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  1. Market power and information effects in a multi-unit auction
    Autor*in: Hefti, Andreas; Shen, Peiyao; Betz, Regina
    Erschienen: March 2019
    Verlag:  University of Zurich, Department of Economics, Zurich

    We study the effects of different information structures (full information, supply uncertainty and demand uncertainty) on equilibrium prices, allocative efficiency and bidding behavior in a (supply-side) uniform-price multi-unit auction, using supply... mehr

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 191
    Fernleihe:
    keine Fernleihe

     

    We study the effects of different information structures (full information, supply uncertainty and demand uncertainty) on equilibrium prices, allocative efficiency and bidding behavior in a (supply-side) uniform-price multi-unit auction, using supply function competition and a novel experimental design. Our setup integrates different types of market power and a varying level of competition. We empirically find that average prices tend to be higher under full information compared to the cases where bidders either have limited information about about the demand level or rivals' technologies or; the latter even leading to strictly lower average prices as the exertion of market power and bid shading is strongly reduced. We explain this finding with a behavioral equilibrium concept, where bidders behave as if competing against the average market situation. Further, we address the problem of multiplicity of equilibria by exploiting the equilibrium conditions to obtain an empirical selection of the average equilibrium supply function. The respective predictions of the average prices exceed those by standard OLS in all information treatments.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/195165
    Auflage/Ausgabe: This version: March 2019
    Schriftenreihe: Working paper series / University of Zurich, Department of Economics ; no. 320
    Umfang: 1 Online-Ressource (circa 54 Seiten), Illustrationen
  2. Management practices and climate policy in China
    Autor*in: Yong, Soo Keong; Wagner, Ulrich J.; Shen, Peiyao; De Preux, Laure B.; Muûls, Mirabelle; Martin, Ralf; Cao, Jing
    Erschienen: February 28, 2021
    Verlag:  School of Entrepreneurship and Management, ShanghaiTech University, [Shanghai]

    Cap-and-trade program for CO2 emissions are being considered by governments worldwide to address the climate change challenge. The success of such a market-based climate policy at minimizing overall abatement cost and fostering low-carbon investment... mehr

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    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Cap-and-trade program for CO2 emissions are being considered by governments worldwide to address the climate change challenge. The success of such a market-based climate policy at minimizing overall abatement cost and fostering low-carbon investment and innovation depends on participants fully understanding the trade-offs between using, selling or banking a permit. We provide the first empirical evidence on how management quality moderates responses to carbon pricing, by analyzing on firms that participated in two of China's regional pilot emissions trading schemes (ETS), located in the city of Beijing and Hubei province. We collect new data by interviewing plant managers or lead engineers at 216 randomly selected firms, and combine them with financial, patent and energy consumption data for each firm. We show that well-managed firms have on average higher productivity, which has been documented in previous research. In addition, low-carbon innovation measures elicited from managers are strongly positively associated with "green" patenting.These results strengthen the credibility of our interview data. We also investigate whether carbon trading affects energy use of regulated firms. We estimate that the launch of the pilot ETS in Beijing has reduced consumption of coal and electricity by treated firms relative to control firms, but this effect is statistically significant only for well-managed firms. Our estimates imply that the overall reduction in coal use following the introduction of the pilot ETS would have been four times smaller if firms with above-median managers had been managed by below-median managers

     
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    Sprache: Englisch
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    Format: Online
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    Schriftenreihe: ShanghaiTech SEM working paper series ; no. 2021, 001
    Schlagworte: climate policy; firm behavior; management practices; emissions trading scheme; policy evaluation
    Weitere Schlagworte: Array
    Umfang: 1 Online-Ressource (circa 51 Seiten), Illustrationen
  3. Aspiration, Ethnic Composition, and Competitive Inclination
    An Experimental Study
    Autor*in: Li, King King; Shen, Peiyao
    Erschienen: 2022
    Verlag:  SSRN, [S.l.]

