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作者：Roach, Michael; Cohen, Wesley M.
作者单位：Duke University; National Bureau of Economic Research
摘要：This paper assesses the validity and accuracy of firms' backward patent citations as a measure of knowledge flows from public research by employing a newly constructed data set that matches patents to survey data at the level of the research and development lab. Using survey-based measures of the dimensions of knowledge flows, we identify sources of systematic measurement error associated with backward citations to both patent and nonpatent references. We find that patent citations reflect the...
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作者：Zeithammer, Robert; Thomadsen, Raphael
作者单位：University of California System; University of California Los Angeles
摘要：We analyze price and quality competition in a vertically differentiated duopoly in which consumers have a preference for variety. The preference for variety is a consequence of diminishing marginal utility for repeated experiences with the same product. We find consumer variety seeking can either soften or intensify price competition, depending on the difference in firm qualities and the strength of consumer preference for variety When the qualities are similar (or the consumer preference for ...
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作者：Thanassoulis, John
作者单位：University of Oxford
摘要：This study outlines a new theory linking industry structure to optimal employment contracts and executive short-termism. Firms hire their executives using optimal contracts derived within a competitive labour market. To motivate effort, firms must use some variable remuneration. Such remuneration introduces a myopia problem: an executive would wish to inflate early expected earnings at some risk to future profits. To manage this short-termism, some bonus pay is deferred. Convergence in size am...
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作者：Farias, Vivek F.; Jagabathula, Srikanth; Shah, Devavrat
作者单位：Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT); New York University; Massachusetts Institute of Technology (MIT)
摘要：Choice models today are ubiquitous across a range of applications in operations and marketing. Real-world implementations of many of these models fire the formidable stumbling block of simply identifying the right model of choice to use. Because models of choice are inherently high-dimensional objects, the typical approach to dealing with this problem is positing, a priori, a parametric model that one believes adequately captures choice behavior. This approach can be substantially suboptimal i...
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作者：Wang, Xiaoqun; Tan, Ken Seng
作者单位：Tsinghua University; University of Waterloo; Central University of Finance & Economics
摘要：Quasi-Monte Carlo (QMC) methods are important numerical tools in the pricing and hedging of complex financial instruments. The effectiveness of QMC methods crucially depends on the discontinuity and the dimension of the problem. This paper shows how the two fundamental limitations can be overcome in some cases. We first study how path-generation methods (PGMs) affect the structure of the discontinuities and what the effect of discontinuities is on the accuracy of QMC methods. The insight is th...
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作者：Bick, Bjoern; Kraft, Holger; Munk, Claus
作者单位：Goethe University Frankfurt; Copenhagen Business School
摘要：Utility-maximizing consumption and investment strategies in closed form are unknown for realistic settings involving portfolio constraints, incomplete markets, and potentially a high number of state variables. Standard numerical methods are hard to implement in such cases. We propose a numerical procedure that combines the abstract idea of artificial, unconstrained complete markets, well-known closed-form solutions in affine or quadratic return models, straightforward Monte Carlo simulation, a...
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作者：Kaufmann, Christine; Weber, Martin; Haisley, Emily
作者单位：University of Mannheim; Centre for Economic Policy Research - UK; Barclays
摘要：Financial professionals have a great deal of discretion concerning how to relay information about the risk of financial products to their clients. This paper introduces a new risk tool to communicate the risk of investment products, and it examines how different risk-presentation modes influence risk-taking behavior and investors' recall ability of the risk-return profile of financial products. We analyze four different ways of communicating risk: (i) numerical descriptions, (ii) experience sa...
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作者：Suarez, Fernando F.; Cusumano, Michael A.; Kahl, Steven J.
作者单位：Boston University; Massachusetts Institute of Technology (MIT); Dartmouth College
摘要：Some product firms increasingly rely on service revenues as part of their business models. One possible explanation is that they turn to services to generate additional profits when their product industries mature and product revenues and profits decline. We explore this assumption by examining the role of services in the financial performance of firms in the prepackaged software products industry (Standard Industrial Classification code 7372) from 1990 to 2006. We find a convex, nonlinear rel...
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作者：Cavagnaro, Daniel R.; Gonzalez, Richard; Myung, Jay I.; Pitt, Mark A.
作者单位：California State University System; California State University Fullerton; University of Michigan System; University of Michigan; University System of Ohio; Ohio State University
摘要：Collecting data to discriminate between models of risky choice requires careful selection of decision stimuli. Models of decision making aim to predict decisions across a wide range of possible stimuli, but practical limitations force experimenters to select only a handful of them for actual testing. Some stimuli are more diagnostic between models than others, so the choice of stimuli is critical. This paper provides the theoretical background and a methodological framework for adaptive select...
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作者：Blackburn, Douglas W.; Ukhov, Andrey D.
作者单位：Fordham University; Cornell University
摘要：We study the relationship between the risk preferences of individuals and the risk preferences of the aggregate economy. To emphasize the vast differences that can occur between individual and market preferences brought about through aggregation, we assume an economy consisting entirely of risk seekers. We show that such individuals can lead to an aggregate economy that is risk averse. The converse is also true. An aggregate economy that exhibits risk aversion does not imply an economy of indi...
