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It relies on eliciting preferences for receiving high stakes lottery tickets at different points in time. In a standard intertemporal choice model high rewards decouple lottery choices from variation in background consumption. We investigate robustness to other assumptions theoretically, and validate our elicitation method experimentally. We illustrate an application of our method with unemployed job seekers, which naturally have income\/consumption variation. 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Severance and Separation Benefits Benchmark Study, Seventh Ed. Lee Hecht Harrison."},{"key":"p_16","unstructured":"Lee Hecht Harrison. 2020. Severance and Separation Benefits Benchmark Study, Eighth Ed. Lee Hecht Harrison."},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmateco.2017.04.003"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.2307\/2297896"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhq031"},{"issue":"4","key":"p_20","first-page":"676","volume":"75","author":"Pissarides Christopher A","year":"1985","journal-title":"American Economic Review"},{"key":"p_21","first-page":"1","volume":"1","author":"Rubinstein Yona","year":"2006","journal-title":"Handbook of the Economics of Education"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-937X.2008.00486.x"},{"key":"p_23","unstructured":"Sannikov, Yuliy. 2014. \"Moral Hazard and Long-Run Incentives.\" Princeton University Working Paper."},{"key":"p_24","unstructured":"Spencer, Jennifer. 2021. \"Amid Pandemic, Some Executives Still Exit with Eye-Popping Severance Packages.\" https:\/\/jacksonspencerlaw.com\/top-pandemic-severance-packages\/."},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1086\/261744"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1016\/j.jet.2010.12.008"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1287\/mnsc.2017.3009"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rds038"}],"container-title":["American Economic Journal: 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We analyze a situation where, before trading, consumers acquire information at a cost about their preferences between sellers' differentiated products. The incentive for information acquisition depends on the average value of products, the objective product differentiation, and their beliefs about sellers' prices. The acquired information shapes consumers' perceived product differentiation and sellers' equilibrium prices. We characterize the unique symmetric equilibrium and study comparative statics with respect to consumer information acquisition cost and sensitivity to product differentiation. 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Data and Code for: \"Information Acquisition and Product Differentiation Perception.\" Nashville, TN: American Economic Association; distributed by Inter-university Consortium for Political and Social Research, Ann Arbor, MI. https:\/\/doi. org\/10.3886\/E208162V1."},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1214\/aoms\/1177729032"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdv048"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.2307\/1912045"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1086\/719276"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA14837"},{"key":"p_12","unstructured":"Cover, T. M. 1999. Elements of Information Theory. 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Estimating the model using export data from individual firms and a particle Markov chain Monte Carlo estimator, the model predicts lower survival rates for new exporters and estimates low entry costs of exporting\u2014less than half of those estimated in the absence of consumer accumulation. Using simulations and out-of-sample predictions, I show that the introduction of such frictions and the reduction in estimated entry costs allow the model to match important facts regarding the aggregate response of international trade to shocks. 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Suppliers\u2019 payoffs derive from the fraction of consumers who see their stories. Consumers prefer to share and act only on high-quality information. Quality is endogenous and highest when social connectedness is neither too high nor too low. In highly connected markets, low-quality stories are widely seen, giving suppliers little incentive to invest in quality. Increasing the volume of misinformation and increasing consumers\u2019 costs of tuning in to suppliers\u2019 broadcasts can each increase equilibrium information quality. 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In this paper, we design an efficient dynamic procurement auction for the case where goods are homogeneous and bidders have increasing returns. Our motivating example is the procurement of vaccines, which often exhibit large fixed costs and small constant marginal costs. The auctioneer names a price and bidders report the interval of quantities that they are willing to sell at that price. The process repeats with successively lower prices, until the efficient outcome is discovered. We demonstrate an equilibrium that is efficient and generates VCG prices. 