Loss-leader pricing and upgrades

A new theory of loss-leader pricing is provided in which firms advertise low (below cost) prices for certain goods to signal that their other unadvertised (substitute) goods are not priced too high. The theory is applied to the pricing of upgrades. The results contrast with most existing loss-leader theories in that firms make a loss on some consumers (who buy the basic version of the good) and a profit on others (who buy the upgrade).     

Fiber investment and access under uncertainty: long-term contracts,risk premia,and access options

Journal of Regulatory Economics - Regulated access schemes shape incentives for both investment and entry in next-generation networks. We study in a general duopoly setting whether and how risk...     

Trade diversion under selective preferential market access

Abstract .  The European Community (EC) operates a multi-layered GSP scheme in which different groups of developing countries are granted varying degrees of market access. This paper analyzes the question of trade diversion among different categories of beneficiary countries ensuing from the selectivity of preferential market access. Evidence from a disaggregated panel data analysis reveals sizable intra-developing country trade diversion. The losses for relatively disadvantaged countries in terms of forgone trade volume are estimated to range between about 2% to 20% of their total trade with the EC. The distortions are driven by highly substitutable, mostly labour-intensive commodities.     

Worksharing,access and bypass: the structure of prices in the postal sector

This paper studies a liberalized postal market where entrants may offer end-to-end products or concentrate on one of the segments of the network. Absent effective bypass, entry does not appear to be a serious financial threat to the incumbent, even when the products are perfect substitutes. This is no longer true when the entrant offers cheaper service in delivery. Then, the universal service provider may loose the entire pre-sorted mail market. It is left with probably low volume demand from households and from firms with high preparation cost, and its financial viability may be jeopardized. This paper has been presented at 13th CRRI Conference on Postal and Delivery Economics, June 2005.     

Distributional role of monetary policy under limited credit access

The paper explores the redistributive effects of a monetary policy shock in a limited participation framework with limited credit access. Expansionary monetary policy redistributes consumption from traders to non-traders. This redistribution is the largest when only financial market participants have a choice between multiple means of payments while non-participants do not. Welfare analysis reveals that the effectiveness of monetary policy on the economy is the greatest when all agents (financial market participants and nonparticipants) can choose from alternative means of payment in a financially segmented model. The model is calibrated to the US economy for quantitative analysis.     

Section 365, mandatory bankruptcy rules and inefficient continuance

Section 365 of the Bankruptcy Code prohibits enforcement ofthe once common 'ipso facto clause.' The clause excuses thesolvent party from performance of the contract when the otherparty becomes insolvent. We show that the ability of insolventfirms to continue bad projects is enhanced by the absence ofipso facto clauses. Without such a clause, the firm can exploitthe inability of courts always to assess expectation damagesaccurately to compel a solvent party to stay in a bad deal.An ipso facto clause would preclude this outcome because theclause permits the solvent party to exist costlessly. Further,an ipso factor clause improves the managers' incentive to exerteffort to avoid financial distress. These results have two broaderimplications. First, that the important mandatory rule regulatingthe ability of solvent parties to exit is inefficient suggeststhat the justifications for the Bankruptcy Code's other mandatoryrules should be rethought. Second, our analysis suggests thatstakeholders such as contract partners of bankrupt firms mayhave important roles to play in inducing efficient bankruptcydecisions through their abilities to stop unproductive projectsthat bankrupt firms may otherwise continue.     

When mandatory disclosure hurts: Expert advice and conflicting interests

We study the quality of advice that an informed and biased expert gives to an uninformed decision maker. We compare two scenarios: mandatory disclosure of the bias and nondisclosure, where information about the bias can only be revealed through cheap-talk. We find that in many scenarios nondisclosure allows for higher welfare for both parties. Hiding the bias allows for more precise communication for the more biased type and, if different types are biased in different directions, may allow for the same for the less biased type. We identify contexts where equilibrium revelation allows but mandatory disclosure prevents meaningful communication.     

Optimal Tax Policy under Environmental Quality Competition

This paper studies the socially optimal emission and commodity tax policy when consumers are willing to pay a price-premium for environmentally friendlier variants of a commodity vertically differentiated in environmental quality. The first-best levels of quality can be obtained by a combination of a uniform ad valorem tax and an emission tax (or a subsidy for buying green products). The first-best emission tax is higher than the social valuation of the positive externality associated with average environmental quality. Regardless of environmentally conscious consumers, if only one instrument is available, the second-best emission tax is equal to the social valuation of the positive externality associated with average environmental quality. A uniform ad valorem tax increases welfare only if the social valuation of the positive externality associated with average environmental quality is low enough.     

