Pub Date : 2025-12-04DOI: 10.1016/j.econmod.2025.107425
Yongwei Ye , Boyang Xie , Zhaoda Liu , Yiyu Wang
Intelligent technologies are increasingly integrated into traditional manufacturing, making it essential to assess their economic implications for production and operational decisions. However, the link between intelligent manufacturing and firms' markup remains unclear. Using a quasi-natural experiment based on China's Intelligent Manufacturing Pilot Demonstration Projects, this study examines how intelligent manufacturing affects firms' markup. The findings show that intelligent manufacturing significantly increases markup, driven by innovation incentives and efficiency-enhancing effects. Heterogeneity tests indicate that this positive influence is stronger in firms with higher capital intensity, in more competitive industries, and in regions with richer human capital. Overall, the study demonstrates that intelligent manufacturing can effectively raise firms' markup and offers guidance for emerging economies seeking to upgrade and transform their manufacturing sectors through advanced digital technologies.
{"title":"Intelligent manufacturing and Firm Markup: Evidence from China","authors":"Yongwei Ye , Boyang Xie , Zhaoda Liu , Yiyu Wang","doi":"10.1016/j.econmod.2025.107425","DOIUrl":"10.1016/j.econmod.2025.107425","url":null,"abstract":"<div><div>Intelligent technologies are increasingly integrated into traditional manufacturing, making it essential to assess their economic implications for production and operational decisions. However, the link between intelligent manufacturing and firms' markup remains unclear. Using a quasi-natural experiment based on <em>China's Intelligent Manufacturing Pilot Demonstration Projects</em>, this study examines how intelligent manufacturing affects firms' markup. The findings show that intelligent manufacturing significantly increases markup, driven by innovation incentives and efficiency-enhancing effects. Heterogeneity tests indicate that this positive influence is stronger in firms with higher capital intensity, in more competitive industries, and in regions with richer human capital. Overall, the study demonstrates that intelligent manufacturing can effectively raise firms' markup and offers guidance for emerging economies seeking to upgrade and transform their manufacturing sectors through advanced digital technologies.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"155 ","pages":"Article 107425"},"PeriodicalIF":4.7,"publicationDate":"2025-12-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145839407","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-12-04DOI: 10.1016/j.econmod.2025.107423
Xiaoyu Chen, Qi Luo
Excessive financial investment can hinder corporate sustainable development and broader economic growth. However, the influence of common institutional ownership on corporate financial investment remains insufficiently studied. Using a sample of Chinese listed firms from 2009 to 2022, this study examines whether, and through which channels, common institutional ownership influences corporate financial investment. We find that common institutional ownership significantly curbs financial investment and exacerbates investment structure bias toward real investment. Mechanism tests indicate that common institutional ownership inhibits financial investment by strengthening financing capacity, improving operational efficiency, and increasing innovative activities. The financialization inhibitory effect is stronger for single-segment firms, those in less competitive industries, and firms located in regions with stronger future-oriented culture. In addition, common institutional ownership alleviates the negative impact of financialization on future corporate core performance. Overall, the findings provide novel empirical evidence on the positive role of common institutional ownership in supporting real economic development.
{"title":"Common institutional ownership and corporate financial investment","authors":"Xiaoyu Chen, Qi Luo","doi":"10.1016/j.econmod.2025.107423","DOIUrl":"10.1016/j.econmod.2025.107423","url":null,"abstract":"<div><div>Excessive financial investment can hinder corporate sustainable development and broader economic growth. However, the influence of common institutional ownership on corporate financial investment remains insufficiently studied. Using a sample of Chinese listed firms from 2009 to 2022, this study examines whether, and through which channels, common institutional ownership influences corporate financial investment. We find that common institutional ownership significantly curbs financial investment and exacerbates investment structure bias toward real investment. Mechanism tests indicate that common institutional ownership inhibits financial investment by strengthening financing capacity, improving operational efficiency, and increasing innovative activities. The financialization inhibitory effect is stronger for single-segment firms, those in less competitive industries, and firms located in regions with stronger future-oriented culture. In addition, common institutional ownership alleviates the negative impact of financialization on future corporate core performance. Overall, the findings provide novel empirical evidence on the positive role of common institutional ownership in supporting real economic development.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"155 ","pages":"Article 107423"},"PeriodicalIF":4.7,"publicationDate":"2025-12-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145737063","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We explore the impact of economic policy uncertainty (EPU) on outbound income shifting by U.S. firms, offering valuable insights into how firms adapt their tax strategies under uncertain economic conditions. Using a unique dataset from De Simone et al. (2019) originally derived from confidential IRS records, we find a significant positive effect of EPU on outbound income shifting. Firms respond to uncertainty by more actively reallocating profits across jurisdictions to mitigate risk. These findings are consistently validated through rigorous methods, including propensity score matching, entropy balancing, and instrumental-variable analysis. We also show that firms with higher tax burdens are more inclined to shift income, while those with significant dividend commitments tend to adopt conservative approaches. Income shifting attributable to EPU is shown to erode firm value and profitability, possibly due to regulatory scrutiny and reputational risks. However, strong governance, particularly independent and gender-diverse boards, helps mitigate income shifting during uncertain times.
