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An equivalence between rational inattention problems and complete-information conformity games
Ilinov, Pavel; Jann, Ole
2022 - English
We consider two types of models: (i) a rational inattention problem (as known from the literature) and (ii) a conformity game, in which fully informed players find it costly to deviate from average behavior. We show that these problems are equivalent to each other both from the perspective of the participant and the outside observer: Each individual faces identical trade-offs in both situations, and an observer would not be able to distinguish the two models from the choice data they generate. We also establish when individual behavior in the conformity game maximizes welfare.
Keywords:
conformity; equivalence; rational inattention
Fulltext is available at external website.
An equivalence between rational inattention problems and complete-information conformity games
We consider two types of models: (i) a rational inattention problem (as known from the literature) and (ii) a conformity game, in which fully informed players find it costly to deviate from average ...
RBTC and human capital: accounting for individual-level responses
Kashkarov, Daniil
2022 - English
I test the contribution of individual human capital responses to earnings inequality arising in the process of the routine-biased technological change (RBTC). I develop a lifecycle model of human capital and occupational choice, calibrate it to the NLSY79 data, using the price series for human capital in abstract and routine occupations estimated from the cross-sectional CPS data with the “flat spot” approach. I then use the model to quantify the effect of a change in human capital prices on earnings inequality. I find that an increase in the price for human capital in abstract occupations and a fall in its price in routine occupations associated with RBTC has a modest contribution to the evolution of variance of log-earnings — up to 10.8 per cent by the end of the working life cycle. However, the contribution of RBTC to an increase in the abstract wage premium over the lifetime of the NLSY79 cohorts is up to 28.6 per cent. The growth of the abstract wage premium is significantly dampened by the human capital responses of workers switching from routine occupations.
Keywords:
RBTC; human capital; life-cycle modelling
Fulltext is available at external website.
RBTC and human capital: accounting for individual-level responses
I test the contribution of individual human capital responses to earnings inequality arising in the process of the routine-biased technological change (RBTC). I develop a lifecycle model of human ...
Naked exclusion with heterogeneous buyers
Chen, Y.; Zápal, Jan
2022 - English
We investigate the effects of buyer heterogeneity in a market in which an incumbent firm prevents entry when it signs enough exclusionary contracts with buyers. With heterogeneous buyers several well-known results in exclusionary contracting with homogenous buyers are overturned and novel ones emerge. First, inefficient equilibria exist in which exclusionary contracts are signed but entry still occurs, and the loss of consumer surplus falls on small buyers. Second, sequential contracting may be more pro-competitive than simultaneous contracting in the sense that entry occurs under sequential but not simultaneous contracting. When this happens, sequential Pareto dominates simultaneous contracting.
Keywords:
contracting with externalities; exclusionary contracts; buyer heterogeneity
Fulltext is available at external website.
Naked exclusion with heterogeneous buyers
We investigate the effects of buyer heterogeneity in a market in which an incumbent firm prevents entry when it signs enough exclusionary contracts with buyers. With heterogeneous buyers several ...
The Geopolitics of Photography Exhibitions. Showcasing Soviet Photographers in Interwar Czechoslovakia
Parkmann, Fedora
2022 - English
This paper presents interwar exhibitions of photography as spaces of exchange, self-promotion, and competition for recognition in the heart of a global geopolitics of photography. Focusing on the participation of Soviet photographers at several large-scale international exhibitions organized in Czechoslovakia in the 1930s, it shows that both the Czech and Soviet organizers took advantage of exhibitions to serve their respective interests: The Soviet Union to strengthen its cultural diplomacy, and the Czech supporters of Soviet photography to popularize functional and committed photographic approaches among their fellow countrymen.
Keywords:
exhibition; photography; USSR; Czechoslovakia
Available in digital repository of the ASCR
The Geopolitics of Photography Exhibitions. Showcasing Soviet Photographers in Interwar Czechoslovakia
This paper presents interwar exhibitions of photography as spaces of exchange, self-promotion, and competition for recognition in the heart of a global geopolitics of photography. Focusing on the ...
Who divorces whom: unilateral divorce legislation and the educational structure of marriage
Afunts, Geghetsik; Jurajda, Štěpán
2022 - English
There is evidence that the introduction of unilateral divorce legislation (UDL) starting in the late 1960s increased US divorce rates. We ask whether making divorce easier affected the educational structure of marriage. Based on marriage and divorce certificate data covering 1970-1988, we provide new evidence on the evolution of the educational structure of marriage inflows (newlyweds) and outflows (divorces), and estimate UDL difference-in-differences effects on both flows. While UDL did not contribute to rising homogamy (the tendency towards married partners having the same level of education), it did affect the educational structure of marriage: it made generally unstable hypogamous couples (women marrying less educated partners) less likely to divorce, and it made homogamous couples more stable than hypergamous ones (women marrying more educated partners).
Keywords:
homogamy; unilateral divorce; marriage
Fulltext is available at external website.
Who divorces whom: unilateral divorce legislation and the educational structure of marriage
There is evidence that the introduction of unilateral divorce legislation (UDL) starting in the late 1960s increased US divorce rates. We ask whether making divorce easier affected the educational ...
The Folk Song Cultural Heritage in the Context of Political Correctness: When hep, hep is not hop, hop
Uhlíková, Lucie; Pavlicová, M.