Product Diversity under Monopoly: Two High Quality Results

A mild relaxation of Mussa and Rosen's (1978) preference assumption implies that, contrary to their result, a monopoly selling a line of vertically differentiated goods may include higher-quality varieties than would a competitive industry.     

Quality control mechanisms under capitation payment for medical services

As a result of rising health care costs, many countries, including the United States, have turned to managed care organizations and the use of capitation payment systems. Although this type of system is an effective mechanism for reducing excessive utilization of health care, it may lead to the underprovision of medical services. In this paper propensity to underprovide medical services in a prepayment system as well as the effects of auditing/monitoring on physician behaviour and patient well-being are examined. Conditions are found under which managed care yields more efficient outcomes than traditional fee-for-service care.
Suite à la croissance importante des coûts des soins, plusieurs pays, y compris les Etats Unis, ont commencéà se tourner vers des organisations spécialisées pour gérer la prestation des services et à faire usage de systèmes de rémunération per capita. Même si ce genre de système est un mécanisme efficace pour réduire l'usage excessif des service de santé, il peut entraîner une offre déficiente de services médicaux. Ce mémoire examine la propensitéà fournir moins de services dans un système de pré-paiement. On examine aussi les effets de la surveillance et de la vérification sur le comportement des médecins et sur le bien-être des patients. On met en lumière les conditions qui assurent que les soins fournis dans un tel système donneront de meilleurs résultats que la rémunération à l'acte.     

信息不对称下会计信息质量控制的博弈分析

信息不对称会导致逆向选择和道德风险,影响资源配置的效率.本文从博弈论的角度出发,重点对投资者与经营者之间、经营者与监管部门之间这两种博弈进行分析,指出会计信息不对称产生的原因以及采取什么措施来减少会计信息不对称以提高会计信息的质量.     

High-speed Internet access and housing values

A hedonic model is estimated that relates house values to high-speed Internet access while controlling for the potential endogeneity of Internet access. Results show that single-family homes with access to a 25 Mbps broadband connection have a price that is about $5,977, or 3%, more than similar homes in neighborhoods with 1 Mbps. The rural premium is lower at $5,099. A cost-benefit exercise on the viability of rural broadband shows that demand will generally not support private investment, but that the revenue gap from upgrading legacy networks could be readily covered by the Universal Service Fund and other public subsidies.     

最低质量标准下企业进入的策略性行为选择

一个行业的竞争力和绩效水平往往要受到行业进入条件和容易程度的影响。对于进入者而言,制约进入的根本技术因素是最低质量标准。在差异化产品市场中,无最低质量标准的限制且进入成本较小时,进入者无论是以高质量进入还是以低质量进入,所获得的利润是一样的,而在内生最低质量标准限制情况下,在位者和进入者达成竞争均衡时的利润有很大的差异,最低质量标准改变了在位者和进入者的质量选择,在位者是高质量产品企业所获得的利润小于在位者是低质量产品企业时所获得的利润,因此,如果在位者能够自由选择质量,在位者有可能选择生产低质量产品,进入者可能选择生产高质量产品,这导致产品市场的竞争不足。在这种情况下,政府应为企业创造开放与竞争的市场环境和政策导向。     

高质量发展背景下我国财富指数的测度与分析

随着我国经济从高速增长阶段转入高质量发展阶段,如何衡量经济的高质量发展水平,特别是高质量的财富水平,成为急需解决的重大理论和实践问题。本文在国家财富内涵研究基础上,以Dasgupta提出的包容性财富指数为总体框架,从人力财富、物质财富和自然财富等三大维度构建了高质量发展背景下的财富指数。并分别利用J-F终身收入法、永续盘存法和资源预期收益折现法对我国省际层面的人力资本财富、物质资本财富和自然资本财富进行测度和分析。研究发现,1997—2017年我国总财富从171. 67万亿元增长至412. 02万亿元,20年来的财富主要依靠物质资本财富和人力资本财富驱动,其中物质资本财富驱动作用更加明显。从各省(区、市)情况看,财富增长最快的地区均以人力资本财富为主导,而财富增长最慢的地区均以自然资本财富为主导。未来经济发展中应统筹解决好经济运行中的结构性问题和周期性问题,打好物质资本财富积累基础;以"调整存量、做优增量、提质增效"为核心目标,提升自然资源的使用效率;加大人力资本投入,全面推进创新人才培养;适时推动生育政策调整,为人力资本财富的增长提供条件;依据各区域财富结构的具体特征,统筹发达地区和欠发达地区经济发展,推动财富结构的持续优化,为实现经济高质量发展提供基础和保障。     

