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作者：Tsoukalas, Gerry; Falk, Brett Hemenway
作者单位：University of Pennsylvania; University of Pennsylvania
摘要：Blockchain-based platforms often rely on token-weighted voting (t-weighting) to efficiently crowdsource information from their users for a wide range of applications, including content curation and on-chain governance. We examine the effectiveness of such decentralized platforms for harnessing the wisdom and effort of the crowd. We find that t-weighting generally discourages truthful voting and erodes the platform's predictive power unless users are strategic enough to unravel the underlying a...
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作者：Cui, Ruomeng; Li, Meng; Li, Qiang
作者单位：Emory University; Rutgers University System; Rutgers University Camden; Rutgers University New Brunswick; Rutgers University System; Rutgers University Newark; Rutgers University New Brunswick
摘要：Consumers regard product delivery as an important service component that influences their shopping decisions on online retail platforms. Delivering products to customers in a timely and reliable manner enhances customer experience and companies' profitability. In this research, we explore the extent to which customers value a high-quality delivery experience when shopping online. Our identification strategy exploits a natural experiment: a clash between SF Express and Alibaba, the largest priv...
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作者：Friedman, Henry L.; Heinle, Mirko S.
作者单位：University of California System; University of California Los Angeles; University of Pennsylvania
摘要：We examine a setting in which agents can form lobbying coalitions to influence a policy maker. Policy uniformity causes agents to free ride on each other's lobbying and gives them an incentive to form lobbying coalitions. We investigate when coalitions are formed by similar or dissimilar agents and show that endogenous coalition formation causes the effects of policy uniformity and lobbying costs on aggregate lobbying activity and policy strength to be nonmonotonic. Our model suggests that inc...
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作者：Moazeni, Somayeh; Defourny, Boris; Wilczak, Monika J.
作者单位：Stevens Institute of Technology; Lehigh University; Accenture
摘要：Developing marketing campaigns for a new product or a new target population is challenging because of the scarcity of relevant historical data. Building on dynamic Bayesian learning, a sequential optimization assists in creating new data points within a finite number of learning phases. This procedure identifies effective advertisement design elements as well as customer segments that maximize the expected outcome of the final marketing campaign. In this paper, the marketing campaign performan...
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作者：Cao, Ying; Guan, Feng; Li, Zengquan; Yang, Yong George
作者单位：Chinese University of Hong Kong; Shanghai University of Finance & Economics
摘要：We study whether sell-side financial analysts' physical attractiveness is associated with their job performance. We find that attractive analysts make more accurate earnings forecasts than less attractive analysts. Moreover, more attractive analysts make stock recommendations that are more informative in the short run and more profitable in the long run. Additional analyses reveal that attractive analysts attain their better job performance at least partly through their privileged access to in...
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作者：Anand, Krishnan S.; Giraud-Carrier, Francois C.
作者单位：Utah System of Higher Education; University of Utah; Utah System of Higher Education; Weber State University
摘要：We develop a model of oligopolistic firms that produce partially differentiated products and generate pollution as a byproduct. We analyze and compare two types of pollution regulation: Cap-and-Trade and Taxes. Firms can respond to regulation by any combination of pollution abatement, output reduction, emissions trading (under Cap-and-Trade), or payment of pollution taxes (under Taxes). We prove that well-chosen regulation can, besides reducing pollution, actually improve firms' profits relati...
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作者：Klages-Mundt, Ariah; Minca, Andreea
作者单位：Cornell University; Cornell University
摘要：We develop a model for contagion in reinsurance networks by which primary insurers' losses are spread through the network. Our model handles general reinsurance contracts, such as typical excess of loss contracts. We show that simpler models existing in the literature-namely proportional reinsurance-greatly underestimate contagion risk. We characterize the fixed points of our model and develop efficient algorithms to compute contagion with guarantees on convergence and speed under conditions o...
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作者：Goncalves-Pinto, Luis; Grundy, Bruce D.; Hameed, Allaudeen; van der Heijden, Thijs; Zhu, Yichao
作者单位：University of New South Wales Sydney; Chinese University of Hong Kong; University of Melbourne; National University of Singapore; Australian National University
摘要：Stock and options markets can disagree about a stock's value because of informed trading in options and/or price pressure in the stock. The predictability of stock returns based on this cross-market discrepancy in values is especially strong when accompanied by stock price pressure, and it does not depend on trading in options. We argue that option-implied prices provide an anchor for fundamental stock values that helps to distinguish stock price movements resulting from pressure versus news. ...
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作者：Rysman, Marc; Simcoe, Timothy; Wang, Yanfei
作者单位：Boston University; Boston University; National Bureau of Economic Research; Renmin University of China
摘要：We study the role of vertical differentiation in the adoption of LEED (Leadership in Energy & Environmental Design), amultitier environmental building certification system. Our identification strategy relies on the timing of adoption and shows that builders seek to differentiate from each other by choosing a different certification level from previously certified buildings. A common concern in this framework is that mean-reverting behavior could be mistaken for differentiation. We develop a ne...
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作者：Bell, David R.; Gallino, Santiago; Moreno, Antonio
作者单位：University of Pennsylvania; Harvard University
摘要：We conjecture that for online retailers, experience-centric offline store formats do not simply expand market coverage, but rather, serve to significantly amplify future positive customer behaviors, both online and offline. We term this phenomenon supercharging and test our thesis using data from a digital-first men's apparel retailer and a pioneer of the so-called zero inventory store (ZIS) format-a small-footprint, experience-centric retail location that carries no inventory for immediate fu...
