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Firm prominence and price framing 公司突出地位和价格框架
IF 2.3 3区 经济学 Q2 ECONOMICS Pub Date : 2026-02-05 DOI: 10.1016/j.jebo.2026.107458
Ioana Chioveanu , Yiquan Gu , Tobias Wenzel
This paper explores the strategic use of price framing in a duopoly where firms differ in their prominence and where both frame differentiation and frame complexity are sources of consumer confusion. It analyzes the interaction between the relative effectiveness of the two sources of consumer confusion and firms’ prominence levels, and its impact on equilibrium outcomes. A parametric condition on firms’ prominence delineates different equilibrium outcomes and synthesizes the interaction between firm prominence and consumer confusion. In equilibrium, firms do not always coordinate on the most effective source of confusion. The impact of consumer protection policy on market outcomes, especially consumer surplus, depends crucially on underlying market conditions, and can be ineffective or even detrimental to consumers.
本文探讨了在双头垄断中价格框架的战略使用,其中公司的突出程度不同,框架差异和框架复杂性都是消费者困惑的来源。它分析了消费者困惑的两种来源的相对有效性与企业突出水平之间的相互作用,以及它对均衡结果的影响。企业突出地位的参数条件描述了不同的均衡结果,并综合了企业突出地位与消费者混淆之间的相互作用。在均衡状态下,企业并不总是在最有效的混乱来源上进行协调。消费者保护政策对市场结果的影响,特别是对消费者剩余的影响,主要取决于潜在的市场条件,可能对消费者无效,甚至有害。
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引用次数: 0
Diseases of commerce: Unbundling economic freedom and public health 商业之病:经济自由与公共健康的分离
IF 2.3 3区 经济学 Q2 ECONOMICS Pub Date : 2026-02-05 DOI: 10.1016/j.jebo.2026.107460
Vincent Geloso , Kelly Hyde , Ilia Murtazashvili
We explore the institutional foundations of public health by distinguishing among three broad categories of disease: diseases of poverty, which are income-sensitive and decline with improved living standards; diseases of commerce, which are contact-transmissible and spread with mobility and exchange; and diseases of affluence, which are longevity-mediated noncommunicable conditions such as cancer, heart disease, and diabetes that become more prevalent as people live longer. This classification allows us to examine how economic freedom, through its effects on income, mobility, and survival, reshapes the mix of disease rather than health outcomes in aggregate. Using global health data, we find that economically free societies experience large reductions in diseases of poverty, modest changes in diseases of commerce, and a higher relative share of diseases of affluence even as total age-standardized mortality declines. These results reveal that institutional arrangements influence the composition of mortality more than its overall level: economic freedom enhances prosperity and resilience while shifting the burden of disease toward conditions associated with longer lives.
我们通过区分三大类疾病来探索公共卫生的制度基础:贫困疾病,对收入敏感,随着生活水平的提高而下降;商业疾病,通过接触传播,通过流动和交流传播;还有富裕型疾病,即与寿命有关的非传染性疾病,如癌症、心脏病和糖尿病,随着人们寿命的延长,这些疾病会变得越来越普遍。这种分类使我们能够研究经济自由如何通过其对收入、流动性和生存的影响来重塑疾病的组合,而不是总体上的健康结果。利用全球健康数据,我们发现经济自由的社会经历了贫困疾病的大幅减少,商业疾病的适度变化,富裕疾病的相对份额更高,即使总年龄标准化死亡率下降。这些结果表明,制度安排对死亡率构成的影响大于其总体水平:经济自由促进了繁荣和复原力,同时将疾病负担转移到与更长的寿命相关的条件上。
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引用次数: 0
Evolving sustainable institutions in agent-based simulations with learning 基于主体的学习模拟中不断发展的可持续制度
IF 2.3 3区 经济学 Q2 ECONOMICS Pub Date : 2026-02-04 DOI: 10.1016/j.jebo.2026.107455
Christopher Zosh , Andreas Pape , Todd Guilfoos , Peter DiCola
We develop a novel, game-theoretic computational model in which learning agents explore how much to consume from a common resource.
