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作者：Arslan, Yavuz; Degerli, Ahmet; Kabas, Gazi
作者单位：University of Liverpool; Federal Reserve System - USA; Federal Reserve System Board of Governors; Tilburg University
摘要：We use disaggregated U.S. data and a border discontinuity design to show that more generous unemployment insurance (UI) policies lower bank deposits. We test several channels that could explain this decline and find evidence consistent with households lowering their deposit holdings due to reduced precautionary savings. Because deposits are the largest and most stable source of funding for banks, the decrease in deposits affects bank lending. Banks that raise deposits in states with generous U...
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作者：Chen, Shuzhen; Baron, Opher; Chen, Ningyuan
作者单位：Central South University; University of Toronto
摘要：We investigate the optimal clearing policy for a financial payment system composed of a number of member banks and a central bank in a dynamic setting, when new payment obligations or debts between member banks are generated over time. The central bank clears the debts among members in the system in order to minimize the costs, including the setup cost of each clearing, the variable cost of clearing the net debts, and the liquidity cost of uncleared debts. We formulate the problem using dynami...
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作者：Han, Eojin; Nohadani, Omid
作者单位：University of Notre Dame
摘要：Sequential decision making often requires dynamic policies, which are computationally not tractable in general. Decision rules provide approximate solutions by restricting decisions to simple functions of uncertainties. In this paper, we consider a nonparametric lifting framework where the uncertainty space is lifted to higher dimensions to obtain nonlinear decision rules. Current lifting-based approaches require predetermined functions and are parametric. We propose two nonparametric liftings...
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作者：Bazley, William; Cuculiza, Carina; Pisciotta, Kevin
作者单位：University of Kansas; Oklahoma State University System; Oklahoma State University - Stillwater
摘要：Despite evidence of the importance of sleep for cognitive performance, prior research finds limited effects of sleep disruptions on financial markets. This is puzzling because financial decisions rely on higher-order cognitive processes that are typically affected by sleep. We reconcile this dissonance by examining forecasts of corporate earnings by nonprofessional and professional forecasters. We find that nonprofessional forecasters exhibit a significant decline in their forecast accuracy fo...
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作者：Jiang, Zhaohui (Zoey); Li, Jun; Zhang, Dennis
作者单位：Carnegie Mellon University; University of Michigan System; University of Michigan; Washington University (WUSTL)
摘要：Online retailers are facing an increasing variety of product choices and diversified consumer decision journeys. To improve many operations decisions for online retailers, such as demand forecasting and inventory management and pricing, an important first step is to obtain an accurate estimate of the substitution patterns among a large number of products offered in the complex online environment. Classic choice models either do not account for these substitution patterns beyond what is reflect...
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作者：Lim, Stanley Frederick W. T.; Rabinovich, Elliot; Lee, Sanghak; Park, Sungho
作者单位：Michigan State University; Michigan State University's Broad College of Business; Arizona State University; Arizona State University-Tempe; Seoul National University (SNU)
摘要：Efficiently managing inventories requires an accurate estimation of stockout costs. This estimation is complicated by challenges in determining how to compensate consumers monetarily to ensure they will maintain the same level of utility they would have obtained had stockouts not occurred. This paper presents an analysis of these compensation costs as applied to the design of optimal stockout rates by an online retailer marketing to consumers aesthetically substandard fruits and vegetables rej...
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作者：Xing, Wei; Liu, Liming; Zhang, Fuqiang; Zhao, Qian
作者单位：China University of Petroleum; Southern University of Science & Technology; Washington University (WUSTL); Universita di Modena e Reggio Emilia
摘要：This paper studies two competing firms' choices between the contingent-price contract (CPC) and fixed-price contract (FPC) in global commodity procurement. The FPC price is determined when signing the contract, whereas the CPC price is pegged to an underlying index and remains open until the delivery date. Under both contracts, each firm determines its order quantity based on the updated belief about the market demand. The unrealized CPC price correlates with the market demand, allowing a firm...
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作者：Kohlenberg, Angela; Gurvich, Itai
作者单位：Northwestern University
摘要：. We study matching queues with abandonment. The simplest of these is the two-sided queue with servers on one side and customers on the other, both arriving dynamically. over time and abandoning if not matched by the time their patience elapses. We identify nonasymptotic and universal scaling laws for the matching loss due to abandonment, which we refer to as the cost of impatience. The scaling laws characterize the way in which this cost depends on the arrival rates and the (possibly differen...
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作者：Fulop, Andras; Li, Junye; Liu, Hening; Yan, Cheng
作者单位：ESSEC Business School; Fudan University; University of Manchester; Alliance Manchester Business School; University of Essex
摘要：We estimate and test long-run risk models using international macroeconomic and financial data. The benchmark model features a representative agent who has recursive preferences with a time preference shock, a persistent component in expected consumption growth, and stochastic volatility in fundamentals characterized by an autoregressive gamma process. We construct a comprehensive data set with quarterly frequency for 10 developed countries and employ an efficient likelihood-based Bayesian met...
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作者：Margolin, Maximilian; Reimer, Marko; Schaupp, Daniel
作者单位：Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; WHU - Otto Beisheim School of Management
摘要：New digital technologies allow companies to provide employees with performance feedback in real time. We investigate the causal effects of such real-time feedback on individual effort and the quality of initial (prefeedback) and final (post feedback) decisions by exploiting a natural quasi-experiment in the setting of professional soccer refereeing. Our results suggest that real-time feedback has differential effects for experienced compared with inexperienced agents. Specifically, we find som...