{"title":"Strategic income shifting in uncertain times: Insights from economic policy uncertainty","authors":"Pattanaporn Chatjuthamard , Pandej Chintrakarn (Corresponding author.) , Pornsit Jiraporn","doi":"10.1016/j.econmod.2025.107420","DOIUrl":"10.1016/j.econmod.2025.107420","url":null,"abstract":"<div><div>We explore the impact of economic policy uncertainty (EPU) on outbound income shifting by U.S. firms, offering valuable insights into how firms adapt their tax strategies under uncertain economic conditions. Using a unique dataset from De Simone et al. (2019) originally derived from confidential IRS records, we find a significant positive effect of EPU on outbound income shifting. Firms respond to uncertainty by more actively reallocating profits across jurisdictions to mitigate risk. These findings are consistently validated through rigorous methods, including propensity score matching, entropy balancing, and instrumental-variable analysis. We also show that firms with higher tax burdens are more inclined to shift income, while those with significant dividend commitments tend to adopt conservative approaches. Income shifting attributable to EPU is shown to erode firm value and profitability, possibly due to regulatory scrutiny and reputational risks. However, strong governance, particularly independent and gender-diverse boards, helps mitigate income shifting during uncertain times.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"155 ","pages":"Article 107420"},"PeriodicalIF":4.7,"publicationDate":"2025-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145684381","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-12-02DOI: 10.1016/j.econmod.2025.107422
Manel Antelo , Lluís Bru
We investigate an outside patentholder's choice between selling and licensing a cost-reducing innovation to firms that produce differentiated goods in a Cournot duopoly. Sale implies the transfer of ownership rights, whereas licensing—by the patentholder directly or by any assignee—occurs through an endogenously chosen two-part tariff contract. We find that the patentholder has an incentive to sell the innovation (to a single firm that, in turn, licences it to its competitor) only when the goods are close substitutes and the innovation size is sufficiently minimal. Otherwise, the patentholder prefers to licence the innovation to both firms. Although the transfer of innovation, whether through outright sale or licensing, always improves aggregate welfare compared with the pre-transfer scenario, consumer surplus is reduced when the transfer is made by means of sales. Therefore, a socially optimal public policy should aim at banning the sale of outside innovations or, at least, preventing their subsequent licensing by the assignee from within the industry.
