CAGE Working Papers February 2026
CAGE Working Papers February 2026
Friday 27 Feb 2026CAGE research papers draw on our global academic network of research associates and address topics aligned to our four core themes.
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792 Social Media Advertising Loads as PricesLink opens in a new window
Authors: George Beknazar-Yuzbashev, Rafael Jim茅nez-Dur谩n, Andrey Simonov, Mateusz Stalinski
Theme: Designing and Building Institutions
Summary: This paper investigates why most digital platforms rely on advertising rather than subscriptions. It proposes three mechanisms: users are more sensitive to monetary prices than ad loads, microtargeting improves ad-user match quality, and platforms can personalize ad loads to price discriminate. In a field experiment with 1,810 Facebook users, hiding ads slightly increases usage, while removing targeting reduces engagement. Simulations show ad-funded models match or exceed subscription profits and generate higher consumer surplus.
Authors: Yu Aoki-Beattie, Wiji Arulampalam, Neil Lloyd, Sushil Mathew
Theme: Gender, Health and Wellbeing
Summary: This paper estimates the causal impact of fast-food outlet exposure on adolescent z-BMI using data from the UK Millennium Cohort Study. It introduces a novel method that clusters early childhood BMI trajectories to account for persistent obesity risk profiles, separating baseline susceptibility from environmental effects. Exploiting the transition from primary to secondary school as exogenous variation, the study finds that proximity to major fast-food outlets near schools significantly increases z-BMI, with effects diminishing at greater distances.
Authors: Adam Di Lizia, Lily Shevchenko
Theme: Designing and Building Institutions
Summary: This paper evaluates whether deplatforming reduces online toxicity by studying Reddit鈥檚 June 2020 ban of thousands of hateful forums. Using near-universe comment data and a difference-in-differences design, it finds that affected users increase overall activity and shift to new forums, with effects persisting over time. However, their comments contain 20% fewer instances of hate speech. The policy shows no negative spillovers or engagement losses, suggesting targeted moderation can reduce toxicity without undermining platform participation.
789 Religion and the Wealth of Nations after 250 YearsLink opens in a new window
Authors: Sascha O. Becker
Theme: Global Economic History
Summary: This paper examines the relationship between religion and economics on the 250th anniversary of Adam Smith鈥檚 The Wealth of Nations. It revisits the religious and moral-philosophical influences on Smith鈥檚 thought, challenging the view of him as purely secular. The chapter then reviews contemporary economic research on religion鈥檚 role in shaping economic behavior and outcomes, highlighting how religious beliefs and institutions continue to influence development, preferences, and economic performance in the modern era.
Authors: David Gill, Yaroslav Rosokha
Theme: Designing and Building Institutions
Summary: This paper investigates level-k reasoning in repeated games, focusing on strategic thinking at the level of supergame strategies rather than individual rounds. It develops a model incorporating choices over strategies and beliefs about others鈥� strategies, and tests it using data from an Indefinitely Repeated Prisoner鈥檚 Dilemma with elicited beliefs. A substantial share of subjects exhibit level-1 or level-2 reasoning. Higher cognitive ability and experience predict more sophisticated strategic reasoning.