首页 > 最新文献

IO: Theory eJournal最新文献

英文 中文
Gainers and Losers from Market Integration 市场一体化的赢家和输家
Pub Date : 2021-12-01 DOI: 10.2139/ssrn.3502024
H. Gersbach, H. Haller
We compare integration of economic, matching and networking markets. There can be losers from integration in all three cases, but their relative numbers depend on the type of market. There can be many losers from integration of pure exchange economies. There are relatively few losers from integration of networking markets. In the matching case, the relative numbers tend to lie between those of the other two cases.
我们比较了经济市场、匹配市场和网络市场的整合。在这三种情况下,整合都可能有输家,但输家的相对数量取决于市场类型。纯交换经济一体化可能会有很多输家。网络市场整合的输家相对较少。在匹配的情况下,相对数字往往位于其他两种情况之间。
{"title":"Gainers and Losers from Market Integration","authors":"H. Gersbach, H. Haller","doi":"10.2139/ssrn.3502024","DOIUrl":"https://doi.org/10.2139/ssrn.3502024","url":null,"abstract":"We compare integration of economic, matching and networking markets. There can be losers from integration in all three cases, but their relative numbers depend on the type of market. There can be many losers from integration of pure exchange economies. There are relatively few losers from integration of networking markets. In the matching case, the relative numbers tend to lie between those of the other two cases.","PeriodicalId":150569,"journal":{"name":"IO: Theory eJournal","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114743534","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 5
Price Authority under Competing Organizations 竞争组织下的价格管理机构
Pub Date : 2021-10-10 DOI: 10.2139/ssrn.3939736
Enriqueta Andreu, D. Neven, S. Piccolo, Roberto Venturini
This paper characterizes the degree of price discretion that competing organizations (principals) award to their sales managers (agents) and examines how such discretion is affected by principals' competitive conduct, market concentration, product substitutability, and demand volatility. We lay down a model in which firms sell differentiated products and sales managers own private information about demand and incur positive marketing costs to sell products to final consumers. Principals cannot internalize these costs through monetary incentives and need to design `permission sets' from which their representatives choose prices. The objective is to understand the forces shaping this set and the constraints (if any) imposed on equilibrium prices. We find that when principals behave non-cooperatively, sales managers are biased towards excessively high prices owing to their will to pass on marketing costs to consumers. Hence, in equilibrium, the permission set requires a list price that caps agents' pricing choices. Such list price is more likely to bind in less concentrated industries, when products are closer substitutes, in industries where distribution requires sufficiently high costs and demand is not too volatile. Instead, when principals behave cooperatively and maximize industry profit, the optimal delegation scheme is more complex. Because principals want to raise prices to the monopoly level, in this regime, the optimal permission features a price floor rather than a list price when the marketing cost is sufficiently low, it features instead full discretion for moderate values of this cost, and only when it is sufficiently high, a list price is optimal. Interestingly, while competition hinders delegation in the noncooperative regime, the opposite happens when principals maximize industry profit.
