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Endogenous Costs, Market Competition, and Disclosure
Endogenous Costs, Market Competition, and Disclosure
Firms must often decide whether to disclose private information regarding their costs to other market participants. Although extant literature has explored firms’ incentives to disclose exogenous and uncertain costs, little is known about when their endogenous costs should be disclosed. This paper studies the cost-disclosure strategies of competing firms whose inputs are sourced from and endogenously priced by upstream suppliers. We find, first, that cost disclosure affects not only market competition but also the motivations of suppliers in setting their input prices. As such, firms can strategize their disclosure decisions to optimize their procurement costs. Second, we find that firms’ disclosure decisions vary depending on both the nature of the competition and the market structure at hand. That is, when competing firms source from the same supplier or compete on price, they never disclose their costs; in such a case, nondisclosure is strictly better for consumers and welfare compared with disclosure. When competing firms source from different suppliers and compete on quantity, they always disclose; in such a case, disclosure is strictly better for consumers and welfare compared with nondisclosure. We also find that whereas manufacturers’ disclosure incentives are misaligned with those of suppliers, they are largely aligned with the goal of maximizing channel profits. Together, our results underscore the distinct role that endogenous costs play in firms’ disclosure decisions.

The Dark Side of Voluntary Data Sharing
The Dark Side of Voluntary Data Sharing
To balance the need for privacy and the benefits of big-data analytics, regulators around the world are giving consumers control over their data, allowing them to choose whether or not to voluntarily share their purchase history data with firms. Intuition suggests that voluntary data sharing only benefits consumers who can now choose to share their data only when it is profitable to do so. To investigate this argument, we build a model in which a monopolistic firm sells a repeatedly purchased product to consumers over two periods, and consumers decide whether or not to share their purchase history data with the firm, who can use it in the future to price discriminate against them. We find that, compared to when data collection is completely outlawed, voluntary data sharing can benefit the firm but at its consumers’ expense. Moreover, regulations that mandate firms to better protect consumer data against data breaches can backfire on consumers. Finally, we show that under voluntary data sharing, a firm’s ability to offer consumers a monetary incentive to share their data can improve profits without hurting consumers. Taken together, these findings underscore the surprising effects of voluntary data sharing and caution public policymakers of how certain data policies that, on the surface, seem purely beneficial can lead to unintended consequences.

Disclosing Endogenous Cost Information
Disclosing Endogenous Cost Information
We study voluntary cost disclosure by duopoly firms when they can invest in a cost-reduction technology, i.e., when their private cost is endogenously determined. We find that, contrary to most of the literature, firms disclose their endogenous cost information regardless of the type of competition. The underlying mechanisms and welfare implications, however, are different. Under Bertrand competition, cost disclosure helps a firm avoid aggressive investment in cost reduction to coordinate actions to the mutual advantage of the duopoly firms. Under Cournot competition, disclosing cost information enables a firm to show a hardened stance toward the competing firm. Although firms gain from their disclosure decisions under Bertrand competition, their disclosure decisions under Cournot competition place them in a prisoner’s dilemma, as both firms would be better off if they chose not to disclose their information. Consequently, consumers may lose under Bertrand competition but gain under Cournot competition.

Corporate Lobbying of Bureaucrats
Corporate Lobbying of Bureaucrats
Executive agencies play a pivotal role in shaping the regulatory environment by crafting rules, enforcing regulations, and overseeing government contracts—all of which can have a profound impact on businesses. For firms, this potential impact creates a clear incentive for firms to influence these agencies, particularly during the critical stages of rulemaking and enforcement. In this context, lobbying emerges as a key tool that companies use to mold the regulatory landscape to their advantage. Unlike politicians, whose decisions are often swayed by electoral cycles and campaign contributions, agency officials are not elected, serve longer terms, and are less susceptible to direct political pressures. As a result, engaging in lobbying efforts with executive agencies is both more complicated and strategically crucial for firms operating within heavily regulated industries. However, the dynamics of such lobbying remain underexplored in the literature.
春节幸福感和疫情感知风险调查:来自机器学习的洞察
春节幸福感和疫情感知风险调查:来自机器学习的洞察
2023年刚结束的兔年春节内地民众过得怎样?调查显示,兔年春节期间,民众的幸福感平均值为5.47,介于“比较开心”与“开心”之间(1为最低值,7为最高值),“比较开心”以上人群占比为83.1%。
How to Recover from Work Stress, According to Science
How to Recover from Work Stress, According to Science
To combat stress and burnout, employers are increasingly offering benefits like virtual mental health support, spontaneous days or even weeks off, meeting-free days, and flexible work scheduling. Despite these efforts and the increasing number of employees buying into the importance of wellness, the effort is lost if you don’t actually recover. So, if you feel like you’re burning out, what works when it comes to recovering from stress? The authors discuss the “recovery paradox” — that when our bodies and minds need to recover and reset the most, we’re the least likely and able to do something about it — and present five research-backed strategies for recovering from stress at work.