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As\u00eds","family":"Mart\u00ednez-Jerez","sequence":"additional","affiliation":[{"name":"Accounting & Management Unit, Harvard Business School, Soldiers Field, Boston, MA 02163-9986."}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Jason","family":"Douglas","sequence":"additional","affiliation":[{"name":"Apple, Inc., 900 Pepper Tree Lane, #213, Santa Clara, CA 95051."}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"crossref","unstructured":"Anderson, James E., and Douglas Marcouiller. 2002. \"Insecurity and the Pattern of Trade: An Empirical Investigation.\" review of Economics and statistics, 84(2): 342-352.","DOI":"10.1162\/003465302317411587"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1257\/000282803321455214"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1257\/0022051042177649"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1257\/0022051041409075"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2005.10.002"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2004.07.003"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1086\/322088"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1086\/262098"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1016\/S0022-1996(03)00059-X"},{"issue":"8","key":"p_10","first-page":"137","volume":"79","author":"Ghemawat Pankaj","year":"2001","journal-title":"Harvard Business review"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1162\/003355300554854"},{"key":"p_12","unstructured":"Head, Keith, and Thierry Mayer. 2002. \"Illusory Border Effects: Distance Mismeasurement In ates Estimates of Home Bias in Trade.\" centre d'Etudes prospectives et d'Informations Internationales Working paper 2002-2001."},{"key":"p_13","doi-asserted-by":"crossref","unstructured":"Hillberry, Russell, and David Hummels. 2003. \"Intranational Home Bias: Some Explanations.\" review of Economics and statistics, 85(4): 1089-1092.","DOI":"10.1162\/003465303772815970"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1016\/j.euroecorev.2007.03.003"},{"issue":"3","key":"p_15","first-page":"615","volume":"85","author":"McCallum John","year":"1995","journal-title":"American Economic review"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2004.05.002"},{"key":"p_17","doi-asserted-by":"crossref","unstructured":"Rauch, James E., and Vitor Trindade. 2002. \"Ethnic Chinese Networks in International Trade.\" review of Economics and statistics, 84(1): 116-130.","DOI":"10.1162\/003465302317331955"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1257\/00028280260344632"},{"key":"p_19","doi-asserted-by":"crossref","unstructured":"Santos Silva, J. 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New York: The Twentieth Century Fund."},{"key":"p_21","doi-asserted-by":"crossref","unstructured":"Wolf, Holger C. 2000. \"Intranational Home Bias in Trade.\" review of Economics and statistics, 82(4): 555-563.","DOI":"10.1162\/003465300559046"}],"container-title":["American Economic Journal: Microeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mic.1.1.53","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2023,6,6]],"date-time":"2023-06-06T18:24:43Z","timestamp":1686075883000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mic.1.1.53"}},"issued":{"date-parts":[[2009,2,1]]},"references-count":21,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2009,2,1]]}},"alternative-id":["10.1257\/mic.1.1.53"],"URL":"https:\/\/doi.org\/10.1257\/mic.1.1.53","ISSN":["1945-7669","1945-7685"],"issn-type":[{"value":"1945-7669","type":"print"},{"value":"1945-7685","type":"electronic"}],"published":{"date-parts":[[2009,2,1]]}},{"indexed":{"date-parts":[[2026,4,22]],"date-time":"2026-04-22T00:39:04Z","timestamp":1776818344220,"version":"3.51.2"},"reference-count":55,"publisher":"American Economic Association","issue":"3","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Microeconomics"],"published-print":{"date-parts":[[2021,8,1]]},"abstract":"<jats:p> Product recall data and information on stock price reactions to recalls are used to estimate the value of reputation in a model in which product quality is not contractible. A recall is the result of a product defect that signals low effort. The recall triggers a reduction in the firm\u2019s product price and value, which then both rise steadily until its next defect occurs. We estimate that reputation accounts for 8.3 percent of firm value and that welfare is 26 percent of its first best level. A policy intervention that attains first best is a recall tax accompanied by a flow subsidy. 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We present a model in which career concerned committee members receive private information of different type-dependent accuracy, deliberate, and vote. We study three levels of transparency under which career concerns are predicted to affect behavior differently and test the model's key predictions in a laboratory experiment. The model's predictions are largely borne out\u2014transparency negatively affects information aggregation at the deliberation and voting stages, leading to sharply different committee error rates than under secrecy. This occurs despite subjects revealing more information under transparency than theory predicts. 