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作者：Roth, Benjamin N.; Shorrer, Ran, I
作者单位：Harvard University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：Often market designers cannot force agents to join a marketplace rather than using pre-existing institutions. We propose a new desideratum for marketplace design that guarantees the safety of participation: dominant individual rationality (DIR). A marketplace is DIR if every pre-existing strategy is weakly dominated by some strategy within the marketplace. We study applications to the design of labor markets and the sharing economy. We also provide a general construction to achieve approximate...
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作者：Hirschey, Nicholas
作者单位：University of London; London Business School
摘要：This study provides evidence that high-frequency traders (HFTs) identify patterns in past trades and orders that allow them to anticipate and trade ahead of other investors' order flow. Specifically, HFTs' aggressive purchases and sales lead those of other investors, and this effect is stronger at times when it is more difficult for non-HFTs to disguise their order flow. Consistent with some HFTs being more skilled or more focused on anticipatory strategies, I show that trades from a subset of...
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作者：Chang, Ching-Hung; Wu, Qingqing
作者单位：National Taiwan University; National Taiwan University; University System of Ohio; Xavier University
摘要：This paper studies whether board connectedness affects corporate innovation. We find that well-connected boards have a positive effect on innovation activities and quality. The effect is stronger when firms have higher demand for advising or face more severe agency problems. Firms with greater needs for external finance benefit more from board connections with bankers. We show that the positive relation is causal and robust based on a battery of empirical tests including exogenous variation in...
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作者：Huang, Wenqian; Menkveld, Albert J.; Yu, Shihao
作者单位：Bank for International Settlements (BIS); Vrije Universiteit Amsterdam; Tinbergen Institute
摘要：Time is valuable, particularly in stressed markets. Because central counterparties (CCPs) have become systemically important, we need to understand the dynamics of their exposure toward clearing members at high frequencies. We track such exposure and decompose it, yielding the following insights. The composition of CCP exposure is fundamentally different in the tails. At extreme levels or during rapid increases, there is elevated crowding. This is the result of clearing members all concentrati...
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作者：Aouad, Ali; Farias, Vivek; Levi, Retsef
作者单位：University of London; London Business School; Massachusetts Institute of Technology (MIT)
摘要：Consider-then-choose models, borne out by empirical literature in marketing and psychology, explain that customers choose among alternatives in two phases, by first screening products to decide which alternatives to consider and then ranking them. In this paper, we develop a dynamic programming framework to study the computational aspects of assortment optimization under consider-then-choose premises. Although non-parametric choice models generally lead to computationally intractable assortmen...
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作者：Zhou, Frank S.
作者单位：University of Pennsylvania
摘要：This paper examines whether investor learning about profitability (i.e., the mean of earnings distribution) leads to persistence in disclosure decisions. A repeated single-period model shows that persistent investor beliefs about profitability lead to persistent disclosure decisions. Using earnings forecast data, I structurally estimate the model and perform several counterfactual analyses. I find that, when investors are assumed to know profitability, the persistence of management forecast de...
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作者：Aouad, Ali; Segev, Danny
作者单位：University of London; London Business School; University of Haifa
摘要：We introduce a new optimization model, dubbed the display optimization problem, that captures a common aspect of choice behavior, known as the framing bias. In this setting, the objective is to optimize how distinct items (corresponding to products, web links, ads, etc.) are being displayed to a heterogeneous audience, whose choice preferences are influenced by the relative locations of items. Once items are assigned to vertically differentiated locations, customers consider a subset of the it...
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作者：Sunar, Nur; Tu, Yichen; Ziya, Serhan
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine
摘要：It is generally accepted that operating with a combined (i.e., pooled) queue rather than separate (i.e., dedicated) queues is beneficial because pooling queues reduces long-run average sojourn time. In fact, this is a well-established result in the literature when jobs cannot make decisions and servers and jobs are identical. An important corollary of this finding is that pooling queues improves social welfare in the aforementioned setting. We consider an observable multiserver queueing system...
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作者：Bhaskarabhatla, Ajay; Cabral, Luis; Hegde, Deepak; Peeters, Thomas
作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; New York University
摘要：In this study, we empirically assess the contributions of inventors and firms for innovation using a 37-year panel of U.S. patenting activity. We estimate that inventors' human capital is 5-10 times more important than firm capabilities for explaining the variance in inventor output. We then examine matching between inventors and firms and find highly talented inventors are attracted to firms that (i) have weak firm-specific invention capabilities and (u) employ other talented inventors. A the...
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作者：Subramanian, Shivaram; Harsha, Pavithra
作者单位：International Business Machines (IBM); IBM USA
摘要：We present an integrated optimization approach to parameter estimation for discrete choice demand models where data for one or more choice alternatives are censored. We employ a mixed-integer program (MIP) to jointly determine the prediction parameters associated with the customer arrival rate and their substitutive choices. This integrated approach enables us to recover proven, (near-) optimal parameter values with respect to the chosen loss-minimization (LM) objective function, thereby overc...
