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boundedly rational consumers or the reactions of firms to such behavior. Second and more fundamental is the efficiency challenge …, which surfaces where consumer bias weakens the causal link between competition and efficiency. For instance, consumers who … standard economic justification for antitrust law largely weathers the thorny efficiency and welfare challenges alike …
Persistent link: https://www.econbiz.de/10012999218
In an environment that features second-degree price discrimination, this paper fully characterizes the set of surplus divisions that can arise from all possible information consumers have about their valuation. By extending the techniques developed in a companion paper (Yang, 2019a), I show that...
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We show analysts’ own earnings forecasts predict error in their own forecasts of earnings at other horizons, which we argue provides a measure of the extent to which analysts inefficiently use information. We construct our measure by exploiting two sources of variation in analysts’...
Persistent link: https://www.econbiz.de/10013220544
We show analysts’ own earnings forecasts predict error in their own forecasts of earnings at other horizons, which we argue provides a measure of the extent to which analysts inefficiently use information. We construct our measure by exploiting two sources of variation in analysts’...
Persistent link: https://www.econbiz.de/10013222335
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We examine forecast accuracy and efficiency of the Social Security Administration’s projections for cost rate, trust …
Persistent link: https://www.econbiz.de/10013313449
This paper assesses to what extent forecasters make efficient use of competitors' forecasts. Using a panel of forecasters, I find that forecasters underuse information from their competitors in their forecasts for current and next year's annual GDP growth and in ation. The results also show that...
Persistent link: https://www.econbiz.de/10012111567