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作者：Schraeder, Stefanie
作者单位：University of Vienna
摘要：In a world of increasingly extensive information, rational investors can make better decisions. However, reinforcement-oriented investors are also more likely to observe preferred signals close to their own perception. A focus on these signals distorts the perceived aggregate signal in the direction of the prior estimate. This reduces belief adaptation. Hence, the empirically well-documented selective exposure/reinforcement theory reduces the positive impact of greater information availability...
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作者：Ren, Zhimei; Zhou, Zhengyuan
作者单位：University of Pennsylvania; New York University
摘要：We study the problem of dynamic batch learning in high-dimensional sparse linear contextual bandits, where a decision maker, under a given maximum-number-of batch constraint and only able to observe rewards at the end of each batch, can dynamically decide how many individuals to include in the next batch (at the end of the current batch) and what personalized action-selection scheme to adopt within each batch. Such batch constraints are ubiquitous in a variety of practical contexts, including ...
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作者：Arvanitis, Stelios; Post, Thierry
作者单位：Athens University of Economics & Business; Nazarbayev University
摘要：Concepts are introduced and applied for analyzing and selecting arbitrage portfolios in the face of uncertainty about initial positions and risk preferences. A stochastic arbitrage opportunity is defined as a zero-cost investment portfolio that enhances every feasible host portfolio for all admissible utility functions. The alternative to the existence of such investment opportunities is the existence of a solution to a dual system of asset pricing restrictions based on a class of stochastic d...
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作者：Cao, Ping; Sun, Peng; Tian, Feng
作者单位：Chinese Academy of Sciences; University of Science & Technology of China, CAS; Duke University; University of Hong Kong
摘要：This paper studies a dynamic principal-agent setting in which the principal needs to dynamically schedule an agent to work or be suspended. When the agent is directed to work and exert effort, the arrival rate of a Poisson process is increased, which increases the principal's payoff. Suspension, on the other hand, serves as a threat to the agent by delaying future payments. A key feature of our setting is a switching cost whenever the suspension stops and the work starts again. We formulate th...
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作者：Fan, Tijun; Feng, Qi; Li, Yuanchen; Shanthikumar, J. George; Wu, Yifan
作者单位：East China University of Science & Technology; Purdue University System; Purdue University; Tongji University
摘要：Many governments subsidize the agricultural industry, trying to raise the market outputs either for domestic needs or for export. In many countries, particularly developing countries, the producers' market may be fragmented, involving a large number of farmers with variable productivity levels. The format of subsidies can have significantly different implications for farmers in different market segments. In this study, we examine four types of subsidies. A planting subsidy is paid to a farmer ...
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作者：Barrios, John M.; Gallemore, John
作者单位：Washington University (WUSTL); National Bureau of Economic Research; University of North Carolina; University of North Carolina Chapel Hill
摘要：We examine the extent to which the labor market facilitates the diffusion of tax planning knowledge across firms. Using a novel data set of tax department employee movements between S&P 1500 firms, we find that firms experience an increase in their tax planning after hiring a tax employee from a tax-aggressive firm. This finding is robust to various research designs and specifications. Consistent with tax-planning knowledge driving the result, we find that the tax-planning benefits are more su...
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作者：Lassance, Nathan; Martin-Utrera, Alberto; Simaan, Majeed
作者单位：Iowa State University; Stevens Institute of Technology
摘要：We derive analytical expressions for the risk of an investor's expected utility under parameter uncertainty. In particular, our analysis focuses on characterizing the out-of-sample utility variance of three portfolios: the classic mean-variance portfolio, the minimum-variance portfolio, and a shrinkage portfolio that combines both. We then use our analytical expressions to study a robustness measure that balances out-of-sample utility mean and volatility. We show that neither the sample mean-v...
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作者：Grand-Clement, Julien; Pauphilet, Jean
作者单位：University of London; London Business School
摘要：Many high-stake decisions follow an expert-in-loop structure in that a human operator receives recommendations from an algorithm but is the ultimate decision maker. Hence, the algorithm's recommendation may differ from the actual decision implemented in practice. However, most algorithmic recommendations are obtained by solving an optimization problem that assumes recommendations will be perfectly implemented. We propose an adherence-aware optimization framework to capture the dichotomy betwee...
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作者：Crosetto, Paolo; Gaudeul, Alexia
作者单位：Communaute Universite Grenoble Alpes; Institut National Polytechnique de Grenoble; Universite Grenoble Alpes (UGA); Centre National de la Recherche Scientifique (CNRS); INRAE; European Commission Joint Research Centre
摘要：We explore the nature and robustness of the attraction effect. The attraction effect can be seen as a persistent bias or as the result of heuristics that may not persist upon reflection. We provide robust experimental evidence that the attraction effect first rises and then falls over time when participants are incentivized to make a quick choice they can later revise. Participants in two experiments under continuous time pressure make choices among options with the aim to maximize an objectiv...
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作者：Kim, Dong Soo; Lee, Sanghak; Hur, Taegyu; Kim, Jaehwan; Allenby, Greg M.
作者单位：University System of Ohio; Ohio State University; Arizona State University; Arizona State University-Tempe; Iowa State University; Korea University
摘要：Consumers encounter costs and inconvenience in the purchase and consumption of goods. Time, effort, training, and expertise, also referred to as access costs, are examples of factors that constrain the ability of consumers to derive utility from offerings beyond the price of a good. Economies of scope exist when household production of these factors share commonalities among choice alternatives, making it more likely that some products would be purchased and consumed in conjunction with others...
