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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...
Emmanuelle Auriol et Hillel Rapoport
n° 67, novembre 2021
Yuzuru Kumon
n° 21-125, novembre 2021
This paper uses a new dataset of Japanese village censuses, 1637-1872, to measure inequality in landownership. Surprisingly, lands were relatively equally distributed, and most peasants were de-facto landowners. Further, there was no trend in wealth inequality. This contrasts with Western Europe...
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...
Francesca Barigozzi et Helmuth Cremer
n° 21-1257, novembre 2021
We study how workers’ concern for coworkers’ ability (CfCA) affects competition in the labor market. We consider two firms offering nonlinear contracts to a unit mass of prospective workers. Firms may differ in their marginal productivity, while workers are heterogeneous in their ability (high or...
Marc Ivaldi, Milena J Petrova et Miguel Urdanoz
n° 21-1259, novembre 2021
Airline alliances have a long history yet there is no academic consensus on how they affect price levels and their impact on price dispersion has not yet been studied. We address this question using a novel methodology motivated by the service homogenization and increased price competiton in this...
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...
Jihyun Kim, Joon Park et Bin Wang
vol. 37, n° 5, octobre 2021, p. 926–958
In the paper, we introduce and analyze a new methodology to estimate the volatility functions of jump diffusion models. Our methodology relies on the standard kernel estimation technique using truncated bipower increments. The relevant asymptotics are fully developed, which allow for the time span...
