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Managing Risk and Uncertainty
A comprehensive framework for assessing strategies for managing risk and uncertainty, integrating theory and practice and synthesizing insights from many fields. This book offers a framework for making decisions under risk and uncertainty. Synthesizing research from economics, finance, decision theory, management, and other fields, the book provides a set of tools and a way of thinking that determines the relative merits of different strategies. It takes as its premise that we make better decisions if we use the whole toolkit of economics and related fields to inform our decision making. The text explores the distinction between risk and uncertainty and covers standard models of decision mak...
Bailing on the Car That Wasn't Bailed Out
This paper examines how consumers react to the financial distress of durable goods manufacturers by looking at the Swedish new car market. We employ a difference-in-differences matching methodology whereby we compare sales of carmaker Saab with those of a carefully constructed control group of substitute products. To account for possible substitution between products in the treatment and control groups, we propose and apply bounds to our difference-in-differences matching estimator. We then refine the bounds and provide conditions under which they depend only on the products' own- and cross-price elasticities. We find that even accounting for potential substitution, there was a significant decrease in the sales of Saab following its filing for administration. These findings are robust to a number of robustness checks and alternative hypothesis.
Collective Dominance and Collusion
By examining the issue of collusion in EU and US competition law, this book suggests possible strategies for improving the antitrust enforcement against parallelism, by exploiting the most advanced achievements of economic analysis. The book contains a suggested approach to collusion, in ex ante and ex post perspectives. By moving from the analysis of the state of art, in terms of law, case law, and scholarship, Marilena Filippelli analyses inconsistencies and failures in the current antitrust enforcement toward collusion and develops a workable parameter for the issue of collective dominance. The most innovative part of this work goes beyond the analysis itself of collective dominance and i...
Bailing on the Car that Was Not Bailed Out
We examine how consumers react to the financial distress of durable goods manufacturers by studying the Swedish new car market. We employ a difference-in-differences matching methodology whereby we compare sales of carmaker Saab with those of a control group of substitute products. To account for possible substitution between products in the treatment and control groups, we propose and apply bounds to our difference-in-differences matching estimator. We then refine the bounds and provide conditions under which they depend only on product elasticities. We find that there was a significant decrease in the sales of Saab following its filing for administration.
Assessing the Effects of a Large Temporary Energy Savings Program
We examine the effects of a large temporary energy-savings program on the valuation of energy efficiency by Brazilian households, as well as its counterfactual energy savings. Using a representative sample of Brazilian households, we specify and estimate a structural model of appliance choice and document that (i) the program only increases the valuations of households facing incentives in the form of an energy consumption quota introduced by the program; (ii) the effect of incentives dominates other components of the energy efficiency gap; (iii) the effect of the program on valuations is temporary, with these essentially reverting to prior levels after the end of the program; (iv) heterogeneity in valuations is prevalent; (v) focusing only on the purchase of new refrigerators, the counterfactual energy savings are non-trivial, being equivalent to the yearly electricity consumption of a city with 1.15 mn inhabitants. The findings suggest that short-lived reactions to temporary programs on the extensive margin are non-trivial and have log-run implications via the purchase of durables.
Handbook on Transport Pricing and Financing
Taking a comprehensive approach to two central, closely intertwined themes in the field of transport economics, this illuminating Handbook recognizes the critical socioeconomic importance of transport pricing and financing.
Is Arbitrage Tying the Price of Ethanol to that of Gasoline? Evidence from the Uptake of Flexible-Fuel Technology
Brazil is the only sizable economy to date to have developed a home-grown ubiquitously-retailed alternative to fossil fuels in light road transportation: ethanol from sugar cane. Perhaps unsurprisingly, the uptake of flexible-fuel vehicles (FFVs) has been tremendous. Five years after their introduction, FFVs accounted for 90% of new car sales and 30% of the circulating car stock. We provide a stylized model of the sugar/ethanol industry which incorporates substitution by consumers, across ethanol and gasoline at the pump, and substitution by producers, across domestic regional and export markets for ethanol and sugar. We argue that the model stands up well to the empirical co-movement in prices at the pump in a panel of Brazilian states. The paper offers a case study of how agricultural and energy markets link up at the very micro level.
Salience and Policy Instruments
We take advantage of a unique institutional setting which allows consumers to separately value fuel and vehicle (or road) taxes. We estimate a structural model of vehicle choice using consumer-level revealed preference and find that consumers undervalue both policy instruments, but undervaluation of the latter is substantially more severe. We examine potential explanations and document that behavioral explanations, in particular salience of the policy instruments, lie at the root of our findings; for a number of the salient versions of vehicle tax and fuel costs we then construct, we cannot reject the null hypothesis of their correct valuation. This also holds when using different measures of news and online search activity as proxies for salience. The results call for complementary policy instruments to restore market efficiency and for measures to make policy instruments more salient to consumers.
