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作者：Kraft, Holger; Munk, Claus
作者单位：Goethe University Frankfurt; Aarhus University; Aarhus University
摘要：W e derive explicit solutions to life-cycle utility maximization problems involving stock and bond investment, perishable consumption, and the rental and ownership of residential real estate. Prices of houses, stocks and bonds, and labor income are correlated. Because of a positive correlation between house prices and labor income, young individuals want little exposure to house price risk and tend to rent their home. Later in life the desired housing investment increases and will eventually r...
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作者：Abdellaoui, Mohammed; Diecidue, Enrico; Oencueler, Ayse
作者单位：Centre National de la Recherche Scientifique (CNRS); Hautes Etudes Commerciales (HEC) Paris; INSEAD Business School; ESSEC Business School
摘要：Intertemporal decision making under risk involves two dimensions: time preferences and risk preferences. This paper focuses on the impact of time on risk preferences, independent of the intertemporal trade-off of outcomes, i.e., time preferences. It reports the results of an experimental study that examines how delayed resolution and payment of risky options influence individual choice. We used a simple experimental design based on the comparison of two-outcome monetary lotteries with the same...
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作者：Bothner, Matthew S.; Podolny, Joel M.; Smith, Edward Bishop
作者单位：Cornell University; Apple Inc; University of Michigan System; University of Michigan
摘要：What is the best way to design tournaments for status, in which individuals labor primarily for the esteem of their peers? What process, in other words, should organizers of status-based contests impose upon those who covet peer recognition? We propose a formal model of status-based competition that contrasts two competing alternatives. The first, following Merton, is the Matthew Effect, according to which a tournament's architect directs slack resources to elite actors and thus widens the dis...
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作者：Brown, David B.; Smith, James E.
作者单位：Duke University
摘要：W e consider the problem of dynamic portfolio optimization in a discrete-time, finite-horizon setting. Our general model considers risk aversion, portfolio constraints (e. g., no short positions), return predictability, and transaction costs. This problem is naturally formulated as a stochastic dynamic program. Unfortunately, with nonzero transaction costs, the dimension of the state space is at least as large as the number of assets, and the problem is very difficult to solve with more than o...
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作者：Casadesus-Masanell, Ramon; Llanes, Gaston
作者单位：Harvard University; Pontificia Universidad Catolica de Chile
摘要：W e study competitive interaction between a profit-maximizing firm that sells software and complementary services, and a free open-source competitor. We examine the firm's choice of business model between the proprietary model (where all software modules are proprietary), the open-source model (where all-modules are open source), and the mixed-source model (where some-but not all-modules are open). When a module is opened, users can access and improve the code, which increases quality and valu...
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作者：Bloechlinger, Andreas; Leippold, Markus
作者单位：University of Zurich
摘要：We develop a new goodness-of-fit test for validating the performance of probability forecasts. Our test statistic is particularly powerful under sparseness and dependence in the observed data. To build our test statistic, we start from a formal definition of calibrated forecasts, which we operationalize by introducing two components. The first component tests the level of the estimated probabilities; the second validates the shape, measuring the differentiation between high and low probability...
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作者：Du, Shuili; Bhattacharya, C. B.; Sen, Sankar
作者单位：Simmons University; European School of Management & Technology; City University of New York (CUNY) System; Baruch College (CUNY)
摘要：This research builds on the complementary corporate social responsibility (CSR) literatures in strategy and marketing to provide insight into the efficacy of CSR as a challenger's competitive weapon against a market leader. Through an investigation of a real-world CSR initiative, we show that the challenger can reap superior business returns (i. e., more positive attitudinal and behavioral outcomes) among consumers who had participated in its CSR initiative, relative to those who were merely a...
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作者：Kostakis, Alexandros; Panigirtzoglou, Nikolaos; Skiadopoulos, George
作者单位：University of Liverpool; University of London; University of Piraeus; University of Warwick; City St Georges, University of London
摘要：We address the empirical implementation of the static asset allocation problem by developing a forward-looking approach that uses information from market option prices. To this end, we extract constant maturity S&P 500 implied distributions and transform them to the corresponding risk-adjusted ones. Then we form optimal portfolios consisting of a risky and a risk-free asset and evaluate their out-of-sample performance. We find that the use of risk-adjusted implied distributions times the marke...
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作者：Cachon, Gerard P.; Swinney, Robert
作者单位：University of Pennsylvania; Stanford University
摘要：A fast fashion system combines quick response production capabilities with enhanced product design capabilities to both design hot products that capture the latest consumer trends and exploit minimal production lead times to match supply with uncertain demand. We develop a model of such a system and compare its performance to three alternative systems: quick-response-only systems, enhanced-design-only systems, and traditional systems (which lack both enhanced design and quick response capabili...
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作者：Jap, Sandy; Robertson, Diana C.; Hamilton, Ryan
作者单位：Emory University; University of Pennsylvania
摘要：A considerable body of research has extolled the virtues of establishing rapport in negotiations. Negotiators who are high in rapport tend to be more likely to reach an agreement and more satisfied with the outcome. Although rapport generally has been found to have positive effects in standard negotiation settings, we investigate the effects of rapport in impasse settings, where conflict between negotiators' core needs means that a successful deal can only be reached when one or both parties a...
