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Collusion by algorithm: the role of unobserved actions
Martin, Simon; Rasch, Alexander - 2022
We analyze the effects of better algorithmic demand forecasting on collusive profits. We show that the comparative …
Persistent link: https://www.econbiz.de/10013093034
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Demand estimation using managerial responses to automated price recommendations
García, Daniel; Tolvanen, Juha; Wagner, Alexander K. - 2021
We provide a new framework to identify demand elasticities in markets where managers rely on algorithmic … identify demand elasticities across hotel room types and over time. We confirm these elasticity estimates with a difference …-function approach to two classic questions in the dynamic pricing literature: the evolution of price elasticity of demand over time as …
Persistent link: https://www.econbiz.de/10012534709
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News media vs. FRED-MD for macroeconomic forecasting
Ellingsen, Jon; Larsen, Vegard Høghaug; Thorsrud, Leif … - 2020
Using a unique dataset of 22.5 million news articles from the Dow Jones Newswires Archive, we perform an in depth real-time out-of-sample forecasting comparison study with one of the most widely used data sets in the newer forecasting literature, namely the FRED-MD dataset. Focusing on U.S. GDP,...
Persistent link: https://www.econbiz.de/10012304069
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Uncertainty and monetary policy during extreme events
Pellegrino, Giovanni; Castelnuovo, Efrem; Caggiano, Giovanni - 2020
How damaging are uncertainty shocks during extreme events such as the great recession and the Covid-19 outbreak? Can monetary policy limit output losses in such situations? We use a nonlinear VAR framework to document the large response of real activity to a financial uncertainty shock during...
Persistent link: https://www.econbiz.de/10012288020
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Battling antibiotic resistance : can machine learning improve prescribing?
Ribers, Michael Allan; Ullrich, Hannes - 2019
Antibiotic resistance constitutes a major health threat. Predicting bacterial causes of infections is key to reducing antibiotic misuse, a leading driver of antibiotic resistance. We train a machine learning algorithm on administrative and microbiological laboratory data from Denmark to predict...
Persistent link: https://www.econbiz.de/10012022285
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Machine predictions and human decisions with variation in payoffs and skill
Ribers, Michael; Ullrich, Hannes - 2020
Human decision-making differs due to variation in both incentives and available information. This generates substantial challenges for the evaluation of whether and how machine learning predictions can improve decision outcomes. We propose a framework that incorporates machine learning on...
Persistent link: https://www.econbiz.de/10012315943
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The economics of attention
Loewenstein, George F.; Wojtowicz, Zachary - 2023
Attention is a pivotal resource in the modern economy and plays an increasingly prominent role in economic analysis. We summarize research on attention from both psychology and economics, placing a particular emphasis on its capacity to explain numerous documented violations of classical...
Persistent link: https://www.econbiz.de/10014383940
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Cryptocurrencies, technology stocks, Covid-19 and US policy responses: a fractional integration analysis
Abakah, Emmanuel Joel Aikins; Caporale, Guglielmo Maria; … - 2022
This paper assesses the impact of US policy responses to the Covid-19 pandemic on various cryptocurrencies and also technology stocks using fractional integration techniques. More precisely, it analyses the behaviour of the percentage returns in the case of nine major coins (Bitcoin - BITC,...
Persistent link: https://www.econbiz.de/10013041344
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On the causes and consequences of deviations from rational behavior
Zēgners, Dainis; Sunde, Uwe; Strittmatter, Anthony - 2020
This paper presents novel evidence for the prevalence of deviations from rational behavior in human decision making – and for the corresponding causes and consequences. The analysis is based on move-by-move data from chess tournaments and an identification strategy that compares behavior of...
Persistent link: https://www.econbiz.de/10012226615
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Algorithmic pricing and competition : empirical evidence from the German retail gasoline market
Assad, Stephanie; Clark, Robert; Ershov, Daniel; Xu, Lei - 2020
Economic theory provides ambiguous and conflicting predictions about the association between algorithmic pricing and competition. In this paper we provide the first empirical analysis of this relationship. We study Germany’s retail gasoline market where algorithmic-pricing software became...
Persistent link: https://www.econbiz.de/10012263827