We argue that recoveries from demand-driven recessions with expenditure cuts concentrated in services or non … towards more durable goods, the less the recovery is buffeted by pent-up demand. We show that, in a standard multi …-sector business-cycle model, this prediction holds if and only if, following an aggregate demand shock to all categories of spending …

We estimate the demand for a videocalling technology in the presence of both network effects and heterogeneity. Using a …

: whereas some consumers welcome the opportunity to purchase and learn about the new technology, for others the inconvenience …

respect the privacy of consumers. But nonrivalry leads to other consequences that are less obvious. Because of nonrivalry …. Instead, giving the data property rights to consumers can generate allocations that are close to optimal. Consumers balance …

This paper argues that firms have an informational advantage over consumers in selecting arbitrators in consumer … selected. Third, more experienced firms and less sophisticated consumers select more industry friendly arbitrators. We develop … and calibrate a model of arbitrator selection with uninformed consumers. We find that competition between arbitrators …

years, questions have arisen about whether its services help or harm consumers. In response, states have increasingly … consumers. On balance, our results also seem to support the relevance of theories of occupational licensing that stress the …

-functioning marketplace, suggest that prospect theory adequately organizes behavior among inexperienced consumers, whereas consumers with …

Consumers solve many agency problems, by pointing out when they believe that agents have made mistakes. This paper … considers the role that consumers play in inducing efficient behavior by agents. I distinguish between two case: those where … consumers have similar preferences to the principal, and those where consumer preferences diverge from those of the principal …

and referral agencies (R&Rs) in some markets. R&Rs provide consumers with information on availability, price, and …

In this paper, we exploit new sources of cross-sectional data to estimate a detailed product-level demand system for … estimating differentiated products demand systems and indicate which data sources are important for which problem. The data is … data and model make a detailed analysis of industry demand possible …