|17.10.2018||Jens Pöppelbuß, Ruhr-Universität Bochum|
|From sustainability to digital business models and innovation – A topic modeling study on the thematic development of product-service systems research |
Manufacturing firms increasingly integrate service elements into their offerings to differentiate themselves from competitors, leading to value propositions that integrate product and service elements into customized product-service systems (PSS). Thereby, the firms intend to attract and bind customers who expect solutions to their business problems and who are not willing to be left alone with an expensive and potentially risky investment. Research from various disciplines, such as engineering, business and information systems, has dealt with the PSS concept since its first definition almost thirty years ago. Looking at the body of literature, we find that there has been a growing publication activity in this field over the last three decades. We analyze the thematic development of PSS research over the last 30 years using topic modeling. We identify 49 topics that we are able to cluster into nine thematic groups. While we see a significant growth of publications on topics within the cluster of digital business models and innovation, we are able to show that the topics related to sustainability are losing attention. Based on our findings, we provide an outlook on fruitful future paths of PSS research.
|24.10.2018||Stefan Stieglitz, Universität Duisburg-Essen|
|Social Media Analytics - New Potentials and Challenges for Research and Practice |
Researchers as well as companies collect and analyse social media communication for various reasons. E.g. to understand general patterns of interaction but also to identify potential customers or to offer new services. A variety of methods are used to structure and visualize these heterogeneous data. By conducting a systematic literature analysis we identified the major challenges in the context of social media analytics. Based on two case studies (one on crisis communication in social media and one on social bots) it will be highlighted why 'dynamics of communication' and the 'quality of data' need to be carefully considered for meaningful analyses of social media communication.
|07.11.2018||Ulrike Vollstädt, Universität Duisburg-Essen|
|Start: 16:30||A new mechanism for product tests à la Consumer Reports, Stiftung Warentest, Which? and Co. (with Franziska Brendel and Christiane Ehses-Friedrich) |
Sellers are often better informed about product quality than buyers. This asymmetric information may decrease both consumer and producer surplus (Akerlof, 1970). Independent product testing organizations like Consumer Reports (US) or Stiftung Warentest (Germany) can help to overcome such market inefficiencies. However, if testing capacities are limited, it is not clear whether the provided information is efficient. In particular, there may be product models among the non-tested ones which dominate the tested product models, e.g. offer a higher quality at the same price, but have not been selected for the test. At present, market share is the most prominent selection criterion for independent product tests. We propose a new, capacity-neutral mechanism to select product models for a test. This mechanism allows sellers to apply to be tested. We derive conditions under which our new mechanism leads to efficient information, while the current mechanism does not. In principle, our new mechanism is based on the unraveling result because it allows sellers of non-dominated product models to voluntarily and credibly disclose their product quality. In a controlled lab experiment, we then study markets with asymmetric information and compare our new mechanism to a stylized version of the mechanism currently applied by Stiftung Warentest, one of the major European product testing organizations. With our new mechanism, information unravels and consumer surplus increases. Moreover, profits of sellers with non-dominated product models increase while profits of sellers with dominated product models decrease.
|14.11.2018||Anne Lange, Université du Luxembourg|
|Flight delayed due to bad weather - Accounting for the impact of bad weather on flight delays |
Weather is one of the main causes of flight delays. Econometric analyses of delays thus commonly control for the weather conditions of flights. It is astonishing, though, that there is no established proxy used by academics. This research replicates a study of aircraft delays. From this base case, we exchange the weather proxies in the model in order to compare the power of alternative weather proxies. We further comment on the complexity of calculating the proxies. This study is intended as a methodological contribution for flight delay analyses. We aim to give support to researchers when considering working with weather proxies.
