Microeconomics: Asymmetric & Private Information eJournal最新文献_第7页

Inverse Selection 逆选择

Microeconomics: Asymmetric & Private Information eJournal Pub Date : 2020-04-24 DOI: 10.2139/ssrn.3584331

Markus K. Brunnermeier, R. Lamba, C. Segura-Rodríguez

引用次数: 7

How Big is the “Lemons” Problem? Historical Evidence from French Wines “柠檬”问题有多严重?法国葡萄酒的历史证据

Microeconomics: Asymmetric & Private Information eJournal Pub Date : 2020-04-21 DOI: 10.2139/ssrn.3444625

P. Mérel, Ariel Ortiz-Bobea, Emmanuel Paroissien

引用次数: 16

Coordination and Social Distancing: Inertia in the Aggregate Response to COVID-19 协调与保持社交距离:COVID-19总体应对中的惯性

Microeconomics: Asymmetric & Private Information eJournal Pub Date : 2020-04-17 DOI: 10.2139/ssrn.3568535

Mehdi Shadmehr, Ethan Bueno de Mesquita

{"title":"Coordination and Social Distancing: Inertia in the Aggregate Response to COVID-19","authors":"Mehdi Shadmehr, Ethan Bueno de Mesquita","doi":"10.2139/ssrn.3568535","DOIUrl":"https://doi.org/10.2139/ssrn.3568535","url":null,"abstract":"Social distancing --- which is critical for mitigating the spread of COVID-19 --- has been slow and inadequate. Applying the literature on beauty contest models, we show: (1) When a new and rare virus, like COVID-19, emerges, the aggregate level of social distancing has inherent inertia. Novel infectious diseases abruptly change the appropriate level of social distancing, leaving individuals uncertain about how to act. Inertia arises because individuals care about conforming to social norms (e.g., it is awkward to refuse a social invitation or work request) and the common knowledge about the past norm of social distancing help individuals coordinate behavior. (2) Clear national public statements are essential in reducing that inertia and adjusting the public's behavior to the new, optimal level of social distancing. Such national statements enable individuals and communities to coordinate on new norms of behavior, reducing inertia and moving the society closer to the optimum. They generate a beneficial over-reaction from the public that helps offset the over-weighting of past experience. (3) National communication is better than local communication when optimal social distancing levels are highly correlated over-time and when individuals are poorly-informed, so that the overweighting of prior social distancing norms is more severe.","PeriodicalId":119201,"journal":{"name":"Microeconomics: Asymmetric & Private Information eJournal","volume":"140 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131498900","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 13

Information Asymmetry Effects of Deregulation-Driven Decreases in Quarterly Financial Disclosure - Evidence from Germany 放松管制导致季度财务披露减少的信息不对称效应——来自德国的证据

Microeconomics: Asymmetric & Private Information eJournal Pub Date : 2020-04-15 DOI: 10.2139/ssrn.3278236

Janina Knappstein, Marco Muschallik, Andrew P. Schmidt

{"title":"Information Asymmetry Effects of Deregulation-Driven Decreases in Quarterly Financial Disclosure - Evidence from Germany","authors":"Janina Knappstein, Marco Muschallik, Andrew P. Schmidt","doi":"10.2139/ssrn.3278236","DOIUrl":"https://doi.org/10.2139/ssrn.3278236","url":null,"abstract":"Based on the ongoing disclosure overload debate, this paper investigates how deregulation-driven decreases in quarterly disclosure affect information asymmetry. We exploit a German setting in which the minimum content requirements for quarterly reporting have been reduced for firms listed in the Prime Standard segment of the Frankfurt Stock Exchange (FSE). This deregulation allows Prime Standard companies to choose whether to continue to publish full quarterly financial reports or to switch to so-called quarterly statements to meet their quarterly reporting obligations. Compared to full quarterly reports, the latter have significantly lower minimum content requirements. Based on a difference-in-differences research design, our results provide empirical evidence that decreases in quarterly disclosure come along with statistically and economically significant increases in information asymmetry. However, we find that this effect is particularly driven by smaller firms, which operate in weaker information environments. Additionally, our results confirm that this information asymmetry effect is associated with the extent of actual decreases in (specific content-related types of) quarterly disclosure.","PeriodicalId":119201,"journal":{"name":"Microeconomics: Asymmetric & Private Information eJournal","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115601886","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Dynamic Contracting with Flexible Monitoring 灵活监控的动态承包

