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作者：He, Simin; Offerman, Theo; van de Ven, Jeroen
作者单位：Shanghai University of Finance & Economics; University of Amsterdam; Tinbergen Institute; University of Amsterdam
摘要：Face-to-face communication drastically increases cooperation rates in social dilemmas. We test which factors are the most important drivers of this communication gap. We distinguish three main categories. First, communication may decrease social distance. Second, communication may enable subjects to assess their opponent's cooperativeness (type detection) and condition their own action on that information. Third, communication allows subjects to make promises, which create commitment for subje...
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作者：Massacci, Daniele
作者单位：Bank of England
摘要：We propose a new time-varying peaks over threshold model to study tail risk dynamics in equity markets: the laws of motion for the parameters are defined through the score-based approach. We apply the model to daily returns from U.S. size-sorted decile stock portfolios and show that large firms' tail risk increases during recessions more than small firms' tail risk. Our results are consistent with the granular hypothesis of aggregate fluctuations, and we quantify the impact of large firms' tai...
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作者：Bernstein, Fernando; Martinez-de-Albeniz, Victor
作者单位：Duke University; University of Navarra; IESE Business School
摘要：Dynamic product rotation is perceived as a useful lever to increase sales. The effect over individual customers is, however, unclear: more choice in the future may induce them to postpone a purchase if the current offer is not sufficiently appealing, hoping to buy a better product in the future; moreover, visiting a store to learn about a new product may be costly, thereby diminishing the value of product updates. We analyze a model of strategic customer behavior in the face of a rotating prod...
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作者：Bansal, Naresh; Joseph, Kissan; Ma, Minghui; Wintoki, M. Babajide
作者单位：Saint Louis University; University of Kansas; University of North Carolina; Appalachian State University
摘要：Despite growing interest in various facets of the position of chief marketing officer (CMO), there is very little research on CMO compensation. Accordingly, we set out to investigate the determinants of CMO compensation and its effect on firm performance. Employing the lens of agency theory, we hypothesize that the CMO's marginal productivity will positively impact the amount of total compensation as well as the extent of performance-based compensation in the CMO's compensation contract. Moreo...
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作者：Boleslavsky, Raphael; Cotton, Christopher S.; Gurnani, Haresh
作者单位：University of Miami; Queens University - Canada; Wake Forest University
摘要：We incorporate product demonstrations into a game theoretic model of price competition. Demonstrations may include product samples, trials, return policies, online review platforms, or any other means by which a firm allows consumers to learn about their value for a new product. In our model, demonstrations help individual consumers to learn whether they prefer an innovative product over an established alternative. The innovative firm controls demonstration informativeness. When the innovative...
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作者：Alpern, Steve; Baston, Vic
作者单位：University of Warwick; University of Southampton
摘要：This paper analyzes a variation of the secretary problem in which two selectors with different fields of interest each want to appoint one of the n candidates with as much expertise as possible in their field. Selectors simultaneously vote to accept or reject: Unanimous decisions are respected, and candidates with a split decision are hired with probability p. Each candidate arrives with expertise x and y in the two fields, uniformly and independently distributed on [0; 1] and observable to bo...
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作者：Keuschnigg, Marc; Ganser, Christian
作者单位：University of Munich
摘要：In the last decade, interest in the wisdom of crowds effect has gained momentum in both organizational research and corporate practice. Crowd wisdom relies on the aggregation of independent judgments. The accuracy of a group's aggregate prediction rises with the number, ability, and diversity of its members. We investigate these variables' relative importance for collective prediction using agent-based simulation. We replicate the diversity trumps ability proposition for large groups, showing ...
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作者：Bartram, Sohnke M.
作者单位：University of Warwick
摘要：This paper shows that the real investment by nonfinancial firms is systematically related to the size of their defined-benefit plan. In particular, these plans allow research and development (R&D)-intensive firms to retain and borrowfrom their employees, which is attractive since they have high adjustment costs, require a stable cash flow, have less collateral, have assets that are harder to value, and have high asymmetric information and agency costs. By contrast, capital expenditures benefit...
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作者：Paravisini, Daniel; Rappoport, Veronica; Ravina, Enrichetta
作者单位：University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK; Columbia University
摘要：We estimate risk aversion from investors' financial decisions in a person-to-person lending platform. We develop a method that obtains a risk-aversion parameter from each portfolio choice. Since the same individuals invest repeatedly, we construct a panel data set that we use to disentangle heterogeneity in attitudes toward risk across investors, from the elasticity of risk aversion to changes in wealth. We find that wealthier investors are more risk averse in the cross section and that invest...
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作者：Chen, Xin; Hu, Peng; Hu, Zhenyu
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Huazhong University of Science & Technology; National University of Singapore
摘要：We analyze a finite-horizon dynamic pricing model in which demand at each period depends on not only the current price but also past prices through reference prices. A unique feature but also a significant challenge in this model is the asymmetry in reference price effect, which implies that the underlying optimization problem is nonsmooth and no standard optimization methods can be applied. We identify a few key structural properties of the problem, which enable us to develop strongly polynom...
