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作者：Niederle, Muriel; Segal, Carmit; Vesterlund, Lise
作者单位：Stanford University; National Bureau of Economic Research; University of Zurich; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：Affirmative action is often criticized for causing reverse discrimination and lowering the qualifications of those hired under the policy. However, the magnitude of such adverse effects depends on whether the best suited candidate is hired absent the policy. Indeed affirmative action may compensate for the distortion discrimination imposes on the selection of candidates. This paper asks whether affirmative action can have a similar corrective impact when qualified individuals fail to apply for...
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作者：Zymler, Steve; Kuhn, Daniel; Rustem, Berc
作者单位：Imperial College London
摘要：Portfolio optimization problems involving value at risk (VaR) are often computationally intractable and require complete information about the return distribution of the portfolio constituents, which is rarely available in practice. These difficulties are compounded when the portfolio contains derivatives. We develop two tractable conservative approximations for the VaR of a derivative portfolio by evaluating the worst-case VaR over all return distributions of the derivative underliers with gi...
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作者：Renneboog, Luc; Spaenjers, Christophe
作者单位：Tilburg University; Hautes Etudes Commerciales (HEC) Paris
摘要：This paper investigates the price determinants and investment performance of art. We apply a hedonic regression analysis to a new data set of more than one million auction transactions of paintings and works on paper. Based on the resulting price index, we conclude that art has appreciated in value by a moderate 3.97% per year, in real U. S. dollar terms, between 1957 and 2007. This is a performance similar to that of corporate bonds-at much higher risk. A repeat-sales regression on a subset o...
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作者：Anderson, Simon P.; Renault, Regis
作者单位：University of Virginia; CY Cergy Paris Universite
摘要：We extend the persuasion game to bring it squarely into the economics of advertising. We model advertising as exciting consumer interest into learning more about the product, and determine a firm's equilibrium choice of advertising content over quality information, price information, and horizontal match information. Equilibrium is unique whenever advertising is necessary. The outcome is a separating equilibrium with quality unravelling. Lower-quality firms need to provide more information. Fo...
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作者：D'Andreagiovanni, Fabio; Mannino, Carlo; Sassano, Antonio
作者单位：Zuse Institute Berlin; SINTEF; Sapienza University Rome
摘要：W e propose a pure 0-1 formulation for the wireless network design problem, i.e., the problem of configuring a set of transmitters to provide service coverage to a set of receivers. In contrast with classical mixed-integer formulations, where power emissions are represented by continuous variables, we consider only a finite set of power values. This has two major advantages: it better fits the usual practice and eliminates the sources of numerical problems that heavily affect continuous models...
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作者：Alizamir, Saed; de Vericourt, Francis; Sun, Peng
作者单位：Duke University; INSEAD Business School
摘要：In diagnostic services, agents typically need to weigh the benefit of running an additional test and improving the accuracy of diagnosis against the cost of delaying the provision of services to others. Our paper analyzes how to dynamically manage this accuracy/congestion trade-off. To that end, we study an elementary congested system facing an arriving stream of customers. The diagnostic process consists of a search problem in which the service provider conducts a sequence of imperfect tests ...
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作者：Lin, Mingfeng; Prabhala, Nagpurnanand R.; Viswanathan, Siva
作者单位：University of Arizona; University System of Maryland; University of Maryland College Park
摘要：We study the online market for peer-to-peer (P2P) lending, in which individuals bid on unsecured microloans sought by other individual borrowers. Using a large sample of consummated and failed listings from the largest online P2P lending marketplace, Prosper.com, we find that the online friendships of borrowers act as signals of credit quality. Friendships increase the probability of successful funding, lower interest rates on funded loans, and are associated with lower ex post default rates. ...
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作者：Liu, Qian; Zhang, Dan
作者单位：Hong Kong University of Science & Technology; University of Colorado System; University of Colorado Boulder
摘要：We consider dynamic pricing competition between two firms offering vertically differentiated products to strategic customers who are intertemporal utility maximizers. We show that price skimming arises as the unique pure-strategy Markov perfect equilibrium in the game under a simple condition. Our results highlight the asymmetric effect of strategic customer behavior on quality-differentiated firms. Even though the profit of either firm decreases as customers become more strategic, the low-qua...
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作者：Bayus, Barry L.
作者单位：University of North Carolina; University of North Carolina Chapel Hill
摘要：Several organizations have developed ongoing crowdsourcing communities that repeatedly collect ideas for new products and services from a large, dispersed crowd of nonexperts (consumers) over time. Despite its promises, little is known about the nature of an individual's ideation efforts in such an online community. Studying Dell's IdeaStorm community, serial ideators are found to be more likely than consumers with only one idea to generate an idea the organization finds valuable enough to imp...
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作者：Maio, Paulo
作者单位：Hanken School of Economics
摘要：This paper derives and tests an intertemporal capital asset pricing model (ICAPM) based on a conditional version of the Campbell-Vuolteenaho two-beta ICAPM (bad beta, good beta (BBGB)). The novel factor is a scaled cash-flow factor that results from the interaction between cash-flow news and a lagged state variable (market dividend yield or consumer price index inflation). The cross-sectional tests over 10 portfolios sorted on size, 10 portfolios sorted on book-to-market, and 10 portfolios sor...
