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AI, ML, and competition dynamics in financial markets
In: Oxford review of economic policy, Volume 37, Issue 3, p. 618-635
ISSN: 1460-2121
AbstractThere is a common assumption that the adoption of AI and ML in financial markets will make markets more competitive and reduce consumer prices. This paper argues, however, that this is far from obvious and identifies when increases in competition are unlikely to arise. There are several key messages. It is argued that, in contrast to the experience in bigtech markets, the widespread use of AI and ML at the sector-wide level is unlikely to lead to any significant short-term changes in concentration in financial markets. In the longer term, however, the question of whether there will be more concentration will depend on the balance of two opposing forces. On the one hand, rapid acceleration of the nascent merging of the boundaries between bigtech and financial markets could increase concentration; but on the other, action around the significant tightening of bespoke regulations, notably regulatory mandated data sharing, could push in the opposite direction. At the micro-market level, it is also argued that the impact of adopting AI and ML will be very sensitive to the specifics of the market (e.g. the impact of any consequent reduction of asymmetry of information is highly sensitive to the underlying asymmetry).
Public and private sector discount rates in public–private partnerships
In: The economic journal: the journal of the Royal Economic Society, Volume 113, Issue 486, p. C62-C68
ISSN: 1468-0297
WIDER SHARE OWNERSHIP AND ECONOMIC PERFORMANCE
In: Oxford review of economic policy, Volume 3, Issue 4, p. 13-29
ISSN: 1460-2121
A Theoretical Approach to the Effect of Trade Union Immunities on Investment and Employment
In: The Economic Journal, Volume 95, p. 96
ON COMPENSATION TESTS IN A TWO CLASS ECONOMY
In: The Manchester School, Volume 45, Issue 1, p. 62-68
ISSN: 1467-9957
Non-profit organizations in a bureaucratic environment
How does the environment of an organization influence whether workers voluntarily provide effort? We study the power relationship between a non-profit unit (e.g. university department, NGO, health trust), where workers care about the result of their work, and a bureaucrat, who supplies some input to the non-profit unit, but has opportunity costs in doing so (e.g. Dean of faculty, corrupt representative, government agency). We find that marginal changes in the balance of power eventually have dramatic effects on donated labor. We also identify when strengthening the non-profit unit decreases and when it increases donated labor.
BASE
Non-Profit Organizations in a Bureaucratic Environment
How does the environment of an organization influence whether workers voluntarily provide effort? We study the power relationship between a non-profit unit (e.g. university department, NGO, health trust), where workers care about the result of their work, and a bu- reaucrat, who supplies some input to the non-profit unit, but has opportunity costs in doing so (e.g. Dean of faculty, corrupt representative, government agency). We find that marginal changes in the balance of power eventually have dramatic effects on donated labor. We also identify when strengthening the non-profit unit decreases and when it increases donated labor.
BASE
Financing and managing public services
In: Oxford review of economic policy, Volume 19, Issue 2, p. 215-347
ISSN: 0266-903X
The Price of Industrial Labor: The Role of Wages in Business Cycles and Economic Growth
In: The Economic Journal, Volume 95, Issue 378, p. 504
Non-Profit Organizations in a Bureaucratic Environment
In: IZA Discussion Paper No. 3685
SSRN
Stock Market Risk in the Financial Crisis
In: Grout, P.A. and A. Zalewska (2016) Stock market risk in the financial crisis, International Review of Financial Analysis 46, 326-345 https://doi.org/10.1016/j.irfa.2015.11.012
SSRN
Regulatory valuation of public utilities: A case study of the twentieth century
In: Business history, Volume 56, Issue 6, p. 936-955
ISSN: 1743-7938
Does Experience Make You 'Tougher'? Evidence from Competition Law
In: The economic journal: the journal of the Royal Economic Society, Volume 123, Issue 568, p. 474-490
ISSN: 1468-0297
Governance Reform in Legal Service Markets
In: The economic journal: the journal of the Royal Economic Society, Volume 117, Issue 519, p. C93-C113
ISSN: 1468-0297