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作者：Deo, Sarang; Gurvich, Itai
作者单位：Northwestern University
摘要：One of the most important operational challenges faced by emergency departments (EDs) in the United States is patient overcrowding. In periods of overcrowding, an ED can request the emergency medical services (EMS) agency to divert incoming ambulances to neighboring hospitals, a phenomenon known as ambulance diversion. The EMS agency may accept this request provided that at least one of the neighboring EDs is not on diversion. From an operations perspective, properly executed ambulance diversi...
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作者：Dong, Yan; Yao, Yuliang; Cui, Tony Haitao
作者单位：University System of Maryland; Universities at Shady Grove; Lehigh University; University of Minnesota System; University of Minnesota Twin Cities
摘要：The widespread implementation of customer relationship management technologies in business has allowed companies to increasingly focus on both acquiring and retaining customers. The challenge of designing incentive mechanisms that simultaneously focus on customer acquisition and customer retention comes from the fact that customer acquisition and customer retention are usually separate but intertwined tasks that make providing proper incentives more difficult. The present study develops incent...
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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：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：Ebert, Sebastian; Wiesen, Daniel
作者单位：University of Bonn; University of Bonn
摘要：Numerous theoretical predictions such as precautionary saving or preventive behavior have been derived for prudent decision makers. Further, prudence can be characterized as downside risk aversion and plays a key role in preference for skewness. We use a simple experimental method to test for prudence and skewness preference in the laboratory and compare the two. To this end, we introduce a novel graphical representation of compound lotteries that is easily accessible to subjects and test it f...
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作者：Trautmann, Stefan T.; Vieider, Ferdinand M.; Wakker, Peter P.
作者单位：Tilburg University; Tilburg University; University of Munich; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam
摘要：T his paper finds preference reversals in measurements of ambiguity aversion, even if psychological and informational circumstances are kept constant. The reversals are of a fundamentally different nature than the reversals found before because they cannot be explained by context-dependent weightings of attributes. We offer an explanation based on Sugden's random-reference theory, with different elicitation methods generating different random reference points. Then measurements of ambiguity av...
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作者：Chava, Sudheer; Stefanescu, Catalina; Turnbull, Stuart
作者单位：University System of Georgia; Georgia Institute of Technology; European School of Management & Technology; University of Houston System; University of Houston
摘要：In this paper, we focus on modeling and predicting the loss distribution for credit risky assets such as bonds and loans. We model the probability of default and the recovery rate given default based on shared covariates. We develop a new class of default models that explicitly accounts for sector specific and regime dependent unobservable heterogeneity in firm characteristics. Based on the analysis of a large default and recovery data set over the horizon 1980-2008, we document that the speci...
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作者：Glasserman, Paul; Wang, Zhenyu
作者单位：Columbia University; Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：T he Capital Assistance Program (CAP) was created by the U. S. government in February 2009 to provide backup capital to large financial institutions unable to raise sufficient capital from private investors. Under the terms of the CAP, a participating bank receives contingent capital by issuing preferred shares to the Treasury combined with embedded options for both parties: The bank gets the option to redeem the shares or convert them to common equity, with conversion mandatory after seven ye...