本文描述了竞争组织(委托人)授予其销售经理(代理人)的价格自由裁量权的程度,并考察了委托人的竞争行为、市场集中度、产品可替代性和需求波动对这种自由裁量权的影响。我们建立了一个模型,在这个模型中,企业销售差异化的产品,销售经理拥有关于需求的私人信息,并承担正向的营销成本来向最终消费者销售产品。委托人不能通过货币激励将这些成本内部化,需要设计“许可集”,让他们的代表从中选择价格。我们的目标是理解形成这个集合的力量,以及施加在均衡价格上的约束(如果有的话)。我们发现,当委托人不合作时,销售经理倾向于过高的价格,因为他们愿意将营销成本转嫁给消费者。因此,在均衡状态下,权限集需要一个标价来限制代理的定价选择。在集中度较低的行业,当产品是更接近的替代品时,在分销需要足够高的成本和需求不太波动的行业,这样的清单价格更有可能具有约束力。相反,当委托人合作行为并使行业利润最大化时,最优委托方案更为复杂。由于委托人希望将价格提高到垄断水平,在这种制度下,当营销成本足够低时,最优许可的特征是价格下限而不是标价,它的特征是对该成本的适度值有充分的自由裁量权,只有当成本足够高时,标价才是最优的。有趣的是,在非合作机制下,竞争阻碍了委托,而当委托人最大化行业利润时,情况正好相反。
{"title":"Price Authority under Competing Organizations","authors":"Enriqueta Andreu, D. Neven, S. Piccolo, Roberto Venturini","doi":"10.2139/ssrn.3939736","DOIUrl":"https://doi.org/10.2139/ssrn.3939736","url":null,"abstract":"This paper characterizes the degree of price discretion that competing organizations (principals) award to their sales managers (agents) and examines how such discretion is affected by principals' competitive conduct, market concentration, product substitutability, and demand volatility. We lay down a model in which firms sell differentiated products and sales managers own private information about demand and incur positive marketing costs to sell products to final consumers. Principals cannot internalize these costs through monetary incentives and need to design `permission sets' from which their representatives choose prices. The objective is to understand the forces shaping this set and the constraints (if any) imposed on equilibrium prices. We find that when principals behave non-cooperatively, sales managers are biased towards excessively high prices owing to their will to pass on marketing costs to consumers. Hence, in equilibrium, the permission set requires a list price that caps agents' pricing choices. Such list price is more likely to bind in less concentrated industries, when products are closer substitutes, in industries where distribution requires sufficiently high costs and demand is not too volatile. Instead, when principals behave cooperatively and maximize industry profit, the optimal delegation scheme is more complex. Because principals want to raise prices to the monopoly level, in this regime, the optimal permission features a price floor rather than a list price when the marketing cost is sufficiently low, it features instead full discretion for moderate values of this cost, and only when it is sufficiently high, a list price is optimal. Interestingly, while competition hinders delegation in the noncooperative regime, the opposite happens when principals maximize industry profit.","PeriodicalId":150569,"journal":{"name":"IO: Theory eJournal","volume":"97 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121181114","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Cash Hedging Motivates Information Sharing in Supply Chains 现金套期保值激励供应链信息共享
Pub Date : 2021-10-05 DOI: 10.2139/ssrn.3936170
Puping (Phil) Jiang, Panos Kouvelis
We study the interplay between firms’ information sharing behaviors and cash hedging strategies in supply chains. First, we argue that if an information-sharing channel is built up to guide supplier’s cash hedging strategies, then voluntary market information sharing from retailer to supplier may take place when information rent on cost reduction effect of hedging, i.e., the effect of reduced expected cost attained by a more informed supplier via cash hedging outweighs the summation of information rent on flexibility loss of hedging, i.e., the effect of losing contingent production opportunity by a more informed supplier after cash hedging, and wholesale cost of information sharing, i.e., more exploitative wholesale price by a more informed supplier. Second, we find that for homogeneous Cournot-competing retailers, asymmetric information-sharing outcomes could emerge as equilibrium, and building up an information-sharing channel typically will not hurt, and sometimes it can achieve Pareto improvement of the supply chain and consumer welfare. Third, when a single supplier serves multiple markets, the heterogeneity across market sizes and the correlation among market shocks play big roles in shaping the equilibrium. Especially in a simultaneous information-sharing game, greater market size heterogeneity, and negatively correlated market shocks are more likely to result in the nonexistence of pure Nash equilibrium. When the Stackelberg sequence is introduced, greater market size heterogeneity and positively correlated market shocks are more likely to induce information sharing in the equilibrium. Furthermore, in the multi-market setting, the existence of an information-sharing channel could hurt retailers, the system as a whole, and consumer welfare.
