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作者：Winter, Eyal; Mendez-Naya, Luciano; Garcia-Jurado, Ignacio
作者单位：Hebrew University of Jerusalem; University of Leicester; Universidade de Santiago de Compostela; Universidade da Coruna
摘要：We model mental states as part of an equilibrium notion. In a mental equilibrium each player selects an emotional state that determines the player's preferences over the outcomes of the game. These preferences typically differ from the players' material preferences. The emotional states interact to play a Nash equilibrium and, in addition, each player's mental state must be a best response to the mental states of the others (in the sense of maximizing material payoffs). We discuss the concept ...
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作者：Cerreia-Vioglio, Simone; Maccheroni, Fabio; Marinacci, Massimo
作者单位：Bocconi University; Bocconi University
摘要：We characterize the consistency of a large class of nonexpected utility preferences (including mean-variance preferences and prospect theory preferences) with stochastic orders (for example, stochastic dominances of different degrees). Our characterization rests on a novel decision theoretic result that provides a behavioral interpretation of the set of all derivatives of the functional representing the decision maker's preferences. As an illustration, we consider in some detail prospect theor...
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作者：Wan, Zhixi; Wu, Brian
作者单位：University of Oregon; University of Michigan System; University of Michigan
摘要：Although offshore outsourcing has become an important strategy to lower production costs among Western firms, it gives rise to the phenomenon of value chain climbing-suppliers in emerging markets can develop capabilities by supplying, with aspirations to compete with the buyers in the product market. We build an analytical model to study the impact of value chain climbing on value distribution in vertical relationships. The analysis identifies a set of dominant relationships, characterizes how...
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作者：Chod, Jiri
作者单位：Boston College
摘要：This paper has two objectives. First, we show how debt financing distorts a retailer's inventory decision when the retailer orders multiple items that differ in cost, revenue, or demand parameters. Taking advantage of limited liability, a debt-financed retailer favors items with a low salvage value, those with a high profit margin, and those that represent a large proportion of the total inventory investment. Second, we argue that this distortion is mitigated when the financing is provided by ...
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作者：Exley, Christine L.; Naecker, Jeffrey K.
作者单位：Harvard University; Wesleyan University
摘要：Previous research often interprets the choice to restrict one's future opportunity set as evidence for sophisticated time inconsistency. We propose an additional mechanism that may contribute to the demand for commitment technology: the desire to signal to others. We present a field experiment where participants can choose to give up money if they do not follow through with an action. When commitment choices are made public rather than kept private, we find significantly higher uptake rates.
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作者：Drake, Michael S.; Jennings, Jared; Roulstone, Darren T.; Thornock, Jacob R.
作者单位：Brigham Young University; Washington University (WUSTL); University System of Ohio; Ohio State University
摘要：Prior literature has documented that investor attention and constraints on that attention are associated with the pricing of stocks. We introduce the concept of attention comovement, which is the extent to which investor attention to a firm is explained by attention paid to the firm's industry and the market in general. We find that attention comovement is nontrivial for the average firm and is related to firm characteristics, such as size and visibility. We also find that the comovement of in...
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作者：Li, Cuihong; Wan, Zhixi
作者单位：University of Connecticut; University of Oregon
摘要：Buyers have two levers to enhance their supply base performance: fostering supplier competition and inducing suppliers to improve. The competition-improvement relation between the two levers has important implications for supply base design. We study a buyer facing two potential suppliers that can exert cost-reduction efforts, examining the interplay of supplier competition and supplier cost improvement under various information structures (i.e., the supplier effort is observable or unobservab...
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作者：Cao, Charles; Farnsworth, Grant; Liang, Bing; Lo, Andrew W.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Texas Christian University; University of Massachusetts System; University of Massachusetts Amherst; Massachusetts Institute of Technology (MIT)
摘要：We use a new hedge fund data set from a separate account platform to examine (1) how much of hedge fund return smoothing is due to main fund-specific factors, such as managerial reporting discretion and (2) the costs of removing hedge fund share restrictions. These accounts trade pari passu with matching hedge funds but feature third-party reporting and permissive share restrictions. We use these properties to estimate that 33% of reported smoothing is due to managerial reporting methods. The ...
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作者：Adida, Elodie; Mamani, Hamed; Nassiri, Shima
作者单位：University of California System; University of California Riverside; University of Washington; University of Washington Seattle
摘要：Healthcare reimbursements in the United States have been traditionally based on a fee-for-service (FFS) scheme, providing incentives for high volume of care, rather than efficient care. The new healthcare legislation tests new payment models that remove such incentives, such as the bundled payment (BP) system. We consider a population of patients (beneficiaries). The provider may reject patients based on the patient's cost profile and selects the treatment intensity based on a risk-averse util...
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作者：Christoffersen, Peter; Du, Du; Elkamhi, Redouane
作者单位：University of Toronto; Copenhagen Business School; CREATES; City University of Hong Kong
摘要：We embed systematic default, procyclical recovery rates, and external habit persistence into a model with a slight possibility of a macroeconomic disaster of reasonable magnitude. We derive analytical solutions for defaultable bond prices and show that a single set of structural parameters calibrated to the real economy can simultaneously explain several key empirical regularities in equity, credit, and options markets. Our model captures the empirical level and volatility of credit spreads, g...