These agents live under three different political regimes: private provision, a benevolent and powerful social planner, and competitive direct democracy. The policies of the latter two regimes are vectors of Pigouvian fines. Both agent consumption and voting decisions are guided by a single process: reinforcement learning with action similarity. The model produces panel data of fine vectors for each regime and setting. We find the benevolent social planner’s fines have significant welfare gains over uncoordinated private action, and that competitive direct democracy’s fines can nearly achieve the same gains. We also find that learning changes the optimal solution; that is, the fine vector found by the benevolent social planner is both distinct from and performs better than the socially optimal fine vector analytically derived from this setting, were it populated with rational, fully-informed agents. Elinor Ostrom empirically identified eight “design principles” common to social structures of communities which successfully cultivate a common resource. One of these principles is “graduated sanctions,” in which punishment accumulates at an accelerating rate as the degree of offense increases. We find that graduated sanctions only emerges when the agents use similarity in decision-making. We also find that, if fines generate revenue which can be costlessly redistributed, draconian (not graduated) sanctions emerge.
我们开发了一种新颖的博弈论计算模型,其中学习代理探索从公共资源中消耗多少。这些代理人生活在三种不同的政治体制下:私人供给,仁慈而强大的社会计划者,以及竞争性的直接民主。后两种政权的政策是庇古罚金的载体。智能体消费和投票决策都是由一个过程引导的:带有动作相似性的强化学习。该模型为每个状态和设置生成精细向量的面板数据。我们发现,仁慈的社会计划者的罚款比不协调的私人行为有显著的福利收益,而竞争直接民主的罚款几乎可以实现相同的收益。我们还发现,学习改变了最优解;也就是说,仁慈的社会规划者发现的精细向量既不同于由理性的、完全知情的代理人组成的社会最优精细向量,也比从这种设置中解析得出的社会最优精细向量表现得更好。埃莉诺·奥斯特罗姆(Elinor Ostrom)凭经验确定了成功培育公共资源的社区社会结构共有的8条“设计原则”。其中一项原则是“分级制裁”,即随着犯罪程度的增加,惩罚以加速的速度累积。我们发现,分级制裁只有在主体在决策中使用相似性时才会出现。我们还发现,如果罚款产生的收入可以毫无成本地进行再分配,就会出现严厉(而非分级)的制裁。
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引用次数: 0
Firm complexity and carbon emissions: Evidence from textual analysis 企业复杂性与碳排放:来自文本分析的证据
IF 2.3 3区 经济学 Q2 ECONOMICS Pub Date : 2026-02-03 DOI: 10.1016/j.jebo.2026.107454
Chih-Wei Wang , Weizheng Lin , Nina Shi
Utilizing a novel measure of firm complexity derived from textual analysis by Loughran and McDonald (2024), we examine the relationship between firm complexity and carbon emissions in the United States from 2005 to 2021, considering the roles of AI investment levels and firm leverage as mediating factors. We find that more complex firms are inclined to invest in AI technologies associated with increased carbon emissions. Additionally, these firms tend to have higher leverage, further amplifying their carbon emissions. Our results indicate that this relationship is more pronounced when oil price uncertainty is low and in manufacturing and high-tech industries. The relationship is also stronger among smaller firms, as they face more significant challenges in adopting ESG policies. Finally, firms with higher returns on assets, long-term debt, and gross profit demonstrate a more substantial positive relation between complexity and carbon emissions.
利用Loughran和McDonald(2024)从文本分析中得出的一种新的企业复杂性度量方法,我们研究了2005年至2021年美国企业复杂性与碳排放之间的关系,并考虑了人工智能投资水平和企业杠杆作为中介因素的作用。我们发现,更复杂的公司倾向于投资与碳排放增加相关的人工智能技术。此外,这些公司往往有更高的杠杆,进一步扩大了他们的碳排放。我们的研究结果表明,当油价不确定性较低时,这种关系在制造业和高科技行业更为明显。这种关系在规模较小的公司中也更为强烈,因为它们在采用ESG政策方面面临更大的挑战。最后,具有较高资产回报、长期债务和毛利润的企业在复杂性与碳排放之间表现出更显著的正相关关系。
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引用次数: 0
Home ties, global trade: How clan culture shapes Chinese exports 家庭关系,全球贸易:宗族文化如何影响中国出口
IF 2.3 3区 经济学 Q2 ECONOMICS Pub Date : 2026-02-03 DOI: 10.1016/j.jebo.2026.107464
Yi Zhang , Chenchen Deng , Chun Liu , Yunyan Wei
This paper investigates how domestic institutions, specifically Confucian clan culture, influence firms’ participation in international trade. Using a nationally representative survey of small and medium-sized private enterprises in China, we show that firms located in counties with a stronger historical presence of clans are more likely to export and achieve higher export values. These findings remain robust after addressing potential endogeneity through instrumental variable estimation, matching analysis, alternative model specifications, and an extensive set of control variables. Mechanism analysis reveals that clan culture promotes exports primarily by alleviating financial constraints and enhancing contract enforcement, with the financing channel playing the more prominent role. Moreover, the effect of clan culture on exports is significantly stronger in regions with weaker formal institutions, suggesting that clans can serve as effective substitutes for formal market-supporting institutions.
