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Targeted Advertising, Platform Competition And Privacy, Henk L.M. Kox, Bas Straathof, Gijsbert Zwart 2017 KVL Economic Policy Research

Targeted Advertising, Platform Competition And Privacy, Henk L.M. Kox, Bas Straathof, Gijsbert Zwart

Henk LM Kox

Targeted advertising can benefit consumers through lower prices for access to websites. Yet, if consumers dislike that websites collect their personal information, their welfare may go down. We study competition for consumers between websites that can show targeted advertisements. We find that more targeting increases competition and reduces the websites’ profits, but yet in equilibrium websites choose maximum targeting as they cannot credibly commit to low targeting. A privacy protection policy can be beneficial for both consumers and websites. If consumers are heterogeneous in their concerns for privacy, a policy that allows choice between two levels of privacy will be ...


The Pdvsa Pricing Puzzle, Paolo Colla, Anna Gelpern, Mitu Gulati 2017 Duke Law School

The Pdvsa Pricing Puzzle, Paolo Colla, Anna Gelpern, Mitu Gulati

Faculty Scholarship

Market reports in the summer of 2016 suggest that Venezuela is on the brink of default on upwards of $65 billion in debt. That debt comprises of bonds issued directly by the sovereign and those issued by the state-owned oil company PDVSA. Based on the bond contracts and other legal factors, it is not clear which of these two categories of bonds would fare better in the event of a restructuring. However, market observers are convinced — and we agree — that legal and contractual differences would likely impact the payouts on the bonds if Venezuela defaults. Using a comparison of recent ...


Money And Monetary Policy In The Eurozone: An Empirical Analysis During Crises, Jonathan Benchimol, André Fourçans 2016 Bank of Israel

Money And Monetary Policy In The Eurozone: An Empirical Analysis During Crises, Jonathan Benchimol, André Fourçans

Jonathan Benchimol

This paper analyses the role of money and monetary policy as well as the forecasting performance of New Keynesian dynamic stochastic general equilibrium (DSGE) models with and without separability between consumption and money. The study is conducted over three crisis periods in the Eurozone, namely, the ERM crisis, the Dot-com crisis and the Global Financial Crisis (GFC). The results of successive Bayesian estimations demonstrate that during these crises, the non-separable model generally provides better out of sample output forecasts than the baseline model. We also demonstrate that money shocks have some impact on output variations during crises, especially in the ...


The Travel Cost Model, George R. Parsons 2016 University of Delaware

The Travel Cost Model, George R. Parsons

George R. Parsons

Review chapter on travel cost model. This is an updated version of the 2003 chapter in the Primer on Nonmarket Valuation.


Competing By Restricting Choice: The Case Of Search Platforms, Hanna Halaburda, Mikolaj Jan Piskorski, Pinar Yildirim 2016 Bank of Canada

Competing By Restricting Choice: The Case Of Search Platforms, Hanna Halaburda, Mikolaj Jan Piskorski, Pinar Yildirim

Hanna Halaburda

We show that a two-sided platform can successfully compete by limiting the choice of potential matches it offers to its customers while charging higher prices than platforms with unrestricted choice. Starting from micro-foundations, we derive the strength and direction of network effect, and find that increasing the number of potential matches not only has a positive effect due to larger choice, but also a negative effect due to competition between agents on the same side. Agents with heterogeneous outside options resolve the trade-off between the two effects differently. For agents with a lower outside option, the competitive effect is stronger ...


Wage Inequality In The Manufacturing Sector Of The Mexico And Its Regions, According To The Trade Opening, 2005-2015, Reyna E. Rodríguez Pérez, Vicente German-Soto, Crhistian Joel González Cuatianquis 2016 Universidad Autónoma de Coahuila

Wage Inequality In The Manufacturing Sector Of The Mexico And Its Regions, According To The Trade Opening, 2005-2015, Reyna E. Rodríguez Pérez, Vicente German-Soto, Crhistian Joel González Cuatianquis

Vicente German-Soto

This paper analyzes the evolution of wage inequality in the manufacturing sector of the regions of Mexico, according to the grade of exposition to trade opening. The methodology consists in measuring the wage inequality through the Theil index decomposition; it is calculated from data of the Survey of Occupation and Employment (ENOE) 2005 and 2015. The results indicate that wage inequality has decreased in Mexico and in its regions by 2015, especially in those areas with low exposition to trade opening. The gap decomposition shows that the intra-part is the principal source of inequality, which is higher in the sex-classification ...


