2023

最新文章

• Decision Making Under Impending Regime Shifts AI翻译
  作者：Seifert, Matthias; Ulu, Canan; Guha, Sreyaa
  作者单位：IE University; Georgetown University; Universidade Nova de Lisboa
  摘要：In environments with impending regime shifts, previous research studies probability judgments of decision makers (DMs) regarding a regime shift and finds evidence for the system neglect hypothesis: In unstable environments with precise signals, DMs exhibit relatively more underreaction in their probability judgments, and in stable environments with noisy signals, they exhibit relatively more overreaction. In the present paper we focus on pricing decisions and study how risk attitudes, as well ...
• Buy-One-Get-One Promotions in a Two-Echelon Supply Chain AI翻译
  作者：Li, Yuefeng; Khouja, Moutaz J.; Pan, Jingming; Zhou, Jing
  作者单位：University of Electronic Science & Technology of China; University of North Carolina; University of North Carolina Charlotte
  摘要：Buy-one-get-one (BOGO) promotions have become popular. With BOGO, the first unit is sold for the regular price, and the second unit is discounted. We analyze BOGO in manufacturer-retailer supply chains. We identify conditions under which BOGO outper-forms price reduction (PR) and everyday low price (EDLP) policies. We find that, for some products, whether consumers stockpile or not, if BOGO and PR have the same market size, BOGO has a larger retailer profit and the same or larger manufacturer ...
• The Information in Asset Fire Sales AI翻译
  作者：Huang, Sheng; Ringgenberg, Matthew C.; Zhang, Zhe
  作者单位：China Europe International Business School; Utah System of Higher Education; University of Utah; Singapore Management University
  摘要：Asset prices remain depressed for years following mutual fund fire sales, but little is known about the causes of these price drops. We show that asymmetric information generates price pressure during fire sales. We separate trades into expected trades, which assume fund managers scale down their portfolio, and discretionary trades. We find that discretionary trades contain fundamental information, whereas expected trades do not. Moreover, other traders cannot distinguish between discretionary...
• The Impact of Management on Clinical Performance: Evidence from Physician Practice Management Companies AI翻译
  作者：La Forgie, Ambar
  作者单位：University of California System; University of California Berkeley
  摘要：Mergers and acquisitions in healthcare are increasingly leading to changes in firm management. This paper studies how a change in firm management impacts clinical performance using data on an understudied phenomenon: medical practice acquisitions by physician practice management companies (PPMCs). PPMCs market themselves as off-loading the administrative burden of running a medical practice without compromising physician autonomy over clinical decisions. However, a PPMC's management strategy a...
• Gone with the Vol: A Decline in Asset Return Predictability During the Great Moderation AI翻译
  作者：Hsu, Alex; Palomino, Francisco; Qian, Liang
  作者单位：University System of Georgia; Georgia Institute of Technology; Federal Reserve System - USA; Federal Reserve System Board of Governors; Citigroup Incorporated
  摘要：We document and examine a significant shift in the comovement of asset returns and macroeconomic volatility during the Great Moderation. Strong US. stock and bond return predictability from several macroeconomic volatility series before 1982 was followed by a significant predictability decline during the Great Moderation (1982-2008). These findings are robust to alternative empirical specifications and out-of-sample tests. In a calibrated equilibrium model with time-varying volatility, the pre...
• Asymptotic Optimality of Base-Stock Policies for Perishable Inventory Systems AI翻译
  作者：Bu, Jinzhi; Gong, Xiting; Chao, Xiuli
  作者单位：Hong Kong Polytechnic University; Chinese University of Hong Kong; Amazon.com; University of Michigan System; University of Michigan
  摘要：We consider periodic review perishable inventory systems with a fixed product lifetime. Unsatisfied demand can be either lost or backlogged. The objective is to minimize the long-run average holding, penalty, and outdating cost. The optimal policy for these systems is notoriously complex and computationally intractable because of the curse of dimensionality. Hence, various heuristic replenishment policies are proposed in the literature, including the base-stock policy, which raises the total i...
• The Impact of Institutions on Innovation AI翻译
  作者：Donges, Alexander; Meier, Jean-Marie; Silva, Rui C.
  作者单位：University of Mannheim; University of Texas System; University of Texas Dallas; Universidade Nova de Lisboa; Centre for Economic Policy Research - UK
  摘要：We study the impact of inclusive institutions on innovation using novel, handcollected, county-level data for Imperial Germany. We use the timing and geography of the French occupation of different German regions after the French Revolution of 1789 as an instrument for institutional quality. We find that the number of patents per capita in counties with the longest occupation was more than double that in unoccupied counties. Among the institutional changes brought by the French, the introducti...
• Central Bank Digital Currency and Banking: Macroeconomic Benefits of a Cash-Like Design AI翻译
  作者：Chiu, Jonathan; Davoodalhosseini, Seyed Mohammadreza
  作者单位：Bank of Canada
  摘要：Many central banks are considering issuing a central bank digital currency (CBDC). How will the CBDC affect the macroeconomy? Will its design matter? To answer these questions, we theoretically and quantitatively assess the effects of a CBDC on consumption, banking, and welfare. Our model captures the competition between different means of payments and incorporates a novel general equilibrium feedback effect from transactions to deposits creation. The general equilibrium effects of a CBDC are ...
• Crowd-Judging on Two-Sided Platforms: An Analysis of In-Group Bias AI翻译
  作者：Kwan, Alan P.; Yang, S. Alex; Zhang, Angela
  作者单位：University of Hong Kong; University of London; London Business School; University of Hong Kong
  摘要：Disputes over transactions on two-sided platforms are common and usually arbitrated through platforms' customer service departments or third-party service providers. This paper studies crowd-judging, a novel crowdsourcing mechanism whereby users (buyers and sellers) volunteer as jurors to decide disputes arising from the platform. Using a rich data set from the dispute resolution center at Taobao, a leading Chinese e-commerce platform, we aim to understand this innovation and propose and analy...
• Contextual Standard Auctions with Budgets: Revenue Equivalence and Efficiency Guarantees AI翻译
  作者：Balseiro, Santiago; Kroer, Christian; Kumar, Rachitesh
  作者单位：Columbia University
  摘要：The internet advertising market is a multibillion dollar industry in which advertisers buy thousands of ad placements every day by repeatedly participating in auctions. An important and ubiquitous feature of these auctions is the presence of campaign budgets, which specify the maximum amount the advertisers are willing to pay over a specified time period. In this paper, we present a new model to study the equilibrium bidding strategies in standard auctions, a large class of auctions that inclu...