2022 - English
The paper explores folk songs written down in what is present-day Czech Republic from roughly the beginning of the 19th century to the 1970s. It shows how song lyrics were treated in the past when they did not conform to the social conventions, aesthetics, ethical ideals, and patriotic goals of the time. When such songs were written down by collectors, their lyrics were often modified, some parts being omitted, others changed. This practice was followed from the early 19th century until the fall of the communist totalitarian regime in 1989. At present, these authentic folk song lyrics seem non-controversial by some performers, but many lyrics are far from it. One of the components of tradition is social memory, which is associated with cultural stereotypes—the generally fixed ideas that people have about themselves and members of different groups. These “Others” are usually members of a different ethnicity, religion, or social class. Their image in folklore involves certain ideas, ideological views, evaluative attitudes, and historical experience. Using the example of otherness, which in Czech folk songs is mainly associated with the negative image of members of the Jewish minority, the paper shows the possible results of misunderstanding the historical context: the anti-Semitic motifs of some older songs and dances resented in public may not be evident to those who perform them today.
Keywords:
folklore; cultural stereotypes; cultural heritage; phenomenon of otherness; political correctness
Fulltext is available at external website.
The Folk Song Cultural Heritage in the Context of Political Correctness: When hep, hep is not hop, hop
The paper explores folk songs written down in what is present-day Czech Republic from roughly the beginning of the 19th century to the 1970s. It shows how song lyrics were treated in the past when ...
Inattentive price discovery in ETFs
Kosar, Mariia; Mikhalishchev, Sergei
2022 - English
This paper studies the information choice of exchange-traded funds (ETF) investors, and its impact on the price efficiency of underlying stocks. First, we show that the learning of stock-specific information can occur at the ETF level. Our results suggest that ETF investors respond endogenously to changes in the fundamental value of underlying stocks, in line with the rational inattention theory. Second, we provide evidence that ETFs facilitate propagation of idiosyncratic shocks across its constituents.
Keywords:
exchange-traded fund; ETF; price efficiency
Fulltext is available at external website.
Inattentive price discovery in ETFs
This paper studies the information choice of exchange-traded funds (ETF) investors, and its impact on the price efficiency of underlying stocks. First, we show that the learning of stock-specific ...
Optimally biased expertise
Ilinov, Pavel; Matveenko, A.; Senkov, Maxim; Starkov, E.
2022 - English
This paper shows that the principal can strictly benefit from delegating a decision to an agent whose opinion differs from that of the principal. We consider a “delegated expertise” problem in which the agent has an advantage in information acquisition relative to the principal, as opposed to having preexisting private information. When the principal is ex ante predisposed towards some action, it is optimal for her to hire an agent who is predisposed towards the same action, but to a smaller extent, since such an agent would acquire more information, which outweighs the bias stemming from misalignment. We show that belief misalignment between an agent and a principal is a viable instrument in delegation, performing on par with contracting and communication in a class of problems.
Keywords:
delegation; rational inattention; heterogeneous beliefs
Fulltext is available at external website.
Optimally biased expertise
This paper shows that the principal can strictly benefit from delegating a decision to an agent whose opinion differs from that of the principal. We consider a “delegated expertise” problem in which ...
Consequences of inconvenient information: evidence from sentencing disparities
Šoltés, Michal
2022 - English
Inconvenient information about the performance of public institutions may undermine public trust. In an experiment, I test how information about sentencing disparities among judges in the Czech Republic affects respondents’ perception of the judicial system. I find no effect on respondents’ declared institutional trust and willingness to rely on the formal judicial system. Instead, the information marginally increased respondents’ policy involvement: They became more likely to: (i) sign a petition that invites politicians to address the underlying issue, and (ii) consider fairness of the judicial system a more important policy issue. The increased interest in the petition was driven by mothers, who are arguably more sensitive to the particular treatment information in the presented case of a failure to pay alimony.
Keywords:
information disclosure; institutional trust; performance of public institutions
Fulltext is available at external website.
Consequences of inconvenient information: evidence from sentencing disparities
Inconvenient information about the performance of public institutions may undermine public trust. In an experiment, I test how information about sentencing disparities among judges in the Czech ...
Compliance behavior under surveillance: introduction of the video assistant referee to European football
Trestcov, Ivan
2022 - English
This paper analyzes the effect of introducing the Video Assistant Referee (VAR) to European football. First, the setting allows for decomposition of the deterrence and monitoring effects in Becker’s (1968) model of crime. Second, I estimate the deterrence effect’s spillover outside the surveillance environment. Third, I find evidence of a much under-studied learning-by-punishment effect. This paper applies the difference-in-difference strategy to show that the introduction of VAR causes a significant decrease in the number of fouls in two German football leagues. VAR had an immediate impact on severe fouls, while the effect on penalty fouls is apparent after a 12 week adjustment period. Punishment intensifies the deterrence effect as punished players commit even fewer fouls than unpunished players. Moreover, the deterrence effect persists outside of the surveillance environment, i.e., there is a spillover effect on international competitions. I show that players from countries with VAR commit fewer fouls in international competitions than other players.
Keywords:
Becker model; video assistant referee; deterrence
Fulltext is available at external website.
Compliance behavior under surveillance: introduction of the video assistant referee to European football
This paper analyzes the effect of introducing the Video Assistant Referee (VAR) to European football. First, the setting allows for decomposition of the deterrence and monitoring effects in Becker’s ...
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