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Does Uber Benefit Travelers by Price Discrimination? 优步是否通过价格歧视让乘客受益?
Pub Date : 2022-11-01 DOI: 10.1086/721266
Yen-Ling Chang, C. Winston, Jia Yan
We use Uber fare data for passenger trips from Los Angeles, New York, and San Francisco airports to hotels in those metropolitan areas to test whether Uber engages in third-degree price discrimination by charging higher fares to travelers who originate from the same airports as other travelers but who stay at more expensive hotels. We find that fares are positively and statistically significantly related to the price of hotel rooms. Importantly, we also find that allowing ride-sharing companies to price discriminate improves travelers’ welfare, on average, by increasing their travel options.
我们使用了从洛杉矶、纽约和旧金山机场到这些大都市地区酒店的乘客的Uber票价数据,以测试Uber是否存在三级价格歧视,即对与其他乘客来自相同机场、但入住更昂贵酒店的乘客收取更高的票价。我们发现机票价格与酒店客房价格之间存在显著的正相关关系。重要的是,我们还发现,允许拼车公司进行价格歧视,平均而言,通过增加他们的出行选择,提高了旅行者的福利。
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引用次数: 3
Public Opinion about Regulation 公众对规管的意见
Pub Date : 2022-11-01 DOI: 10.1086/723572
S. Peltzman
The paper describes how ordinary citizens view economic regulation and summarizes answers to questions about regulation and regulators since the 1970s from the General Social Survey. The pattern is clear: ordinary citizens are skeptical and wary. They want less regulation and do not trust regulators to do what is right. The mistrust has become stronger over time. However, the public supports environmental and electricity rate regulation. These sentiments are shared across age, sex, race, education, and income groups and the left/right ideological spectrum. The public tends to oppose less traditional regulation, such as wage and price controls, government ownership of some industries, and regulation of steel prices. But there is less consensus across demographic groups: blacks, the less educated, and low-income groups are less hostile, or marginally friendly, to less conventional modes of regulation. The paper concludes by contrasting public opinion with the path of regulation since the 1970s.
本文描述了普通公民如何看待经济监管,并总结了20世纪70年代以来综合社会调查中有关监管和监管机构的问题的答案。模式很明显:普通公民持怀疑态度和警惕态度。他们希望减少监管,也不相信监管机构会做正确的事。随着时间的推移,这种不信任变得越来越强烈。然而,公众支持环境和电价管制。这些情绪在不同年龄、性别、种族、教育程度、收入群体和左翼/右翼意识形态中都是相同的。公众倾向于反对不那么传统的监管,比如工资和价格控制,政府对某些行业的所有权,以及对钢铁价格的监管。但不同人口群体之间的共识却不那么一致:黑人、受教育程度较低的人和低收入群体对不那么传统的监管模式不那么敌对,或者略微友好。最后,本文将公众舆论与20世纪70年代以来的监管路径进行了对比。
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引用次数: 0
Peltzman Revisited: Quantifying 21st-Century Opportunity Costs of Food and Drug Administration Regulation 《重新审视:量化21世纪食品和药物管理局监管的机会成本》
Pub Date : 2022-11-01 DOI: 10.1086/721270
C. Mulligan
Peltzman’s work is revisited in light of two recent opportunities to quantitatively assess trade-offs in drug regulation. First, reduced regulatory barriers to drug manufacturing associated with the 2017 reauthorization of generic-drug user fee amendments were followed by more entry and lower prices for prescription drugs. A simple, versatile industry model and historical data on entry indicate that easing restrictions on generics discourages innovation, but this cost is more than offset by benefits from enhanced competition, especially after 2016. Second, accelerated vaccine approval in 2020 had unprecedented net benefits as it improved health and changed the trajectory of the wider economy. Evidence suggests that cost-benefit analysis of Food and Drug Administration (FDA) regulation is incomplete without accounting for substitution toward potentially unsafe and ineffective treatments that are outside FDA jurisdiction and heavily utilized before FDA approval. Moreover, the policy processes initiating the regulatory changes show an influence of Peltzman’s findings. Consumer losses from purchases of ineffective drugs or hastily marketed unsafe drugs appear to have been trivial compared to gains from innovation. (Peltzman 1974, p. 82) Consumer losses from purchases of ineffective drugs or hastily marketed unsafe drugs appear to have been trivial compared to gains from innovation. (Peltzman 1974, p. 82)
佩尔兹曼的工作在最近的两次定量评估药物监管权衡的机会中被重新审视。首先,与2017年仿制药用户费用修订再授权相关的药品生产监管壁垒降低,随后处方药进入更多,价格更低。一个简单、通用的行业模型和进入市场的历史数据表明,放宽对仿制药的限制会阻碍创新,但这种成本被竞争加剧带来的好处所抵消,尤其是在2016年之后。其次,2020年加快疫苗审批带来了前所未有的净效益,因为它改善了健康状况,改变了更广泛的经济轨迹。有证据表明,如果不考虑在FDA管辖范围之外、在FDA批准之前大量使用的潜在不安全和无效治疗的替代,食品和药物管理局(FDA)法规的成本效益分析是不完整的。此外,启动监管变化的政策过程显示出Peltzman研究结果的影响。与创新带来的收益相比,消费者因购买无效药物或匆忙销售不安全药物而遭受的损失似乎微不足道。(Peltzman 1974, p. 82)消费者因购买无效药品或匆忙销售不安全药品而遭受的损失,与创新带来的收益相比似乎微不足道。(佩尔兹曼1974,第82页)
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引用次数: 0
Why Did Firms Practice Segregation? Evidence from Movie Theaters during Jim Crow 为什么公司实行隔离?来自吉姆·克劳时期电影院的证据
Pub Date : 2022-11-01 DOI: 10.1086/720904
Ricard Gil, J. Marion
Racial segregation by businesses during Jim Crow was often voluntary and practiced without a legal mandate. Voluntary segregation can be driven by profit-motivated business owners catering to racist white customers or discrimination by business owners. We assess the relative importance of customers’ and firms’ discrimination by examining the 1953 desegregation of Washington, DC, movie theaters, which occurred rapidly because of a Supreme Court ruling affecting only businesses in Washington. Using weekly data for a nationwide sample of theaters, we find that revenues of Washington theaters fell relative to other theaters, consistent with reduced demand from biased white customers. We use a test for firms’ discrimination based on a model of the screening decision for films with black actors cast in prominent roles. We cannot reject that the run length of these films was profit motivated. Together, our results point toward customer discrimination as a primary cause of public accommodation segregation.
在吉姆·克劳法期间,企业的种族隔离通常是自愿的,没有法律授权。出于利润动机的企业主迎合有种族歧视的白人客户,或者企业主的歧视,都可能推动自愿隔离。我们通过研究1953年华盛顿特区电影院废除种族隔离的情况来评估顾客和公司歧视的相对重要性,由于最高法院的一项裁决只影响华盛顿的企业,这一情况迅速发生。使用全国范围内影院样本的每周数据,我们发现华盛顿影院的收入相对于其他影院下降,这与有偏见的白人客户的需求减少是一致的。我们基于黑人演员扮演重要角色的电影放映决策模型,对公司歧视进行了测试。我们不能否认,这些电影的放映时长是为了盈利。总之,我们的研究结果表明,顾客歧视是公共住宿隔离的主要原因。
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引用次数: 4
Creditors’ Rights, Threat of Liquidation, and the Labor and Capital Choices of Firms 债权人权利、清算威胁与企业的劳动力和资本选择
Pub Date : 2022-11-01 DOI: 10.1086/720962
Shashwat Alok, Ritam Chaurey, Vasudha Nukala
In 2002, India introduced a legal reform that allowed secured creditors to seize and liquidate a defaulter’s assets, thereby strengthening creditors’ rights. We study the impact of the legal change on firms’ real decisions regarding their capital and labor, exploiting variation in their prepolicy proportion of collateralizable assets. We find that firms increased employment and reduced their capital investments. These effects are especially strong for firms in regions with less-efficient courts. Our results are consistent with an increased threat of liquidation for firms following the passage of the law.
