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作者：den Boer, Arnoud V.; Zwart, Bert
作者单位：Eindhoven University of Technology; University of Amsterdam; Vrije Universiteit Amsterdam
摘要：Price experimentation is an important tool for firms to find the optimal selling price of their products. It should be conducted properly, since experimenting with selling prices can be costly. A firm, therefore, needs to find a pricing policy that optimally balances between learning the optimal price and gaining revenue. In this paper, we propose such a pricing policy, called controlled variance pricing (CVP). The key idea of the policy is to enhance the certainty equivalent pricing policy wi...
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作者：Roels, Guillaume; Su, Xuanming
作者单位：University of California System; University of California Los Angeles; University of Pennsylvania
摘要：In this paper, we study how social planners should exploit social comparisons to pursue their objectives. We consider two modes of social comparison, referred to as behind-averse and ahead-seeking behaviors, depending on whether individuals experience a utility loss from underperforming or a utility gain from overperforming relative to their peers. Modeling social comparison as a game between players, we find that ahead-seeking behavior leads to output polarization, whereas behind-averse behav...
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作者：Corgnet, Brice; Hernan Gonzalez, Roberto
作者单位：Chapman University System; Chapman University; Chapman University System; Chapman University; University of Granada
摘要：We study the effect of consultative participation in an experimental principal-agent game, where the principal can consult the agent's preferred option regarding the cost function of the transfer to be implemented in the final stage of the game. We show that consulting the agent was beneficial to principals as long as they followed the agent's choice. Ignoring the agent's choice was detrimental to the principal because it engendered negative emotions and low levels of transfers. Nevertheless, ...
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作者：Ceran, Yasin; Dawande, Milind; Liu, Dengpan; Mookerjee, Vijay
作者单位：Santa Clara University; University of Texas System; University of Texas Dallas; Iowa State University
摘要：This study develops optimal transfer pricing schemes that manage software reuse in incremental software development, namely, a development regime wherein users begin utilizing parts of the system that are released to them even before the system is entirely completed. In this setting, conflicts can arise between developers and users from divergent interests concerning the release of functionalities in the project. The release of functionalities is influenced by reuse, i.e., the effort spent by ...
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作者：Chod, Jiri; Zhou, Jianer
作者单位：Boston College
摘要：This paper examines how the optimal investment in the capacity of flexible and nonflexible resources is affected by financial leverage and, conversely, how a firm's resource flexibility affects its optimal capital structure. We consider a two-product firm that invests in the optimal capacity of product-flexible and product-dedicated resources in the presence of demand uncertainty. Before investing in capacity, the firm issues the optimal amount of debt, trading off the tax benefit and lower tr...
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作者：Schurr, Amos; Ritov, Ilana
作者单位：Ben-Gurion University of the Negev; Hebrew University of Jerusalem; Hebrew University of Jerusalem
摘要：In three experiments we show that the endowment effect-the tendency to demand more money for relinquishing owned goods than one is willing to pay for the same goods-fails to emerge when sellers are not fully depleted of their endowment. This finding is incompatible with prospect theory's account of the effect as stemming primarily from aversion to loss relative to the individual's current state. We suggest a new account of the endowment effect as reflecting the human aversion to giving it all ...
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作者：Da, Zhi; Liu, Qianqiu; Schaumburg, Ernst
作者单位：University of Notre Dame; University of Hawaii System; Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：Stock returns unexplained by fundamentals, such as cash flow news, are more likely to reverse in the short run than those linked to fundamental news. Making novel use of analyst forecast revisions to measure cash flow news, a simple enhanced reversal strategy generates a risk-adjusted return four times the size of the standard reversal strategy. Importantly, isolating the component of past returns not driven by fundamentals provides a cleaner setting for testing existing theories of short-term...
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作者：Nakagawa, Yuji; James, Ross J. W.; Rego, Cesar; Edirisinghe, Chanaka
作者单位：Kansai University; University of Canterbury; University of Mississippi; University of Tennessee System; University of Tennessee Knoxville
摘要：This paper develops a new way to help solve difficult linear and nonlinear discrete-optimization decision models more efficiently by introducing a problem-difficulty metric that uses the concept of entropy from information theory. Our entropy metric is employed to devise rules for problem partitioning within an implicit enumeration method, where branching is accomplished based on the subproblem complexity. The only requirement for applying our metric is the availability of (upper) bounds on br...
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作者：Jouini, Elyes; Karehnke, Paul; Napp, Clotilde
作者单位：Universite PSL; Universite Paris-Dauphine; Universite PSL; Universite Paris-Dauphine; Tilburg University; Universite PSL; Universite Paris-Dauphine; Centre National de la Recherche Scientifique (CNRS)
摘要：We revisit the model proposed by Gollier and Muermann [Gollier C, Muermann A (2010) Optimal choice and beliefs with ex ante savoring and ex post disappointment. Management Sci. 56(8): 1272-1284; hereafter, GM]. In the GM model, for a given lottery, agents form anticipated expected payoffs and the set of possible anticipations is assumed to be exogenously fixed. We propose sets of possible anticipations that are endogenously determined. This permits us to compare and evaluate in a consistent ma...
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作者：Han, Song; Zhou, Xing
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; Rutgers University System; Rutgers University New Brunswick
摘要：Taking advantage of recently augmented corporate bond transaction data, we examine the pricing implications of informed trading in corporate bonds and its ability to predict corporate defaults. We find that microstructure measures of information asymmetry seem to capture adverse selection in corporate bond trading reasonably well. We demonstrate that information asymmetry in bond trading has explanatory power for corporate bond yield spreads, and this result holds after controlling for the tra...
