina Cristia, Emmanuel Dupoux, Michael Gurven, and Jonathan Stieglitz

vol. 90, n. 3, May 2019, pp. 759–773