本文研究了供应链中企业信息共享行为与现金对冲策略之间的相互作用。首先,我们认为如果建立一个信息共享渠道来指导供应商的现金套期保值策略,那么当套期保值降低成本效应的信息租金,即更知情的供应商通过现金套期保值获得的预期成本降低的影响大于套期保值灵活性损失的信息租金之和时,零售商与供应商之间可能会发生自愿的市场信息共享,即:更知情的供应商在现金套期保值后失去或有生产机会的影响,以及信息共享的批发成本,即更知情的供应商更具剥削性的批发价格。其次,我们发现,对于同质古诺竞争的零售商,不对称信息共享结果可能以均衡的形式出现,建立信息共享渠道通常不会造成损害,有时可以实现供应链和消费者福利的帕累托改善。第三,当单一供应商服务于多个市场时,市场规模的异质性和市场冲击之间的相关性在形成均衡中起着重要作用。特别是在同时信息共享博弈中,较大的市场规模异质性和负相关的市场冲击更有可能导致纯纳什均衡不存在。当引入Stackelberg序列时,更大的市场规模异质性和正相关的市场冲击更有可能导致均衡中的信息共享。此外,在多市场环境下,信息共享渠道的存在可能会损害零售商、整个系统和消费者的福利。
{"title":"Cash Hedging Motivates Information Sharing in Supply Chains","authors":"Puping (Phil) Jiang, Panos Kouvelis","doi":"10.2139/ssrn.3936170","DOIUrl":"https://doi.org/10.2139/ssrn.3936170","url":null,"abstract":"We study the interplay between firms’ information sharing behaviors and cash hedging strategies in supply chains. First, we argue that if an information-sharing channel is built up to guide supplier’s cash hedging strategies, then voluntary market information sharing from retailer to supplier may take place when information rent on cost reduction effect of hedging, i.e., the effect of reduced expected cost attained by a more informed supplier via cash hedging outweighs the summation of information rent on flexibility loss of hedging, i.e., the effect of losing contingent production opportunity by a more informed supplier after cash hedging, and wholesale cost of information sharing, i.e., more exploitative wholesale price by a more informed supplier. Second, we find that for homogeneous Cournot-competing retailers, asymmetric information-sharing outcomes could emerge as equilibrium, and building up an information-sharing channel typically will not hurt, and sometimes it can achieve Pareto improvement of the supply chain and consumer welfare. Third, when a single supplier serves multiple markets, the heterogeneity across market sizes and the correlation among market shocks play big roles in shaping the equilibrium. Especially in a simultaneous information-sharing game, greater market size heterogeneity, and negatively correlated market shocks are more likely to result in the nonexistence of pure Nash equilibrium. When the Stackelberg sequence is introduced, greater market size heterogeneity and positively correlated market shocks are more likely to induce information sharing in the equilibrium. Furthermore, in the multi-market setting, the existence of an information-sharing channel could hurt retailers, the system as a whole, and consumer welfare.","PeriodicalId":150569,"journal":{"name":"IO: Theory eJournal","volume":"114 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133233025","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Platform Competition and Interoperability: The Net Fee Model 平台竞争和互操作性:净收费模式
Pub Date : 2021-09-30 DOI: 10.2139/ssrn.3945134
M. Ekmekci, Alexander White, Ling-Xiao Wu
We study the effects of competition and interoperabilty in platform markets. To do so, we adopt an approach of competition in net fees, which is well-suited to situations where users pay additional charges, after joining, for on-platform interactions. Compared to other approaches, net fees expand the tractable scope to allow platform asymmetry and variable total demand. Regarding competition, our findings raise concerns, including possible dominance-inducing entry, which symmetric models overlook. Our results are more optimistic towards the helpfulness of policies that promote interoperability among platforms, but they urge caution when total demand variability is a significant factor.
