-
作者：Garratt, Rodney J.; van Oordt, Maarten R. C.
作者单位：Bank for International Settlements (BIS); University of California System; University of California Santa Barbara; Vrije Universiteit Amsterdam; Tinbergen Institute
摘要：We assess how the cost structure of cryptocurrency mining affects the response of miners to exchange rate fluctuations and the immutability of cryptocurrency ledgers that rely on proof-of-work. We show that the amount of mining power supplied to currencies that rely on specialized hardware, such as Bitcoin, responds less to adverse exchange rate shocks than other currencies respond to such shocks, a fact that is instrumental to avoiding double-spending attacks. The results may change if mining...
-
作者：Park, Andreas
作者单位：University of Toronto
摘要：Decentralized exchanges (DEXs) are an essential component of the nascent decentralized finance (DeFi) ecosystem. The most common DEXs are so-called automated market makers (AMMs): smart contracts that pool liquidity and process trades as atomic swaps of tokens. AMMs price transactions with a deterministic liquidity invariance rule that only uses the AMM's token deposits as inputs and that has no precedent in traditional finance. Yet, in the context of transparent and open blockchain operations...
-
作者：Chen, Zhuoqiong; Stanton, Christopher; Thomas, Catherine
作者单位：Harbin Institute of Technology; Harvard University; National Bureau of Economic Research; University of London; London School Economics & Political Science
摘要：Trialing an experience good allows consumers to learn their value for the sampled good and also informs beliefs about their value for similar products. These demandside information spillovers across products create a relatively well-informed group of potential future consumers for rival firms. When both switching consumers and repeat buyers are profitable, firms face reduced incentives to set a low initial price to attract inexperienced consumers. Switchers and repeat buyers are more likely to...
-
作者：Bertazzi, Luca; Mogre, Riccardo; Trichakis, Nikolaos
作者单位：University of Brescia; Durham University; Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT)
摘要：We deal with the problem of managing a project or a complex operational process by controlling the execution pace of the activities it comprises. We consider a setting in which these activities are clearly defined, are subject to precedence constraints, and progress randomly. We formulate a discrete-time, infinite-horizon Markov decision process in which the manager reviews progress in each period and decides which activities to expedite to balance expediting costs with delay costs. We derive ...
-
作者：Li, Kathleen T.; Shankar, Venkatesh
作者单位：University of Texas System; University of Texas Austin; Texas A&M University System; Texas A&M University College Station; Mays Business School
摘要：Marketing researchers are often interested in estimating causal effects when a randomized experiment is infeasible. The synthetic control (SC) method has emerged as a powerful tool in these quasiexperimental settings. It is important to verify the SC parallel pretrends assumption, the testable part of the identifying assumption, because its violation may lead to biased estimates. However, no formal test exists, so researchers have to rely on visual inspection. Even with a formal test, research...
-
作者：Kumar, Nitish; Tang, Yuehua; Wei, Kelsey D.
作者单位：State University System of Florida; University of Florida; University of Texas System; University of Texas Dallas
摘要：This paper examines mutual funds' dual role as both clients and shareholders of broker banks. Mutual funds are more likely to hold and significantly overweight stocks of their broker banks. In line with the portfolio decisions, fund voting is biased toward broker management in contentious proposals. Such voting bias is inconsistent with maximizing broker banks' shareholder value yet significantly affects voting outcomes and the presence of contentious proposals at the banks' shareholder meetin...
-
作者：Allen, Abigail; Wahid, Aida Sijamic
作者单位：Brigham Young University; University of Toronto
摘要：Do gender diversity quotas enhance firm value? This broad question has sparked significant debate because, whereas diversity is generally thought to improve board functioning, prior research in international settings suggests mandating diversity may have adverse consequences if it moves firms away from market equilibrium. Exploiting the political events leading up to the passage of California Senate Bill (SB) 826 as an exogenous shock to assess the market implications of board gender compositi...
-
作者：Bhui, Rahul; Jiao, Peiran
作者单位：Massachusetts Institute of Technology (MIT); Maastricht University
摘要：Many decision makers are thought to economize on attention by processing information at the simpler level of a category. We directly test whether such category focus reflects an adaptive response to attention constraints, in five preregistered experiments using an information sampling paradigm with mouse tracking. Consistent with rational principles, participants focus more on category-level information when individual differences are small, when the category contains more members, and when ti...
-
作者：Guo, Liang
作者单位：Chinese University of Hong Kong
摘要：In many markets, buyers sign advance contracts before actual decisions on transactions or consumptions are made. Therefore, a buyer may have private information on expected payoff at the contracting stage, and as time moves on, new information on other components of payoff may arrive. However, prior information can be losable, forgettable, or unattended. In this paper, we investigate how limited memory may influence the optimal design of contracts for sequential screening. Despite memory loss,...
-
作者：Hui, Xiang; Liu, Zekun; Zhang, Weiqing
作者单位：Washington University (WUSTL); New York University
摘要：Quality certification is ubiquitously used in markets with asymmetric information, but little is known about the impact of the number of certification tiers on market outcomes. Exploiting a field experiment on a large e-commerce marketplace with an existing two-tier certification, we study the impact of introducing a new certification tier that is less history dependent and less demanding than the existing top tier. Consistent with the theoretical literature on information design, we find that...
