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Working Paper
An Analysis of Revenues at the Comédie française, 1680-1793
I study the business practices of the Comdie franaise, the main theater in Paris, between 1680 and 1793. The theater was an actors? partnership and operated within a (contested) oligopoly. Newly available data provide revenues by price category for over 32,000 performances. Attendance varied considerably from one performance to the next. Total revenues increased in the second half of the 18th century as demand for entertainment in Paris boomed. The increase came in part from box rentals (by performance or by season). Pricing practices changed over time, as premium pricing for high-demand ...
Report
Information and Market Power in DeFi Intermediation
The decentralized nature of blockchain markets has given rise to a complex and highly heterogeneous market structure, gaining increasing importance as traditional and decentralized (DeFi) finance become more interconnected. This paper introduces the DeFi intermediation chain and provides theoretical and empirical evidence for private information as a key determinant of intermediation rents. We propose a repeated bargaining model that predicts that profit share of Ethereum market participants is positively correlated with their private information, and employ a novel instrumental variable ...