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We study how and why these two features make the market more efficient; and explore how alternate pricing and matching rules can improve outcomes further. To this end, we develop a structural model of the ridesharing market with four components: (1) dynamically optimizing drivers who make entry, exit and search decisions; (2) stochastic demand; (3) surge pricing rule and (4) a matching technology. Relative to our benchmark model, surge pricing generates large gains for all agents; primarily during late nights. This is driven by the role surge plays in inducing drivers to enter the market. In contrast, centralized matching reduces match frictions and increases surplus for consumers, drivers, and the ridesharing platform, irrespective of the time of the day. We then show that a simple, more flexible pricing rule can generate even larger welfare gains for all agents. Our results highlight how and why centralized matching and surge pricing are able to make the market more efficient. We conclude by drawing policy implications for improving the competitiveness between taxis and ridesharing platforms.
There is a small and growing literature that explores the impact of digitization in a variety of contexts, but its economic consequences, surprisingly, remain poorly understood. This volume aims to set the agenda for research in the economics of digitization, with each chapter identifying a promising area of research. "Economics of Digitization "identifies urgent topics with research already underway that warrant further exploration from economists. In addition to the growing importance of digitization itself, digital technologies have some features that suggest that many well-studied economic models may not apply and, indeed, so many aspects of the digital economy throw normal economics in a loop. "Economics of Digitization" will be one of the first to focus on the economic implications of digitization and to bring together leading scholars in the economics of digitization to explore emerging research.
My thesis applies recent empirical industrial organization tools to study policy and managerial questions arising in three important market settings: healthcare, digital platforms, and urban housing/transportation. The first chapter of the paper studies a vertical contract, ''resale price maintenance'' (RPM). RPM is controversial from an antitrust perspective because it can eliminate double markups but facilitate price coordination across retailers. I offer direct empirical evidence on these effects of RPM by combining an anti-trust case about RPM with a novel retailer-level dataset. I find that RPM is primarily used to reduce double markups while also facilitating price coordination in the retail sector. Motivated by these findings, I build and estimate a structural model and illustrate how the key model primitives (consumer substitution patterns and manufacturer bargaining power) determine the welfare to offer insights for regulators. The second chapter studies a prevalent dilemma on digital platforms: whether a platform should capitalize on popular content to satisfy viewers in the short run or support nascent content creators for better performance in the long run. I examine an internal experiment in a short-form video platform to quantify the effects of a support program on novice content creators. I find that the program leads to a worse viewer experience in the short run but leads to more content posting and higher content quality. The combined results suggest that improving content quality could counterbalance the adverse effects on viewer experience within three months. The last chapter builds an equilibrium sorting model of housing location and commuting mode choice with endogenous traffic congestion to evaluate the efficiency and equity impacts of a menu of urban transportation policies. Leveraging fine-scale data from household travel diaries and housing transaction data identifying residents' home and work locations in Beijing, we recover structural estimates with rich preference heterogeneity over both travel mode and residential location decisions. Overall, our results advocate for a congestion pricing policy coupled with subway construction.
This 2-volume work includes approximately 1,200 entries in A-Z order, critically reviewing the literature on specific topics from abortion to world systems theory. In addition, nine major entries cover each of the major disciplines (political economy; management and business; human geography; politics; sociology; law; psychology; organizational behavior) and the history and development of the social sciences in a broader sense.
World-renowned economist Klaus Schwab, Founder and Executive Chairman of the World Economic Forum, explains that we have an opportunity to shape the fourth industrial revolu­tion, which will fundamentally alter how we live and work. Schwab argues that this revolution is different in scale, scope and complexity from any that have come before. Characterized by a range of new technologies that are fusing the physical, digital and biological worlds, the developments are affecting all disciplines, economies, industries and governments, and even challenging ideas about what it means to be human. Artificial intelligence is already all around us, from supercomputers, drones and virtual assistants to 3D printing, DNA sequencing, smart thermostats, wear­able sensors and microchips smaller than a grain of sand. But this is just the beginning: nanomaterials 200 times stronger than steel and a million times thinner than a strand of hair and the first transplant of a 3D printed liver are already in development. Imagine “smart factories” in which global systems of manu­facturing are coordinated virtually, or implantable mobile phones made of biosynthetic materials. The fourth industrial revolution, says Schwab, is more significant, and its ramifications more profound, than in any prior period of human history. He outlines the key technologies driving this revolution and discusses the major impacts expected on government, business, civil society and individu­als. Schwab also offers bold ideas on how to harness these changes and shape a better future—one in which technology empowers people rather than replaces them; progress serves society rather than disrupts it; and in which innovators respect moral and ethical boundaries rather than cross them. We all have the opportunity to contribute to developing new frame­works that advance progress.
The past thirty years have witnessed a transformation of government economic intervention in broad segments of industry throughout the world. Many industries historically subject to economic price and entry controls have been largely deregulated, including natural gas, trucking, airlines, and commercial banking. However, recent concerns about market power in restructured electricity markets, airline industry instability amid chronic financial stress, and the challenges created by the repeal of the Glass-Steagall Act, which allowed commercial banks to participate in investment banking, have led to calls for renewed market intervention. Economic Regulation and Its Reform collects research by a group of distinguished scholars who explore these and other issues surrounding government economic intervention. Determining the consequences of such intervention requires a careful assessment of the costs and benefits of imperfect regulation. Moreover, government interventions may take a variety of forms, from relatively nonintrusive performance-based regulations to more aggressive antitrust and competition policies and barriers to entry. This volume introduces the key issues surrounding economic regulation, provides an assessment of the economic effects of regulatory reforms over the past three decades, and examines how these insights bear on some of today’s most significant concerns in regulatory policy.