學術論文
研究焦點
全球學者
知識轉移
明德商論
龍虎山下
媒體報導
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.
春節幸福感和疫情感知風險調查:來自機器學習的洞察
春節幸福感和疫情感知風險調查:來自機器學習的洞察
2023年剛結束的兔年春節內地民眾過得怎樣?調查顯示,兔年春節期間,民眾的幸福感平均值為5.47,介於“比較開心”與“開心”之間(1為最低值,7為最高值),“比較開心”以上人群占比為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.

研究企業之間的協調行為 – 郝宇博士
研究企業之間的協調行為 – 郝宇博士
計算機編程聽起來好像和經濟風馬牛不相及,但擁有出色的編程技術,不但能幫助個人進行經濟學學術研究,更能助你在商界捉緊更多就業機會。

疫況愈下 「清零」何價?
疫況愈下 「清零」何價?
香港在連續數月「清零」後,在社區出現Omicron變種病毒個案,爆發第五波疫情,特區政府因而重新推出表列處所須關閉等社交距離防疫措施,並取消多項大型活動。
構想虛擬貨幣的未來 – 游楊博士
構想虛擬貨幣的未來 – 游楊博士
作為教師,在鼓勵同學努力學習之餘,我亦會主動了解本地市場運作以及邀請僱主來到課堂分享業界經驗。

風起於青萍之末:內地電商浪潮重塑香港
風起於青萍之末:內地電商浪潮重塑香港
香港曾以「購物天堂」聞名於世,其零售業是經濟的關鍵支柱。 從尖端電子產品到國際奢侈品,這座城市一度憑藉品質保證與匯率優勢吸引著全球消費者。 如今,內地電商平臺的崛起,正深刻重塑著香港的商業生態。 這不僅是一場線上與線下的模式之爭,更是由技術進步與區域經濟一體化驅動的,對香港核心經濟結構與比較優勢發起的根本性拷問。
直播帶貨的熱浪:短暫刺激還是持久商機?
直播帶貨的熱浪:短暫刺激還是持久商機?
在數位化浪潮的推動下,直播帶貨已迅速崛起為電商領域的現象級行銷方式之一。 憑藉即時互動與沉浸式體驗,它成功吸引了數以億計消費者的目光。 數據顯示,2020年中國直播電商市場規模增速高達196%,總體規模突破1800億美元; 到2022年,該數位已躍升至5000億美元,預計2025年將達到9680億美元。
離岸人民幣穩定幣機遇與挑戰並存
離岸人民幣穩定幣機遇與挑戰並存
2025年8月1日,香港《穩定幣條例》生效,標誌著中國將逐步參與穩定幣市場,並探索如何通過香港這一離岸金融中心,利用穩定幣推動人民幣國際化。 要回答這一問題,我們需要在當前市場情緒高漲的背景中,理性、客觀地理解離岸人民幣穩定幣的發展邏輯。
以長技鑄智慧:借人工智能賦能自我成長
以長技鑄智慧:借人工智能賦能自我成長
人工智能(AI)技術發展日新月異。學術界已有大量研究報告表明,在不同工作場景中,人機協作能顯著提升效率與創造力。社會各界亦已對人工智能技術對不同工作帶來的生產力提升有所感知。
美國H1B簽證費用暴漲:中港把握機遇構築科創新優勢
美國H1B簽證費用暴漲:中港把握機遇構築科創新優勢
美國總統特朗普近日簽署行政令,宣布自2025年9月21日起,首次申請H-1B工作簽證的外籍人才需繳納高達10萬美元的簽證費。這一政策突變令美國企業和國際人才措手不及,尤其是科技行業,受到最直接的衝擊。這一政策如果完全實施,將不僅重塑美國科技生態,更會引發全球人才、資本與創新鏈的調整。作為國際金融、貿易與科技樞紐的香港,以及正全力推進科技自立自強的中國內地,更需冷靜研判其潛在衝擊,采取措施把握這一多年難逢的人才機遇。
北都發展宜接受公眾監督
北都發展宜接受公眾監督
上星期特首發表2025年施政報告。從鼓勵生育到規範外地勞工,從發展遊艇產業到太空經濟,包含了香港經濟民生發展的方方面面。筆者在此選取印象深刻的幾個重點訊息,以作分析評論,只為拋磚引玉,為讀者帶來思考並留作日後參考。
以長技鑄智慧:借人工智能賦能自我成長
以長技鑄智慧:借人工智能賦能自我成長
人工智能(AI)技術發展日新月異。學術界已有大量研究報告表明,在不同工作場景中,人機協作能顯著提升效率與創造力。社會各界亦已對人工智能技術對不同工作帶來的生產力提升有所感知。
動漫IP展覽 | 無就業復蘇
動漫IP展覽 | 無就業復蘇
近年大力發展IP產業的東莞,早前舉辦了一個動漫博覽會,參展的IP企業如何看產業的發展前景?本地經濟錄得增長,但就業情況就轉差,這種相反的特殊經濟現象一旦出現,是代表甚麼?

科技短期難救中國經濟
科技短期難救中國經濟
Deepseek及AI國產晶片問世,中國逐漸成為真正創新強國,「科技救國」一調蔚然成風。然而科技發展一日千里,經濟復甦卻未見重大起色。港大協理副校長及亞洲環球研究所總監鄧希煒教授接受《信報》訪問時表示,中國近十年對科技發展的重視,其核心驅動力並非短期的經濟增長,而是源於地緣政治下的戰略考量,旨在實現長遠的「科技獨立」與自給自足,以應對外部壓力。