Private equity (PE) firms reduce product commercialization in their Leveraged Buyout (LBO) investments. This reduction is associated with a product focus in the product commercialization strategy of the LBO. Using a sample of LBOs against a control sample of firms that failed to close the LBO transaction and using trademarks as a measure of product commercialization, I find that PE firms reduce trademark filings, but they accompany it with the reduction in the number of product classes which is a sign of product focus. The effect is opposite when managerial incentives are not aligned. The level of deal leverage does not affect PE firms' product commercialization strategy; neither does PE firms' experience.
{"title":"Do Private Equity Firms Reduce Product Commercialization?","authors":"Moazzam Khoja","doi":"10.2139/ssrn.3490280","DOIUrl":"https://doi.org/10.2139/ssrn.3490280","url":null,"abstract":"Private equity (PE) firms reduce product commercialization in their Leveraged Buyout (LBO) investments. This reduction is associated with a product focus in the product commercialization strategy of the LBO. Using a sample of LBOs against a control sample of firms that failed to close the LBO transaction and using trademarks as a measure of product commercialization, I find that PE firms reduce trademark filings, but they accompany it with the reduction in the number of product classes which is a sign of product focus. The effect is opposite when managerial incentives are not aligned. The level of deal leverage does not affect PE firms' product commercialization strategy; neither does PE firms' experience.","PeriodicalId":430354,"journal":{"name":"IO: Empirical Studies of Firms & Markets eJournal","volume":"46 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-11-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124640476","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}
Airline passengers consider flights departing from airports in different cities to be substitutes and sometimes travel large distances to board a flight with lower fares. While this “airport leakage” phenomenon is a major concern for airport administrators, the industrial organization literature has assumed that flights departing from airports in different cities are in totally separate markets. This assumption rules out these substitution patterns altogether and could yield biased estimates of elasticities and markups. Using an airline passenger survey conducted annually at San Francisco International Airport, I estimate a structural model of air travel demand that allows consumers to choose among flights departing from airports in different cities. I then compare the results from my model to those from the conventional model that defines markets as origin-destination airport pairs. I find that leisure passengers are willing to travel up to 69 miles to save $100 on airfare. As a result, demand is 74 percent more elastic and markups are 41 percent lower when spatial competition is accounted for. These results suggest that airlines face substantial competition from flights departing from nearby airports and that the origin-destination airport pair definition of airline markets overstates market power.
航空公司的乘客认为从不同城市的机场出发的航班是替代品，有时他们会长途跋涉，登上票价较低的航班。虽然这种“机场泄漏”现象是机场管理人员主要关心的问题，但工业组织文献假设，从不同城市的机场出发的航班是在完全不同的市场。这种假设完全排除了这些替代模式，并可能产生对弹性和加价的有偏差的估计。利用每年在旧金山国际机场(San Francisco International Airport)进行的一项航空乘客调查，我估计了一个航空旅行需求的结构模型，该模型允许消费者在从不同城市的机场出发的航班中进行选择。然后，我将我的模型的结果与将市场定义为始发目的地机场对的传统模型的结果进行比较。我发现，休闲旅客为了节省100美元的机票，愿意旅行69英里。因此，考虑到空间竞争，需求弹性增加了74%，加价降低了41%。这些结果表明，航空公司面临从附近机场出发的航班的激烈竞争，并且航空市场的始发目的地机场对定义夸大了市场力量。
{"title":"Spatial Competition in the Airline Industry","authors":"Dennis McWeeny","doi":"10.2139/ssrn.3465104","DOIUrl":"https://doi.org/10.2139/ssrn.3465104","url":null,"abstract":"Airline passengers consider flights departing from airports in different cities to be substitutes and sometimes travel large distances to board a flight with lower fares. While this “airport leakage” phenomenon is a major concern for airport administrators, the industrial organization literature has assumed that flights departing from airports in different cities are in totally separate markets. This assumption rules out these substitution patterns altogether and could yield biased estimates of elasticities and markups. Using an airline passenger survey conducted annually at San Francisco International Airport, I estimate a structural model of air travel demand that allows consumers to choose among flights departing from airports in different cities. I then compare the results from my model to those from the conventional model that defines markets as origin-destination airport pairs. I find that leisure passengers are willing to travel up to 69 miles to save $100 on airfare. As a result, demand is 74 percent more elastic and markups are 41 percent lower when spatial competition is accounted for. These results suggest that airlines face substantial competition from flights departing from nearby airports and that the origin-destination airport pair definition of airline markets overstates market power.","PeriodicalId":430354,"journal":{"name":"IO: Empirical Studies of Firms & Markets eJournal","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-11-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117283585","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}
Entrepreneurs in developing countries report that unreliable electricity imposes a serious constraint, yet little evidence exists on how blackouts impact the micro-firms that account for the majority of employment. This article estimates the effects of outages on small firms using original firm-level panel data and finds evidence of differential effects by firm size. Firms without employees experience large reductions in revenues and profits. Outages have no measurable effect on the output of firms with employees, where worker hours increase, weekly wages paid decrease, and the analysis fails to reject the null hypothesis that blackouts have no effect on (average firm-level) worker hourly wages.