French Economic Stagnation, Karina Vasavada 2016 University of Puget Sound

French Economic Stagnation, Karina Vasavada

Economics Theses

This analysis explores the reasons behind French economic stagnation and discusses why this stagnant state is seemingly irrevocable. Based on a detailed look at the economic regime changes, market restructuring, and the resultant policy direction changes in France starting post-World War II, I contend that the reason for France’s current economic stagnation was their decision to join the EU, resulting in the shift away from dirigisme, a government interventionist economic approach, and toward a market oriented economy. While this assertion goes against the prevalent economic assumption that the market can efficiently govern itself, given the trajectory of the French ...


Delivering In Nairobi-And After, Andrea Spear, Mia Mikic 2016 United Nations ESCAP

Delivering In Nairobi-And After, Andrea Spear, Mia Mikic

Mia Mikic

Much hinges on the outcome of the World Trade Organization's Tenth Ministerial Conference in Nairobi in mid-December. The World Trade Organization (WTO) is marking the 20th anniversary of its establishment during the Uruguay Round, almost half a century after 23 countries set up its predecessor for trade in goods, the General Agreement on Tariffs and Trade (GATT). Yet the mood is far from celebratory. Admittedly, trade has not been helping the global economy much in recent times. The downbeat feeling, however, is more related to the question of the WTO's relevance, now and in future. The WTO was ...


Institutionalizing Democracy In Africa: A Comment On The African Charter On Democracy, Elections And Governance, Patrick J. Glen 2016 Georgetown University Law Center

Institutionalizing Democracy In Africa: A Comment On The African Charter On Democracy, Elections And Governance, Patrick J. Glen

Patrick Glen

This article provides an exegesis of the recently entered-into-force African Charter on Democracy, Elections and Governance. Democracy has a decidedly mixed history in Africa and, despite a concerted effort by the African Union (AU), it has made only halting inroads in those states that are nondemocratic or struggling to consolidate democracy. That may change as more states ratify and implement the Charter, a comprehensive regional attempt to promote, protect, and consolidate democracy that entered into force in February 2012. This Charter, the culmination of two decades of African thinking on how democracy should develop on the continent, represents the AU ...


Institutionalizing Democracy In Africa: A Comment On The African Charter On Democracy, Elections And Governance, Patrick J. Glen 2016 Georgetown University Law Center

Institutionalizing Democracy In Africa: A Comment On The African Charter On Democracy, Elections And Governance, Patrick J. Glen

Patrick Glen

This article provides an exegesis of the recently entered-into-force African Charter on Democracy, Elections and Governance. Democracy has a decidedly mixed history in Africa and, despite a concerted effort by the African Union (AU), it has made only halting inroads in those states that are nondemocratic or struggling to consolidate democracy. That may change as more states ratify and implement the Charter, a comprehensive regional attempt to promote, protect, and consolidate democracy that entered into force in February 2012. This Charter, the culmination of two decades of African thinking on how democracy should develop on the continent, represents the AU ...


The Demand For Agricultural Research By State Governments, Jyoti Khanna, Wallace E. Huffman, Todd Sandler 2016 Iowa State University

The Demand For Agricultural Research By State Governments, Jyoti Khanna, Wallace E. Huffman, Todd Sandler

Wallace Huffman

Public agricultural research in the United States is conducted by state agricultural experiment stations (SAES) and by the research agencies of the USDA. Both have research activities in every state. A vast amount of research and experiments has shown that the performance of plants and to a lesser extent animals, in which new technologies are frequently embodied, is altered by local geoclimatic conditions that differ within and between states. Basic research and livestock research to some extent lead to new knowledge or technologies that spill widely across state boundaries. Thus, public agricultural research produces knowledge that is both state specific ...


