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作者：Abdellaoui, Mohammed; L'Haridon, Olivier; Paraschiv, Corina
作者单位：Hautes Etudes Commerciales (HEC) Paris; Sorbonne Universite; Universite Paris Cite
摘要：This paper reports on the results of an experimental elicitation at the individual level of all prospect theory components (i.e., utility, loss aversion, and weighting functions) in two decision contexts: situations where alternatives are described as probability distributions and situations where the decision maker must experience unknown probability distributions through sampling before choice. For description-based decisions, our results are fully consistent with prospect theory's empirical...
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作者：Jing, Bing
摘要：W hen learning of product characteristics takes some time, a firm introducing a new durable faces the trade-off between releasing early to an uninformed market and deferring release to a better-informed market. In a two-period monopoly, we examine the strategic interaction between exogenous learning (EL) and seller-induced learning (SIL) and the firm's product release and pricing strategies. The familiar, direct effect of strong learning is to facilitate a higher price for informed customers. ...
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作者：Shen, Wenjing; Duenyas, Izak; Kapuscinski, Roman
作者单位：Drexel University; University of Michigan System; University of Michigan
摘要：Two recent papers on managing new product diffusion decisions under production constraints reach somewhat contradictory conclusions. Ho et al. (Ho, T.-H., S. Savin, C. Terwiesch. 2002. Managing demand and sales dynamics in new product diffusion under supply constraint. Management Sci. 48(2) 187-206) show that it is never optimal to refuse to satisfy any customers when the firm has inventory of the product. On the other hand, in a very similar model, Kumar and Swaminathan (Kumar, S., J. M. Swam...
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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：Blanes i Vidal, Jordi; Nossol, Mareike
作者单位：University of London; London School Economics & Political Science
摘要：W e use a quasi-experimental research design to study the effect of giving workers feedback on their relative performance. The setting is a firm in which workers are paid piece rates and where, for exogenous reasons, management begins to reveal to workers their relative position in the distribution of pay and productivity. We find that merely providing this information leads to a large and long-lasting increase in productivity that is costless to the firm. Our findings are consistent with the ...
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作者：Swinney, Robert
作者单位：Stanford University
摘要：W e address the value of quick response production practices when selling to a forward-looking consumer population with uncertain, heterogeneous valuations for a product. Consumers have the option of purchasing the product early, before its value has been learned, or delaying the purchase decision until a time at which valuation uncertainty has been resolved. Whereas individual consumer valuations are uncertain ex ante, the market size is uncertain to the firm. The firm may either commit to a ...
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作者：Kremer, Mirko; Moritz, Brent; Siemsen, Enno
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Minnesota System; University of Minnesota Twin Cities
摘要：We analyze how individuals make forecasts based on time-series data. Using a controlled laboratory experiment, we find that forecasting behavior systematically deviates from normative predictions: Forecasters overreact to forecast errors in relatively stable environments, but underreact to errors in relatively unstable environments. The performance loss that is due to such systematic judgment biases is larger in stable than in unstable environments.
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作者：Liu, Qiao; Wong, Kit Pong
作者单位：Peking University; University of Hong Kong
摘要：This paper develops a real options model to understand two distinct roles played by intellectual capital in corporate financing decisions. Whereas limiting a firm's debt capacity because of its low liquidation value, intellectual capital enhances a firm's debt capacity through its positive impact on earnings. Our model shows that the former dominates or is dominated by the latter, depending on whether the rate of dissipation of intellectual capital upon default is larger or smaller than a crit...
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作者：Boyabatli, Onur; Kleindorfer, Paul R.; Koontz, Stephen R.
作者单位：Singapore Management University; INSEAD Business School; University of Pennsylvania; Colorado State University System; Colorado State University Fort Collins
摘要：T his paper analyzes the optimal procurement, processing, and production decisions of a meat-processing company (hereafter, a packer) in a beef supply chain. The packer processes fed cattle to produce two beef products, program (premium) boxed beef and commodity boxed beef, in fixed proportions, but with downward substitution of the premium product for the commodity product. The packer can source input (fed cattle) from a contract market, where long-term contracts are signed in advance of the ...
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作者：Hellmann, Thomas; Perotti, Enrico
作者单位：University of British Columbia; University of Amsterdam
摘要：This paper models the generation, circulation, and completion of new ideas, showing how markets and innovative firms complement each other in a symbiotic relationship. Novel ideas are initially incomplete and require further insight before yielding a valuable innovation. Finding the complementary piece requires ideas to circulate, which creates appropriation risks. Circulation of ideas in markets ensures efficient completion, but because ideas can be appropriated, market entrepreneurs underinv...