我们研究了平台市场中竞争和互操作性的影响。为此,我们采用了净费用竞争的方法,这非常适合用户在加入后为平台上的互动支付额外费用的情况。与其他方法相比,净收费扩大了可处理的范围,允许平台不对称和可变的总需求。关于竞争,我们的研究结果引起了关注,包括对称模型忽略的可能的主导诱导进入。我们的结果对促进平台之间互操作性的政策的帮助更为乐观,但当总需求可变性是重要因素时,他们敦促谨慎。
{"title":"Platform Competition and Interoperability: The Net Fee Model","authors":"M. Ekmekci, Alexander White, Ling-Xiao Wu","doi":"10.2139/ssrn.3945134","DOIUrl":"https://doi.org/10.2139/ssrn.3945134","url":null,"abstract":"We study the effects of competition and interoperabilty in platform markets. To do so, we adopt an approach of competition in net fees, which is well-suited to situations where users pay additional charges, after joining, for on-platform interactions. Compared to other approaches, net fees expand the tractable scope to allow platform asymmetry and variable total demand. Regarding competition, our findings raise concerns, including possible dominance-inducing entry, which symmetric models overlook. Our results are more optimistic towards the helpfulness of policies that promote interoperability among platforms, but they urge caution when total demand variability is a significant factor.","PeriodicalId":150569,"journal":{"name":"IO: Theory eJournal","volume":"54 1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131381508","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Risks and Global Supply Chains: What We Know and What We Need to Know 风险和全球供应链:我们知道什么和我们需要知道什么
Pub Date : 2021-09-24 DOI: 10.2139/ssrn.3936008
R. Baldwin, R. Freeman
Recent supply disruptions catapulted the issue of risk in global supply chains (GSCs) to the top of policy agendas and created the impression that shortages would have been less severe if GSCs had been either shorter and more domestic or more diversified. But is this right? We start our answer by reviewing studies that look at risks to and from GSCs and at how GSCs have recovered from past shocks. We then look at whether GSCs are too risky, starting with business research on how firms approach the cost-resilience trade-off. We propose the risk-versus-reward framework from portfolio theory as a good way to evaluate whether anti-risk policy is justified. We then discuss how exposures to foreign shocks are measured and argue that exposure is higher than direct indicators imply. Finally, we consider the future of GSCs in light of current policy proposals and advancing technology before pointing to the rich menu of topics for future research on the risk-GSC nexus. Expected final online publication date for the Annual Review of Economics, Volume 14 is August 2022. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.
最近的供应中断使全球供应链(GSCs)的风险问题成为政策议程的首要问题,并给人一种印象,即如果GSCs更短、更本土化或更多样化,短缺就不会那么严重。但这对吗?我们通过回顾研究GSCs的风险以及GSCs如何从过去的冲击中恢复来开始我们的回答。然后,我们从企业如何处理成本-弹性权衡的商业研究开始,研究gsc是否风险过大。我们提出了投资组合理论中的风险与回报框架,作为评估抗风险政策是否合理的好方法。然后,我们讨论了如何衡量对外国冲击的敞口,并认为敞口高于直接指标所暗示的。最后,我们根据当前的政策建议和先进的技术考虑了gsc的未来,然后指出了未来研究风险- gsc关系的丰富主题。《经济学年度评论》第14卷的最终在线出版日期预计为2022年8月。修订后的估计数请参阅http://www.annualreviews.org/page/journal/pubdates。
{"title":"Risks and Global Supply Chains: What We Know and What We Need to Know","authors":"R. Baldwin, R. Freeman","doi":"10.2139/ssrn.3936008","DOIUrl":"https://doi.org/10.2139/ssrn.3936008","url":null,"abstract":"Recent supply disruptions catapulted the issue of risk in global supply chains (GSCs) to the top of policy agendas and created the impression that shortages would have been less severe if GSCs had been either shorter and more domestic or more diversified. But is this right? We start our answer by reviewing studies that look at risks to and from GSCs and at how GSCs have recovered from past shocks. We then look at whether GSCs are too risky, starting with business research on how firms approach the cost-resilience trade-off. We propose the risk-versus-reward framework from portfolio theory as a good way to evaluate whether anti-risk policy is justified. We then discuss how exposures to foreign shocks are measured and argue that exposure is higher than direct indicators imply. Finally, we consider the future of GSCs in light of current policy proposals and advancing technology before pointing to the rich menu of topics for future research on the risk-GSC nexus. Expected final online publication date for the Annual Review of Economics, Volume 14 is August 2022. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.","PeriodicalId":150569,"journal":{"name":"IO: Theory eJournal","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122186565","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 65
Data-Driven Collusion and Competition in a Pricing Duopoly With Multinomial Logit Demand 具有多项Logit需求的定价双寡头的数据驱动合谋与竞争
Pub Date : 2021-09-02 DOI: 10.2139/ssrn.3916076
Thomas Loots, Arnoud V. den Boer
We consider dynamic pricing and demand learning in a duopoly, both from the perspective where the firms compete against each other and from the perspective where the firms aim to collude to increase their revenues. We adopt the widely studied multinomial logit demand model and construct a sustainable notion of collusion, called fair Pareto optimal pricing, that ensures equal relative revenue improvements for both firms compared to the Nash equilibrium. In contrast to other notions of collusion such as joint-revenue maximization, we show that fair Pareto optimal pricing is always detrimental for consumers and profitable for both firms in the duopoly, regardless of the model parameters. Next, we construct a price algorithm that learns the fair Pareto optimal price from accumulating data if deployed by both firms in the duopoly, and prove theoretical performance bounds. In addition, we propose a mechanism to infer demand observations from the competitor's price path, so that our algorithm can operate in a setting where prices are public but demand is private information. We also construct a price algorithm for the case that the firms compete against each other, and show that it learns to respond optimally against a class of algorithms that includes best-response and fixed-price policies. Our work contributes to the understanding of well-performing price policies in a competitive multi-agent setting, and also shows that collusion by algorithms is in theory possible and deserves the attention of lawmakers and competition policy regulators.