{"title":"Sale versus licensing of a cost-reducing innovation by an outside patentholder","authors":"Manel Antelo , Lluís Bru","doi":"10.1016/j.econmod.2025.107422","DOIUrl":"10.1016/j.econmod.2025.107422","url":null,"abstract":"<div><div>We investigate an outside patentholder's choice between selling and licensing a cost-reducing innovation to firms that produce differentiated goods in a Cournot duopoly. Sale implies the transfer of ownership rights, whereas licensing—by the patentholder directly or by any assignee—occurs through an endogenously chosen two-part tariff contract. We find that the patentholder has an incentive to sell the innovation (to a single firm that, in turn, licences it to its competitor) only when the goods are close substitutes and the innovation size is sufficiently minimal. Otherwise, the patentholder prefers to licence the innovation to both firms. Although the transfer of innovation, whether through outright sale or licensing, always improves aggregate welfare compared with the pre-transfer scenario, consumer surplus is reduced when the transfer is made by means of sales. Therefore, a socially optimal public policy should aim at banning the sale of outside innovations or, at least, preventing their subsequent licensing by the assignee from within the industry.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"155 ","pages":"Article 107422"},"PeriodicalIF":4.7,"publicationDate":"2025-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145789952","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-12-02DOI: 10.1016/j.econmod.2025.107419
Haoqian Zou
This paper explores how alumni networks shape the school-to-work migration of PhD graduates entering nonacademic sectors. Using résumés collected from LinkedIn, I assembled a dataset of roughly 300,000 PhD graduates from 145 R1 universities between 1980 and 2016. The dataset provides detailed information on education and employment histories, enabling analysis of alumni stock and migration flows across school–state pairs. I employ panel regressions at the school–destination level, incorporating origin-year, destination-year, and origin–destination interactive fixed effects to address omitted-variable bias. The results show that a larger number of managerial alumni is positively associated with migration, likely reflecting a supportive role for new graduates. Conversely, more junior alumni are linked to lower migration, suggesting potential competitive pressures.
{"title":"From school to work: How alumni networks on LinkedIn shape PhD journeys","authors":"Haoqian Zou","doi":"10.1016/j.econmod.2025.107419","DOIUrl":"10.1016/j.econmod.2025.107419","url":null,"abstract":"<div><div>This paper explores how alumni networks shape the school-to-work migration of PhD graduates entering nonacademic sectors. Using résumés collected from LinkedIn, I assembled a dataset of roughly 300,000 PhD graduates from 145 R1 universities between 1980 and 2016. The dataset provides detailed information on education and employment histories, enabling analysis of alumni stock and migration flows across school–state pairs. I employ panel regressions at the school–destination level, incorporating origin-year, destination-year, and origin–destination interactive fixed effects to address omitted-variable bias. The results show that a larger number of managerial alumni is positively associated with migration, likely reflecting a supportive role for new graduates. Conversely, more junior alumni are linked to lower migration, suggesting potential competitive pressures.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"155 ","pages":"Article 107419"},"PeriodicalIF":4.7,"publicationDate":"2025-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145737061","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-11-30DOI: 10.1016/j.econmod.2025.107417
Shiqi Wang , Yongqiao Wang
This study investigates the impact of green bond issuances on green mergers and acquisitions (GM&As) of peer firms. Using data from China's A-share listed firms from 2012 to 2022, we employ staggered DID model to demonstrate that green bond issuances can stimulate GM&A activities of peer firms. The stimulating effect is mainly attributable to competition rather than environmental penalty pressure. Green bond issuances also raise executives' environmental awareness and attract greater attention from green investors in peer firms, thereby reinforcing GM&A activities. The effect is more pronounced for firms located in regions with stricter environmental regulation, with greater media attention, and classified as heavily polluting. Moreover, GM&As enable peer firms to significantly enhance their green technological innovation and environmental performance. These findings provide new evidence on how green financial instruments shape firms' strategic behaviour and offer implications for a more effective green finance system.
{"title":"The impact of green bond issuances on green mergers and acquisitions of peer firms","authors":"Shiqi Wang , Yongqiao Wang","doi":"10.1016/j.econmod.2025.107417","DOIUrl":"10.1016/j.econmod.2025.107417","url":null,"abstract":"<div><div>This study investigates the impact of green bond issuances on green mergers and acquisitions (GM&As) of peer firms. Using data from China's A-share listed firms from 2012 to 2022, we employ staggered DID model to demonstrate that green bond issuances can stimulate GM&A activities of peer firms. The stimulating effect is mainly attributable to competition rather than environmental penalty pressure. Green bond issuances also raise executives' environmental awareness and attract greater attention from green investors in peer firms, thereby reinforcing GM&A activities. The effect is more pronounced for firms located in regions with stricter environmental regulation, with greater media attention, and classified as heavily polluting. Moreover, GM&As enable peer firms to significantly enhance their green technological innovation and environmental performance. These findings provide new evidence on how green financial instruments shape firms' strategic behaviour and offer implications for a more effective green finance system.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"155 ","pages":"Article 107417"},"PeriodicalIF":4.7,"publicationDate":"2025-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145684376","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-11-29DOI: 10.1016/j.econmod.2025.107415
Sichao Wei , David Aadland
Green taxes are designed to mitigate the environmental pollution that causes millions of premature deaths worldwide each year. Using an overlapping generations (OLG) model with endogenous longevity, we examine how environmental conditions influence the effectiveness of green taxes. A key endogenous mechanism links changes in environmental quality to the economy through health effects, shaping the policy–environment boundaries for dynamics and output maximization. The model predicts that regions with low environmental carrying capacity (ECC) and low green tax rates will experience environmental and economic cycles, leading to intergenerational inequality, and fail to maximize output. These cycles can be avoided, and output maximized, if such regions raise their green tax rates. By contrast, in regions with higher ECC, the green tax rate that maximizes output may not eliminate cycles. Our findings provide insights into two dimensions of compatibility: (1) the alignment between policy stringency and environmental conditions, and (2) the compatibility of policy objectives aimed at eliminating cycles and maximizing output.