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However, recent evidence shows that\u2014in both real, large-stakes applications and experiments\u2014participants frequently play seemingly dominated, significantly costly strategies that avoid small chances of good outcomes. We show theoretically why, with expectations-based loss aversion, this behavior may be partly intentional. Reanalyzing existing experimental data on random serial dictatorship (a restriction of DA), we show that such reference-dependent preferences, with a degree and distribution of loss aversion that explain common levels of risk aversion elsewhere, fit the data better than no-loss-aversion preferences. 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Multiple equilibria arise naturally. We identify a new answer to the old question of why non-maximal penalties are used to punish moderate actions: \u201cmarginal\u201d penalties are much more attractive in the Pareto inferior crime wave equilibrium. Specifically, although marginal penalties have both costs and benefits, the net benefit is strictly positive in the crime wave equilibrium. In contrast, marginal penalties frequently have a net cost in the noncrime wave equilibrium. We also show that increasing enforcement resources may worsen crime. 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We offer a simple criterion to compare two voting by committees without dummy agents according to their manipulability. This criterion is based on the set-inclusion relationships between the two corresponding pairs of sets of objects, those at which each agent is decisive and those at which each agent is vetoer. We show that the binary relation \u201cto be as manipulable as\u201d endows the set of equivalence classes of anonymous voting by committees (i.e., voting by quotas) with a complete upper semilattice structure, whose supremum is the equivalence class containing all voting by quotas with the property that the quota of each object is strictly larger than one and strictly lower than the number of agents. Finally, we extend the comparability criterion to the full class of all voting by committees. (JEL D71, D72) <\/jats:p>","DOI":"10.1257\/mic.20160107","type":"journal-article","created":{"date-parts":[[2017,10,23]],"date-time":"2017-10-23T15:41:30Z","timestamp":1508773290000},"page":"74-107","source":"Crossref","is-referenced-by-count":8,"title":["Comparing Voting by Committees According to Their Manipulability"],"prefix":"10.1257","volume":"9","author":[{"given":"R. Pablo","family":"Arribillaga","sequence":"first","affiliation":[{"name":"Instituto de Matem\u00e1tica Aplicada San Luis, Universidad Nacional de San Luis, Ej\u00e9rcito de los Andes 950, 5700 San Luis, Argentina, and CONICET (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Jordi","family":"Mass\u00f3","sequence":"additional","affiliation":[{"name":"Universitat Aut\u00f2noma de Barcelona, Departament d\u2019Econom\u00eda i Hist\u00f2ria Econ\u00f2mica. Edifici B, UAB. 08193, Bellaterra (Barcelona), Spain, and Barcelona GSE (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.3982\/TE1910"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.2307\/2938220"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1007\/s00199-008-0380-6"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1257\/mic.20150035"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1016\/j.geb.2003.10.004"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1016\/j.jet.2006.04.002"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmateco.2006.04.014"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1016\/j.mathsocsci.2007.02.002"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1007\/BF00127531"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1257\/aer.103.1.80"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1007\/BF00139450"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1006\/jeth.1995.1089"}],"container-title":["American Economic Journal: Microeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mic.20160107","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T20:00:05Z","timestamp":1591128005000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mic.20160107"}},"issued":{"date-parts":[[2017,11,1]]},"references-count":12,"journal-issue":{"issue":"4","published-print":{"date-parts":[[2017,11,1]]}},"alternative-id":["10.1257\/mic.20160107"],"URL":"https:\/\/doi.org\/10.1257\/mic.20160107","ISSN":["1945-7669","1945-7685"],"issn-type":[{"value":"1945-7669","type":"print"},{"value":"1945-7685","type":"electronic"}],"published":{"date-parts":[[2017,11,1]]}},{"indexed":{"date-parts":[[2026,1,22]],"date-time":"2026-01-22T00:19:05Z","timestamp":1769041145478,"version":"3.49.0"},"reference-count":56,"publisher":"American Economic Association","issue":"4","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Microeconomics"],"published-print":{"date-parts":[[2021,11,1]]},"abstract":"<jats:p> Copyrights, which establish intellectual property in music, science, and other creative goods, are intended to encourage creativity. Yet, copyrights also raise the cost of accessing existing work\u2014potentially