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Is Paper Money Just Paper Money? Experimentation and Variation in the Paper Monies Issued by the American Colonies from 1690 to 1775
Grubb, Farley - National Bureau of Economic Research (NBER) - 2012
The British North American colonies were the first western economies to rely on legislature-issued paper monies as an important internal media of exchange. This system arose piecemeal. In the absence of banks and treasuries that exchanged paper monies at face value for specie monies on demand,...
Persistent link: https://www.econbiz.de/10011254927
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Wintertime for Deceptive Advertising?
Zinman, Jonathan; Zitzewitz, Eric - National Bureau of Economic Research (NBER) - 2012
Casual empiricism suggests that deceptive advertising about product quality is prevalent, and several classes of theories explore its causes and consequences. We provide some unusually sharp empirical evidence on the extent, mechanics, and dynamics of deceptive advertising. Ski resorts...
Persistent link: https://www.econbiz.de/10009652811
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Some Simple Economics of Crowdfunding
Agrawal, Ajay K.; Goldfarb, Avi; Catalini, Christian - National Bureau of Economic Research (NBER) - 2013
It is not surprising that the financing of early-stage creative projects and ventures is typically geographically localized since these types of funding decisions are usually predicated on personal relationships and due diligence requiring face-to-face interactions in response to high levels of...
Persistent link: https://www.econbiz.de/10010969219
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Market Structure, Reputation, and the Value of Quality Certification
Elfenbein, Daniel; Fisman, Raymond; McManus, Brian - National Bureau of Economic Research (NBER) - 2014
Quality certification programs help consumers to identify high-quality products or sellers in markets with information asymmetries. Using data from eBay UK's online marketplace, we study how certification's impact on consumer demand varies with market- and seller-level attributes, exploiting...
Persistent link: https://www.econbiz.de/10010950765
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Politics 2.0: The Multifaceted Effect of Broadband Internet on Political Participation
Campante, Filipe R.; Durante, Ruben; Sobbrio, Francesco - National Bureau of Economic Research (NBER) - 2013
We investigate the causal impact of broadband Internet on political participation using data from Italy. We show that … emergence of new political entrepreneurs who used the Internet to convert the initial "exit" back into "voice". Overall, these … nuanced effects underscore the general equilibrium dynamic induced by the Internet. …
Persistent link: https://www.econbiz.de/10010950872
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Consumer Price Search and Platform Design in Internet Commerce
Levin, Jonathan; Dinerstein, Michael; Einav, Liran; … - National Bureau of Economic Research (NBER) - 2014
Search frictions can explain why the "law of one price" fails in retail markets and why even firms selling commodity products have pricing power. In online commerce, physical search costs are low, yet price dispersion is common. We use browsing data from eBay to estimate a model of consumer...
Persistent link: https://www.econbiz.de/10010951027
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Patent Commons, Thickets, and Open Source Software Entry by Start-Up Firms
Wen, Wen; Ceccagnoli, Marco; Forman, Chris - National Bureau of Economic Research (NBER) - 2013
We examine whether the introduction of a patent commons, a special type of royalty free patent pool available to the open source software (OSS) community influences new OSS product entry by start-up software firms. In particular, we analyze the impact of The Commons--established by the Open...
Persistent link: https://www.econbiz.de/10010951134
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Collective Intelligence and Neutral Point of View: The Case of Wikipedia
Greenstein, Shane Mitchell; Zhu, Feng - National Bureau of Economic Research (NBER) - 2012
We examine whether collective intelligence helps achieve a neutral point of view using data from a decade of Wikipedia's articles on US politics. Our null hypothesis builds on Linus' Law, often expressed as "Given enough eyeballs, all bugs are shallow." Our findings are consistent with a narrow...
Persistent link: https://www.econbiz.de/10010951239
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Optimal Aggregation of Consumer Ratings: An Application to Yelp.com
Lee, Jungmin; Dai, Weijia; Jin, Ginger Z.; Luca, Michael - National Bureau of Economic Research (NBER) - 2012
Consumer review websites leverage the wisdom of the crowd, with each product being reviewed many times (some with more than 1,000 reviews). Because of this, the way in which information is aggregated is a central decision faced by consumer review websites. Given a set of reviews, what is the...
Persistent link: https://www.econbiz.de/10010951287
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Searching for Physical and Digital Media: The Evolution of Platforms for Finding Books
Baye, Michael R.; Santos, Babur De los; Wildenbeest, … - National Bureau of Economic Research (NBER) - 2013
it difficult for researchers to accurately measure internet-based search behavior in the years to come. Finally, we …
Persistent link: https://www.econbiz.de/10011264923