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Francesco Decarolis, Maris Goldmanis, Antonio Penta et Ksenia Shakhgildyan
n° 21-1273, novembre 2021
Bid delegation to specialized intermediaries is common in the auction systems used to sell internet advertising. When the same intermediary concentrates the demand for ad space from competing advertisers, its incentive to coordinate client bids might alter the functioning of the auctions. This...
Marcel Boyer
vol. 6, n° 2–3, novembre 2021, p. 90–226
Several voices are rising to demand an in-depth reform of capitalism in the wake of the increase in income and wealth inequalities of the last four decades, the climate urgency in a local global world, and the financial crisis of 2007–2010. At the forefront of this movement are different groups...
Emmanuelle Auriol et Hillel Rapoport
n° 67, novembre 2021
Christian Bontemps, Kevin Remmy et Jiangyu Wei
n° 21-1258, novembre 2021
In this paper, we estimate a structural model of the domestic US airline market to analyze the effect of the recent merger between American Airlines and US Airways. Our results show that, between 2011 and 2016, a substantial fuel price drop in conjunction with changes in consumer preferences toward...
Bruno Biais, Florian Heider et Marie Hoerova
vol. 88, n° 6, novembre 2021, p. 2654–2686
In order to share risk, protection buyers trade derivatives with protection sellers. Protection sellers’ actions affect the riskiness of their assets, which can create counterparty risk. Because these actions are unobservable, moral hazard limits risk sharing. To mitigate this problem, privately...
Emmanuel Farhi et Jean Tirole
vol. 88, n° 6, novembre 2021, p. 2622–2653
Traditional banking is built on four pillars: SME lending, insured deposit taking, access to lender of last resort, and prudential supervision. This paper unveils the logic of the quadrilogy by showing that it emerges naturally as an equilibrium outcome in a game between banks and the government. A...
Ayden Higgins et Koen Jochmans
n° 21-1272, 23 novembre 2021, révision janvier 2023
This paper provides new identification results for finite mixtures of Markov processes. Our arguments are constructive and show that identification can be achieved from knowledge of the cross-sectional distribution of three (or more) effective time-series observations under simple conditions. Our...
Koen Jochmans et Vincenzo Verardi
n° 21-1271, 19 novembre 2021
This paper introduces instrumental-variable estimators for exponential-regression models that feature two-way fixed effects. These techniques allow us to develop a theory-consistent approach to the estimation of cross-sectional gravity equations that can accommodate the endogeneity of policy...
Koen Jochmans
n° 21-1270, 10 novembre 2021
Identification of peer effects is complicated by the fact that the individuals under study may self-select their peers. Random assignment to peer groups has proven useful to sidestep such a concern. In the absence of a formal randomization mechanism it needs to be argued that assignment is `as good...
Jean-François Bonnefon
octobre 2021
