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作者：Yan, Hongjun
作者单位：Yale University
摘要：Conventional wisdom suggests that investors' independent biases should cancel each other out and have little impact on equilibrium at the aggregate level. In contrast to this intuition, this paper analyzes models with biased investors and finds that biases often have a significant impact on the equilibrium even if they are independent across investors. First, independent biases affect the equilibrium asset price if investor demand for the asset is a nonlinear function of the bias. Second, even...
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作者：McGraw, A. Peter; Sharif, Eldar; Todorov, Alexander
作者单位：University of Colorado System; University of Colorado Boulder; Princeton University; Princeton University
摘要：The study of risky decision making has long used monetary gambles to study choice, but many everyday decisions do not involve the prospect of winning or losing money. Monetary gambles, as it turns out, may be processed and evaluated differently than gambles with nonmonetary outcomes. Whereas monetary gambles involve numeric amounts that can be straightforwardly combined with probabilities to yield at least an approximate expectation of value, nonmonetary outcomes are typically not numeric and ...
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作者：Bleichrodt, Han; Cillo, Alessandra; Diecidue, Enrico
作者单位：Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; University of Navarra; IESE Business School; INSEAD Business School
摘要：This paper introduces a method to measure regret theory, a popular theory of decision under uncertainty. Regret theory allows for violations of transitivity, and it may seem paradoxical to quantitatively measure an intransitive theory. We adopt the trade-off method and show that it is robust to violations of transitivity. Our method makes no assumptions about the shape of the functions reflecting utility and regret. It can be performed at the individual level, taking account of preference hete...
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作者：Ibragimov, Rustam; Walden, Johan
作者单位：Harvard University; University of California System; University of California Berkeley
摘要：We develop a framework for the optimal bundling problem of a multiproduct monopolist, who provides goods to consumers with private valuations that are random draws from a distribution with heavy tails. We show that in the Vickrey auction setting, the buyers prefer separate provision of the goods to any bundles. We also provide a complete characterization of the optimal bundling strategies for a monopolist producer, who provides goods for profit-maximizing prices. For products with low marginal...
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作者：Boudreau, Kevin
作者单位：University of London; London Business School
摘要：This paper studies two fundamentally distinct approaches to opening a technology platform and their different impacts on innovation. One approach is to grant access to a platform and thereby open up markets for complementary components around the platform. Another approach is to give up control over the platform itself. Using data on 21 handheld computing systems (1990-2004), I find that granting greater levels of access to independent hardware developer firms produces up to a fivefold acceler...
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作者：Lee, Seokho; Genton, Marc G.; Arellano-Valle, Reinaldo B.
作者单位：Harvard University; Harvard T.H. Chan School of Public Health; Texas A&M University System; Texas A&M University College Station; Pontificia Universidad Catolica de Chile
摘要：We propose a new data perturbation method for numerical database security problems based on skew-t distributions. Unlike the normal distribution, the more general class of skew-t distributions is a flexible parametric multivariate family that can model skewness and heavy tails in the data. Because databases having a normal distribution are seldom encountered in practice, the newly proposed approach, coined the skew-t data perturbation (STDP) method, is of great interest for database managers. ...
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作者：Sauermann, Henry; Cohen, Wesley M.
作者单位：University System of Georgia; Georgia Institute of Technology; National Bureau of Economic Research; Duke University
摘要：Economists studying innovation and technological change have made significant progress toward understanding firms' profit incentives as drivers of innovation. However, innovative performance in firms should also depend heavily on the pecuniary and nonpecuniary motives of the employees actually working in research and development. Using data on more than 1,700 Ph.D. scientists and engineers, we examine the relationships between individuals' motives (e. g., desire for intellectual challenge, inc...
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作者：Celen, Bogachan; Kariv, Shachar; Schotter, Andrew
作者单位：Columbia University; University of California System; University of California Berkeley; New York University
摘要：Social learning describes any situation in which individuals learn by observing the behavior of others. In the real world, however, individuals learn not just by observing the actions of others but also from seeking advice. This paper introduces advice giving into the standard social-learning experiment of Celen and Kariv (Celen, B., S. Kariv. 2005. An experimental test of observational learning under imperfect information. Econom. Theory 26(3) 677-699). The experiments are designed so that bo...
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作者：Taylor, Terry A.; Xiao, Wenqiang
作者单位：University of California System; University of California Berkeley; New York University
摘要：This paper considers a manufacturer selling to a newsvendor retailer that possesses superior demand-forecast information. We show that the manufacturer's expected profit is convex in the retailer's forecasting accuracy: The manufacturer benefits from selling to a better-forecasting retailer if and only if the retailer is already a good forecaster. If the retailer has poor forecasting capabilities, then the manufacturer is hurt as the retailer's forecasting capability improves. More generally, ...
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作者：Gokpinar, Bilal; Hopp, Wallace J.; Iravani, Seyed M. R.
作者单位：University of London; University College London; Northwestern University; University of Michigan System; University of Michigan
摘要：Product architecture and organizational communication play significant roles in complex product development efforts. By using networks to characterize both product structure and communication patterns, we examine the impact of mismatches between these on new product development (NPD) performance. Specifically, we study the vehicle development process of a major auto company and use vehicle quality (warranty repairs) as our NPD performance metric. Our empirical results indicate that centrality ...