discouraging future innovation. This paper uses an exogenous shift toward weak copyrights (and low access costs) during World War II to examine the potentially adverse effects of copyrights on science. Using two alternative identification strategies, we show that weaker copyrights encouraged the creation of follow-on science, measured by citations. This change is driven by a reduction in access costs, allowing scientists at less affluent institutions to use existing knowledge in new follow-on research. (JEL I23, K11, L82, N42, O34, Z11) <\/jats:p>","DOI":"10.1257\/mic.20190113","type":"journal-article","created":{"date-parts":[[2021,10,28]],"date-time":"2021-10-28T12:32:48Z","timestamp":1635424368000},"page":"218-260","source":"Crossref","is-referenced-by-count":14,"title":["Effects of Copyrights on Science: Evidence from the WWII Book Republication Program"],"prefix":"10.1257","volume":"13","author":[{"given":"Barbara","family":"Biasi","sequence":"first","affiliation":[{"name":"Yale School of Management and NBER (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Petra","family":"Moser","sequence":"additional","affiliation":[{"name":"New York University Stern School of Business and NBER (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1198\/jasa.2009.ap08746"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1198\/jbes.2009.07333"},{"key":"p_3","unstructured":"American Library Association. 1943-46. Library Journal. New York: R.R. Bowker Co."},{"key":"p_4","doi-asserted-by":"crossref","unstructured":"Ammon, Ulrich. 2001. The Dominance of English as a Language of Science: Effects on Other Languages and Language Communities. Berlin: Mouton de Gruyter.","DOI":"10.1515\/9783110869484"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdy034"},{"key":"p_6","unstructured":"Beilstein, Friedrich Konrad. 1918. Beilstein's Handbuch der Organischen Chemie. Berlin: J. Springer."},{"key":"p_7","unstructured":"Biasi, Barbara, and Petra Moser. 2021. \"Replication data for: Effects of Copyrights on Science: Evidence from the WWII Book Republication Program.\" American Economic Association [publisher], Inter-university Consortium for Political and Social Research [distributor]. https:\/\/doi.org\/10.3886\/ E118468V1."},{"key":"p_8","unstructured":"Bird, Kai, and Martin J. Sherwin. 2005. \"American Prometheus. The Triumph and Tragedy of J. Robert Oppenheimer.\" New York: Random House."},{"key":"p_9","unstructured":"Bokas, Carol, and Jim Edwards. 2011. Then and Now. A History Thomas Edwards Senior, His Descendants, and Related Families, 1826-2011. Ann Arbor Editions."},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1086\/690951"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1136\/bmj.a568"},{"key":"p_12","unstructured":"Department of Mathematics, North Dakota State University. 2016. \"Mathematics Genealogy Project.\" Department of Mathematics, North Dakota State University. https:\/\/www.genealogy.math. ndsu.nodak.edu\/index.php (accessed March 25, 2016)."},{"key":"p_13","unstructured":"DiCola, Peter. \"Money from Music: Survey Evidence on Musicians' Revenue and Lessons about Copyright Incentives.\" Ariz. L. Rev. 55 (2013): 301."},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1126\/science.1154562"},{"issue":"5","key":"p_15","first-page":"e157","volume":"4","author":"Eysenbach Gunther","year":"2006","journal-title":"Public Library of Science Biology"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1257\/aer.101.5.1933"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qju029"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1086\/710534"},{"key":"p_19","unstructured":"Goldstein, Paul. 2003. Copyright's Highway: From Gutenberg to the Celestial Jukebox. New York: Farrar, Straus and Giroux, Inc."},{"key":"p_20","unstructured":"Hargittai, Istv\u00e1n. 2006. Martians of Science: Five Physicists Who Changed the Twentieth Century. Oxford: Oxford University Press."},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1111\/jels.12057"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjx046"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1016\/j.jclinepi.2012.09.015"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1038\/35079151"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1111\/1756-2171.12223"},{"key":"p_26","unstructured":"Library of Congress. 1968-1981. The National Union Catalog-Pre-1956 Imprints. Vol. 427. London: Mansell."},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1021\/ci00030a006"},{"key":"p_28","unstructured":"MacGarvie, Megan, and Petra Moser. 2013. \"Copyright and the Pro tability of Authorship-Evidence from Book Contracts in the Romantic Period.\" In The Economics of Digitization: An Agenda Spring 2013, edited by Shane Greenstein, Avi Goldfarb, and Catherine Tucker. Chicago, IL: University of Chicago Press."},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.2307\/2555627"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1111\/ecin.12064"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1162\/REST_a_00437"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1002\/asi.20677"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.1086\/663631"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1016\/j.eeh.2011.12.003"},{"key":"p_35","unstructured":"Moser, Petra, and Shmuel San. 2019. \"Immigration, Science, and Invention: Evidence from the Quota Acts.