{"title":"Lights Off, Lights On: The Effects of Electricity Shortages on Small Firms","authors":"Morgan Hardy, J. Mccasland","doi":"10.1093/wber/lhz028","DOIUrl":"https://doi.org/10.1093/wber/lhz028","url":null,"abstract":"\u0000 Entrepreneurs in developing countries report that unreliable electricity imposes a serious constraint, yet little evidence exists on how blackouts impact the micro-firms that account for the majority of employment. This article estimates the effects of outages on small firms using original firm-level panel data and finds evidence of differential effects by firm size. Firms without employees experience large reductions in revenues and profits. Outages have no measurable effect on the output of firms with employees, where worker hours increase, weekly wages paid decrease, and the analysis fails to reject the null hypothesis that blackouts have no effect on (average firm-level) worker hourly wages.","PeriodicalId":430354,"journal":{"name":"IO: Empirical Studies of Firms & Markets eJournal","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-11-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121117450","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}
We find that firms located in areas with higher intergenerational mobility are more profitable. Building off the work of Chetty and Hendren (2018a and 2018b)?who provide measures of intergenerational mobility for all commuting zones (essentially, metropolitan areas) within the U.S.?we are the first to show the positive association between intergenerational mobility and corporate profitability. Our regressions compare firms in the same industry at the same point in time and fully control for time-varying state-level shocks. As such, our findings cannot be explained by either differences in industry composition across localities or by variation in state-level economic conditions; nor can our results be explained by differences in firm characteristics or by local economic conditions. Rather, we argue that our findings are best explained by intergenerational mobility influencing human capital formation. Areas with higher mobility do a better job in unlocking their residents? innate talents, which in turn is associated with improved performance by locally headquartered firms. In essence, our results uncover a positive link between greater equality of opportunity and increased corporate profitability.
{"title":"Does Intergenerational Mobility Increase Corporate Profits?","authors":"James F. Albertus, Michael Smolyansky","doi":"10.17016/FEDS.2019.081","DOIUrl":"https://doi.org/10.17016/FEDS.2019.081","url":null,"abstract":"We find that firms located in areas with higher intergenerational mobility are more profitable. Building off the work of Chetty and Hendren (2018a and 2018b)?who provide measures of intergenerational mobility for all commuting zones (essentially, metropolitan areas) within the U.S.?we are the first to show the positive association between intergenerational mobility and corporate profitability. Our regressions compare firms in the same industry at the same point in time and fully control for time-varying state-level shocks. As such, our findings cannot be explained by either differences in industry composition across localities or by variation in state-level economic conditions; nor can our results be explained by differences in firm characteristics or by local economic conditions. Rather, we argue that our findings are best explained by intergenerational mobility influencing human capital formation. Areas with higher mobility do a better job in unlocking their residents? innate talents, which in turn is associated with improved performance by locally headquartered firms. In essence, our results uncover a positive link between greater equality of opportunity and increased corporate profitability.","PeriodicalId":430354,"journal":{"name":"IO: Empirical Studies of Firms & Markets eJournal","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114198866","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}
This paper studies market segmentation that arises from the introduction of a price ceiling in the market for rental housing. When part of the market faces rent control, theory predicts an increase of free-market rents, a consequence of misallocation of households to housing units. We study a large-scale policy intervention in the German housing market in 2015 to document this mechanism empirically. To identify the effect we rely on temporal variation in treatment dates, combined with a difference-in-differences setup and a discontinuity-intime design. By taking a short-run perspective, we are able to isolate the misallocation mechanism from other types of spillovers. We find a robust positive effect on free-market rents in response to the introduction of rent control. Further, we document that rent control reduced the propensity to move house within rent controlled areas, but only among highincome households. Interpreted through the lens of our theoretical model, this spillover is a clear sign of misallocation. Further, we document that the spillover brings forward demolitions of old, ramshackle buildings.
