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作者：Hui, Xiang; Saeedi, Maryam; Shen, Zeqian; Sundaresan, Neel
作者单位：University System of Ohio; Ohio State University; eBay Inc.; Microsoft
摘要：To mitigate inefficiencies arising from asymmetric information, some markets rely on government interventions, whereas others rely on reputation systems, warranties, or guarantees. This paper explores the impact of two mechanisms, namely, reputation badges and buyer protection programs, and their interaction on eBay's marketplace. Adding buyer protection reduces the premium for the reputation badge and increases efficiency in the marketplace. These efficiency gains are achieved by reducing mor...
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作者：Ke, T. Tony; Shen, Zuo-Jun Max; Villas-Boas, J. Miguel
作者单位：Massachusetts Institute of Technology (MIT); University of California System; University of California Berkeley; University of California System; University of California Berkeley; University of California System; University of California Berkeley
摘要：We develop a framework for continuous search for information on a choice set of multiple alternatives and apply it to consumer search in a product market. When a consumer considers purchasing a product in a product category, the consumer can gather information sequentially on several products. At each moment, the consumer can choose which product to gather more information on and whether to stop gathering information and purchase one of the products or to exit the market with no purchase. Give...
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作者：Koudstaal, Martin; Sloof, Randolph; van Praag, Mirjam
作者单位：University of Amsterdam; Tinbergen Institute; Copenhagen Business School; IZA Institute Labor Economics
摘要：Theory predicts that entrepreneurs have distinct attitudes toward risk and uncertainty, but empirical evidence is mixed. To better understand the unique behavioral characteristics of entrepreneurs and the causes of these mixed results, we perform a large lab-in-the-field experiment comparing entrepreneurs to managers (a suitable comparison group) and employees (n = 2,288). The results indicate that entrepreneurs perceive themselves as less risk averse than managers and employees, in line with ...
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作者：Asadpour, Arash; Nazerzadeh, Hamid
作者单位：New York University; University of Southern California
摘要：We study the problem of maximizing a stochastic monotone submodular function with respect to a matroid constraint. Because of the presence of diminishing marginal values in real-world problems, our model can capture the effect of stochasticity in a wide range of applications. We show that the adaptivity gap-the ratio between the values of optimal adaptive and optimal nonadaptive policies-is bounded and is equal to e/(e - 1). We propose a polynomial- time nonadaptive policy that achieves this b...
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作者：Atanassov, Julian
作者单位：University of Oregon
摘要：Using a large panel of U.S. companies, I document that firms that rely more on arm's length financing, such as public debt and equity, innovate more and have higher-quality innovations than firms that use other sources, such as relationship-based bank financing. I hypothesize that one possible reason for this finding is the greater flexibility and tolerance to experimentation associated with arm's length financing. I find support for this hypothesis by showing that firms with more arm's length...
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作者：Chung, Richard; Lee, Bryan Byung-Hee; Lee, Woo-Jong; Sohn, Byungcherl Charlie
作者单位：Griffith University; University of Macau; Seoul National University (SNU); University of Macau
摘要：With scarce empirical support, prior literature argues that managers tend to withhold good news and promote bad news to preserve their bargaining power against labor unions. This paper provides empirical evidence of this rarely supported argument. Using comprehensive firm-level data from South Korea, where labor unions have a long tradition of making credible threats, we find that overall disclosure frequency is negatively related to labor union strength, and that this relation is more pronoun...