本文考察了国内制度,特别是儒家宗族文化对企业参与国际贸易的影响。通过一项具有全国代表性的中国中小民营企业调查,我们发现,位于历史上宗族存在更强的县的企业更有可能出口,并实现更高的出口价值。在通过工具变量估计、匹配分析、替代模型规范和广泛的控制变量集解决潜在的内生性后,这些发现仍然是稳健的。机制分析表明,宗族文化促进出口的主要途径是缓解财政约束和加强契约执行,其中融资渠道的作用更为突出。此外,在正规制度较弱的地区,宗族文化对出口的影响明显更强,这表明宗族可以作为正规市场支持制度的有效替代品。
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引用次数: 0
Can risk-rating of incremental premiums improve consumer sorting across coverage options in mandatory health insurance markets? 增量保费的风险评级能否改善强制性健康保险市场中消费者对不同保险选择的分类?
IF 2.3 3区 经济学 Q2 ECONOMICS Pub Date : 2026-02-02 DOI: 10.1016/j.jebo.2026.107452
Marcello Antonini , Josefa Henriquez , Richard van Kleef , Adrian Melia , Francesco Paolucci
Several mandatory health insurance schemes include some consumer choice of coverage (e.g., in terms of deductible levels). Premiums in these schemes are typically community-rated per insurance plan. While community-rated premiums help achieve objectives of fairness, they can also lead to adverse selection across coverage options. Consequently, consumers may sort inefficiently across these coverage options resulting in forgone welfare gains. This paper aims to explore under what conditions risk rating of incremental premiums for more comprehensive coverage (compared to a basic plan) can improve consumer sorting. In a simulation analysis on Chilean data, results show that under perfect risk adjustment, risk rating of incremental premiums can improve consumer sorting. With imperfect risk adjustment, however, the effects of risk rating on consumer sorting are ambigous as incremental premiums will not just reflect the direct effect of more comprehensive coverage on healthcare spending, but also the under/overcompensation from the (imperfect) risk adjustment system. Moreover, we find that in the presence of imperfect risk adjustment, risk rating improves welfare over community rating but does not fully solve the problem of inefficient sorting.
若干强制性健康保险计划包括一些消费者选择的保险范围(例如,在免赔额方面)。这些计划的保费通常是按每个保险计划的社区费率计算的。虽然社区评级保费有助于实现公平的目标,但它们也可能导致不同保险选择之间的逆向选择。因此,消费者可能会对这些保险选择进行低效排序,从而放弃福利收益。本文旨在探讨在何种条件下,更全面的覆盖(与基本计划相比)的增量保费风险评级可以改善消费者分类。在对智利数据的模拟分析中,结果表明,在完善的风险调整下,增量保费的风险评级可以改善消费者的分拣。然而,在风险调整不完善的情况下,风险评级对消费者分类的影响是模糊的,因为增量保费不仅反映了更全面的医疗保健支出覆盖的直接影响,而且还反映了(不完善的)风险调整系统的补偿不足/过度。此外,我们发现在风险调整不完善的情况下,风险评级比社区评级提高了福利,但并不能完全解决排序效率低下的问题。
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引用次数: 0
An introduction to the special issue on discrimination and diversity 关于歧视和多样性的特刊简介
IF 2.3 3区 经济学 Q2 ECONOMICS Pub Date : 2026-02-01 DOI: 10.1016/j.jebo.2025.107291
Oana Borcan , Laura Gee , Laura Harvey , Boon Han Koh , Ernesto Reuben
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引用次数: 0
Editorial introduction to the JEBO special issue on immigration, health, and well-being JEBO关于移民、健康和福祉特刊的社论导言
IF 2.3 3区 经济学 Q2 ECONOMICS Pub Date : 2026-02-01 DOI: 10.1016/j.jebo.2025.107359
Joan Madia , Catia Nicodemo , Cristina Tealdi
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引用次数: 0
The equilibrium effects of mortality risk 死亡风险的均衡效应
IF 2.3 3区 经济学 Q2 ECONOMICS Pub Date : 2026-01-31 DOI: 10.1016/j.jebo.2026.107463
Andrea Modena , Luca Regis , Giorgio Rizzini