{"title":"Rent Control, Market Segmentation, and Misallocation: Causal Evidence from a Large-Scale Policy Intervention","authors":"Andreas Mense, C. Michelsen, K. Kholodilin","doi":"10.2139/ssrn.3494242","DOIUrl":"https://doi.org/10.2139/ssrn.3494242","url":null,"abstract":"This paper studies market segmentation that arises from the introduction of a price ceiling in the market for rental housing. When part of the market faces rent control, theory predicts an increase of free-market rents, a consequence of misallocation of households to housing units. We study a large-scale policy intervention in the German housing market in 2015 to document this mechanism empirically. To identify the effect we rely on temporal variation in treatment dates, combined with a difference-in-differences setup and a discontinuity-intime design. By taking a short-run perspective, we are able to isolate the misallocation mechanism from other types of spillovers. We find a robust positive effect on free-market rents in response to the introduction of rent control. Further, we document that rent control reduced the propensity to move house within rent controlled areas, but only among highincome households. Interpreted through the lens of our theoretical model, this spillover is a clear sign of misallocation. Further, we document that the spillover brings forward demolitions of old, ramshackle buildings.","PeriodicalId":430354,"journal":{"name":"IO: Empirical Studies of Firms & Markets eJournal","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123391983","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}
Po-Hsuan Hsu, Kyungran Lee, S. K. Moon, Seungjoon Oh
Using Section 801 of the Food and Drug Administration Amendments Act of 2007 (FDAAA) that requires drug developers to disclose clinical trial plans and results publicly, we provide novel evidence for the effect of information transparency on drug development. We find significantly more suspensions in industry-sponsored clinical trials after the FDAAA, which has a causal interpretation based on a difference-in-differences analysis that compares the suspension rates of industry-sponsored and academic clinical trials before and after the FDAAA. Further evidence supports peer learning as a mechanism that helps explain increased suspension decisions after the FDAAA. Finally, we analyze the social welfare implications of increased information transparency; while the FDAAA helps improve drug quality, it leads to more suspensions of potential new drugs that could have reduced mortality and morbidity.
