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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.
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.
Should We Worry about the Decline of the Public Corporation?
In recent years, the number of listed companies has been declining in many countries across the world. This paper provides a selective survey of the literature on the real economic effects of the stock market to assess the potential effects of this decline and determine whether it is likely to continue. The leading economic role of the stock market's primary market, in which firms raise capital by issuing new shares, is to help growing firms secure financing. We discuss providing and certifying information, coordinating investors, and easing the redeployment of capital as the means through which capital allocation can be achieved efficiently. The main economic role of the stock market's seco...
Asymmetric Information in Auctions
This paper shows that in online car auctions, resellers are better at appraising the value of the cars they are bidding on than are consumers. Using a unique data set of online car auctions, I show that differences in bidding behavior between resellers and consumers can be explained by heterogeneity in the accuracy of bidders' private signals and heterogeneity in the dispersion of private value components. I use the asymmetric ascending auction model of Hong and Shum (2003) to quantify the differences between resellers and consumers, finding that the dispersion of reseller value signals is roughly half that of consumers and simulate three different counterfactual scenarios - one in which consumers are provided with more information, one in which consumers are subsidized and one in which consumers are allowed into all-reseller auctions. Finally, I argue that the asymmetry in signal precision stems not from asymmetric information regarding the technical characteristics of a car but rather from uncertainty about the car's resale value.
Unleashing Society’s Innovative Capacity
This is an open access book. Europe faces significant challenges in the coming decades: geopolitical, demographic, technological, increased competition, climate-related, and health issues due to an aging population, to mention a few. Given these challenges, technological progress and new ways of handling complex issues will be key to continued prosperity and growth. To accomplish a growth process driven by innovation and entrepreneurship, the institutional environment must take into account a multitude of different policy areas that interact to either strengthen or weaken an economy's innovative potential. Innovation is not only about R&D and higher education but is also intimately related t...
Diversity, Merit and Power in the C-Suite
This book explores the correlations of diversity and power in UK boardrooms and the difficulties inherent in truly merit-based appointments. From a distance, boardroom diversity is seen as a UK success story of recent years. A closer look at boardrooms reveals a more uncomfortable truth: boards can be split into tracks of power and diversity. Where there is a concentration in power, genuine diversity is much less prevalent. Using the FTSE 100, the book examines the appointment and retention of the most powerful positions in some of the world's most powerful corporations. Diversity, merit and power are each defined and measured individually, then considered cumulatively, to provide fresh insi...
Approximation and Online Algorithms
This book constitutes the thoroughly refereed post workshop proceedings of the 7th International Workshop on Approximation and Online Algorithms, WAOA 2009, held in Copenhagen, Denmark, in September 2009 as part of the ALGO 2009 conference event. The 22 revised full papers presented were carefully reviewed and selected from 62 submissions. The workshop covered areas such as algorithmic game theory, approximation classes, coloring and partitioning, competitive analysis, computational finance, cuts and connectivity, geometric problems, inapproximability results, mechanism design, network design, packing and covering, paradigms for design and analysis of approximation and online algorithms, parameterized complexity, randomization techniques, real-world applications, and scheduling problems.
Post-Soviet Russia
From the drastic liberalization of prices and "shock therapy" to the privatization of state owned property and Yeltsin's resignation and replacement by Vladimir Putin, this is a saga of good intentions, philosophical warfare, and catastrophic miscalculations."--BOOK JACKET.