我们考虑了双头垄断中的动态定价和需求学习,既从企业相互竞争的角度考虑,也从企业旨在串通增加收入的角度考虑。我们采用了广泛研究的多项逻辑需求模型,并构建了一个可持续的合谋概念,称为公平帕累托最优定价,它确保与纳什均衡相比,两家公司的相对收入改善是相等的。与联合收益最大化等其他共谋概念相比,我们表明,无论模型参数如何,公平的帕累托最优定价总是对消费者不利,而对双寡头垄断中的两家公司都是有利可图的。接下来,我们构建了一个价格算法,该算法通过积累数据来学习公平的帕累托最优价格,如果两家公司都在双寡头垄断中部署,并证明了理论绩效界限。此外,我们提出了一种从竞争对手的价格路径中推断需求观察的机制,以便我们的算法可以在价格是公开的而需求是私有信息的情况下运行。我们还为企业相互竞争的情况构建了一个价格算法,并表明它学会了对一类包括最佳响应和固定价格政策的算法做出最优响应。我们的工作有助于理解在竞争多智能体环境下表现良好的价格政策,也表明算法的共谋在理论上是可能的,值得立法者和竞争政策监管机构的注意。
{"title":"Data-Driven Collusion and Competition in a Pricing Duopoly With Multinomial Logit Demand","authors":"Thomas Loots, Arnoud V. den Boer","doi":"10.2139/ssrn.3916076","DOIUrl":"https://doi.org/10.2139/ssrn.3916076","url":null,"abstract":"We consider dynamic pricing and demand learning in a duopoly, both from the perspective where the firms compete against each other and from the perspective where the firms aim to collude to increase their revenues. We adopt the widely studied multinomial logit demand model and construct a sustainable notion of collusion, called fair Pareto optimal pricing, that ensures equal relative revenue improvements for both firms compared to the Nash equilibrium. In contrast to other notions of collusion such as joint-revenue maximization, we show that fair Pareto optimal pricing is always detrimental for consumers and profitable for both firms in the duopoly, regardless of the model parameters. Next, we construct a price algorithm that learns the fair Pareto optimal price from accumulating data if deployed by both firms in the duopoly, and prove theoretical performance bounds. In addition, we propose a mechanism to infer demand observations from the competitor's price path, so that our algorithm can operate in a setting where prices are public but demand is private information. We also construct a price algorithm for the case that the firms compete against each other, and show that it learns to respond optimally against a class of algorithms that includes best-response and fixed-price policies. Our work contributes to the understanding of well-performing price policies in a competitive multi-agent setting, and also shows that collusion by algorithms is in theory possible and deserves the attention of lawmakers and competition policy regulators.","PeriodicalId":150569,"journal":{"name":"IO: Theory eJournal","volume":"76 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127418606","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Marketplace Lending: Matching Small Businesses with Specialized Fintech Lenders 市场借贷:将小企业与专业金融科技贷款机构相匹配
Pub Date : 2021-09-02 DOI: 10.2139/ssrn.3916385
Mark J. Johnson
Fintech promises improvements in access to credit for small businesses through more efficient search and better pricing. Using novel data from a marketplace platform of 115,000 loan offers from 46 online lenders I show that the primary contribution of fintech is not in precisely measuring and pricing risk, but rather in facilitating search between small firms and preferred-habitat lenders. Loan rate offers are largely unexplained by firm characteristics and differ substantially even for the same applicant. The dispersion in offers is largely explained by the fact that lenders have preferred habitats -- lending to borrowers of certain risk types and charging relatively uniform rates to all applicants. Interest rates sort borrowers such that the highest interest rate lenders match with firms that have been rejected by lenders with lower rates. This sorting leads to equilibrium loan rates that appear to be closely tied to the characteristics of the firm. The findings highlight the importance of marketplace platforms that reduce search frictions for firms seeking credit among lenders with distinct lending practices.
