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作者：Balseiro, Santiago R.; Gur, Yonatan
作者单位：Columbia University; Stanford University
摘要：In online advertising markets, advertisers often purchase ad placements through bidding in repeated auctions based on realized viewer information. We study how budget-constrained advertisers may compete in such sequential auctions in the presence of uncertainty about future bidding opportunities and competition. We formulate this problem as a sequential game of incomplete information, in which bidders know neither their own valuation distribution nor the budgets and valuation distributions of ...
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作者：Kouvelis, Panos; Wu, Xiaole; Xiao, Yixuan
作者单位：Washington University (WUSTL); Fudan University; City University of Hong Kong
摘要：We study hedging cash-flow risks in a supply chain where firms invest internal funds to improve production efficiencies. We offer a decomposition framework to capture the cost-reduction and flexibility effect of hedging. It allows us to understand how a firm's hedging choice depends on its supply chain partner's decision, and how such interaction is affected by supply chain characteristics such as market size, cash-flow volatility, and correlation. When firms' cash flows are independent of eac...
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作者：Dong, Jing; Yom-Tov, Elad; Yom-Tov, Galit B.
作者单位：Columbia University; Technion Israel Institute of Technology
摘要：We investigate the impact of delay announcements on the coordination within hospital networks using a combination of empirical observations and numerical experiments. We offer empirical evidence that suggests that patients take delay information into account when choosing emergency service providers and that such information can help increase coordination in the network, leading to improvements in the performance of the network, as measured by emergency department wait times. Our numerical res...
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作者：Tsoukalas, Gerry; Wang, Jiang; Giesecke, Kay
作者单位：University of Pennsylvania; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Stanford University
摘要：We analyze the optimal execution problem of a portfolio manager trading multiple assets. In addition to the liquidity and risk of each individual asset, we consider cross asset interactions in these two dimensions, which substantially enriches the nature of the problem. Focusing on the market microstructure, we develop a tractable order book model to capture liquidity supply/demand dynamics in a multiasset setting, which allows us to formulate and solve the optimal portfolio execution problem....
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作者：Dong, Xi; Feng, Shu; Sadka, Ronnie
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); Clark University; Boston College
摘要：This paper demonstrates that the ability of fund managers to create value depends on market liquidity conditions, which in turn introduces a liquidity risk exposure (beta) for skilled managers. We document an annual liquidity beta performance spread of 4% in the cross section of mutual funds over the period 1983-2014. Liquidity risk premia explain an insubstantial fraction of this spread; instead, the spread can be attributed to the differential ability of high liquidity beta funds to outperfo...
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作者：Benjaafar, Saif; Kong, Guangwen; Li, Xiang; Courcoubetis, Costas
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Singapore University of Technology & Design
摘要：We describe an equilibrium model of peer-to-peer product sharing, or collaborative consumption, where individuals with varying usage levels make decisions about whether or not to own a homogeneous product. Owners are able to generate income from renting their products to nonowners while nonowners are able to access these products through renting on an as-needed basis. We characterize equilibrium outcomes, including ownership and usage levels, consumer surplus, and social welfare. We compare ea...
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作者：Chemama, Jonathan; Cohen, Maxime C.; Lobel, Ruben; Perakis, Georgia
作者单位：Universite Paris Saclay; New York University; Airbnb; Massachusetts Institute of Technology (MIT)
摘要：Governments use consumer incentives to promote green technologies (e.g., solar panels and electric vehicles). Our goal in this paper is to study how policy adjustments over time will interact with production decisions from the industry. We model the interaction between a government and an industry player in a two-period game setting under uncertain demand. We show how the timing of decisions affects the risk sharing between the government and the supplier, ultimately affecting the cost of the ...
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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：We study a new class of scheduling problems that capture common settings in service environments, in which one has to serve a collection of jobs that have a priori uncertain attributes (e.g., processing times and priorities) and the service provider has to decide how to dynamically allocate resources (e.g., people, equipment, and time) between testing (diagnosing) jobs to learn more about their respective uncertain attributes and processing jobs. The former could inform future decisions, but c...
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作者：Frydman, Carola
作者单位：Northwestern University; National Bureau of Economic Research
摘要：I present new stylized facts on the market for managers over the twentieth century, utilizing a novel data set on managerial careers. From the 1930s to the mid-1970s, the level of executive pay, inequality among executives across and within firms, and mobility were low. These patterns have reversed since then. I document that an increase in the importance of general managerial human capital can account for this change. The level of general skills, measured by the type of education and occupati...
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作者：Goerg, Sebastian J.; Kube, Sebastian; Radbruch, Jonas
作者单位：Technical University of Munich; Max Planck Society; IZA Institute Labor Economics; University of Bonn
摘要：Agents' decisions to exert effort depend on the incentives and the potential costs involved. So far, most of the attention has been on the incentive side. However, our laboratory experiments underline that both the incentive and the cost side can be used separately to shape work performance. In our experiment, subjects work on a real-effort slider task. Between treatments, we vary the incentive scheme used for compensating workers. Additionally, by varying the available outside options, we exp...
