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作者：Avoyan, Ala; Khubulashvili, Robizon; Mekerishvili, Giorgi
作者单位：Indiana University System; Indiana University Bloomington; University of San Francisco
摘要：In this paper, we investigate market design for online gaming platforms. We ask what motivates people to continue participation-success or failure. Using data from an online chess platform, we find strong evidence of heterogeneous history-dependent stopping behavior. We identify two behavioral types of people: those who are more likely to stop playing after a loss and those who are more likely to stop playing after a win. We propose a behavioral dynamic choice model in which the utility from p...
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作者：La Forgia, Ambar; Bodner, Julia
作者单位：University of California System; University of California Berkeley; Copenhagen Business School
摘要：Acquisitions by corporate entities have fueled the growth of chain organizations in healthcare. A chain is a multiunit firm under the same ownership and management providing similar services in different locations. Chain ownership has been credited with boosting firm performance in the retail and service sectors but has been criticized for prioritizing profits over the well-being of patients in the healthcare sector. This paper finds that chain ownership improves healthcare outcomes in the mar...
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作者：Shimao, Hajime; Kim, Sung Joo; Khern-Am-Nuai, Warut; Cohen, Maxime C.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Purdue University System; Purdue University; McGill University
摘要：An important debated topic in strategic management concerns the so-called chief executive officer (CEO) effect, which quantifies the impact that CEOs have on the performance of the firms that they lead. Prior literature has empirically investigated the CEO effect and found support for both theses: a significant effect and no effect at all. We note, however, that virtually all prior studies have relied on an empirical specification that leverages in-sample data, which could be unreliable in cer...
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作者：Sammon, Marco
作者单位：Harvard University
摘要：I show that passive ownership negatively affects the degree to which stock prices anticipate earnings announcements. Estimates across several research designs imply that the rise in passive ownership over the last 30 years has caused the amount of information incorporated into prices ahead of earnings announcements to decline by approximately one-fourth of its whole-sample mean and one-sixth of its whole-sample standard deviation.
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作者：Wang, Derui; Wu, Xiaole; Tang, Christopher S.; Dai, Yue
作者单位：Chinese Academy of Sciences; University of Science & Technology of China, CAS; Fudan University; University of California System; University of California Los Angeles
摘要：We study endogenous merger decisions among three competing firms with asymmetric capacity: one large firm has ample capacity, and two small firms have limited capacity. Each firm can either operate independently or merge with another firm. Because of antitrust laws, all three firms merging is not permitted. When two firms merge, the merged entity and the remaining independent firm use the resulting capacity to capture their own loyal buyers and compete in price for price-sensitive disloyal swi...
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作者：Wang, Jue; Song, Xueze; Yousefi, Roozbeh; Jiang, Zhigang
作者单位：Queens University - Canada; Cornell University; University of Alabama System; University of Alabama Tuscaloosa; Chinese Academy of Sciences; Institute of Zoology, CAS
摘要：Amid an unprecedented loss of biodiversity, a pressing issue is how to improve the efficiency of conservation with limited resources and information. Collecting data on species with a small population is costly and time consuming, and many high-stakes decisions need to be made based on limited data. We develop a partially observable Markov decision processes model with unknown parameters to jointly optimize the information collection and protection efforts for threatened species. The model tak...
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作者：Li, Jun E.
作者单位：University of Warwick
摘要：Cross-sectional dispersion and macro uncertainty (volatility of aggregate economic variables) are conceptually distinct. However, empirically, they both comove and are countercyclical. This paper builds a general equilibrium model and demonstrates that credit market frictions allow cross-sectional dispersion to drive time-varying macro uncertainty endogenously. In the model, as firm-level productivity becomes more dispersed, more firms are pushed to the left tail of the productivity distributi...
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作者：Pitkajarvi, Aleksi; Vacca, Matteo
作者单位：Vrije Universiteit Amsterdam; Tinbergen Institute; Aalto University; Hanken School of Economics
摘要：Mahmoud [Mahmoud O (2022) The willingness to pay for diversification. Management Sci. 68(8):6235-6249] presents experimental evidence showing that people have an intrinsic preference for diversification that is driven by risk aversion and loss aversion, with risk-averse and loss-averse individuals being more willing to pay for diversification. We document numerous discrepancies between the results reported in the paper and the results calculated from the experimental data. In particular, the d...
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作者：Bennouna, Amine; Pachamanova, Dessislava; Perakis, Georgia; Lami, Omar Skali
作者单位：Massachusetts Institute of Technology (MIT); Babson College; Massachusetts Institute of Technology (MIT)
摘要：This paper proposes a framework for learning the most concise Markov decision process (MDP) model of a continuous state-space dynamic system from observed transition data. This setting is encountered in numerous important applications, such as patient treatment, online advertising, recommender systems, and estimation of treatment effects in econometrics. Most existing methods in offline reinforcement learning construct functional approximations of the value or the transition and reward functio...
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作者：Caglayan, Mustafa O.; Duarte, Diogo; Duarte, Victor F.; Lu, Xiaomeng
作者单位：State University System of Florida; Florida International University; University of Illinois System; University of Illinois Urbana-Champaign; University System of Georgia; Georgia College & State University
摘要：We develop a general equilibrium model in which investors simultaneously experience money and nominal price illusions. We show that the combined effects of these illusions widen the gap between the elasticities of the earnings yield of low-and highpriced stocks relative to the nominal interest rate. Empirically, we show that the compounded effects of money and nominal price illusions are stronger for low-priced stocks during periods of high inflation and economic downturns and for stocks with ...
