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Full-Text Articles in Other Economics

Summary: Business Innovation Creates Policy Disruption, Sarah E. Light Sep 2019

Summary: Business Innovation Creates Policy Disruption, Sarah E. Light

Wharton PPI B-School for Public Policy Seminar Summaries

New forms of business in the sharing economy, and new technologies like autonomous vehicles, have the potential to “disrupt” existing regulatory structures. This seminar examined the challenges facing regulators and legislators, who must respond so as to both (a) promote innovation and (b) protect the public interest.


The Fintech Opportunity, Thomas Philippon Dec 2018

The Fintech Opportunity, Thomas Philippon

Wharton Pension Research Council Working Papers

This chapter assesses potential impacts of FinTech on the finance industry. First we show that financial services remain surprisingly expensive in the U.S., which helps explain the emergence of new entrants. We then argue that the current regulatory approach is subject to significant political economy and coordination costs, and therefore it is unlikely to deliver much structural change. FinTech can improve both financial stability and access to services, but this will require important changes in the focus of regulations.


Product Performance Based Business Models: A Service Based Perspective, Morris. A. Cohen Jan 2012

Product Performance Based Business Models: A Service Based Perspective, Morris. A. Cohen

Operations, Information and Decisions Papers

The migration to a service based economy has led many firms to emphasize the service component of their product offerings. This shift has led to the emergence of a business model based on value creation through product utilization, where products are sold as a service, (often referred to as "Servicization" or product-service systems) The Servicization business model can be applied to both tangible and intangible, information intensive, products and is based on aligning customer and supplier incentives.A shift to a service based model leads to a variety of managerial questions that concern performance metrics, customer supplier relationships and contracting ...


Peer-Induced Fairness In Games, Teck-Hua Ho, Xuanming Su Dec 2009

Peer-Induced Fairness In Games, Teck-Hua Ho, Xuanming Su

Operations, Information and Decisions Papers

People exhibit peer-induced fairness concerns when they look to their peers as a reference to evaluate their endowments. We analyze two independent ultimatum games played sequentially by a leader and two followers. With peer-induced fairness, the second follower is averse to receiving less than the first follower. Using laboratory experimental data, we estimate that peer-induced fairness between followers is two times stronger than distributional fairness between leader and follower. Allowing for heterogeneity, we find that 50 percent of subjects are fairness-minded. We discuss how peer-induced fairness might limit price discrimination, account for low variability in CEO compensation, and explain pattern ...


An Alternative Approach For Eliciting Willingness-To-Pay: A Randomized Internet Trial, Laura J. Damschroder, Peter A. Ubel, Jason Riis, Dylan M. Smith Apr 2007

An Alternative Approach For Eliciting Willingness-To-Pay: A Randomized Internet Trial, Laura J. Damschroder, Peter A. Ubel, Jason Riis, Dylan M. Smith

Marketing Papers

Open-ended methods that elicit willingness-to-pay (WTP) in terms of absolute dollars often result in high rates of questionable and highly skewed responses, insensitivity to changes in health state, and raise an ethical issue related to its association with personal income. We conducted a 2x2 randomized trial over the Internet to test 4 WTP formats: 1) WTP in dollars; 2) WTP as a percentage of financial resource; 3) WTP in terms of monthly payments; and 4) WTP as a single lump-sum amount. WTP as a percentage of financial resources generated fewer questionable values, had better distribution properties, greater sensitivity of health ...


Experimental Results On Bargaining Under Alternatives Property Rights Regimes, Rachel Croson, John S. Johnstone Jan 2000

Experimental Results On Bargaining Under Alternatives Property Rights Regimes, Rachel Croson, John S. Johnstone

Operations, Information and Decisions Papers

The effect of alternative property rights regimes on the choice between taking an object and acquiring it via a consensual exchange is experimentally explored in a two-period screening game. Results are generally consistent with equilibrium predictions, suggesting that property rights regimes have a significant impact on observed behavior.


Information In Ultimatum Games: An Experimental Study, Rachel Croson Aug 1996

Information In Ultimatum Games: An Experimental Study, Rachel Croson

Operations, Information and Decisions Papers

This study reports on an experiment using variations of the ultimatum game. The experiment controls the amount and type of information known to the responder in the game. In two treatments, she knows both the absolute (money) and relative (fairness) payoffs from an offer. In the other two, she knows either only the absolute or only the relative payoffs. The predictions of four models for these treatments are tested: subgame-perfection, Bolton's comparative equilibrium, Ochs and Roth's absolute threshold, and Ochs and Roth's percentage threshold hypothesis.