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作者：Hackbarth, Dirk; Mathews, Richmond; Robinson, David
作者单位：Boston University; University System of Maryland; University of Maryland College Park; Duke University
摘要：We model a new product market opportunity as an option and ask whether it is best exploited by a large incumbent firm (integration) or by a small separate firm (nonintegration). Starting from a standard framework, in which value-maximizing investment and financing decisions are jointly determined, we show that integration protects assets in place value, whereas nonintegration protects option value and maximizes financial flexibility. We show that increases in standard measures of cash flow ris...
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作者：Toubia, Olivier; Goldenberg, Jacob; Garcia, Rosanna
作者单位：Columbia University; Reichman University; North Carolina State University
摘要：We propose an approach for using individual-level data on social interactions (e. g., number of recommendations received by consumers, number of recommendations given by adopters, number of social ties) to improve the aggregate penetration forecasts made by extant diffusion models. We capture social interactions through an individual-level hazard rate in such a way that the resulting aggregate penetration process is available in closed form and nests extant diffusion models. The parameters of ...
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作者：Brown, Jennifer; Minor, Dylan B.
作者单位：Northwestern University; National Bureau of Economic Research
摘要：We consider how past, current, and future competition within an elimination tournament affect the probability that the stronger player wins. We present a two-stage model that yields the following main results: (1) a shadow effect wherein the stronger the expected future competitor, the lower the probability that the stronger player wins in the current stage; and (2) an effort spillover effect wherein previous effort reduces the probability that the stronger player wins in the current stage. We...