金融科技有望通过更高效的搜索和更合理的定价,改善小企业获得信贷的机会。我使用来自46个在线贷方的115,000个贷款提供的市场平台的新数据表明,金融科技的主要贡献不是精确测量和定价风险,而是促进小企业和首选栖息地贷方之间的搜索。贷款利率在很大程度上无法解释公司的特点,即使对同一申请人也有很大的不同。报价的差异在很大程度上可以解释为这样一个事实,即贷款机构有自己的偏好——向某些风险类型的借款人提供贷款,并向所有申请人收取相对统一的利率。利率对借款人进行分类,使利率最高的贷款人与被利率较低的贷款人拒绝的公司相匹配。这种分类导致均衡贷款利率似乎与公司的特征密切相关。研究结果强调了市场平台的重要性,它可以减少企业在不同贷款方式的贷款人之间寻求信贷的搜索摩擦。
{"title":"Marketplace Lending: Matching Small Businesses with Specialized Fintech Lenders","authors":"Mark J. Johnson","doi":"10.2139/ssrn.3916385","DOIUrl":"https://doi.org/10.2139/ssrn.3916385","url":null,"abstract":"Fintech promises improvements in access to credit for small businesses through more efficient search and better pricing. Using novel data from a marketplace platform of 115,000 loan offers from 46 online lenders I show that the primary contribution of fintech is not in precisely measuring and pricing risk, but rather in facilitating search between small firms and preferred-habitat lenders. Loan rate offers are largely unexplained by firm characteristics and differ substantially even for the same applicant. The dispersion in offers is largely explained by the fact that lenders have preferred habitats -- lending to borrowers of certain risk types and charging relatively uniform rates to all applicants. Interest rates sort borrowers such that the highest interest rate lenders match with firms that have been rejected by lenders with lower rates. This sorting leads to equilibrium loan rates that appear to be closely tied to the characteristics of the firm. The findings highlight the importance of marketplace platforms that reduce search frictions for firms seeking credit among lenders with distinct lending practices.","PeriodicalId":150569,"journal":{"name":"IO: Theory eJournal","volume":"60 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126260835","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Cross-Market Platform Competition in Mobile App Economy 手机应用经济中的跨平台竞争
Pub Date : 2021-09-01 DOI: 10.2139/ssrn.3927540
Yusuke Zennyo
The mobile app economy comprises two distinct platform markets through which app developers make revenue: app platform and ad platform markets. App sales are facilitated by app platforms, whereas advertising matching is intermediated by ad platforms. Cross-market platform competition exists, i.e., app and ad platforms compete for developers' revenue sources to earn commissions. In literature and policy debates, however, these platform markets are studied separately. The goal of this study is development of a unified model to examine them jointly. The results provide novel implications for competition policy, which could not be reached without consideration for cross-market platform competition.