Household Production And The Demand For Food And Other Inputs: U.S. Evidence, Wallace E. Huffman 2016 Iowa State University

Household Production And The Demand For Food And Other Inputs: U.S. Evidence, Wallace E. Huffman

Wallace Huffman

The paper develops a new productive household model and a consistent household fullincome/ expenditure demand system for inputs and leisure of U.S. households. The demand system is fitted to U.S. annual aggregate data over the last half of the 20th century and findings include that the price and income elasticity of demand for food-at-home are roughly two times larger than for food-away-from-home and that food-at-home and away-from-home are substitutes. The price and income elasticity of demand for men’s unpaid housework are twice as large as for women’s unpaid housework and women’s and men’s unpaid ...


Consumer Demand For Potato Products And Willingness-To-Pay For Low-Acrylamide, Sulfite-Free Fresh Potatoes And Dices: Evidence From Lab Auctions, Katie Lacy, Wallace E. Huffman 2016 Iowa State University

Consumer Demand For Potato Products And Willingness-To-Pay For Low-Acrylamide, Sulfite-Free Fresh Potatoes And Dices: Evidence From Lab Auctions, Katie Lacy, Wallace E. Huffman

Wallace Huffman

We assess consumer demand for traditional fresh potatoes and processed potato products and willingness to pay for new experimental low-acrylamide and sulfite-free potato products. Demand for fresh potatoes, potato chips, and fries is unaffected by household income or education, but demand for chips and fries is affected by consumer age and exercise habits. Subjects display increased willingness to pay for new potato products after receiving a private company perspective about the technology and risks associated with exposure to acrylamide, a carcinogen, in fried conventional potatoes and a new product, potato dices. We find that consumers are willing to pay for ...


Winners And Losers: Formula Versus Competitive Funding Of Agricultural Research, Wallace E. Huffman, George Norton, Greg Traxler, George Frisvold, Jeremy Foltz 2016 Iowa State University

Winners And Losers: Formula Versus Competitive Funding Of Agricultural Research, Wallace E. Huffman, George Norton, Greg Traxler, George Frisvold, Jeremy Foltz

Wallace Huffman

State Agricultural Experiment Stations (SAESs) were established with federal formula funding by the Hatch Act of 1887. In 1955, the Hatch Act was amended and a number of subsequent formula funding programs were consolidated under the USDA Cooperative States Research Service (CSRS), which today is known as the Cooperative Research, Education and Extension Service (CSREES). Currently, all of the Hatch funds and a small amount of other formula funds go to SAESs. In 1977, CSRS established its first competitive research grant program. However, this program remained quite small until 1990, when it was re-named the National Research Initiative (NRI) Competitive ...


The Value Of Verifiable Information In A Controversial Market: Evidence From Lab Auctions Of Genetically Modified Food, Matthew Rousu, Wallace Huffman, Jason F. Shogren, Abebayehu Tegene 2016 Iowa State University

The Value Of Verifiable Information In A Controversial Market: Evidence From Lab Auctions Of Genetically Modified Food, Matthew Rousu, Wallace Huffman, Jason F. Shogren, Abebayehu Tegene

Wallace Huffman

Two interested parties dominate the current debate on genetically modified (GM) foods: environmental groups and agribusiness companies. For the average consumer to arrive at an informed decision on these new foods, they must rely on information from interested parties. Unfortunately, information from interested parties does not provide an accurate picture of the benefits and risks of new products. This paper examines the effects of information on consumers’ demand for new food products, GM-foods, in an environment where information from one or more interested parties is provided. We design and conduct laboratory auction experiments using randomly chosen adult consumers from two ...