|21.11.2018||Jean Mercenier, Université II Panthéon-Assas|
|On Barriers to Technology Adoption, Appropriate Technology and Deep Integration (with implications for the European Union) (with Ebru Voyvoda) |
Based on two strands of research, namely `barriers to technology adoption' and 'appropriate technology', we propose a formal reappraisal of 'deep integration', a broad concept often used in trade policy discussions. We then evaluate the 2004-7 EU enlargement wave utilizing this operational reappraisal. More specically, we rst estimate, using 2007 data, total labor productivity (TLP) in the 27 EU member states, and show that in all but a few sectors, new member states clearly stand below the lower envelope technology frontier of the older members in their use of skilled and unskilled labor. We interpret this as being the result of past barriers to technology adoption that are likely to be removed by the integration process into the EU, with these new counties' TLP shifting to the incumbent members' lower envelope. We then explore the potential eects on all 27 EU member states of this `deep integration' experiment using a calibrated intertemporal multisectoral general equilibrium model. Our main finding is that, for most parameter configurations, workers' welfare in incumbent member countries is not negatively impacted despite the rather drastic improvement in competitiveness experienced by new members.
|12.12.2018||Marius Brülhart, Université de Lausanne|
|Who Bears the Burden of Local Taxes? (with Jayson Danton, Raphaël Parchet and Jörg Schläpfer) |
We study the incidence of local income taxes on the welfare of heterogeneous households. Our model features imperfectly mobile renters who differ in their income and their valuation for a local public good financed by a proportional income tax. Our empirical estimates are based on municipality-level micro data in Switzerland, whose institutional setting allows us to instrument tax rates. We embed reduced-form tax base and housing price elasticities in a structural estimation of income-specific preference parameters for a local public good. We find a positive relationship between income and public-good preferences for households with children, and a negative relationship for households without children. The implied tax incidence is null for households with children, positive for bottom-50% income households without children, and – tax capitalization notwithstanding – strongly negative for top-25% income households without children.
|09.01.2019||Farzad Saidi, Stockholm School of Economics|
|The Effects of Credit Supply on Wage Inequality between and within Firms (with Christian Moser and Benjamin Wirth) |
In this paper, we study the effect of a credit supply shock on the distribution of wages within and between firms. We construct a novel dataset combining administrative linked employer-employee data with information on firms’ preexisting bank relationships in the credit market. We use the introduction of negative monetary policy rates in the euro area as a source of variation in banks’ credit supply to firms in Germany. We find that this credit supply shock leads to higher within-firm wage inequality at more affected employers. At the same time, we find a reduction in between-firm wage inequality due to relatively higher average wages among initially lower-paying employers. Our results suggest that monetary policy can have important distributional consequences through affecting credit supply and firm pay heterogeneity.
|16.01.2019||Michael Goedde-Menke, Universität Münster|
|Coinsurance and the Corporate Cost of Capital |
We examine how coinsurance induced by diversification affects a firm’s cost of capital. Our novel coinsurance measure captures the default risk connectedness across a firm’s business segments. We find that firms with higher coinsurance display a lower cost of debt and a higher cost of equity, indicating a wealth transfer from equity holders to debt holders. This wealth transfer is a zero-sum game within the average firm. However, the observed coinsurance effects depend on a firm’s level of financial constraint. Higher coinsurance relates to a lower cost of capital for intermediately constrained firms. Highly constrained firms exhibit the opposite effect.
|23.01.2019||Christian Kellner, University of Southampton|
|Robust Bidding and Revenue in Descending Price Auctions |
We study the properties of Dutch auctions in an independent private value setting, where bidders face uncertainty over the type distribution of their opponents and evaluate their payoff by the worst-case from a set of probabilistic scenarios. We characterize the equilibrium bidding function in this environment and show that the presence of uncertainty over the type distribution of opponents leads bidders to end the auction earlier at higher prices. As a result, the Dutch auction systematically generates more revenue than the first-price auction, in contrast to the standard model where the two formats are strategically equivalent.
|30.01.2019||Matthias Lang, LMU München|
|Partial Verifiability with Justifications |
With classical cheap talk, there are clear limits to truthful communication. In natural language, we often use justifications for this purpose. By justification, I refer to a message that transmits information previously unknown by the recipient and that is partially verifiable by the recipient. I apply justifications to a canonical model of bilateral trade. I show that justifications allow for efficient trade in contrast to previous impossibility results for classical cheap talk. To show the strength and power of justification, my model of justification takes things to an extreme. For intuition and experimental scrutiny, I also demonstrate more moderate ways of justification.