José Azar and Isabel Tecu, with Martin C. Schmalz, wrote a paper entitled “Anti-Competitive Effects of Common Ownership.” In this paper, using the airline industry as a laboratory, the authors provide evidence that common ownership by large diversified institutional investors has adverse effects on product market competition.
What happens when AI sets wages
The authors fed 60,000 freelancer profiles into eight widely used LLMs, asking each model to recommend an hourly rate. From hourly wage setting to testing for...