    How does differences in the competitive inclination of ethnic groups contribute to economic disparity and how does the ethnic composition of a group affect competitive inclinations of individuals from different ethnicities? We experimentally... mehr

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    How does differences in the competitive inclination of ethnic groups contribute to economic disparity and how does the ethnic composition of a group affect competitive inclinations of individuals from different ethnicities? We experimentally investigate how ethnic composition affects the competitive inclinations of those from the Han (ethnic majority) and Yi (ethnic minority) in groups with different ethnic compositions. In homogeneous treatments, which consists of one ethnicity, we find no differences in competitive inclination. However, in mixed treatments where both ethnicities are present in the group, the Yi are less likely to enter tournament than the Han, supporting the hypothesis that ethnic composition affects tournament entry decisions. The difference in aspiration for education attainment of the Yi and the Han has the highest explanatory power for this entry-gap. Difference in income, performance, and parents' education cannot explain the entry-gap. The results suggest that the government's preferential university admission policy for ethnic minorities leads to the Yi having lower aspirations, which in turn leads to a lower entry rate in the mixed treatments

     
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    Sprache: Englisch
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    Format: Online
    Weitere Identifier:
    Schriftenreihe: ShanghaiTech SEM Working Paper
    Schlagworte: Competitive inclination; Ethnicity; Aspiration; Gender difference
    Umfang: 1 Online-Ressource (52 p)
    Bemerkung(en):

    Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments February 3, 2022 erstellt
  4. Igniting deliberation in high stake decisions: a field study
    Autor*in: Hefti, Andreas; Shen, Peiyao; Li, King King
    Erschienen: March 2021
    Verlag:  University of Zurich, Department of Economics, Zurich

    We conduct a large scale randomized field experiment to study whether providing recipients - 42,454 Chinese households in a rural area - with information on the costs of a real decision they make can help to improve the quality of their choices. The... mehr

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 191
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    keine Fernleihe

     

    We conduct a large scale randomized field experiment to study whether providing recipients - 42,454 Chinese households in a rural area - with information on the costs of a real decision they make can help to improve the quality of their choices. The decisions are of high financial impact, as the objects of deliberation - air conditioners - have upfront prices exceeding the average monthly salary of a household. Besides providing nominal cost information, we conduct two additional treatments, where we either present the same information by making the real opportunity costs salient, or by administering the information via a quiz. The former aims at facilitating the comparison of effective costs, while the latter aims at enhancing attention and cognitive involvement. We find that providing cost information substantially affects the choices made, and reduces the decision mistakes, in particular in the two additional treatments.

     
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    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/232052
    Schriftenreihe: Working paper series / University of Zurich, Department of Economics ; no. 378
    Schlagworte: Information provision; opportunity costs; decision mistakes; involvement; energy efficiency
    Umfang: 1 Online-Ressource (circa 50 Seiten)
  5. To Go Electric or To Burn Coal? A Randomized Field Experiment of Informational Nudges
    Autor*in: Fang, Hanming; Li, King King; Shen, Peiyao
    Erschienen: November 2023
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    Coal heating in residential homes is an important source of indoor air pollution, leading to detrimental health effects. We conduct a randomized field experiment in northern China using three types of SMS campaigns targeting three potential biases... mehr

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    Standort:
    Sächsische Landesbibliothek - Staats- und Universitätsbibliothek Dresden
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    Standort:
    Universitätsbibliothek Freiburg
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    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    Standort:
    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    keine Fernleihe

     

    Coal heating in residential homes is an important source of indoor air pollution, leading to detrimental health effects. We conduct a randomized field experiment in northern China using three types of SMS campaigns targeting three potential biases that may hinder the adoption of electric heating: a Cost SMS campaign, designed to address the overestimation of electricity expenses; a Health SMS campaign, aimed at addressing the underestimation of health damage associated with coal heating; and a Social Comparison SMS campaign, intended to inform households about the popularity of electric heating. We find that the Cost SMS backfires: it instead leads to a substantial reduction in electric heating, which can be attributed to salience bias induced by the Cost SMS, which drew heightened attention to the cost of electricity. The Health SMS is ineffective for households that underestimate the health damage of coal heating and even backfires for those who expressed little concern about the health consequences. Social Comparison SMS is only effective for a small proportion of households who were concerned about their neighbors' heating choices. Overall, our findings suggest that SMS campaigns targeting these biases are largely ineffective, and caution should be exercised when applying plausible nudge interventions. The findings also suggest that households may be motivated to maintain their beliefs and resist paternalistic interventions

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: NBER working paper series ; no. w31841
    Schlagworte: Wohnimmobilien; Heizungsanlage; Kohle; Elektrizität; Gesundheitsrisiko; Konsumentenverhalten; Nudge; Experiment; China; Field Experiments; Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making; General; Government Policy
    Umfang: 1 Online-Ressource, illustrations (black and white)
    Bemerkung(en):

    Hardcopy version available to institutional subscribers