2002年,印度进行了一项法律改革,允许有担保的债权人扣押和清算债务人的资产,从而加强了债权人的权利。我们利用政策前可担保资产比例的变化,研究法律变化对企业关于资本和劳动力的实际决策的影响。我们发现,企业增加了就业,减少了资本投资。在法院效率较低的地区,这些影响对公司尤其明显。我们的结果与法律通过后公司清算的威胁增加相一致。
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引用次数: 1
The Returns to Medical Inventions 医学发明的回报
Pub Date : 2022-11-01 DOI: 10.1086/723416
David Dranove, Craig L. Garthwaite, Bingxiao Wu
Medical innovation is perhaps the most important driver of health care spending and quality. Economists have studied pharmaceutical innovation for decades, and their findings have contributed to the debate about optimal Food and Drug Administration policy. Despite their importance to health care spending and value, there is no similar literature to inform an optimal regulation system for novel and valuable medical procedures. In this paper, we begin to fill this gap by documenting the incentives for developing medical procedures and the process through which they are approved for use. Drawing on the work of Sam Peltzman and George Stigler, we argue that the largely ad hoc system of rewards and review for medical procedures may explain the slow pace of innovation, particularly when compared with drug innovation.
医疗创新可能是医疗保健支出和质量的最重要驱动因素。经济学家研究制药创新已有数十年,他们的研究结果为有关食品和药物管理局(Food and Drug Administration)最佳政策的辩论做出了贡献。尽管它们对医疗保健支出和价值很重要,但没有类似的文献来为新颖和有价值的医疗程序提供最佳的监管系统。在这篇论文中,我们开始通过记录发展医疗程序的动机和它们被批准使用的过程来填补这一空白。根据萨姆·佩尔兹曼和乔治·斯蒂格勒的研究,我们认为,医疗程序的奖励和审查制度在很大程度上是临时的,这可能解释了创新步伐缓慢的原因,尤其是与药物创新相比。
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引用次数: 0
Pride and Prejudice: Same-Sex Marriage Legalization Announcements and Hate Crimes 《傲慢与偏见:同性婚姻合法化公告与仇恨犯罪
Pub Date : 2022-11-01 DOI: 10.1086/721700
R. Pettis, Zehra Valencia, B. Williams
In this paper, we examine whether same-sex marriage legalization announcements impact the occurrence of hate crimes against lesbian, gay, bisexual, and transgender (LGBT) people. Using a difference-in-differences design, we exploit the variation in the timing of same-sex marriage legalization announcements across states. On average, a same-sex marriage legalization announcement reduces the anti-LGBT hate crime rate by .112 per 100,000 people, although some additional analyses have weaker results. Decreases are mostly driven by reductions in violent crimes. Event-study estimates show that results fade after 1 year and provide evidence that reductions are not due to changes in social trends before an announcement. Our results demonstrate that salient, progressive LGBT policy announcements may, by themselves, effectively reduce anti-LGBT hate crimes.
在本文中,我们研究同性婚姻合法化公告是否影响针对女同性恋、男同性恋、双性恋和跨性别(LGBT)人群的仇恨犯罪的发生。使用差异中的差异设计,我们利用各州同性婚姻合法化公告时间的变化。平均而言,同性婚姻合法化的公告会使反lgbt仇恨犯罪率每10万人减少0.112人,尽管一些额外的分析得出的结果较弱。减少的主要原因是暴力犯罪的减少。事件研究估计表明,结果在一年后消退,并提供证据表明,在宣布之前,减少不是由于社会趋势的变化。我们的研究结果表明,显著的、进步的LGBT政策公告本身就可以有效地减少针对LGBT的仇恨犯罪。
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引用次数: 0
Advertising Costs and Product Prices 广告费和产品价格
Pub Date : 2022-11-01 DOI: 10.1086/721269
H. Varian
How does a change in the cost of advertising affect product prices? On the one hand, advertising increases costs, but on the other hand, advertising is expected to generate more sales, so the impact on product prices and profits depends on the magnitude of these two effects. In this article I describe some recent trends in online and offline advertising and build a simple model of an online merchant. In this model when advertising becomes more costly, the merchant cuts back on ad spending, but it does not necessarily change product prices.
