Milo Bianchi
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View article: Interoperability and Quality Provision in Digital Payments
Interoperability and Quality Provision in Digital Payments Open
We develop a model in which digital payment providers compete by setting fees and investing in the quality of their service. Consumers’ valuation of the service depends on the fraction of other consumers who joins the same network. Provide…
View article: Digital Payments Interoperability with Naïve Consumers
Digital Payments Interoperability with Naïve Consumers Open
We consider a model in which consumers live in isolated villages and need to send money to each other. Each village has (at most) one digital payment provider, which acts as a bridge to other villages. With fully rational consumers interop…
View article: Mobile Payments and Interoperability: Insights from the Academic Literature
Mobile Payments and Interoperability: Insights from the Academic Literature Open
We connect various streams of academic literature to shed light on how the degree of interoperability in mobile payments affects market outcomes and welfare. We organize our discussion around four dimensions of interoperability. First, we …
View article: Shareholder heterogeneity, asymmetric information, and the equilibrium manager
Shareholder heterogeneity, asymmetric information, and the equilibrium manager Open
Consider a firm owned by shareholders with heterogeneous beliefs and discount rates who delegate to a manager the choice of a production plan. The shareholders and the manager can trade contingent claims in a complete asset market. Shareho…
View article: Agency Costs in Small Firms
Agency Costs in Small Firms Open
We explore how the separation between ownership and control affects firm productivity. Using administrative panel data on the universe of limited liability firms in Finland, we document a substantial increase in productivity when the CEO o…
View article: Bundlers' dilemmas in financial markets with sampling investors
Bundlers' dilemmas in financial markets with sampling investors Open
We study banks' incentive to pool assets of heterogeneous quality when investors evaluate pools by extrapolating from limited sampling. Pooling assets of heterogeneous quality induces dispersion in investors' valuations without affecting t…
View article: Bundling, Belief Dispersion, and Mispricing in Financial Markets
Bundling, Belief Dispersion, and Mispricing in Financial Markets Open
Bundling assets of heterogeneous quality results in dispersed valuations when these are based on investor-specific samples from the pool. A monop olistic bank has the incentive to create heterogeneous bundles only when investors have enoug…
View article: Ambiguity Preferences and Portfolio Choices
Ambiguity Preferences and Portfolio Choices Open
We match administrative panel data on portfolio choices with survey data on preferences over ambiguity. We show that ambiguity averse investors bear more risk, due to a lack of diversification. In particular, they exhibit a form of home bi…
View article: Ambiguity Preferences and Portfolio Choices: Evidence from the Field
Ambiguity Preferences and Portfolio Choices: Evidence from the Field Open
We match administrative panel data on portfolio choices with survey data on preferences over ambiguity. We show that ambiguity averse investors bear more risk, due to a lack of diversification. In particular, they exhibit a form of home bi…