On the Formation of Buyer-Seller Relationships when Product Quality is Perfectly Observable

This study explores the formation of buyer-seller relationships in markets with observable quality. We develop a model that explains why relationships form in equilibrium within such markets. A key feature of our model is that as individuals gain experience in the marketplace, they resolve uncertainty over unobserved bargainer types. Relationships thus form as a means to reduce such transactions costs and uncertainty. We explore the usefulness of our theory by using a battery of simulations and experimental treatments. Overall, we find that our theoretical predictions are largely confirmed. Interestingly, the quantitative impact of relationships on overall market efficiency depends critically on the extend to which market structure affects the matching of buyers and sellers that could profitably transact. In certain important cases, a greater number of buyer-seller relationships can reduce market efficiency.Field experiments, pricing, market structure

Toward an Understanding of the Economics of Charity: Evidence from a Field Experiment

This study develops theory and uses a door-to-door fundraising field experiment to explore the economics of charity. We approached nearly 5000 households, randomly divided into four experimental treatments, to shed light on key issues on the demand side of charitable fundraising. Empirical results are in line with our theory: in gross terms, our lottery treatments raised considerably more money than our voluntary contributions treatments. Interestingly, we find that a one standard deviation increase in female solicitor physical attractiveness is similar to that of the lottery incentive¡ªthe magnitude of the estimated difference in gifts is roughly equivalent to the treatment effect of moving from our theoretically most attractive approach (lotteries) to our least attractive approach (voluntary contributions).

Genic Variation in White-tailed Deer from Arkansas

Liver and kidney samples of 33 white-tailed deer (Odocoileus virginianus) representing three populations in Arkansas were examined with horizontal starch gel electrophoresis. Of 17 loci examined, only PGM-1 and ES-2 exhibited polymorphism. Average individual heterozygosity, ranging from 2.3% to 4.7% with a mean of 3.1 %, was much lower than that reported for white-tailed deer in other parts of its range. The three populations examined in this study were highly similar based on Rogers\u27 genetic similarity coefficient

Auctions with Resale When Private Values Are Uncertain: Evidence from the Lab and Field

Auction theory represents one of the richest areas of research in economics over the past three decades. Yet, whether, and to what extent, the introduction of secondary resale markets influences bidding behavior in sealed bid first-price auctions remains under researched. This study begins by examining field data from a unique data set that includes nearly 3,000 auctions (over 10,000 individual bids) for cutting rights of standing timber in British Columbia from 1996-2000. In comparing bidding patterns across agents who are likely to have resale opportunities with those who likely do not, we find evidence that is consistent with theory. Critical evaluation of the reduced-form bidding model, however, reveals that sharp tests of the theoretical predictions are not possible because several other differences may exist across these bidder types. We therefore use a laboratory experiment to examine if the resale opportunity by itself can have the predicted theoretical effect. We find that while it does have the predicted effect, a theoretical model based on risk-averse bidders explains the overall data patterns more accurately than a model based on risk-neutral bidders. Beyond testing theory, the paper highlights the inferential power of combining naturally occurring data with laboratory data.

A dicarboxylate transporter on the peribacteroid membrane of soybean nodules

AbstractUsing preparations of peribacteroid membrane (PBM)-enclosed bacteroids from soybean root nodules, we show here that the PBM possesses a dicarboxylate transporter capable of mediating a rapid flux of dicarboxylate anions, such as malate and succinate, to the bacteroids inside the nodule. The transporter has a higher affinity for the monovalent malate anion than for the succinate anion (Km = 2 and 15 μM, respectively) although the Vmax for malate− appears to be lower than for succinate− (Vmax = 11 and 30 nmol·min−1·mg protein−1, respectively)

Do Appeals to Donor Benefits Raise More Money than Appeals to Recipient Benefits? Evidence from a Natural Field Experiment with Pick.Click.Give.