手机应用经济由两个截然不同的平台市场组成,应用开发者通过这两个平台市场获取收益:应用平台和广告平台市场。应用销售是由应用平台推动的,而广告匹配是由广告平台中介的。存在跨市场平台竞争,即应用平台和广告平台争夺开发者的收入来源,赚取佣金。然而,在文献和政策辩论中,这些平台市场是分开研究的。本研究的目的是建立一个统一的模型来共同检验它们。研究结果为竞争政策的制定提供了新的启示,这是不可能不考虑跨市场平台竞争的。
{"title":"Cross-Market Platform Competition in Mobile App Economy","authors":"Yusuke Zennyo","doi":"10.2139/ssrn.3927540","DOIUrl":"https://doi.org/10.2139/ssrn.3927540","url":null,"abstract":"The mobile app economy comprises two distinct platform markets through which app developers make revenue: app platform and ad platform markets. App sales are facilitated by app platforms, whereas advertising matching is intermediated by ad platforms. Cross-market platform competition exists, i.e., app and ad platforms compete for developers' revenue sources to earn commissions. In literature and policy debates, however, these platform markets are studied separately. The goal of this study is development of a unified model to examine them jointly. The results provide novel implications for competition policy, which could not be reached without consideration for cross-market platform competition.","PeriodicalId":150569,"journal":{"name":"IO: Theory eJournal","volume":"100 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122978509","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Decentralized Payment Clearing using Blockchain and Optimal Bidding 使用区块链和最优竞价的去中心化支付清算
Pub Date : 2021-08-31 DOI: 10.2139/ssrn.3915103
H. Amini, Maxim Bichuch, Zachary Feinstein
In this paper, we construct a decentralized clearing mechanism which endogenously and automatically provides a claims resolution procedure. This mechanism can be used to clear a network of obligations through blockchain. In particular, we investigate default contagion in a network of smart contracts cleared through blockchain. In so doing, we provide an algorithm which constructs the blockchain so as to guarantee the payments can be verified and the miners earn a fee. We, additionally, consider the special case in which the blocks have unbounded capacity to provide a simple equilibrium clearing condition for the terminal net worths; existence and uniqueness are proven for this system. Finally, we consider the optimal bidding strategies for each firm in the network so that all firms are utility maximizers with respect to their terminal wealths. We first look for a mixed Nash equilibrium bidding strategies, and then also consider Pareto optimal bidding strategies. The implications of these strategies, and more broadly blockchain, on systemic risk are considered.
在本文中,我们构建了一个分散的清算机制,该机制可以内生地、自动地提供索赔解决程序。这种机制可用于通过区块链清除义务网络。特别是,我们研究了通过区块链清算的智能合约网络中的违约传染。在这样做的过程中,我们提供了一个构建区块链的算法,以保证支付可以被验证,矿工可以获得费用。此外,我们考虑了区块具有无界容量的特殊情况,为终端净值提供了一个简单的平衡清算条件;证明了该系统的存在性和唯一性。最后,我们考虑网络中每个企业的最优竞标策略,使所有企业都是相对于其终端财富的效用最大化者。首先寻找混合纳什均衡竞价策略,然后考虑帕累托最优竞价策略。考虑了这些策略以及更广泛的区块链对系统风险的影响。
{"title":"Decentralized Payment Clearing using Blockchain and Optimal Bidding","authors":"H. Amini, Maxim Bichuch, Zachary Feinstein","doi":"10.2139/ssrn.3915103","DOIUrl":"https://doi.org/10.2139/ssrn.3915103","url":null,"abstract":"In this paper, we construct a decentralized clearing mechanism which endogenously and automatically provides a claims resolution procedure. This mechanism can be used to clear a network of obligations through blockchain. In particular, we investigate default contagion in a network of smart contracts cleared through blockchain. In so doing, we provide an algorithm which constructs the blockchain so as to guarantee the payments can be verified and the miners earn a fee. We, additionally, consider the special case in which the blocks have unbounded capacity to provide a simple equilibrium clearing condition for the terminal net worths; existence and uniqueness are proven for this system. Finally, we consider the optimal bidding strategies for each firm in the network so that all firms are utility maximizers with respect to their terminal wealths. We first look for a mixed Nash equilibrium bidding strategies, and then also consider Pareto optimal bidding strategies. The implications of these strategies, and more broadly blockchain, on systemic risk are considered.","PeriodicalId":150569,"journal":{"name":"IO: Theory eJournal","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128939824","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 5
Interchange Fees with Cashless Stores and Cashless Consumers 与无现金商店和无现金消费者的交换费
Pub Date : 2021-08-26 DOI: 10.2139/ssrn.3909830
Oz Shy
This paper introduces cashless stores and cashless consumers into a model of interchange fees. Under this modification, the interchange fee set by the card organization exceeds the optimal level. Furthermore, the gap between this fee and the optimal fee increases with the fraction of consumers who do not carry cash and the fraction of cashless stores.