{"title":"Information Disclosure and Drug Development: Evidence from Mandatory Reporting of Clinical Trials","authors":"Po-Hsuan Hsu, Kyungran Lee, S. K. Moon, Seungjoon Oh","doi":"10.2139/ssrn.3459511","DOIUrl":"https://doi.org/10.2139/ssrn.3459511","url":null,"abstract":"Using Section 801 of the Food and Drug Administration Amendments Act of 2007 (FDAAA) that requires drug developers to disclose clinical trial plans and results publicly, we provide novel evidence for the effect of information transparency on drug development. We find significantly more suspensions in industry-sponsored clinical trials after the FDAAA, which has a causal interpretation based on a difference-in-differences analysis that compares the suspension rates of industry-sponsored and academic clinical trials before and after the FDAAA. Further evidence supports peer learning as a mechanism that helps explain increased suspension decisions after the FDAAA. Finally, we analyze the social welfare implications of increased information transparency; while the FDAAA helps improve drug quality, it leads to more suspensions of potential new drugs that could have reduced mortality and morbidity.","PeriodicalId":430354,"journal":{"name":"IO: Empirical Studies of Firms & Markets eJournal","volume":"74 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125942746","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}
Digital technologies are revolutionizing collaboration and value co-creation across traditional industry boundaries and thus generating the need for adaptive and innovative business models, new and flexible network forms as well as new digital processes and capabilities. Digital technologies are also changing the innovation logic of an organization. In recent years, digital tools and platforms have emerged as facilitators of innovation and collaboration, enabling loosely coupled networks of firms to merge knowledge and capabilities for the creation of competitive advantage. Exploring inter-dependencies between organizational structures, technology architecture and the coupling between system components, which would enable better collaborative processes, is currently one of the emerging research questions in the digital economy. In that context, the implementation of block-chain technology calls for a transformation of business models, roles, processes and workflows. It requires a new kind of governance and organization, which diverges from the common management processes present today. To address this gap this paper proposes an integrative conceptual framework for a block-chain-based organization and the resulting decentralized autonomous organizations (DAOs). Due to the complexity of value chains in the Architecture, Engineering and Construction (AEC) industry and the traditionally slow implementation of innovation, the primary aim of our research is to show block-chain-applicability in a general organizational context in this first step. Hence, enabling a better understanding for practitioners and researchers how building blocks of common organizational design need to be re-conceptualized for the implementation of block-chain technologies in AEC, as use cases, practical demonstrations and standards are still missing.
{"title":"Decentralized Autonomous Organizations and Network Design in AEC: A Conceptual Framework","authors":"Marijana Sreckovic, Josef Windsperger","doi":"10.2139/ssrn.3576474","DOIUrl":"https://doi.org/10.2139/ssrn.3576474","url":null,"abstract":"Digital technologies are revolutionizing collaboration and value co-creation across traditional industry boundaries and thus generating the need for adaptive and innovative business models, new and flexible network forms as well as new digital processes and capabilities. Digital technologies are also changing the innovation logic of an organization. In recent years, digital tools and platforms have emerged as facilitators of innovation and collaboration, enabling loosely coupled networks of firms to merge knowledge and capabilities for the creation of competitive advantage. Exploring inter-dependencies between organizational structures, technology architecture and the coupling between system components, which would enable better collaborative processes, is currently one of the emerging research questions in the digital economy. In that context, the implementation of block-chain technology calls for a transformation of business models, roles, processes and workflows. It requires a new kind of governance and organization, which diverges from the common management processes present today. To address this gap this paper proposes an integrative conceptual framework for a block-chain-based organization and the resulting decentralized autonomous organizations (DAOs). Due to the complexity of value chains in the Architecture, Engineering and Construction (AEC) industry and the traditionally slow implementation of innovation, the primary aim of our research is to show block-chain-applicability in a general organizational context in this first step. Hence, enabling a better understanding for practitioners and researchers how building blocks of common organizational design need to be re-conceptualized for the implementation of block-chain technologies in AEC, as use cases, practical demonstrations and standards are still missing.","PeriodicalId":430354,"journal":{"name":"IO: Empirical Studies of Firms & Markets eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130936945","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}
I estimate the causal effect of increasing displayed product ratings by a half star on Wayfair.com to be a five percent increase in demand for products. This increase is driven by an increase in sales, not a change in price. Products with more ratings or that are sold by lesser known brands see a large effect of star ratings on orders, while products with fewer ratings or that are sold by well known brands see no effect of ratings on orders. Furthermore, I find the causal effect of ratings to be heterogeneous across products with different ratings — with the highest rated products seeing the largest benefit to having a marginally higher rating — but not across customers with varying degrees of experience purchasing products from the site. This heterogeneity in demand effects shows that the benefits of higher ratings are not equivalent across old and new products and sellers, indicating potential policy responses by e-commerce sites.