Who Do Consumers Trust For Information: The Case Of Genetically Modified Foods?, Wallace Huffman, Matthew Rousu, Jason Shogren, Abebayehu Tegene 2016 Iowa State University

Who Do Consumers Trust For Information: The Case Of Genetically Modified Foods?, Wallace Huffman, Matthew Rousu, Jason Shogren, Abebayehu Tegene

Wallace Huffman

To be effective, groups that disseminate information need trust. When different groups provide conflicting information on a new product or process like genetically modified (GM) foods, we hypothesize that consumers place different levels of trust in the sources and trust is related to their income, personal and social capital, and prior beliefs. A random sample of adults was asked to state their preferences for sources they would trust to provide verifiable (i.e., objective) information on genetic modification. Their responses were grouped into six categories, and a multinominal logit model used to explain relative trust in information sources. Relative trust ...


Understanding Post-War Changes In U.S. Household Production: A Full-Income Demand-System Perspective, Wallace Huffman 2016 Iowa State University

Understanding Post-War Changes In U.S. Household Production: A Full-Income Demand-System Perspective, Wallace Huffman

Wallace Huffman

This paper examines the changing structure of U.S. household production over the post-World War II period. We apply production theory in order to define a new set of inputs for U.S. households and use newly constructed data so as to examine with the aid of a relatively simple complete household aggregate demand system. The goal is to extent our understanding of the changing structure of the U.S. household sector over the post-World War II period, including the demand for inputs of women’s and men’s housework or unpaid household labor and seven other aggregate input categories ...


Who Do Consumers Trust For Information: The Case Of Genetically Modified Foods?, Wallace E. Huffman, Matthew Rousu, Jason F. Shogren, Abebayehu Tegene 2016 Iowa State University

Who Do Consumers Trust For Information: The Case Of Genetically Modified Foods?, Wallace E. Huffman, Matthew Rousu, Jason F. Shogren, Abebayehu Tegene

Wallace Huffman

During the twentieth century, research and development (R&D) has produced a steady stream of inventions and new consumer goods, many of which have been adopted and proven to be the source of a rising standard of living (Boskin et al.). The introduction of new goods, however, creates a disequilibrium (Hausman), which in turn creates a demand by economic agents for objective information to assist in making decisions on adoption and use (Schultz).1 The consumer's challenge is to sort through the various, competing and sometimes conflicting, sources of information.


The Effects Of Prior Beliefs And Learning On Consumers’ Acceptance Of Genetically Modified Foods, Wallace E. Huffman, Matthew Rousu, Jason F. Shogren, Abebayehu Tegene 2016 Iowa State University

The Effects Of Prior Beliefs And Learning On Consumers’ Acceptance Of Genetically Modified Foods, Wallace E. Huffman, Matthew Rousu, Jason F. Shogren, Abebayehu Tegene

Wallace Huffman

New food products using genetically modified crops appeared in U.S. supermarkets starting in 1996, and consumers’ perceived some risks. This paper examines the role of consumers prior beliefs about genetic modification and of diverse, new information on their willingness to pay for foods that might be genetically modified. We use data from economics experiments and show that participants who had informed prior beliefs discounted GM-labeled food products more highly than those who had uninformed prior beliefs. Uninformed participants were especially susceptible to information from interested and third parties. In contrast, informed participants were generally not affected significantly by new ...


Implications Of Agency Theory For Optimal Land Tenure Contracts, Wallace E. Huffman, Richard E. Just 2016 Iowa State University

Implications Of Agency Theory For Optimal Land Tenure Contracts, Wallace E. Huffman, Richard E. Just

Wallace Huffman

For more than 2 centuries, economists have been interested in agricultural contracts, especially landowner-tenant contracts. The early work by Marshall (1890) argued that share tenancy was inefficient relative to owner cultivation and should not be expected to persist when other arrangements are available. Later D. Gale Johnson (1950) and Cheung (1969) argued that, if landowners can costlessly monitor and enforce tenants’ effort, then share tenancy can compete effectively with owner cultivation or cash rental. Subsequently, Stiglitz (1974) and Newberry and Stiglitz (1979) introduced principal-agent models in the more realistic case where monitoring is costly to study optimal landowner-tenant risk sharing ...


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