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��ࡱ�>�� z\����y��������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������u �r��bjbj�n�n2,��a��a� �������""������������8�4-�\nlaaaaauuu�m�m�m�m�m�m�m$�o�~r<n�uuuuun��aa4nuuuu��a�a�muu�muuua������r<�����cu�m,n0\nu�rr�ruuv0�r��j�uuuuuuuunn��uuu\nuuuu���������������������������������������������������������������������ruuuuuuuuu"q s: journal of political economy volume 131, issue 1, jan 2023 1. title: collective brand reputation. authors: nocke, volker; strausz, roland. abstract: we develop a theory of collective brand reputation for markets in which product quality is jointly determined by local and global players. in a repeated game of imperfect public monitoring, we model collective branding as an aggregation of quality signals generated in different markets. such aggregation yields a beneficial informativeness effect for incentivizing the global player. it however also induces harmful free-riding by local, market-specific players. the resulting trade-off yields a theory of optimal brand size and revenue sharing that applies to platform markets, franchising, licensing, umbrella branding, and firms with team production. 2. title: the mechanics of the industrial revolution. authors: kelly, morgan; mokyr, joel; � gr�da, cormac. abstract: although there are many competing explanations for the industrial revolution, there has been no effort to evaluate them econometrically. this paper analyzes how the very different patterns of growth across the counties of england between the 1760s and 1830s can be explained by a wide range of potential variables. we find that industrialization occurred in areas that began with low wages but high mechanical skills, whereas other variables, such as literacy, banks, and proximity to coal, have little explanatory power. against the view that living standards were stagnant during the industrial revolution, we find that real wages rose sharply in the industrializing north and declined in the previously prosperous south. 3. title: optimal cooperative taxation in the global economy. authors: chari, v. v.; nicolini, juan pablo; teles, pedro. abstract: how should countries cooperate in setting fiscal and trade policies when government expenditures must be financed with distorting taxes? we show that even if countries cannot make explicit transfers to each other, every point on the pareto frontier is production efficient, so that international trade and capital flows should be effectively free. trade agreements must be supplemented with fiscal policy agreements. residence-based income tax systems have advantages over source-based systems. taxing all household asset income at a country-specific uniform rate and setting the corporate income tax to zero yield efficient outcomes. value-added taxes should be adjusted at the border. 4. title: personalized pricing and consumer welfare. authors: dub�, jean-pierre; misra, sanjog. abstract: we study the welfare implications of personalized pricing implemented with machine learning. we use data from a randomized controlled pricing field experiment to construct personalized prices and validate these in the field. we find that unexercised market power increases profit by 55%. personalization improves expected profits by an additional 19% and by 86% relative to the nonoptimized price. while total consumer surplus declines under personalized pricing, over 60% of consumers benefit from personalization. under some inequity-averse welfare functions, consumer welfare may even increase. simulations reveal a nonmonotonic relationship between the granularity of data and consumer surplus under personalization. 5. title: a semistructural methodology for policy counterfactuals. authors: beraja, martin. abstract: i propose a methodology for constructing counterfactuals with respect to changes in policy rules that does not require fully specifying a particular model yet is not subject to lucas critique. it applies to a class of dynamic stochastic models whose equilibria are well approximated by a linear representation. it rests on the insight that many such models satisfy a principle of counterfactual equivalence: they are observationally equivalent under a benchmark policy and yield an identical counterfactual equilibrium under an alternative one. 6. title: attraction versus persuasion: information provision in search markets. authors: au, pak hung; whitmeyer, mark. abstract: we consider a model of oligopolistic competition in a market with search frictions, in which competing firms with products of unknown quality advertise how much information a consumer's visit will glean. in the unique symmetric equilibrium of this game, the countervailing incentives of attraction and persuasion yield a payoff function for each firm that is linear in the firm's realized effective value. if the expected quality of the products is sufficiently high (or competition is sufficiently fierce), this corresponds to full information: firms provide the first-best level of information. if not, this corresponds to information dispersion: firms randomize over signals.     $'/0256:;<>gc��ʻʪʘ�wc[n@2h�m�h�m�5�ojqj^jh�"�hu<�5�ojqj^jh�ud5�ojqj^jo(h�"�h�"�o(&h�"�h�"�5�cjojqj^jajo(#h,�h,�5�cjojqj^jajh 2e5�cjojqj^jaj#h�m�h�m�5�cjojqj^jaj h��5�cjojqj^jajo(h�m�5�cjojqj^jaj#h�"�h�"�5�cjojqj^jaj h$-�5�cjojqj^jajo(#h�m�h�m�5�cjojqj^jaj;<=d�& ' ] � qr�������$=����������������������gd�psgd)w�gd0 gd$?�gd*9gdto�gd�l$gd%j,gd�m�gdu<�gd�"�$a$gdt4cdlm����% & ' ( * 0 1 \ ] e f � � � � 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