研究企业之间的协调行为 – 郝宇博士
研究企业之间的协调行为 – 郝宇博士
计算机编程听起来好像和经济风马牛不相及,但拥有出色的编程技术,不但能帮助个人进行经济学学术研究,更能助你在商界捉紧更多就业机会。

构想虚拟货币的未来 – 游杨博士
构想虚拟货币的未来 – 游杨博士
作为教师,在鼓励同学努力学习之余,我亦会主动了解本地市场运作以及邀请雇主来到课堂分享业界经验。

从量子物理学到计量市场学—党矗博士
从量子物理学到计量市场学—党矗博士
理科出身的我,非常欣赏同学们的商业触觉。作为他们的师长,在教导他们使用数理工具作出科学判断的同时,我亦希望能够鼓励他们爱上学习,保持对未知事物的好奇心,应用课堂所学到的知识为社会做出贡献。

下一个Labubu:泡泡玛特的“造星”神话能否继续?
下一个Labubu:泡泡玛特的“造星”神话能否继续?
从2024年开始,一个长着尖尖小耳朵,恶魔般大眼睛,咧着9颗尖尖獠牙的玩偶Labubu风靡全球。2025年上半年,Labubu销售额高达48亿人民币。Labubu惊艳市场的不仅是它强大的吸金能力,更是它在海外市场的势不可挡。从东南亚到欧洲美国,Labubu都是年轻人追捧的潮流。Labubu的成功也让泡泡玛特股票从2020年IPO的38.5港币一路飙升到超过200港币,短短5年涨幅超过400%。
风起于青萍之末:内地电商浪潮重塑香港
风起于青萍之末:内地电商浪潮重塑香港
香港曾以「购物天堂」闻名于世,其零售业是经济的关键支柱。从尖端电子产品到国际奢侈品,这座城市一度凭借品质保证与汇率优势吸引着全球消费者。如今,内地电商平台的崛起,正深刻重塑着香港的商业生态。这不仅是一场线上与线下的模式之争,更是由技术进步与区域经济一体化驱动的,对香港核心经济结构与比较优势发起的根本性拷问。
直播带货的热浪:短暂刺激还是持久商机?
直播带货的热浪:短暂刺激还是持久商机?
在数位化浪潮的推动下,直播带货已迅速崛起为电商领域的现象级行销方式之一。 凭借即时互动与沉浸式体验,它成功吸引了数以亿计消费者的目光。 数据显示,2020年中国直播电商市场规模增速高达196%,总体规模突破1800亿美元; 到2022年,该数位已跃升至5000亿美元,预计2025年将达到9680亿美元。
港股私有化暗藏的玄机
港股私有化暗藏的玄机
继上市不足3年半的谭仔国际,在今年2月由日本母公司东利多控股提出私有化之后,汇丰集团亦于本月9日公布,建议私有化创立于1933年的恒生银行。换言之,恒生成为汇丰全资子公司后,其超过50年的上市地位将被撤销。
建设区域IP贸易中心   推动中国IP国际化
建设区域IP贸易中心   推动中国IP国际化
两年前,笔者于本栏撰写〈知识产权商业化 有利经济高质量发展〉一文,并与香港青年工业家协会发表《知识产权商品化:策动香港再工业化发展》研究报告,提出包括“鼓励以无形资产作融资抵押”等一系列建议,以期促进本港IP(知识产权)商业化发展。
阿根廷经济再陷困境
阿根廷经济再陷困境
踏入2025年最后一季,中美经济战火重燃。当前全球经济的焦点,落在本月底在南韩庆州举行的亚太经济合作组织(APEC)会议中。但在APEC会议举行之前数天,在地球的另一边,有另一事情也值得关注,那是10月26日阿根廷立法机关的中期选举。
港股私有化暗藏的玄机
港股私有化暗藏的玄机
继上市不足3年半的谭仔国际,在今年2月由日本母公司东利多控股提出私有化之后,汇丰集团亦于本月9日公布,建议私有化创立于1933年的恒生银行。换言之,恒生成为汇丰全资子公司后,其超过50年的上市地位将被撤销。
华无惧芯战 AI发展赶美
华无惧芯战 AI发展赶美
人工智能(AI)日新月异,中国科企之成就令海外投资者对中资股刮目相看,迎来美国更强力的围堵,务求拖慢中国的AI技术发展。香港大学经管学院创新及资讯管理学教授兼夏利莱伉俪基金教授蒋镇辉表示,中国AI大模型的实力已领先全球,跟美国的差距也愈来愈近,华府的晶片管制不能完全解释两国AI技术差距,但接下来的挑战也非光靠砸钱就能弥补。

建设区域IP贸易中心   推动中国IP国际化
建设区域IP贸易中心   推动中国IP国际化
两年前,笔者于本栏撰写〈知识产权商业化 有利经济高质量发展〉一文,并与香港青年工业家协会发表《知识产权商品化:策动香港再工业化发展》研究报告,提出包括“鼓励以无形资产作融资抵押”等一系列建议,以期促进本港IP(知识产权)商业化发展。