Are Prices ‘Sticky’ Online? Market Structure Effects and Asymmetric Responses to Cost Shocks in Online Mortgage Markets

We analyze daily mortgage rates posted by online lenders at the price comparison site, Microsurf. While cost shocks occurred almost daily in our sample, quoted mortgage rates are surprisingly rigid: Only 16 percent of the posted rates represent changes. However, firms that adjusted rates in response to cost shocks did so quite rapidly; about 98 percent of a cost shock was passed through within two days of the cost shock. Duration analysis reveals that the observed rigidity in rates systematically depends on market structure: Online mortgage rates are 30 to 40 percent more durable in concentrated markets than in markets where there are many competitors. We also find that rates posted online tend to exhibit downward stickiness; rate adjustments in response to cost increases are about twice the corresponding adjustments for cost decreases.mortgage rate, price adjustment, price rigidity, price dispersion

"The Parking Lot Problem"

If there is queueing for an underpriced good, the queueing can eat up the entire surplus, eliminating the social value of the good. An implication is that there is a discontinuity in social welfare between "enough" and "not enough" for certain goods such as parking spaces. This implies that if there is uncertainty in the number of demanders, the amount of the good should be set well in excess of the mean demand

On the incidence and Variety of Low-Price Guarantees

We provide evidence of the widespread use and variety of low-price guarantees (how common are they; on what products and services are they observed; and what forms do they take), using data obtained from newspaper advertisements in thirty-seven metropolitan areas in the United States. We also consider why firms adopt LPGs. Is it to facilitate tacit collusion, to price discriminate, or do firms have other motivations? Do price-beating guarantees serve the same purpose as price-matching guarantees? We infer the answers to these questions from (a) the extent to which firms place restrictions on their LPGs; (b) whether LPGs apply to advertised prices or actual selling prices, and (c) whether firms with LPGs have higher or lower prices than firms without LPGs. We also uncover aspects of LPGs that have not previously been studied, e.g., 43% of LPGs allow post-sale search. Our findings suggest topics for future research.facilitating practices; low-price guarantees; collusion

Findings of <i>Amblyomma americanum</i> L., 1758 in the Territory of Eastern Siberia (Russia)

In June, 2008, in the Irkutsk suburban zone, a man was beaten by a tick of an unknown in this area species. According to its morphological characteristics this tick was classified as Amblyomma americanum L., 1758 species, which is the endemic one in the North, Central, and South America. In this respect, the discovery of the unknown previously in this region and in the Russian Federation species of the ixodic tick is not only of a great scientific importance, but presents specific practical interest, as the ticks of this species are the carriers of a wide range of infectious diseases. Probable scenarios of importation of the new species of ticks in the territory of the Russian Federation are under discussion now and the risks, related to this problem, are being assessed

Selling Through Referrals

We endogenize intermediaries' choice to operate as agents or merchants in a market where there are frictions due to asymmetric information about consumption values. A seller has an object for sale and can reach buyers only through intermediaries. Intermediaries can either mediate the transaction by buying and reselling—the merchant mode—or refer buyers to the seller for a fee—the referral mode. When the seller has a strong bargaining position and can condition the asking price to the intermediaries' business model choice, all intermediaries specialize in agency. The seller's and intermediaries' joint profits equal the seller's profits when he has access to all buyers. When the seller does not have such bargaining power, the level of the referral fee and the degree of competition among intermediaries determine the business mode adoption. A hybrid agency–merchant mode may be adopted in equilibrium. Banning the referral mode can decrease welfare because the merchant mode is associated with additional allocative distortions due to asymmetric information

Innovation Contests with Entry Auction

We consider procurement of an innovation from heterogeneous sellers. Innovations are random but depend on unobservable effort and private information. We compare two procurement mechanisms where potential sellers first bid in an auction for admission to an innovation contest. After the contest, an innovation is procured employing either a fixed prize or a first-price auction. We characterize Bayesian Nash equilibria such that both mechanisms are payoff-equivalent and induce the same efforts and innovations. In these equilibria, signaling in the entry auction does not occur since contestants play a simple strategy that does not depend on rivals' private information

CIRCULATION OF ARBOVIRUSES AND INFLUENZA VIRUS IN PRIBAIKALYE

The California encephalitis serogroup virus, Batai virus and Geta virus were isolated as result of investigation of distribution of arboviruses in Pribaikalye. The results of the study of influenza A virus in birds in Pribaikalye are presented as well

THE SPREAD OF THE TICK-BOORNE INFECTIONS IN THE BASIN OF SELENGA RIVER IN BURYATIA AND MONGOLIA

The results of the research of Selenga river basin as territory of highest risk of human infection with diseases with natural focality in Buryatia and Mongolia are present in this paper. Both in Buryatia and. in Mongolia the highest incidence rate for tick-borne encephalitis is associated with districts situated in the basin of Selenga river - Pribaykalskyi district and Selenge aimag respectively. All tick-borne infections and. every vector tick species detected in Buryatia and. Mongolia so far are present on the territories of these two districts. The epidemiological processes in the natural foci of these territories are shown to be very similar in spite of national and administrative borders

THE PREVALENCE OF TICK-BORNE ENCEPHALITIS VIRUS ANTIGEN IN SERUM SAMPLES FROM PEOPLE SUFFERED FROM TICK BITES

The information about more than 17 thousand cases of public inquiries to the Center of Diagnostics and prevention of tick-borne infections of Scientific Center of Problems Family and Human Reproduction Problems because of bites of ticks at the territory of Irkutsk Region during the last six years (2007-2012) is analyzed in the article. All age groups undergo to the bites of ticks. Over the half of the people asking for help have the policy of voluntary health insurance of "Anti tick" kind. The percentage of people vaccinated against the tick borne encephalitis is a little bit over than 8 % what proves the low level of the sanitary education and neglect to the human health in the region. Every year the cases of tick's bites and findings of tick-borne encephalitis virus antigen in blood serum of bitten people in the northern areas of Irkutsk region are revealed. Every year in average 90 examples of blood serum had tick-borne encephalitis virus antigen that means 3 % of bitten people have pre-clinical infection of tick-borne encephalitis. Patients with positive result of tick-borne encephalitis virus antigen (543 patients) had the necessary consultation and preventive treatment with specific immunoglobulin according to the instruction of application. Diseases of tick-borne encephalitis among the patients had the preventive treatment in time were not marked