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You Can Lead a Horse to Water : Spatial Learning and Path Dependence in Consumer Search
Hodgson, Charles; Lewis, Gregory - National Bureau of Economic Research - 2023
We develop and estimate a model of consumer search with spatial learning. Consumers make inferences from previously … searched objects to unsearched objects that are nearby in attribute space, generating path dependence in search sequences. The … estimated model rationalizes patterns in data on online consumer search paths: search tends to converge to the chosen product in …
Persistent link: https://www.econbiz.de/10014372454
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The Role of Repugnance in Markets : How the Jared Fogle Scandal Affected Patronage of Subway
Cawley, John H.; Eddelbuettel, Julia; Cunningham, Scott; … - National Bureau of Economic Research - 2023
Economics has long studied how consumers respond to the disclosure of information about firms. We study a case in which the disclosed information is unrelated to the product or firm leadership, but which could still potentially affect consumer patronage through the mechanism of repugnance, as...
Persistent link: https://www.econbiz.de/10014421207
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Competitive Capture of Public Opinion
Alonso, Ricardo; Padró i Miquel, Gerard - National Bureau of Economic Research - 2023
We propose a general equilibrium model where two special interest groups (SIGs) compete to influence public opinion. Citizens with heterogeneous priors over a binary state of the world receive reports drawn from a continuous message space by a variety of sources. The two opposite SIGs attempt to...
Persistent link: https://www.econbiz.de/10014322801
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Information Acquisition and Rating Agencies
Cole, Harold L.; Cooley, Thomas F. - National Bureau of Economic Research - 2023
For decades credit rating agencies were viewed as trusted arbiters of creditworthiness and their ratings as important tools for managing risk. The common narrative is that the value of ratings was compromised by the evolution of the industry to a form where issuers pay for ratings. In this paper...
Persistent link: https://www.econbiz.de/10014322691
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Modeling Machine Learning
Caplin, Andrew; Martin, Daniel; Marx, Philip - National Bureau of Economic Research - 2022
What do machines learn, and why? To answer these questions we import models of human cognition into machine learning. We propose two ways of modeling machine learners based on this join: feasibility-based and cost-based machine learning. We evaluate and estimate our models using a deep learning...
Persistent link: https://www.econbiz.de/10013435162
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Safety Reviews on Airbnb : An Information Tale
Culotta, Aron; Jin, Ginger Zhe; Sun, Yidan; Wagman, Liad - National Bureau of Economic Research - 2023
Consumer reviews, especially those expressing concerns of product quality, are crucial for the credibility of online platforms. However, reviews that criticize a product or service may also dissuade buyers from using the platform, creating an incentive to blur the visibility of critical reviews....
Persistent link: https://www.econbiz.de/10014436986
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Forecasting the Impact of Racial Uprisings, Market versus Stakeholders' Expectations
Ba, Bocar A.; Rivera, Roman; Whitefield, Alexander - National Bureau of Economic Research - 2023
Given police abolitionism's new visibility after the 2020 racial justice protests, we assess stakeholder beliefs on the protests' stock impacts on police-affiliated firms. Experts generally underestimate the firms' stock gains, except situated experts like community organizers and police...
Persistent link: https://www.econbiz.de/10014436988
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A Model of Behavioral Manipulation
Acemoglu, Daron; Makhdoumi, Ali; Malekian, Azarakhsh; … - National Bureau of Economic Research - 2023
We build a model of online behavioral manipulation driven by AI advances. A platform dynamically offers one of n products to a user who slowly learns product quality. User learning depends on a product's "glossiness,' which captures attributes that make products appear more attractive than they...
Persistent link: https://www.econbiz.de/10014437003
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Learning by Investing : Entrepreneurial Spillovers from Venture Capital
Lerner, Joshua; Li, Jinlin; Liu, Tong - National Bureau of Economic Research - 2023
This paper studies how investing in venture capital (VC) affects the entrepreneurial outcomes of individual limited partners (LPs). Using comprehensive administrative data on entrepreneurial activities and VC fundraising and investments in China, we first document that individual LPs, on...
Persistent link: https://www.econbiz.de/10014437028
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Sequential Search for Corporate Bonds
Kargar, Mahyar; Lester, Benjamin; Plante, Sébastien; … - National Bureau of Economic Research - 2023
In over-the-counter (OTC) markets, customers search for counterparties. Little is known about this process, however …, because existing data is comprised of transaction records, which are only informative about the end of a successful search …. Leveraging data from the leading trading platform for corporate bonds, we offer evidence about the search process: we analyze …
Persistent link: https://www.econbiz.de/10014437035