5期

最新文章

• Portfolio Selection with Capital Gains Tax, Recursive Utility, and Regime Switching AI翻译
  作者：Cai, Jiatu; Chen, Xinfu; Dai, Min
  作者单位：Universite Paris Cite; Sorbonne Universite; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; National University of Singapore; National University of Singapore
  摘要：Capital gains taxation has important implications for investors' portfolio choice decisions. To explore these implications, we develop a continuous time investment and consumption model with capital gains tax, Epstein-Zin recursive utility, and regime switching. We find that various factors, such as tax rate, risk aversion, interest rate, stock return, and volatility, jointly affect optimal portfolio allocation, whereas intertemporal substitution does not. In a regime switching market, investo...
• Behavior-Based Advertising AI翻译
  作者：Shen, Qiaowei; Villas-Boas, J. Miguel
  作者单位：Peking University; University of California System; University of California Berkeley
  摘要：This paper considers the effect of firms sending advertising messages to consumers based on their past purchase behavior. If past purchase behavior on a product category is positively correlated with a consumer having high preferences in another category, a firm may want to advertise more intensively to those consumers that purchased the former category, if possible. This paper finds that this can lead to lower prices in the initial category if the annoyance of receiving advertising is large, ...
• We're Number 1: Price Wars for Market Share Leadership AI翻译
  作者：Cabral, Luis
  作者单位：New York University; Centre for Economic Policy Research - UK
  摘要：I examine the dynamics of oligopolies when firms derive subjective value from market leadership. In equilibrium, prices alternate in tandem between high levels and occasional price wars, which take place when market leadership is at stake. The stationary distribution of market shares is typically multimodal; that is, much of the time, there is a stable market leader. Even though shareholders do not value market leadership per se, a corporate culture that values market leadership may increase s...
• Multichannel Distribution Strategy: Selling to a Competing Buyer with Limited Supplier Capacity AI翻译
  作者：Yang, Zhibin (Ben); Hu, Xinxin; Gurnani, Haresh; Guan, Huiqi
  作者单位：University of Oregon; University of Houston System; University of Houston; University of Houston Downtown; Wake Forest University; University of Miami
  摘要：We study the optimal distribution strategy of a supplier with limited capacity. The supplier may adopt the supplier-only role, be the solo seller in the market, or use the dual-channel strategy and compete with its downstream buyer. In comparison to the case of unlimited capacity, we show that the supplier, the buyer, and consumers may all benefit from the supplier's limited capacity at the same time, leading to a win-winwin outcome. We also find that, under limited capacity, the downstream bu...
• What Calls to ARMs? International Evidence on Interest Rates and the Choice of Adjustable-Rate Mortgages AI翻译
  作者：Badarinza, Cristian; Campbell, John Y.; Ramadorai, Tarun
  作者单位：National University of Singapore; Centre for Economic Policy Research - UK; Harvard University; National Bureau of Economic Research; Imperial College London
  摘要：The relative popularity of adjustable-rate mortgages (ARMs) and fixed-rate mortgages (FRMs) varies considerably both across countries and over time. We ask how movements in current and expected future interest rates affect the share of ARMs in total mortgage issuance. Using a nine-country panel and instrumental variables methods, we present evidence that near-term(one-year) rational forecasts of future movements in ARM rates do affect mortgage choice, particularly in more recent data since 200...
• An Experimental Investigation of Managing Quality Through Monetary and Relational Incentives AI翻译
  作者：Davis, Andrew M.; Hyndman, Kyle
  作者单位：Cornell University; University of Texas System; University of Texas Dallas
  摘要：We investigate the efficacy of monetary and relational incentives for managing the quality of a product in a two-tier supply chain. In our setting, a retailer offers a supplier contract terms for a product, where the product can be low or high quality. The supplier can choose to exert high effort, which is costly but guarantees high quality, or low effort, which does not assure high quality with certainty. We compare how monetary incentives, such as a bonus that is paid to the supplier when hi...
• Do Consumers Take Advantage of Common Pricing Standards? An Experimental Investigation AI翻译
  作者：Sugden, Robert; Zheng, Jiwei
  作者单位：University of East Anglia; University of East Anglia
  摘要：Gaudeul and Sugden [Gaudeul A, Sugden R (2012) Spurious complexity and common standards in markets for consumer goods. Economica 79(314): 209-225] have hypothesized that when some but not all competing products are priced in a common standard, consumers who are liable to make errors in cross-standard price comparisons use decision rules that discriminate in favor of common-standard offers. Such behavior incentivizes sellers to use common standards. We report an experimental test of this hypoth...
• Optimal Price and Delay Differentiation in Large-Scale Queueing Systems AI翻译
  作者：Maglaras, Costis; Yao, John; Zeevi, Assaf
  作者单位：Columbia University
  摘要：We study a multiserver queueing model of a revenue-maximizing firm providing a service to a market of heterogeneous price-and delay-sensitive customers with private individual preferences. The firm may offer a selection of service classes that are differentiated in prices and delays. Using a deterministic relaxation, which simplifies the problem by preserving the economic aspects of price-and-delay differentiation while ignoring queueing delays, we construct a solution to the fully stochastic ...