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作者：Brunnermeier, Markus K.; Papakonstantinou, Filippos; Parker, Jonathan A.
作者单位：Princeton University; Centre for Economic Policy Research - UK; National Bureau of Economic Research; Imperial College London; Massachusetts Institute of Technology (MIT)
摘要：We develop a structural theory of beliefs and behavior that relaxes the assumption of time consistency in beliefs. Our theory is based on the trade-off between optimism, which raises anticipatory utility, and objectivity, which promotes efficient actions. We present it in the context of allocating work on a project over time, develop testable implications to contrast it with models assuming time-inconsistent preferences, and compare its predictions to existing evidence on behavior and beliefs....
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作者：Chen, Yong; Qin, Nan
作者单位：Texas A&M University System; Texas A&M University College Station; Mays Business School; Christopher Newport University
摘要：This paper provides a comprehensive examination of money flows in corporate bond funds, which, although less researched, represent an important setting to study investor behavior. Based on a large sample of corporate bond funds over 1991-2014, we first show that flows are sensitive to both fund performance and macroeconomic conditions, but unlike equity funds, the flow-performance relationship is not convex. Then, we find that investor flows can predict fund performance. More importantly, the ...
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作者：Pilehvar, Ali; Elmaghraby, Wedad J.; Gopal, Anandasivam
作者单位：University System of Maryland; University of Maryland College Park
摘要：Online auction environments provide several sources of information that can be used by bidders to form their bids. The impact of this information on bidding is likely to be higher when ambiguously specified products are auctioned. The secondary market represents one such environment, where used and returned items from big-box retailers are auctioned off to other business buyers. Using a proprietary data set of secondary market auctions hosted on an online business-to-business platform, we stud...
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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：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...
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作者：Staats, Bradley R.; Dai, Hengchen; Hofmann, David; Milkman, Katherine L.
作者单位：University of North Carolina; University of North Carolina Chapel Hill; Washington University (WUSTL); University of Pennsylvania
摘要：The design and use of standard processes are foundational recommendations in many operations practices. Yet, given the demonstrated performance benefits of standardized processes, it is surprising that they are often not followed consistently. One way to ensure greater compliance is by electronically monitoring the activities of individuals, although such aggressive monitoring poses the risk of inducing backlash. In the setting of hand hygiene in healthcare, a context where compliance with sta...
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作者：Bonsall, Samuel B.; Holzman, Eric R.; Miller, Brian P.
作者单位：University System of Ohio; Ohio State University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Indiana University System; Indiana University Bloomington
摘要：Research on the credit rating process has primarily focused on how rating agencies incorporate firm characteristics into their rating opinions. We contribute to this literature by examining the impact of managerial ability on the credit rating process. Given debt market participants' interest in assessing default risk, we begin by documenting that higher managerial ability is associated with lower variability in future earnings and stock returns. We then show that higher managerial ability is ...
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作者：Imas, Alex; Sadoff, Sally; Samek, Anya
作者单位：Carnegie Mellon University; University of California System; University of California San Diego; University of Southern California
摘要：There is growing interest in the use of loss contracts that offer performance incentives as up-front payments that employees can lose. Standard behavioral models predict a trade-off in the use of loss contracts: employees will work harder under loss contracts than under gain contracts, but, anticipating loss aversion, they will prefer gain contracts to loss contracts. In a series of experiments, we test these predictions by measuring performance and preferences for payoff-equivalent gain and l...
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作者：Schoettner, Anja
作者单位：Humboldt University of Berlin
摘要：This paper studies optimal sales force compensation plans in a multiperiod moral-hazard model when the firm wants to implement high effort in every period but only obtains aggregate information on sales. The sales agent chooses effort each period after observing previous sales, and his incentive responsiveness might change over time. The paper derives conditions under which a linear incentive scheme-a pure commission-dominates a bonus plan and vice versa. A commission is optimal if the agent i...
