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作者：Borgonovo, Emanuele; Figalli, Alessio; Plischke, Elmar; Savare, Giuseppe
作者单位：Bocconi University; Bocconi University; Swiss Federal Institutes of Technology Domain; ETH Zurich; TU Clausthal
摘要：We examine the construction of variable importance measures for multivariate responses using the theory of optimal transport. We start with the classical optimal transport formulation. We show that the resulting sensitivity indices are well-defined under input dependence, are equal to zero under statistical independence, and are maximal under fully functional dependence. Also, they satisfy a continuity property for information refinements. We show that the new indices encompass Wagner's varian...
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作者：Cappelen, Alexander W.; Meissner, Stefan; Tungodden, Bertil
作者单位：Norwegian School of Economics (NHH)
摘要：Consumers can sometimes be exploited because they make mistakes in their valuation of products. We present the results from a large-scale experimental study that examines whether third-party spectators from the general population in the United States cancel a voluntary deal where a buyer has made a mistake in the valuation of a product and agreed to pay more for the product than the seller knows it is worth. We find that the majority of the spectators cancel such deals, even when the seller's ...
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作者：Feng, Yiding; Niazadeh, Rad
作者单位：University of Chicago
摘要：In several applications of real-time matching of demand to supply in online marketplaces, the platform allows for some latency to batch the demand and improve the efficiency of the resulting matching. Motivated by these applications, we study the optimal trade-off between batching and inefficiency in the context of designing robust online allocations. As our base model, we consider K-stage variants of the classic vertexweighted bipartite b-matching in the adversarial setting, where online vert...
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作者：Lee, Yoojin; Ng, Shaphan; Shevlin, Terry; Venkat, Aruhn
作者单位：California State University System; California State University Long Beach; Singapore Management University; University of California System; University of California Irvine; University of Washington; University of Washington Seattle; University of Texas System; University of Texas Austin
摘要：In this study, we provide evidence on the effects of state tax whistleblower laws. We exploit a novel 2010 amendment to New York's False Claims Acts (FCA) that explicitly extended whistleblower incentives to corporate income tax whistleblowers. We identify treated firms (firms exposed to New York's FCA) using establishment-level data and descriptive analyses. Using a sample of firms exposed to New York and neighboring states, we find evidence that New York's FCA reduced state tax avoidance. In...
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作者：Shi, Qichao; Dearden, James A.; Lai, Ernest K.
作者单位：Southwestern University of Finance & Economics - China; Southwestern University of Finance & Economics - China; Lehigh University
摘要：We investigate the strategic interaction between a product expert and a consumer. The expert publicly commits to a ranking methodology to rank two products with uncertain relative merits; the consumer decides whether to acquire the ranking report to guide her product choice. The expert cares only about selling the report; the consumer derives utility from the product itself and an extra ranking attribute controlled by the expert. Strategic shuffling, in which the expert induces demand for his ...
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作者：Castillo, Juan Camilo; Knoepfle, Dan; Weyl, E. Glen
作者单位：University of Pennsylvania; Uber Technologies, Inc.; Microsoft
摘要：We show that ride-hailing markets are prone to a matching failure (wild goose chases) in which high demand sets off a harmful feedback cycle of few idle drivers, high pickup times, and low earnings, drastically reducing welfare. After characterizing these failures theoretically and showing empirical evidence of their relevance, we analyze how platforms can avoid them. Raising prices brings demand back under control. Platforms can thus set a uniform high price, or they can use high surge pricin...
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作者：Li, Meng; Zhang, Shichen
作者单位：University of Houston System; University of Houston; Nankai University
摘要：Procuring essential products during disasters can save lives and livelihoods; nevertheless, limited research has explored this critical issue. In this paper, we collaborate with a buying company to run a unique B2B field experiment during the early COVID-19 outbreak that prompts an urgent need for personal protective equipment. We find that suppliers would deliver products faster by quoting a significantly shorter lead time when the buying company purchases products for donation rather than fo...
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作者：Barardehi, Yashar; Bird, Andrew; Karolyi, Stephen; Ruchti, Thomas
作者单位：Chapman University System; Chapman University; United States Department of the Treasury; Office of the Comptroller of the Currency; Office of Financial Research; United States Department of the Treasury
摘要：Despite strong theoretical predictions based on disagreement, limited empirical evidence links short-selling restrictions to higher prices. We test this relationship using quasi-experimental methods based on rule 201, a threshold-based policy that restricts aggressive short selling when intraday returns cross -10%. When comparing stocks on either side of the threshold in the same hour of trading, we find that the restriction leads to 8% lower short-sale volume and 35 basis points higher daily ...
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作者：Li, Minwen; Makaew, Tanakorn; Winton, Andrew
作者单位：Tsinghua University; University of Southern California; University of Minnesota System; University of Minnesota Twin Cities
摘要：We propose a model of bank monitoring and borrower financial misreporting. Using the staggered liberalization of the banking sector in China as a natural experiment, we find that, consistent with the model's prediction, entry by more efficient foreign banks reduces corporate misreporting fraud. Fraud reduction is greatest among borrowers of foreign banks, but fraud also drops among borrowers of domestic banks, suggesting a spillover effect. As predicted by the model, fraud reduction is greates...
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作者：Anton, Miguel; Ederer, Florian; Gine, Mireia; Schmalz, Martin
作者单位：University of Navarra; IESE Business School; Boston University; Centre for Economic Policy Research - UK; European Corporate Governance Institute; University of Oxford; Leibniz Association; Ifo Institut
摘要：Firms have inefficiently low incentives to innovate when other firms benefit from their inventions and the innovating firm therefore does not capture the full surplus of its innovations. We show that, in theory, common ownership of firms mitigates this impediment to corporate innovation. By contrast, without technological spillovers, innovation has the effect of stealing market share from rivals and in that case more common ownership reduces innovation. Empirically, the association between com...