{"title":"Green taxes, the environment, and the economy: A theoretical analysis using an overlapping generations model with endogenous longevity","authors":"Sichao Wei , David Aadland","doi":"10.1016/j.econmod.2025.107415","DOIUrl":"10.1016/j.econmod.2025.107415","url":null,"abstract":"<div><div>Green taxes are designed to mitigate the environmental pollution that causes millions of premature deaths worldwide each year. Using an overlapping generations (OLG) model with endogenous longevity, we examine how environmental conditions influence the effectiveness of green taxes. A key endogenous mechanism links changes in environmental quality to the economy through health effects, shaping the policy–environment boundaries for dynamics and output maximization. The model predicts that regions with low environmental carrying capacity (ECC) and low green tax rates will experience environmental and economic cycles, leading to intergenerational inequality, and fail to maximize output. These cycles can be avoided, and output maximized, if such regions raise their green tax rates. By contrast, in regions with higher ECC, the green tax rate that maximizes output may not eliminate cycles. Our findings provide insights into two dimensions of compatibility: (1) the alignment between policy stringency and environmental conditions, and (2) the compatibility of policy objectives aimed at eliminating cycles and maximizing output.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"155 ","pages":"Article 107415"},"PeriodicalIF":4.7,"publicationDate":"2025-11-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145684379","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-11-29DOI: 10.1016/j.econmod.2025.107416
Philipp Tobias Hohn , Torben Klarl
This paper suggests a micro-founded theory of human capital accumulation that is embedded in an endogenous growth model in which rational and cognitively constrained agents allocate time between production and networking activities within a knowledge-diffusion structure. The framework includes three important mechanisms: (i) learning in a knowledge network; (ii) possible skill downgrading due to knowledge obsolescence; and (iii) fear of technological unemployment due to automation. The analysis distinguishes between fully rational agents and cognitively constrained agents, demonstrating that limited cognitive capacity impedes optimal networking behavior and amplifies human capital inequality. Numerical simulations and comparative dynamics further indicate that higher rates of knowledge obsolescence slow human capital accumulation, weaken growth, and disproportionately burden cognitively constrained individuals, potentially trapping the economy in a low-skill, stagnant equilibrium.