In this paper, we investigate how mortality risk affects agents’ optimal decisions and asset prices within a general equilibrium framework. In our model, risk-averse households facing a stochastic mortality rate allocate their net worth among consumption, risky capital production, and risk-free bonds to maximise intertemporal utility. In this setting, we show that a negative and time-varying correlation exists between mortality and risky asset prices, even when production and mortality risks are mutually independent. The correlation arises because higher mortality rates reduce the incentive to save for the future, leading to increased current consumption and decreased capital investment. As a result, higher mortality lowers the prices of risky capital and raises the risk-free rate in equilibrium. Calibrated simulations suggest that endogenous price effects account for the largest share of welfare gains and losses following sharp changes in mortality, such as the COVID-19 pandemic.
在本文中,我们研究了在一般均衡框架下,死亡风险如何影响代理人的最优决策和资产价格。在我们的模型中,面临随机死亡率的风险厌恶家庭将其净资产分配到消费、风险资本生产和无风险债券中,以最大化跨期效用。在这种情况下,我们表明死亡率和风险资产价格之间存在负的时变相关性,即使生产风险和死亡率风险是相互独立的。这种相关性之所以产生,是因为较高的死亡率降低了为未来储蓄的动机,导致当前消费增加,资本投资减少。因此,较高的死亡率降低了风险资本的价格,提高了均衡状态下的无风险利率。校准后的模拟表明,在死亡率急剧变化(如COVID-19大流行)之后,内生价格效应占福利收益和损失的最大份额。
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引用次数: 0
A unifying theory of foreign intervention in domestic climate policy 国外干预国内气候政策的统一理论
IF 2.3 3区 经济学 Q2 ECONOMICS Pub Date : 2026-01-30 DOI: 10.1016/j.jebo.2026.107430
Anthony Harding , Juan Moreno-Cruz
We propose a theory of climate-policy foreign intervention in which the climate policy is characterized in a policy externality space spanned by differences between two countries exposure to foreign policy, exposure divergence, and in preferred policy levels, preference asymmetry. Within this framework, we show that strategic behavior such as free-riding and free-driving emerge as equilibrium outcomes of position in this policy externality space, rather than as intrinsic features of a climate policy technology, such as mitigation, adaptation, or geoengineering. We also examine preferences for foreign intervention when a hegemon has three options to intervene in the domestic climate policy of a potential Target: i.) Agreements with Extraction; ii.) Agreements with Rewards; and iii.) Agreements with Sanctions. The hegemon’s choice is determined by the availability of rents that can be extracted from the target country, which is, in turn, a function of the policy externality. This explains why the same technology may require different governance approaches in different contexts and why some climate policies attract foreign intervention while others do not.
我们提出了一个气候政策对外干预理论,其中气候政策的特征在于一个政策外部性空间,该空间由两国对外交政策的暴露差异、暴露分歧和偏好政策水平上的偏好不对称所跨越。在这一框架内,我们表明,搭便车和自由驾驶等战略行为是作为政策外部性空间中位置的均衡结果出现的,而不是作为气候政策技术(如减缓、适应或地球工程)的内在特征出现的。我们还研究了当一个霸主有三种选择来干预潜在目标的国内气候政策时,它对外国干预的偏好:与采掘方的协议;二)。奖励协议;和iii)。制裁协议。霸权国家的选择取决于从目标国家榨取租金的可得性,这反过来又是政策外部性的函数。这就解释了为什么相同的技术在不同的背景下可能需要不同的治理方法,以及为什么一些气候政策吸引外国干预,而另一些却没有。
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引用次数: 0
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Journal of Economic Behavior & Organization
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