Institutions and growth in limited access societies

We build a dynamic political economy model with a two-class society, workers and the elite, in which the elite formation, the innovation rate and fiscal policy are endogenous. The model generates a mapping between institutions and patterns of growth consistent with empirical evidence. Ex ante, when facing constraints in choosing institutions, the elite may delegate policy control to some of its members, even though such delegation exacerbates the conflict within the elite and causes policy failures. Committing to such institutional arrangements prevents more harmful outcomes, such as rapid entry and subsequent deterioration of the elite?s economic and political power.     

Medicare payment generosity and access to care

All payments to physicians under Medicare Part B are adjusted to reflect geographic differences in practice costs. The methods used for this adjustment, and temporary price floors imposed by Congress, have created longstanding systematic under and overpayment across physicians, whereby some are routinely underpaid while others are routinely overpaid. Using a nationally representative 2008 survey of physicians, this study examines whether the relative generosity of Medicare influences beneficiary access to care. We find that in areas where Medicare payments are more generous physicians are more likely to accept new Medicare patients, whereas in less generous areas, they are less likely. Our estimated models suggest that if Medicare could eliminate the systematic biases inherent its payment formula, it would see a net improvement to access to care under Medicare Part B.     

WTO下外资入股中资银行的准入制度

根据中国入世承诺，2006年银行业将实现全面对外开放，GATS与《全球金融服务贸易协定》、《金融服务贸易承诺谅解》中都确定了关于金融服务贸易市场准入的准则。目前相关金融法规与WTO规则的整合已基本完成，中资银行正朝着引进外资、股改上市的改革方向发展。与股改显著成效并存的是不绝于耳的“贱卖”论，笔者认为，把好准入关，通过国内法律框架确立明晰的外资进入门槛，是防范中资银行股改过程中出现“贱卖”的基本前提，也是均衡中、外双方利益的关键基础：本文从中国银行业的开放进程入手，结合WTO规则与我国国内法规、规章，通过对《境外金融机构投资入股中资金融机构管理办法》、《外国投资者对上市公司战略投资管理办法》的分析来把握我国引进外资入股中资银行的准入制度。     

对市场经济条件下高等教育质量监控新模式的探讨

在不同的社会经济条件下,高等教育质量监控应该有不同的模式。随着我国经济体制的转轨,过去计划经济条件下政府包办一切的模式已被逐步打破。我们应该建立起政府宏观调控,社会与市场引导调节,高校自主管理的高等教育质量监控新模式。     

知识产权视角下农产品质量安全保障路径的选择

农产品质量安全关系广大人民群众身体健康乃至生命安全,我国政府十分重视,并采取积极措施加强监管工作,学者们也从不同视角对此问题加以研究。从农业知识产权角度关注农产品质量安全不失为另一有效路径。但是,知识产权保护促进农产品质量的探讨及实际做法还未充分展开,我国农业知识产权保护领域还存在亟待解决的问题。因此,需要人们增强农业知识产权保护意识,完善农业知识产权保护体系,积极培养农业知识产权人才,促进农业知识产权激励机制的形成。     

Public insurance and child hospitalizations: access and efficiency effects

The 1983-1996 period saw enormous expansions in access to public health insurance for low-income children. We explore the impact of these expansions on child hospitalizations. While greater access to inpatient care may increase hospital utilization, improved efficiency of care for children who are also newly eligible for primary care could lower hospitalization rates. We use a large sample of child discharges from the National Hospital Discharge Survey (NHDS) to assess the net impact of Medicaid expansions on hospitalizations during this period. We find that total hospitalizations increased significantly, with each 10 percentage-point rise in eligibility leading to an 8.4% increase in hospitalizations. Thus, the access effect strongly outweighs any efficiency effect produced by expanded coverage. However, we find some support for an efficiency effect: the increase in hospitalizations for unavoidable conditions is much larger than that for avoidable conditions that are most sensitive to outpatient care. Indeed, the increase in avoidable hospitalizations is less than half that of unavoidable hospitalizations, and it is not statistically significant. We also find that expanded Medicaid eligibility reduced the average length of stay, but increased the utilization of inpatient procedures, so that the net impact on total costs per stay is ambiguous.