Microeconomics: Asymmetric & Private Information eJournal Pub Date : 2020-04-10 DOI: 10.2139/ssrn.3496785

Liang Dai, Yenan Wang, Ming-yu Yang

引用次数: 2

Does Bundling Induce Adverse Selection in Insurance? 捆绑销售是否会导致保险中的逆向选择?

Microeconomics: Asymmetric & Private Information eJournal Pub Date : 2020-04-09 DOI: 10.2139/ssrn.3611230

Francis Annan

引用次数: 2

Financing Micro-entrepreneurship in Online Crowdfunding Markets: Local Preference versus Information Frictions 网络众筹市场中的微型创业融资:地方偏好与信息摩擦

Microeconomics: Asymmetric & Private Information eJournal Pub Date : 2020-04-01 DOI: 10.2139/ssrn.3580585

Jian Ni, Yi Xin

引用次数: 1

Short of capital: Stock Market Implications of Short Sellers’ Losses 资本短缺:卖空者损失对股票市场的影响

Microeconomics: Asymmetric & Private Information eJournal Pub Date : 2020-03-20 DOI: 10.2139/ssrn.3326332

Antonio Gargano, Juan M. Sotes-Paladino, P. Verwijmeren

引用次数: 2

Design of Platform Reputation Systems: Optimal Information Disclosure 平台信誉系统设计:最优信息披露

Microeconomics: Asymmetric & Private Information eJournal Pub Date : 2020-03-14 DOI: 10.2139/ssrn.3557086

Z. Shi, K. Srinivasan, Kaifu Zhang

引用次数: 8

Payday 发薪日

Microeconomics: Asymmetric & Private Information eJournal Pub Date : 2020-03-01 DOI: 10.2307/j.ctt14jxrkx.14

Yonathan A. Arbel

{"title":"Payday","authors":"Yonathan A. Arbel","doi":"10.2307/j.ctt14jxrkx.14","DOIUrl":"https://doi.org/10.2307/j.ctt14jxrkx.14","url":null,"abstract":"Legislation lags behind technology all too often. While trillions of dollars are exchanged in online transactions—safely, cheaply, and instantaneously—workers still must wait two weeks to a month to receive payments from their employers. In the modern economy, workers are effectively lending money to their employers, as they wait for earned wages to be paid. The same worker who taps a credit card to pay for groceries in semi-automated checkout lines depends on dated payroll systems that only transfer payments on a “payday.” Workers, especially those living paycheck-to-paycheck, are hard-pressed to meet their daily needs and turn to expensive, short-term credit products—notably, payday lenders. While the need for credit is a real one, credit providers charge a steep price, often culminating in endless debt spirals. So, why does the payday still exist? This Article studies various explanations—economic, historical, behavioral, and legal. A primary conclusion is that the payday owes its existence to legacy legal architecture. That is, payday is a software problem, not a hardware problem. The hardware—i.e., money and payroll technology—is here. We can pay workers daily; in fact, gig economy workers in developing countries will often be paid more quickly than an American employee for the same work. What holds us back is our legal software: Dated Eisenhower-era legislation that failed to anticipate technological change. Surprisingly, even pro-worker legislation, such as minimum wage laws, inadvertently encourage the practice. By revealing the overlooked and dated legal infrastructure that sustains the payday, the Article suggests a path for legal reform. Daily streams of payment to workers are feasible, practical, and far more efficient than most people realize. A focused reform could effectively bring an end to the puzzling and pernicious practice of having workers lend money to their employers while they wait for their payday.","PeriodicalId":119201,"journal":{"name":"Microeconomics: Asymmetric & Private Information eJournal","volume":"738 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123860793","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0