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This dissertation is comprised of two essays at the intersection of Empirical Industrial Organization and Behavioral Economics. They explore how business decisions are more richly explained with additions in psychological insights commonly found among consumers. These behavioral biases can affect a firm's decision to participate and their supply in the market, ultimately impacting market competition, supply thickness, and equilibrium. In Chapter 1, I explore how retailers make entry and exit decisions in the context of an online marketplace. Using a rich panel of internal data from eBay on dedicated sellers, I analyze a feature of the platform requiring sellers to select among monthly contracts that differ in the listing fee schedules. I further exploit a regime change that introduced a monthly allowance of free listings of inventory, altering all contracts from a two-part tariff to a three-part tariff design. This design change was effective in attracting new users and sellers to the platform, encouraging experienced users to become high-volume sellers, and increasing total inventory listed in the marketplace. This is despite little changes in average costs of selling. I demonstrate that standard entry and exit models cannot explain this increase in supply and competition. Instead, I propose loss aversion as an additional factor impacting participation. Chapter 2 investigates how high-volume, experienced retailers value their products and make supply decisions. Using similar data from eBay and exploiting the same contract feature and policy change, I analyze both the sellers' contract choice decisions and the timing of product listings. By estimating a dynamic model of plan choice and listing decisions, I find that sellers have a limited learning period and hold biased beliefs on the option values of their products. Furthermore, they respond heterogeneously to dynamic incentives and future listing costs, leading to an uneven supply of products on the platform. Using the model estimates, I show that debiasing sellers would increase seller surplus by 6\% but decrease platform listing revenue by 26%. However, since many platforms generate the majority of revenue from percentage fees on the listings' values, they may prefer to pursue policies that increase total listings. By targeting specific sellers, such policies can increase aggregate listings on the platform by up to 4.8% at a loss of 5.5% in listing revenue.
Empirical Studies in Industrial Organization brings together leading scholars who present state-of-the-art research in the spirit of the structure-conduct-performance paradigm embodied in the work of Leonard W. Weiss. The individual chapters are generally empirically or public policy oriented. A number of them introduce new sources of data that, combined with the application of appropriate econometric techniques, enable new breakthroughs and insights on issues hotly debated in the industrial organization literature. For example, five of the chapters are devoted towards uncovering the link between market concentration and pricing behavior. While theoretical models have produced ambiguous predictions concerning the relationship between concentration and price these chapters, which span a number of different markets and situations, provide unequivocal evidence that a high level of market concentration tends to result in a higher level of prices. Three of the chapters explore the impact of market structure on production efficiency, and three other chapters focus on the role of industrial organization on public policy. Contributors include David B. Audretsch, Richard E. Caves, Mark J. Roberts, F.M. Scherer, John J. Siegfried and Hideki Yamawaki.
Competition, Efficiency and Welfare contains a collection of papers in honor of Manfred Neumann. This collection was prepared as a tribute to a teacher and scholar, whose accomplishments have enriched various fields of economics. The magnitude of his interests is reflected in the breadth of topics covered in this volume: industrial economics, competition policy and related topics. However, if one unifying principle runs through Manfred Neumann's work, it is the belief in the power of competition. Born on May 16, 1933, Manfred Neumann studied economics at the University of Cologne. He graduated in 1960. In 1969 Manfred Neumann was appointed Professor of Economics at Nürnberg University. He was Dean of the Faculty of Economics and Social Sciences of the University of Erlangen-Nürnberg, President of the European Association for Research in Industrial Economics (EARIE) and Chairman of Industrial Organization Study Group of the Verein für Sozialpolitik. Most of his professional career has been spent at Nürnberg, where he has helped to make the Economic Institute one of the leading research centers in Industrial Organization. He has also been involved in various advisory activities. The volume contains 18 essays. The first twelve are grouped into four categories: Innovation and R&D (Part I), Cartels (Part II), Mergers and Merger Policy (Part III), and Methodological Issues in Industrial Organization (Part IV). These papers fall within the bounds of industrial economics, which has been Manfred Neumann's primary research interest throughout his career. Part V includes two papers on theories of international trade, which has been a recurring topic of interest for Manfred Neumann through the years. The last three papers look at broader policy and macroeconomic issues. Contributors to this volume include Karl Aiginger, David B. Audretsch, Paul A. Geroski, Stephen Martin and Dennis Mueller.