學術研究

(AEW webinar) Digitization: Effects of Artificial Intelligence and Machine Learning on the Economy

日期 2020-11-17 (週二)
時間 08:30 AM
地點 Conference Room C103
演講者 Professor Joel Waldfogel
演講者簡介 Professor Waldfogel received his Ph.D. in Economics from Stanford University in 1990. He is currently a Professor of Carlson School of Management at University of Minnesota. His main research interests are industrial organization and law and economics, and he has conducted empirical studies of price advertising, media markets, the operation of differentiated product markets, and issues related to digital products, including piracy, pricing, and revenue sharing.
摘要 Digitization has led to many new creative products, straining the capacity of professional critics and consumers. Yet, the digitization of retailing has also delivered new crowd-based sources of pre-purchase information. We compare the relative impacts of professional critics and crowd-based Amazon star ratings on consumer welfare in book publishing. Using various fixed effects and discontinuity-based empirical strategies, we estimate their causal impacts on sales. We use these causal estimates to calibrate a structural demand model. The aggregate effect of star ratings on consumer surplus is, in our baseline estimates, more than ten times the effect of traditional review outlets.

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