{"title":"Unboxing the Causal Effect of Ratings on Product Demand: Evidence from Wayfair.Com","authors":"E. Magnusson","doi":"10.2139/ssrn.3463492","DOIUrl":"https://doi.org/10.2139/ssrn.3463492","url":null,"abstract":"I estimate the causal effect of increasing displayed product ratings by a half star on Wayfair.com to be a five percent increase in demand for products. This increase is driven by an increase in sales, not a change in price. Products with more ratings or that are sold by lesser known brands see a large effect of star ratings on orders, while products with fewer ratings or that are sold by well known brands see no effect of ratings on orders. Furthermore, I find the causal effect of ratings to be heterogeneous across products with different ratings — with the highest rated products seeing the largest benefit to having a marginally higher rating — but not across customers with varying degrees of experience purchasing products from the site. This heterogeneity in demand effects shows that the benefits of higher ratings are not equivalent across old and new products and sellers, indicating potential policy responses by e-commerce sites.","PeriodicalId":430354,"journal":{"name":"IO: Empirical Studies of Firms & Markets eJournal","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117118726","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}
In this paper I investigate the relocation decision of manufacturing plants in the German economy. The relocation decision involves whether a plant moves its location from one region to another over a time period or whether it stays in the same region. To analyze the relocation of plants, I constructed a novel dataset based on comprehensive regional data as well as official German firm statistics. The results reveal that in particular an improved regional road infrastructure and accessibility of regions positively affects the decision to relocate a plant in the German economy. A reduction of 10 percent in travel time on roads to reach the three nearest agglomeration centers leads to an increase in the relocation probability of about 9.5 percent on average. Further effects are related to market potential, a better educated workforce, and the regional tax base.
{"title":"Stay or Go? Relocation Decisions of German Manufacturing Plants","authors":"Astrid Krenz","doi":"10.2139/ssrn.3478813","DOIUrl":"https://doi.org/10.2139/ssrn.3478813","url":null,"abstract":"In this paper I investigate the relocation decision of manufacturing plants in the German economy. The relocation decision involves whether a plant moves its location from one region to another over a time period or whether it stays in the same region. To analyze the relocation of plants, I constructed a novel dataset based on comprehensive regional data as well as official German firm statistics. The results reveal that in particular an improved regional road infrastructure and accessibility of regions positively affects the decision to relocate a plant in the German economy. A reduction of 10 percent in travel time on roads to reach the three nearest agglomeration centers leads to an increase in the relocation probability of about 9.5 percent on average. Further effects are related to market potential, a better educated workforce, and the regional tax base.","PeriodicalId":430354,"journal":{"name":"IO: Empirical Studies of Firms & Markets eJournal","volume":"382 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116699054","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}
We develop a theoretical model in which technology adoption decisions are based on the information received from others about the quality of a new technology and on their risk attitudes. We test the predictions of this model using a randomized field experiment in Bangladesh. We show that the share of treated farmers who receive better training in System of Rice Intensification (SRI) technology have a high positive impact on the adoption rate of untreated farmers. We also find that untreated farmers who are more risk-averse tend to adopt the technology less and are less influenced by their treated peers. Finally, a trained farmer's impact on his untrained peers increases if he himself adopts SRI technology. Our results indicate that the crucial determinants of technology adoption for untreated farmers are the accuracy and reliability of information transmission about the quality of the technology circulated among farmers as well as their degree of risk aversion.
{"title":"The Value of Information in Technology Adoption","authors":"A. Islam, Philip Ushchev, Y. Zenou, Xin Zhang","doi":"10.2139/ssrn.3468620","DOIUrl":"https://doi.org/10.2139/ssrn.3468620","url":null,"abstract":"We develop a theoretical model in which technology adoption decisions are based on the information received from others about the quality of a new technology and on their risk attitudes. We test the predictions of this model using a randomized field experiment in Bangladesh. We show that the share of treated farmers who receive better training in System of Rice Intensification (SRI) technology have a high positive impact on the adoption rate of untreated farmers. We also find that untreated farmers who are more risk-averse tend to adopt the technology less and are less influenced by their treated peers. Finally, a trained farmer's impact on his untrained peers increases if he himself adopts SRI technology. Our results indicate that the crucial determinants of technology adoption for untreated farmers are the accuracy and reliability of information transmission about the quality of the technology circulated among farmers as well as their degree of risk aversion.","PeriodicalId":430354,"journal":{"name":"IO: Empirical Studies of Firms & Markets eJournal","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116905365","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}
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