{"title":"Knowledge obsolescence, human capital inequality, and growth: A network perspective in an automated knowledge society","authors":"Philipp Tobias Hohn , Torben Klarl","doi":"10.1016/j.econmod.2025.107416","DOIUrl":"10.1016/j.econmod.2025.107416","url":null,"abstract":"<div><div>This paper suggests a micro-founded theory of human capital accumulation that is embedded in an endogenous growth model in which rational and cognitively constrained agents allocate time between production and networking activities within a knowledge-diffusion structure. The framework includes three important mechanisms: (i) learning in a knowledge network; (ii) possible skill downgrading due to knowledge obsolescence; and (iii) fear of technological unemployment due to automation. The analysis distinguishes between fully rational agents and cognitively constrained agents, demonstrating that limited cognitive capacity impedes optimal networking behavior and amplifies human capital inequality. Numerical simulations and comparative dynamics further indicate that higher rates of knowledge obsolescence slow human capital accumulation, weaken growth, and disproportionately burden cognitively constrained individuals, potentially trapping the economy in a low-skill, stagnant equilibrium.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"155 ","pages":"Article 107416"},"PeriodicalIF":4.7,"publicationDate":"2025-11-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145684380","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-11-28DOI: 10.1016/j.econmod.2025.107414
Mahbouba Nasraoui , Aymen Ajina , Fabrice Herve
This study examines how economic policy uncertainty (EPU) influences the efficiency of corporate investments and whether strong environmental, social, and governance (ESG) practices impact this relationship. Using data on U.S. firms from 2010 to 2022, we find that higher EPU leads to greater investment inefficiency, including both under- and overinvestment. When faced with uncertainty, firms tend to favor R&D over capital expenditures, reflecting a preference for flexibility. We also show that information asymmetry intensifies the negative impact of uncertainty on investment decisions. Importantly, robust ESG practices help mitigate the adverse impact of EPU by easing financial constraints and reducing information asymmetry. These results highlight the value of ESG as a stabilizing force in uncertain environments. More broadly, the study underscores the importance of integrating ESG considerations into corporate strategies to foster stability and sustainable growth amid evolving economic conditions.
{"title":"Economic policy uncertainty, ESG practices, and investment inefficiency in U.S. firms","authors":"Mahbouba Nasraoui , Aymen Ajina , Fabrice Herve","doi":"10.1016/j.econmod.2025.107414","DOIUrl":"10.1016/j.econmod.2025.107414","url":null,"abstract":"<div><div>This study examines how economic policy uncertainty (EPU) influences the efficiency of corporate investments and whether strong environmental, social, and governance (ESG) practices impact this relationship. Using data on U.S. firms from 2010 to 2022, we find that higher EPU leads to greater investment inefficiency, including both under- and overinvestment. When faced with uncertainty, firms tend to favor R&D over capital expenditures, reflecting a preference for flexibility. We also show that information asymmetry intensifies the negative impact of uncertainty on investment decisions. Importantly, robust ESG practices help mitigate the adverse impact of EPU by easing financial constraints and reducing information asymmetry. These results highlight the value of ESG as a stabilizing force in uncertain environments. More broadly, the study underscores the importance of integrating ESG considerations into corporate strategies to foster stability and sustainable growth amid evolving economic conditions.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"155 ","pages":"Article 107414"},"PeriodicalIF":4.7,"publicationDate":"2025-11-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145684382","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-11-27DOI: 10.1016/j.econmod.2025.107403
François-Charles Wolff
This paper examines buyers' preferences for quality in French first-sale fish markets. Using data covering 72 million transactions between 2011 and 2022, we first estimate quality premiums with an exact matching procedure that controls for product availability. We then apply interval regression models to explain differences in buyers’ willingness-to-pay for high-quality fish. Results show substantial heterogeneity in quality premiums across both lots and species. Econometric estimates further reveal that quality premiums decline with lot size and vary with buyer characteristics. Retailers and supermarkets pay more for high-quality fish, while wholesalers, processors, and canners are less sensitive to quality. These findings highlight how value from quality is distributed along the supply chain and which types of buyers capture it.
{"title":"Buyer preferences for quality in first-sale fish markets","authors":"François-Charles Wolff","doi":"10.1016/j.econmod.2025.107403","DOIUrl":"10.1016/j.econmod.2025.107403","url":null,"abstract":"<div><div>This paper examines buyers' preferences for quality in French first-sale fish markets. Using data covering 72 million transactions between 2011 and 2022, we first estimate quality premiums with an exact matching procedure that controls for product availability. We then apply interval regression models to explain differences in buyers’ willingness-to-pay for high-quality fish. Results show substantial heterogeneity in quality premiums across both lots and species. Econometric estimates further reveal that quality premiums decline with lot size and vary with buyer characteristics. Retailers and supermarkets pay more for high-quality fish, while wholesalers, processors, and canners are less sensitive to quality. These findings highlight how value from quality is distributed along the supply chain and which types of buyers capture it.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"155 ","pages":"Article 107403"},"PeriodicalIF":4.7,"publicationDate":"2025-11-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145684377","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}