We partnered with Alaska’s Pick.Click.Give. Charitable Contributions Program to implement a statewide natural field experiment with 540,000 Alaskans designed to explore whether targeted appeals emphasizing donor benefits through warm glow impact donations. Results highlight the relative import of appeals to self. Individuals who received such an appeal were 4.5 percent more likely to give and gave 20 percent more than counterparts in the control group. Yet, a message that instead appealed to recipient benefits had no effect on average donations relative to the control group. We also find evidence of long-run effects of warm glow appeals in the subsequent year

Neuronal activation for semantically reversible sentences

Semantically reversible sentences are prone to misinterpretation and take longer for typically developing children and adults to comprehend; they are also particularly problematic for those with language difficulties such as aphasia or Specific Language Impairment. In our study, we used fMRI to compare the processing of semantically reversible and nonreversible sentences in 41 healthy participants to identify how semantic reversibility influences neuronal activation. By including several linguistic and nonlinguistic conditions within our paradigm, we were also able to test whether the processing of semantically reversible sentences places additional load on sentence-specific processing, such as syntactic processing and syntactic-semantic integration, or on phonological working memory. Our results identified increased activation for reversible sentences in a region on the left temporal–parietal boundary, which was also activated when the same group of participants carried out an articulation task which involved saying “one, three” repeatedly. We conclude that the processing of semantically reversible sentences places additional demands on the subarticulation component of phonological working memory

A simultaneous search for prompt radio emission associated with the short GRB 170112A using the all-sky imaging capability of the OVRO-LWA

We have conducted the most sensitive low frequency (below 100 MHz) search to date for prompt, low-frequency radio emission associated with short-duration gamma-ray bursts (GRBs), using the Owens Valley Radio Observatory Long Wavelength Array (OVRO-LWA). The OVRO-LWA's nearly full-hemisphere field-of-view ($\sim20$,$000$ square degrees) allows us to search for low-frequency (sub-$100$ MHz) counterparts for a large sample of the subset of GRB events for which prompt radio emission has been predicted. Following the detection of short GRB 170112A by Swift, we used all-sky OVRO-LWA images spanning one hour prior to and two hours following the GRB event to search for a transient source coincident with the position of GRB 170112A. We detect no transient source, with our most constraining $1\sigma$ flux density limit of $650~\text{mJy}$ for frequencies spanning $27~\text{MHz}-84~\text{MHz}$. We place constraints on a number of models predicting prompt, low-frequency radio emission accompanying short GRBs and their potential binary neutron star merger progenitors, and place an upper limit of $L_\text{radio}/L_\gamma \lesssim 7\times10^{-16}$ on the fraction of energy released in the prompt radio emission. These observations serve as a pilot effort for a program targeting a wider sample of both short and long GRBs with the OVRO-LWA, including bursts with confirmed redshift measurements which are critical to placing the most constraining limits on prompt radio emission models, as well as a program for the follow-up of gravitational wave compact binary coalescence events detected by advanced LIGO and Virgo.Comment: 14 pages, 5 figures, ApJ submitte

The resurrection of group selection as a theory of human cooperation

Two books edited by members of the MacArthur Norms and Preferences Network (an interdisciplinary group, mainly anthropologists and economists) are reviewed here. These books in large part reflect a renewed interest in group selection that has occurred among these researchers: they promote the theory that human cooperative behavior evolved via selective processes which favored biological and/or cultural group-level adaptations as opposed to individual-level adaptations. In support of this theory, an impressive collection of cross-cultural data are presented which suggest that participants in experimental economic games often do not behave as self-interested income maximizers; this lack of self-interest is regarded as evidence of group selection. In this review, problems with these data and with the theory are discussed. On the data side, it is argued that even if a behavior seems individually-maladaptive in a game context, there is no reason to believe that it would have been that way in ancestral contexts, since the environments of experimental games do not at all resemble those in which ancestral humans would have interacted cooperatively. And on the theory side, it is argued that it is premature to invoke group selection in order to explain human cooperation, because more parsimonious individual-level theories have not yet been exhausted. In summary, these books represent ambitious interdisciplinary contributions on an important topic, and they include unique and useful data; however, they do not make a convincing case that the evolution of human cooperation required group selection

The Hidden Benefits of Control: Evidence from a Natural Field Experiment

An important dialogue between theorists and experimentalists over the past few decades has raised the study of the interaction of psychological and economic incentives from academic curiosity to a bona fide academic field. One recent area of study within this genre that has sparked interest and debate revolves around the “hidden costs” of conditional incentives. This study overlays randomization on a naturally-occurring environment in a series of temporally-linked field experiments to advance our understanding of the economics of charity and test if such “costs” exist in the field. This approach permits us to examine why people initially give to charities, and what factors keep them committed to the cause. Several key findings emerge. First, there are hidden benefits of conditional incentives that would have gone undetected had we maintained a static theory and an experimental design that focused on short run substitution effects rather than dynamic interactions. Second, we can reject the pure altruism model of giving. Third, we find that public good provision is maximized in both the short and long run by using conditional, rather than unconditional, incentives.