讲座人：Dongni Zhu (Shanghai Lixin University of Accounting and Finance)
讲座题目：Does Strategic Ability Affect Efficiency? Evidence from Electricity Markets
讲座时间：2018年5月30日(周三)，10:00-11:30
讲座地点：理科大楼 A 1712 会议室（中北校区）
论文提要：Oligopoly models of price competition predict that strategic firms exercise market power and generate inefficiencies. However, heterogeneity in firms’ strategic ability also generates inefficiencies. We study the Texas electricity market in which firms show significant heterogeneity in how they deviate from Nash equilibrium bidding. These deviations, in turn, increase the cost of production. To explain this heterogeneity, we embed a Cognitive Hierarchy model into a structural model of bidding and estimate firms’ strategic sophistication. We find that firm size and manager education affect sophistication. We use our model to examine how mergers and exogenous changes in strategic sophistication affect efficiency.
讲座主持人：王雏
演讲人简介：朱冬妮，上海立信会计金融学院助理教授，美国德州农工大学 (Texas A&M University)经济学博士。她的研究方向为实证产业组织理论，她本次报告的论文正在国际顶级期刊American Economic Review复审中（R&R）。