1,721,073 research outputs found
Risk- & Regret-Averse Bidders in Sealed-Bid Auctions
Full text linkOverbidding, bidding more than risk-neutral Bayesian Nash Equilibrium, is a widely observed phenomenon in
virtually all experimental auctions. The scholars within the auction literature propose the risk-averse preference
model to explain overbidding structurally. However, the risk-averse preference model predicts underbidding in
such important classes of auctions as all-pay auctions. To solve this discrepancy, we construct a structural model
of bidding behavior in sealed-bid auctions, one in which bidders may regret their decisions. Our model nests both
risk-averse and regret-averse attitudes and aims to explain overbidding in a wider class of auctions. We first derive
equilibrium first-order conditions, which are used for estimation and calibration analyses, and show monotonic
increasing properties of equilibrium bidding functions. Second, we carry out structural estimation and calibration
analyses based on experimental data from Kagel and Levin (1993) and Noussair and Silver (2006). With these
structurally estimated parameters, we test the significance of bidders’ risk-averse and regret-averse attitudes.
The estimation results show that bidders exhibit weak risk-averse (close to risk-neutral) and strong regret-averse
attitudes. Furthermore, regret-averse attitudes are significant when bidders anticipate losing. Calibration results
demonstrate that our risk- & regret-averse model can explain overbidding across all of the above IPV auctions.
Third, we simulate our model with the estimated parameters and obtain revenue rankings numerically. This
allows us to confirm the revenue supremacy in all-pay auctions reported in experimental auction literature. We
discuss extensions to asymmetric and Common-Value (CV) auctions in our online appendix
Theories of Statistical Discrimination and Affirmative Action: A Survey
No full textThis chapter surveys the theoretical literature on statistical discrimination and affirmative action. This literature suggests different explanations for the existence and persistence of group inequality. This survey highlights such differences and describes in these contexts the effects of color-sighted and color-blind affirmative action policies, and the efficiency implications of discriminatory outcomes
Does"good government"draw foreign capital ? Explaining China's exceptional foreign direct investment inflow
Full text linkChina is now the world's largest destination of foreign direct investment (FDI), despite assessments highlighting its institutional deficiencies. But this FDI inflow corresponds closely to predicted FDI flows into China from a model that predicts FDI inflow based on government quality indicators and controls and is estimated across a sample of other weak-institution countries. The only real discrepancy is that, if government quality is measured by constraints on executive power, China receives somewhat more FDI than the model predicts. This might reflect an underestimation of the strength of these constraints in China, a unique institutional setting for FDI operations, FDI based on expected future institutional improvements, or a unique Chinese model of development. The authors conclude that Ockham's razor disfavors the last. They also note that FDI may be elevated because Chinese institutions protect foreign firms better than domestic ones.Foreign Direct Investment,Economic Theory&Research,Legal Products,Investment and Investment Climate,Parliamentary Government
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Full text link“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Full text linkWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
Dispelling the Myths Behind First-author Citation Counts
Full text linkWe conducted a full-scale evaluative citation analysis study of scholars in the XML research field to explore just how different from each other author rankings resulting from different citation counting methods actually are, and to demonstrate the capability of emerging data and tools on the Web in supporting more realistic citation counting methods. Our results contest some common arguments for the continued
use of first-author citation counts in the evaluation of scholars, such as high correlations between author rankings by first-author citation counts and other citation
counting methods, and high costs of using more realistic citation counting methods that are not well-supported by the ISI databases. It is argued that increasingly available digital full text research papers make it possible for citation analysis studies to go beyond what the ISI databases have directly supported and to employ more
sophisticated methods
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