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This paper provides an empirical assessment of the degree of competition in Hong Kong SAR using industry-level data. Although due to data limitations only approximate measures of competitiveness can be estimated, the results do suggest that Hong Kong SAR is as competitive as a typical OECD economy. The dramatic shift of the economy toward services over the last decade has also made it slightly less competitive on average. Imperfect competition is not leading to counter-cyclical markups and slower price adjustment as some theories predict, however, since markups are more pro-cyclical than in OECD countries. Lastly, markups are sufficiently imperfectly competitive in both Hong Kong SAR and the OECD to significantly downwardly bias growth accounting estimates of total factor productivity in Asian NICs vis-à-vis OECD countries.

Finance: General --- Labor --- Macroeconomics --- Industries: Manufacturing --- Production and Operations Management --- Price Level --- Inflation --- Deflation --- Business Fluctuations --- Cycles --- Oligopoly and Other Imperfect Markets --- Industrial Organization and Macroeconomics: Industrial Structure and Structural Change --- Industrial Price Indices --- General Financial Markets: General (includes Measurement and Data) --- Industry Studies: Manufacturing: General --- Labor Economics: General --- Production --- Cost --- Capital and Total Factor Productivity --- Capacity --- Wages, Compensation, and Labor Costs: General --- Labour --- income economics --- Finance --- Manufacturing industries --- Competition --- Manufacturing --- Total factor productivity --- Labor share --- Financial markets --- Economic sectors --- Labor economics --- Industrial productivity --- Wages --- Hong Kong Special Administrative Region, People's Republic of China

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Transparency is usually thought to reduce favoritism and corruption by facilitating monitoring by outsiders, but there is concern it can have the perverse effect of facilitating collusion by insiders. In response to vote trading scandals in the 1998 and 2002 Olympics, the International Skating Union (ISU) introduced a number of changes to its judging system, including obscuring which judge issued which mark. The stated intent was to disrupt collusion by groups of judges, but this change also frustrates most attempts by outsiders to monitor judge behavior. I find that the "compatriot-judge effect", which aggregates favoritism (nationalistic bias from own-country judges) and corruption (vote trading), actually increased slightly after the reforms.

Zonder onderwerpscode: economie

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Casual empiricism suggests that deceptive advertising about product quality is prevalent, and several classes of theories explore its causes and consequences. We provide some unusually sharp empirical evidence on the extent, mechanics, and dynamics of deceptive advertising. Ski resorts self-report substantially more natural snowfall on weekends. Resorts that plausibly reap greater benefits from exaggerating do it more. Data on website visits suggests that consumers are appropriately skeptical of weekend reports. We find little evidence that competition restrains or encourages exaggeration. Near the end of our sample period, a new iPhone application feature makes it easier for skiers share information on ski conditions in real time. Exaggeration falls sharply, especially at resorts with better iPhone reception.

Zonder onderwerpscode: economie

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Zonder onderwerpscode: economie

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Zonder onderwerpscode: economie