广告成本的变化是如何影响产品价格的?一方面,广告增加了成本,但另一方面,广告预计会产生更多的销售,所以对产品价格和利润的影响取决于这两种影响的大小。在这篇文章中,我描述了在线和离线广告的一些最新趋势,并建立了一个简单的在线商家模型。在这种模式下,当广告成本变得更高时,商家会削减广告支出,但这并不一定会改变产品价格。
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引用次数: 1
In the Beginning: The Creation of the Economic Expert in Antitrust 一开始:反垄断经济学专家的创立
Pub Date : 2022-11-01 DOI: 10.1086/721265
K. Elzinga
Today one cannot imagine antitrust litigation without the use of economic experts. Defendants and plaintiffs alike pay handsomely for their reports and testimony. However, the use of economists as expert witnesses did not begin until the iconic case of United States v. United States Steel, when two prominent economists, Francis Walker and Jeremiah Jenks, testified on behalf of the Department of Justice and United States Steel. Drawing on the original trial transcript, this paper assesses their role in the litigation. While their level of theoretical sophistication and empirical analysis falls short of today’s standards, the testimony of Walker and Jenks featured some of the same elements of expert testimony that continue today and analysis that was a precursor to the Chicago School’s perspective on competition.
今天,人们无法想象在没有经济学专家的情况下进行反垄断诉讼。被告和原告都为他们的报告和证词支付了可观的报酬。然而,直到标志性的美国诉美国钢铁公司案(United States v. United States Steel)才开始使用经济学家作为专家证人,当时两位著名经济学家弗朗西斯·沃克(Francis Walker)和耶利米·詹克斯(Jeremiah Jenks)代表司法部和美国钢铁公司作证。根据原始审判记录,本文评估了他们在诉讼中的作用。虽然他们的理论复杂性和实证分析水平低于今天的标准,但沃克和詹克斯的证词中有一些专家证词的相同元素,这些元素今天仍在继续,并且分析是芝加哥学派竞争观点的先驱。
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引用次数: 0
Vertical Disintegration: The Effect of Refiners’ Exit from Gasoline Retailing on Retail Gasoline Pricing 纵向解体:炼油企业退出汽油零售对汽油零售定价的影响
Pub Date : 2022-08-01 DOI: 10.1086/718427
Daniel Hosken, Christopher T. Taylor
The net effect of vertical integration on consumer welfare depends on the magnitude of the price reductions resulting from the elimination of double marginalization at the integrated firm and the price increases resulting from higher input prices charged to unintegrated competitors. In this paper, we estimate both of these effects in the US gasoline industry by examining the change in relative retail gasoline prices following the vertical separation caused by refiners’ decision to exit gasoline retailing beginning in the mid-2000s. Using station-level price data from Florida and New Jersey, we find that double marginalization caused retail prices to increase by about 1.2 cents per gallon. Estimates of the effect of raising rivals’ costs, while sensitive to the choice of control group, are of a similar magnitude. On net, we find that the average retail price of gasoline was effectively unchanged as the result of vertical separation.
纵向一体化对消费者福利的净影响取决于一体化企业消除双重边缘化所带来的价格下降的幅度,以及向未一体化的竞争者收取更高投入价格所带来的价格上涨的幅度。在本文中,我们通过考察炼油商从2000年代中期开始退出汽油零售导致的垂直分离后相对零售汽油价格的变化,估计了这两种影响对美国汽油行业的影响。利用佛罗里达州和新泽西州的加油站价格数据,我们发现双重边缘化导致零售价格每加仑上涨约1.2美分。对提高竞争对手成本影响的估计,虽然对对照组的选择很敏感,但也有类似的幅度。在网络上,我们发现由于垂直分离,汽油的平均零售价格实际上没有变化。
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引用次数: 4
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The Journal of Law and Economics
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