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作者：Phillips, Robert; Simsek, A. Serdar; van Ryzin, Garrett
作者单位：Columbia University; Cornell University
摘要：In many markets, it is common for headquarters to create a price list but grant local salespeople discretion to negotiate prices for individual transactions. How much (if any) pricing discretion headquarters should grant is a topic of debate within many firms. We investigate this issue using a unique data set from an indirect lender with local pricing discretion. We estimate that the local sales force adjusted prices in a way that improved profits by approximately 11% on average. A counterfact...
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作者：Asparouhova, Elena; Bossaerts, Peter; Copic, Jernej; Cornell, Brad; Cvitanic, Jaksa; Meloso, Debrah
作者单位：Utah System of Higher Education; University of Utah; University of California System; University of California Los Angeles; California Institute of Technology; Bocconi University
摘要：We explore theoretically and experimentally the general equilibrium price and allocation implications of delegated portfolio management when the investor-manager relationship is nonexclusive. Our theory predicts that competition forces managers to promise portfolios that mimic Arrow-Debreu (AD) securities, which investors then combine to fit their preferences. A weak version of the capital asset pricing model (CAPM) obtains, where state prices (relative to state probabilities) implicit in pric...
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作者：Danz, David; Kuebler, Dorothea; Mechtenberg, Lydia; Schmid, Julia
作者单位：Technical University of Berlin; University of Hamburg
摘要：With the help of a simple model, we show that the hindsight bias can lead to inefficient delegation decisions. This prediction is tested experimentally. In an online experiment that was conducted during the FIFA World Cup 2010, participants were asked to predict a number of outcomes of the ongoing World Cup and had to recall their assessments after the outcomes had been realized. Their answers were used to construct individual measures of the hindsight bias. The participants also had to make c...
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作者：Kumar, Anuj; Tan, Yinliang (Ricky)
作者单位：State University System of Florida; University of Florida; Tulane University
摘要：Joint product display in videos may help customers to not only evaluate the attributes of products that can influence their individual demands (direct effect) but also learn about the complementarity between them that may cause additional correlation in their demands (spillover effect). To estimate the demand effects, we introduced videos displaying apparel with matching accessories for a few randomly selected apparel on a fashion retailer's website. We found that introducing a video resulted ...
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作者：Bakshi, Nitin; Kim, Sang-Hyun; Savva, Nicos
作者单位：University of London; London Business School; Yale University
摘要：Prior studies on performance-based contracting (PBC) for after-sales services have highlighted its advantages over traditional resource-based contracting (RBC), when products are established and their reliability is known to all parties. We develop a game theoretic model to investigate how these insights are affected when the vendor is privately informed about the reliability of a newly developed product. A novel feature of our model is the interaction between reliability signaling (private in...
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作者：Zhang, Zelin; Joseph, Kissan; Subramaniam, Ramanathan
作者单位：Renmin University of China; University of Kansas; Indian Institute of Management (IIM System); Indian Institute of Management Ahmedabad
摘要：Probabilistic selling-the sale of synthetic products consisting of a lottery between two distinct goods-has been extensively analyzed in horizontal markets. In this research, we investigate probabilistic selling in quality-differentiated markets. This is an important new dimension of inquiry because of the widespread prevalence of quality-differentiated markets as well as significant differences in the preference structure across these markets. In fact, this latter consideration casts doubt as...
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作者：Lof, Matthijs
作者单位：Aalto University
摘要：The vector autoregressive approach for testing present value models is applied to a heterogeneous-agent asset pricing model using historical observations of the S&P 500 index. Besides fundamentalists, who value assets according to expected dividends, the model features rational and contrarian speculators. Agents choose their strategy based on evolutionary considerations. Supplementing the standard present value model with speculative agents dramatically improves the model's ability to replicat...
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作者：de Bettignies, Jean-Etienne; Duchene, Anne
作者单位：Queens University - Canada; IPAG Business School; Drexel University
摘要：This paper examines the interaction between venture risk, product market competition, and the entrepreneur's choice between bank financing and venture capital (VC) financing. Under bank financing, a debt-type contract emerges as optimal, which allows the entrepreneur to retain full control of the venture and thus yields strong effort incentives, as long as the entrepreneur can service the debt repayment; however, this leads to liquidation in the case of default, making the venture's success qu...
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作者：Werner, Timothy
作者单位：University of Texas System; University of Texas Austin
摘要：This paper examines the role of firms' sociopolitical reputations, as proxied by their perceived engagement in socially responsible practices, in public policy makers' decisions to grant access in the policy-making process. I argue that policy makers' dependencies, motivations, and decision-making processes lead them to evaluate firms by using sociopolitical reputation as a differentiating heuristic. I hypothesize that firms that construct stronger sociopolitical reputations will be granted gr...
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作者：Cohn, Alain; Fehr, Ernst; Goette, Lorenz
作者单位：University of Zurich; University of Lausanne
摘要：The presence of workers who reciprocate higher wages with greater effort can have important consequences for firms and labor markets. Knowledge about the extent and determinants of reciprocal effort choices is, however, incomplete. We investigate the role of fairness perceptions and social preferences in a field experiment in which workers were hired for a one-time job. We show that workers who perceive being underpaid at the base wage increase their performance if the hourly wage increases, w...
