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作者：Chen, Yuxin; Yao, Song
作者单位：New York University; NYU Shanghai; Northwestern University
摘要：We propose a structural model of consumer sequential search under uncertainty about attribute levels of products. Our identification of the search model relies on exclusion restriction variables that separate consumer utility and search cost. Because such exclusion restrictions are often available in online click-stream data, the identification and corresponding estimation strategy is generalizable for many online shopping websites where such data can be easily collected. Furthermore, one impo...
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作者：Evers, Ellen R. K.; Inbar, Yoel; Blanken, Irene; Oosterwijk, Linda D.
作者单位：University of California System; University of California Berkeley; University of Toronto; Tilburg University
摘要：For a policy to succeed, it must not only be effective in changing behavior but must also be accepted by stakeholders. Here, we report seven sets of studies demonstrating strong framing effects on the acceptance of equivalent policies. Policies targeting desirable voluntary behavior are preferred when they are framed as advantaging those who act desirably (rather than disadvantaging those who do not). Conversely, policies targeting obligations are preferred when they are framed as disadvantagi...
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作者：Jiang, Baojun; Narasimhan, Chakravarthi; Turut, Ozge
作者单位：Washington University (WUSTL); Sabanci University
摘要：When a firm introduces a product with new features, some consumers may find it difficult to assess their valuations for these new attributes. Their purchase decisions made under such uncertainty may lead to postpurchase regret. It has been experimentally shown that consumers may anticipate their potential postpurchase regret and make their current choices to mitigate or minimize it. That is, a consumer's anticipated regret can significantly impact his purchase decision. Given the trend that fi...
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作者：Read, Daniel; Olivola, Christopher Y.; Hardisty, David J.
作者单位：University of Warwick; Carnegie Mellon University; University of British Columbia
摘要：This paper proposes a novel account of impatience: People pay more attention to the opportunity costs of choosing larger, later rewards than to the opportunity costs of choosing smaller, sooner ones. Eight studies show that when the opportunity costs of choosing smaller, sooner rewards are subtly highlighted, people become more patient, whereas when the opportunity costs of choosing larger, later rewards are highlighted this has no effect. This pattern is robust to variations in the choice tas...
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作者：Brown, Martin; Serra-Garcia, Marta
作者单位：University of St Gallen; University of California System; University of California San Diego
摘要：Implicit contracts can mitigate moral hazard in labor, credit, and product markets. The enforcement mechanism underlying an implicit contract is the threat of exclusion: the agent fears that he will lose future income if the principal breaks off the relationship. This threat may be very weak in environments where an agent can appropriate income-generating resources provided by the principal. For example, in credit markets with weak creditor protection, borrowers may be able to appropriate borr...
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作者：Lim, Yun Fong; Wang, Chen
作者单位：Singapore Management University
摘要：We propose a target-oriented robust optimization approach to solve a multiproduct, multiperiod inventory management problem subject to ordering capacity constraints. We assume the demand for each product in each period is characterized by an uncertainty set that depends only on a reference value and the bounds of the demand. Our goal is to find an ordering policy that maximizes the sizes of all the uncertainty sets such that all demand realizations from the sets will result in a total cost low...
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作者：Sangiorgi, Francesco; Spatt, Chester
作者单位：Stockholm School of Economics; Carnegie Mellon University; National Bureau of Economic Research
摘要：We develop a rational expectations model in which an issuer purchases credit ratings sequentially, deciding which to disclose to investors. Opacity about contacts between the issuer and rating agencies induces potential asymmetric information about which ratings the issuer obtained. While the equilibrium forces disclosure of ratings when the market knows these have been generated, endogenous uncertainty about whether there are undisclosed ratings can arise and lead to selective disclosure and ...
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作者：Fay, Scott; Zeithammer, Robert
作者单位：Syracuse University; University of California System; University of California Los Angeles
摘要：In a name-your-own-price (NYOP) auction, consumers bid for a product or service. If a bid exceeds the concealed threshold price, the consumer receives the product at her bid price. This paper examines how to optimize the interactions between the NYOP retailer and service providers, while, at the same time, managing the bid acceptance rates in order to induce the desired consumer bidding behavior. Channel profit is impacted by how the retailer decides whether or not a given consumer bid will be...
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作者：Englmaier, Florian; Roider, Andreas; Sunde, Uwe
作者单位：University of Munich; University of Regensburg
摘要：In corporate practice, incentive schemes are often complicated even for simple tasks. Hence, the way they are communicated might matter. In a natural field experiment, we study a minimally invasive change in the communication of a well-established incentive scheme-a reminder regarding the piece rate at the beginning of the shift. The experiment was conducted in a large firm where experienced managers work in a team production setting and where incentives for both quantity and quality of output...
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作者：Larkin, Yelena; Leary, Mark T.; Michaely, Roni
作者单位：York University - Canada; Washington University (WUSTL); National Bureau of Economic Research; Cornell University
摘要：It is widely documented that managers strive to maintain smooth dividends. Yet, it is not clear if this behavior reflects investors' preferences. In this paper, we study whether investors indeed value dividend-smoothing stocks differently by exploring the implications of dividend smoothing for firms' investor clientele, stock prices, and cost of capital. We find that retail investors are less likely to hold dividend-smoothing stocks, while institutional investors, and especially mutual funds, ...
