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作者：Chen, Ningyuan; Kou, Steven; Wang, Chun
作者单位：Hong Kong University of Science & Technology; National University of Singapore; Columbia University
摘要：We propose a partitioning algorithm to solve a class of linear-quadratic Markov decision processes with inequality constraints and nonconvex stagewise cost; within each region of the partitioned state space, the value function and the optimal policy have analytical quadratic and linear forms, respectively. Compared to grid-based numerical schemes, the partitioning algorithm gives the closed-formsolution without discretization error, and in many cases does not suffer from the curse of dimension...
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作者：Gong, Jie; Sun, Ang; Wei, Zhichao
作者单位：National University of Singapore; Central University of Finance & Economics
摘要：This paper investigates the value of on-the-job experience for workers' long-run career outcomes. We exploit the effects of team relegation in professional soccer by contrasting players on teams just below and just above the cutoff point of relegation. We find that players on teams relegated to a lower division have more match appearances in the short run, and they play in better leagues and earn higher wages in the long run. This gain is concentrated among individuals who are young or less ex...
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作者：Iyer, Ganesh; Singh, Shubhranshu
作者单位：University of California System; University of California Berkeley; Johns Hopkins University
摘要：This paper describes the incentives for firms to seek voluntary product safety certifications. We consider a firm that makes the decision of whether or not to seek certification prior to selling the product. We show that even when the firm and the consumers have the same beliefs about the product's safety, there are incentives for the firm to seek safety certification. The main analysis investigates the role of consumer moral hazard and shows that it can lead to greater incentives for voluntar...
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作者：Nain, Amrita; Wang, Yan
作者单位：University of Iowa; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam
摘要：We show that partial equity ownership of a rival firm reduces product market competition. Acquisitions of a minority equity stake in rival firms are followed by higher output prices and higher industry profits, particularly when barriers to entry are high. Stock-price reactions of nonparticipating competitors of the acquirer and target are positive while announcement returns of customer firms are negative. Moreover, announcement returns of rivals are significantly higher and those of customers...
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作者：Zhang, Xing; Chan, Tat Y.; Xie, Ying
作者单位：Fudan University; Washington University (WUSTL); University of Texas System; University of Texas Dallas
摘要：This paper empirically investigates the interplay between buyer search behavior and firm pricing strategy in a commodity market where many firms compete in price to sell homogeneous products. We use the heterogeneity in buyer search cost to rationalize why a firm offers periodic price discounts and enjoys a high profit in such a market. An estimation method is proposed to recover the nonparametric distribution of buyer search cost from the price and transaction volume data. With both data, we ...
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作者：Simchi-Levi, David
作者单位：Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT)
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作者：Ajorlou, Amir; Jadbabaie, Ali; Kakhbod, Ali
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作者：Khojandi, Anahita; Maillart, Lisa M.; Prokopyev, Oleg A.; Roberts, Mark S.; Saba, Samir F.
作者单位：University of Tennessee System; University of Tennessee Knoxville; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：When a cardiac lead fails, physicians implant a new lead and may opt to extract the failed lead and/or any previously abandoned leads. Because the risk of extraction increases in lead age, physicians may extract leads to reduce the future risk of mandatory extraction, due to either infection or limited space in the vein. We develop discrete-time semi-Markov decision process models for various types of cardiac devices to determine patient-specific, lifetime-maximizing extraction policies as a f...
