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作者：Shen, Jialu
作者单位：University of Missouri System; University of Missouri Columbia
摘要：Using a quantitative, calibrated life-cycle model, I show that countercyclical earnings risk affects individual consumption growth, reduces the share of wealth in stocks, and affects savings behavior. Using the Panel Study of Income Dynamics survey, I construct an empirical measure of countercyclical earnings risk and find evidence consistent with the model's predictions. Specifically, larger downside earnings risk decreases consumption growth, increases left skewness in consumption growth, an...
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作者：Neilson, Jed J.; Wang, K. Philip; Williams, Christopher D.; Xie, Biqin
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; State University System of Florida; University of Florida; University of Michigan System; University of Michigan; United States Department of the Treasury; Office of Financial Research
摘要：U.S. generally accepted accounting principles (GAAP) allows banks to offset derivative assets against derivative liabilities with the same counterparty and report only the net amount on the balance sheet. Derivative offsetting under international financial reporting standards (IFRS) is much more restrictive, resulting in the single largest differ-ence in balance sheet presentation between U.S. GAAP and IFRS. Two important factors dominate the standard-setting discussion on this issue: (1) whet...
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作者：Tang, Christopher S.; Wang, Yulan; Zhao, Ming
作者单位：University of California System; University of California Los Angeles; Hong Kong Polytechnic University; University of Electronic Science & Technology of China
摘要：Because of a growing population and shrinking arable land, the world is facing a global food crisis. One important solution could be to subsidize farmers to sustain their production so that they can produce more food for consumers and earn more money for themselves. An efficient subsidy program should also aim to reduce income inequality among farmers, as measured by the Gini coefficient of farmers' income. In this paper, we examine and compare the effects of input and output farm subsidy prog...
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作者：Xu, Zhou; Li, Feng; Chen, Zhi-Long
作者单位：Hong Kong Polytechnic University; Huazhong University of Science & Technology; University System of Maryland; University of Maryland College Park
摘要：We study a shipment consolidation problem commonly faced by companies that outsource logistics operations and operate in a commit-to-delivery mode. It involves delivering a given set of orders to their destinations by their committed due times using multiple shipping methods at the minimum total shipping and inventory cost. The shipping cost is generally nonlinear in shipping quantity and can be represented by a subadditive piecewise linear function. We investigate two shipping scenarios, one ...
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作者：Kini, Omesh; Lee, Sangho; Shen, Mo
作者单位：University System of Georgia; Georgia State University; California State University System; California State Polytechnic University Pomona; Auburn University System; Auburn University
摘要：The common ownership of firms can have anticompetitive effects by incentivizing collusive outcomes that maximize joint surpluses of the commonly held firms or pro competitive effects through enhanced knowledge spillovers. Using a difference -indifferences regression methodology that exploits mergers between financial institutions as exogenous shocks to common ownership, our baseline results suggest that higher common ownership leads to greater product market fluidity (a text-based metric of co...
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作者：Kerimov, Suleyman; Ashlagi, Itai; Gurvich, Itai
作者单位：Rice University; Stanford University; Northwestern University
摘要：We study how to optimally match agents in a dynamic matching market with heterogeneous match cardinalities and values. A network topology determines the feasible matches in the market. In general, a fundamental tradeoff exists between short-term value-which calls for performing matches frequently-and long-term value-which calls, sometimes, for delaying match decisions in order to perform better matches. We find that in networks that satisfy a general position condition, the tension between sho...
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作者：Sun, Peng; Piaw, Teo Chung
作者单位：Duke University; National University of Singapore
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作者：Sundaresan, Savitar
作者单位：Imperial College London
摘要：Unusual events trigger persistent spikes in uncertainty. Standard models cannot match these dynamic patterns. This paper presents a unified framework, motivated by the literature on inattention. Agents choose whether and how to prepare for different possible states of the world by collecting information. Agents optimally ignore sufficiently unlikely events, so the occurrence of such events does not resolve, but rather increases, uncertainty. Uncertain agents have dispersed beliefs, making it h...
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作者：Levi, Retsef; Magnanti, Thomas; Shaposhnik, Yaron
作者单位：Massachusetts Institute of Technology (MIT); Singapore University of Technology & Design; University of Rochester
摘要：This paper studies a canonical general scheduling model that captures the fundamental trade-off between processing jobs and performing diagnostics (testing). In particular, testing reveals the required processing time and urgency of need-to-schedule jobs to inform future scheduling decisions. The model captures a range of important applications. Prior work focused on special cases (e.g., jobs with independent and identically distributed processing time) to devise optimal policies. In contrast,...
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作者：Balafoutas, Loukas; Batsaikhan, Mongoljin; Sutter, Matthias
作者单位：University of Exeter; University of Innsbruck; Middlesex University; Max Planck Society; University of Cologne; IZA Institute Labor Economics
摘要：We measure the willingness to compete of entrepreneurs and salaried workers in an experiment. Participants can choose between a piece rate and a tournament scheme in either private or public. We find that in the private condition, entrepreneurs are less competitive than salaried workers, but in the public condition, this ordering is reversed. Survey data suggest that perceived norms of appropriate behavior, along with beliefs about the instrumental value of competitiveness for professional suc...