本文将无现金商店和无现金消费者引入交换费模型。在此修改下,卡组织设定的交换费超过了最优水平。此外,该费用与最优费用之间的差距随着不携带现金的消费者比例和无现金商店比例的增加而增加。
{"title":"Interchange Fees with Cashless Stores and Cashless Consumers","authors":"Oz Shy","doi":"10.2139/ssrn.3909830","DOIUrl":"https://doi.org/10.2139/ssrn.3909830","url":null,"abstract":"This paper introduces cashless stores and cashless consumers into a model of interchange fees. Under this modification, the interchange fee set by the card organization exceeds the optimal level. Furthermore, the gap between this fee and the optimal fee increases with the fraction of consumers who do not carry cash and the fraction of cashless stores.","PeriodicalId":150569,"journal":{"name":"IO: Theory eJournal","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121921643","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
期刊
IO: Theory eJournal
全部 Acc. Chem. Res. ACS Applied Bio Materials ACS Appl. Electron. Mater. ACS Appl. Energy Mater. ACS Appl. Mater. Interfaces ACS Appl. Nano Mater. ACS Appl. Polym. Mater. ACS BIOMATER-SCI ENG ACS Catal. ACS Cent. Sci. ACS Chem. Biol. ACS Chemical Health & Safety ACS Chem. Neurosci. ACS Comb. Sci. ACS Earth Space Chem. ACS Energy Lett. ACS Infect. Dis. ACS Macro Lett. ACS Mater. Lett. ACS Med. Chem. Lett. ACS Nano ACS Omega ACS Photonics ACS Sens. ACS Sustainable Chem. Eng. ACS Synth. Biol. Anal. Chem. BIOCHEMISTRY-US Bioconjugate Chem. BIOMACROMOLECULES Chem. Res. Toxicol. Chem. Rev. Chem. Mater. CRYST GROWTH DES ENERG FUEL Environ. Sci. Technol. Environ. Sci. Technol. Lett. Eur. J. Inorg. Chem. IND ENG CHEM RES Inorg. Chem. J. Agric. Food. Chem. J. Chem. Eng. Data J. Chem. Educ. J. Chem. Inf. Model. J. Chem. Theory Comput. J. Med. Chem. J. Nat. Prod. J PROTEOME RES J. Am. Chem. Soc. LANGMUIR MACROMOLECULES Mol. Pharmaceutics Nano Lett. Org. Lett. ORG PROCESS RES DEV ORGANOMETALLICS J. Org. Chem. J. Phys. Chem. J. Phys. Chem. A J. Phys. Chem. B J. Phys. Chem. C J. Phys. Chem. Lett. Analyst Anal. Methods Biomater. Sci. Catal. Sci. Technol. Chem. Commun. Chem. Soc. Rev. CHEM EDUC RES PRACT CRYSTENGCOMM Dalton Trans. Energy Environ. Sci. ENVIRON SCI-NANO ENVIRON SCI-PROC IMP ENVIRON SCI-WAT RES Faraday Discuss. Food Funct. Green Chem. Inorg. Chem. Front. Integr. Biol. J. Anal. At. Spectrom. J. Mater. Chem. A J. Mater. Chem. B J. Mater. Chem. C Lab Chip Mater. Chem. Front. Mater. Horiz. MEDCHEMCOMM Metallomics Mol. Biosyst. Mol. Syst. Des. Eng. Nanoscale Nanoscale Horiz. Nat. Prod. Rep. New J. Chem. Org. Biomol. Chem. Org. Chem. Front. PHOTOCH PHOTOBIO SCI PCCP Polym. Chem.
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
0
微信
客服QQ
Book学术公众号 扫码关注我们
反馈
×
意见反馈
请填写您的意见或建议
请填写您的手机或邮箱
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
Book学术官方微信
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术
文献互助 智能选刊 最新文献 互助须知 联系我们:info@booksci.cn
Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。
Copyright © 2023 Book学术 All rights reserved.
ghs 京公网安备 11010802042870号 京ICP备2023020795号-1