-
作者：Dong, Lingxiu; Tomlin, Brian
作者单位：Washington University (WUSTL); Dartmouth College
摘要：s Disruptive events that halt production can have severe business consequences if not appropriately managed. Business interruption (BI) insurance offers firms a financial mechanism for managing their exposure to disruption risk. Firms can also avail of operational measures to manage the risk. In this paper, we explore the relationship between BI insurance and operational measures. We model a manufacturing firm that can purchase BI insurance, invest in inventory, and avail of emergency sourcing...
-
作者：Adomavicius, Gediminas; Curley, Shawn P.; Gupta, Alok; Sanyal, Pallab
作者单位：University of Minnesota System; University of Minnesota Twin Cities; George Mason University
摘要：Combinatorial auctions-in which bidders can bid on combinations of goods-can increase the economic efficiency of a trade when goods have complementarities. Recent theoretical developments have lessened the computational complexity of these auctions, but the issue of cognitive complexity remains an unexplored barrier for the online marketplace. This study uses a data-driven approach to explore how bidders react to the complexity in such auctions using three experimental feedback treatments. Usi...
-
作者：Henderson, Vicky
作者单位：University of Oxford
摘要：There is a well-known intuition linking prospect theory with the disposition effect, the tendency of investors to sell assets that have risen in value rather than fallen. Recently, several authors have studied rigorous models in an attempt to formalize the intuition. However, some have found it difficult to predict a disposition effect while others produce a more extreme prediction where investors never voluntarily sell at a loss. We solve a model of asset liquidation where investors realize u...
-
作者：Desai, Vijay V.; Farias, Vivek F.; Moallemi, Ciamac C.
作者单位：Columbia University; Massachusetts Institute of Technology (MIT)
摘要：We introduce the pathwise optimization (PO) method, a new convex optimization procedure to produce upper and lower bounds on the optimal value (the price) of a high-dimensional optimal stopping problem. The PO method builds on a dual characterization of optimal stopping problems as optimization problems over the space of martingales, which we dub the martingale duality approach. We demonstrate via numerical experiments that the PO method produces upper bounds of a quality comparable with state...
-
作者：Susarla, Anjana
作者单位：Carnegie Mellon University
摘要：This paper examines renegotiation design in contracts for outsourced information technology (IT) services. Whereas prior literature in information systems has highlighted the likelihood of ex post rent seeking engendered by renegotiation, we build upon literature on incomplete contracts to posit that renegotiation can be Pareto improving by incorporating contingencies revealed ex post. Research on contract renegotiation has been hampered by two sets of challenges: the lack of appropriate data ...
-
作者：Hribar, Paul; McInnis, John
作者单位：University of Iowa; University of Texas System; University of Texas Austin
摘要：We correlate analysts' forecast errors with temporal variation in investor sentiment. We find that when sentiment is high, analysts' forecasts of one-year-ahead earnings and long-term earnings growth are relatively more optimistic for uncertain or difficult-to-value firms. Adding these forecast errors to a regression of stock returns on sentiment absorbs a sizable fraction of the explanatory power of sentiment for the cross section of future returns. This finding provides direct support for th...
-
作者：Cesarini, David; Johannesson, Magnus; Magnusson, Patrik K. E.; Wallace, Bjorn
作者单位：New York University; New York University; Research Institute of Industrial Economics (IFN); Stockholm School of Economics; Karolinska Institutet
摘要：A number of recent papers have examined the environmental and genetic sources of individual differences in economic and financial decision making. Here we contribute to this burgeoning literature by extending it to a number of key behavioral anomalies that are thought to be of importance for consumption, savings, and portfolio selection decisions. Using survey-based evidence from more than 11,000 Swedish twins, we demonstrate that a number of anomalies such as, for instance, the conjunction fa...
-
作者：Rubineau, Brian; Kang, Yoon
作者单位：Cornell University; Cornell University; Weill Cornell Medicine
摘要：Many professions are plagued by disparities in service delivery. Racial disparities in policing, mortgage lending, and healthcare are some notable examples. Because disparities can result from a myriad of mechanisms, crafting effective disparity mitigation policies requires knowing which mechanisms are active and which are not. In this study we can distinguish whether one mechanism-statistical discrimination-is a primary explanation for racial disparities in physicians' treatment of patients. ...
-
作者：Branco, Fernando; Sun, Monic; Villas-Boas, J. Miguel
作者单位：Universidade Catolica Portuguesa; Stanford University; University of Southern California; University of California System; University of California Berkeley
摘要：Consumers often need to search for product information before making purchase decisions. We consider a tractable (continuous-time) model of gradual learning, in which consumers incur search costs to learn further product information, and update their expected utility of the product at each search occasion. We characterize the optimal stopping rules for either purchase, or no purchase, as a function of search costs and of the importance/informativeness of each attribute. This paper also charact...
-
作者：Belavina, Elena; Girotra, Karan
作者单位：University of Chicago; INSEAD Business School
摘要：This paper provides a novel explanation for the use of supply chain intermediaries. We find that even in the absence of the well-known transactional and informational advantages of mediation, intermediaries improve supply chain performance. In particular, intermediaries facilitate responsive adaptation of the buyers' supplier base to their changing needs while simultaneously ensuring that suppliers behave as if they had long-term sourcing commitments from buying firms. In the face of changing ...