\" https:\/\/econ2017.sites.olt.ubc.ca\/files\/2019\/09\/pdf_seminar-paper_Petra-Moser_20-Sep. pdf."},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1257\/aer.102.1.396"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1257\/aer.104.10.3222"},{"key":"p_38","first-page":"76","volume":"11","author":"Myron Paul V","year":"1945","journal-title":"Law and Contemporary Problems"},{"key":"p_39","doi-asserted-by":"publisher","DOI":"10.1287\/mnsc.2017.2767"},{"key":"p_40","doi-asserted-by":"publisher","DOI":"10.1038\/24249"},{"key":"p_41","doi-asserted-by":"publisher","DOI":"10.1257\/mic.20170100"},{"key":"p_42","unstructured":"Richards, Pamela Spence. 1981. \"Gathering Enemy Scienti c Information in Wartime: The OSS and the Periodical Republication Program.\" Journal of Library History (1974-1987) 16 (2): 253-264."},{"key":"p_43","doi-asserted-by":"publisher","DOI":"10.1287\/mnsc.1120.1644"},{"key":"p_44","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20151398"},{"key":"p_45","doi-asserted-by":"publisher","DOI":"10.1257\/jep.5.1.29"},{"key":"p_46","doi-asserted-by":"crossref","unstructured":"Strauss, Herbert A., Werner R\u00f6der, Belinda Rosenblatt, and Hannah Caplan. 1983. International Biographical Dictionary of Central European \u00c9migr\u00e9s 1933-1945. Vol II: Arts, Sciences and Literature. M\u00fcnchen: K.G. Saur.","DOI":"10.1515\/9783110970272"},{"key":"p_47","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjv025"},{"key":"p_48","unstructured":"Tabakovic, Haris, and Thomas Wollmann. 2016. \"The Impact of Money on Science: Evidence from Unexpected NCAA Football Outcomes.\" https:\/\/www.bc.edu\/content\/dam\/files\/schools\/cas_sites\/ economics\/pdf\/Seminars\/SemF2016\/fms_bc_draft.pdf."},{"key":"p_49","unstructured":"US Alien Property Custodian Office. 1944. \"Book Republication Program, Titles Suggested for Republication, an Alphabetical List with a Subject Index.\" USA: US Alien Property Custodian Of ce."},{"key":"p_50","doi-asserted-by":"publisher","DOI":"10.1257\/0895330054048768"},{"key":"p_51","doi-asserted-by":"publisher","DOI":"10.1086\/655976"},{"key":"p_52","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdr029"},{"key":"p_53","doi-asserted-by":"publisher","DOI":"10.1162\/REST_a_00565"},{"key":"p_54","doi-asserted-by":"publisher","DOI":"10.1016\/j.respol.2017.06.006"},{"key":"p_55","unstructured":"Webster, Charles K., and Noble Frankland. 1961. The Strategic Air Offensive against Germany, 1939-1945. Vol. 1-4. London: Her Majesty's Stationary Of ce."},{"key":"p_56","unstructured":"Williamson, Samuel H. 2016. \"Seven Ways to Compute the Relative Value of a U.S. Dollar Amount-1774 to Present.\" MeasuringWorth, April. https:\/\/www.measuringworth.com\/calculators\/ uscompare3\/."}],"container-title":["American Economic Journal: Microeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mic.20190113","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2021,10,28]],"date-time":"2021-10-28T12:34:00Z","timestamp":1635424440000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mic.20190113"}},"issued":{"date-parts":[[2021,11,1]]},"references-count":56,"journal-issue":{"issue":"4","published-print":{"date-parts":[[2021,11,1]]}},"alternative-id":["10.1257\/mic.20190113"],"URL":"https:\/\/doi.org\/10.1257\/mic.20190113","ISSN":["1945-7669","1945-7685"],"issn-type":[{"value":"1945-7669","type":"print"},{"value":"1945-7685","type":"electronic"}],"published":{"date-parts":[[2021,11,1]]}},{"indexed":{"date-parts":[[2026,4,1]],"date-time":"2026-04-01T02:31:14Z","timestamp":1775010674718,"version":"3.50.1"},"reference-count":91,"publisher":"American Economic Association","issue":"3","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Microeconomics"],"published-print":{"date-parts":[[2023,8,1]]},"abstract":"<jats:p> Keeping up with \u201cThe Joneses\u201d matters. This paper examines a model of reference-dependent choice where reference points are determined by social comparisons. An increase in the strength of social comparisons, even by only a few agents, increases consumption and decreases welfare for everyone. Strikingly, a higher marginal cost of consumption can increase welfare. In a labor market, social comparisons with coworkers create a big fish in a small pond effect, inducing incomplete labor market sorting. Further, it is the skilled workers with the weakest social networks who are induced to give up income to become the big fish. 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This paper investigates an explanation for the practice based on consumer switching costs and the decision concerning maintaining versus replacing used units. In our explanation, if the maintenance market is not monopolized, consumers sometimes maintain used units that are more efficiently replaced. In turn, monopolizing the maintenance market avoids this inefficiency. In contrast to most previous explanations for the practice, in our explanation, the practice increases both social and consumer welfare. 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