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作者：Gan, Jingxing (Rowena); Tsoukalas, Gerry; Netessine, Serguei
作者单位：Southern Methodist University; Boston University; International Institute for Management Development (IMD); University of Pennsylvania
摘要：Traditional two-sided platforms (e.g., Amazon, Uber) rely primarily on commission contracts to generate revenues and fuel growth, whereas their decentralized counterparts (e.g., Uniswap, Filecoin) often forego these in favor of token retention. What economics underpin this choice? We show that with properly designed initial coin offerings (ICOs), both mechanisms can independently alleviate market failures at the initial fundraising stage and incentivize long-term platform building. However, th...
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作者：Morozov, Ilya
作者单位：Northwestern University
摘要：I study how much consumers benefit from new products in markets with information frictions. I analyze new products in the U.S. hard drive market, which is characterized by ample product innovation. Using unique click-stream data, I measure the magnitude of two frictions, category consideration and costly search, and show that both play a crucial role in shaping consumer demand. To estimate consumer surplus from new products, I develop a search model that captures both frictions and propose a n...
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作者：Liu, Nan; van Jaarsveld, Willem; Wang, Shan; Xiao, Guanlian
作者单位：Boston College; Eindhoven University of Technology; Sun Yat Sen University; University of Calgary
摘要：Outpatient care providers usually allow patients to access service via scheduling appointments or direct walk-in. Patients choose strategically between these two access channels (and otherwise balking) based on the trade-off of appointment delay and in-clinic waiting. How to manage outpatient care with such dual access channels, taking into account patient strategic choice behavior, is a challenge faced by providers. We study three operational levers to address this management challenge: servi...
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作者：Hastings, Marcella; Falk, Brett Hemenway; Tsoukalas, Gerry
作者单位：University of Pennsylvania; Boston University
摘要：We develop a new privacy-preserving framework for a general class of financial network models, leveraging cryptographic principles from secure multiparty computation and decentralized systems. We show how aggregate-level network statistics required for stability assessment and stress testing can be derived from real data without any individual node revealing its private information to any outside party, be it other nodes in the network, or even a central agent. Our work bridges the gap between...
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作者：Maurin, Vincent; Robinson, David T.; Stromberg, Per
作者单位：Stockholm School of Economics; Swedish House of Finance; Duke University; National Bureau of Economic Research; Centre for Economic Policy Research - UK; European Corporate Governance Institute
摘要：We develop a model of private equity capturing two fundamental features of this market: the fund structure and illiquidity. A fund structure with sequential capital calls arises as an optimal solution to fund managers' (GPs) moral hazard problem but exposes investors (LPs) to illiquidity risk. Funds with more illiquidity-tolerant LPs realize higher returns, leading to different expected returns across both funds and LPs in equilibrium. GPs may inefficiently accelerate drawdowns to avoid defaul...
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作者：Li, Jin; Pisano, Gary; Xu, Yejia; Zhu, Feng
作者单位：University of Hong Kong; Harvard University; University of Southern California
摘要：The scalability of a marketplace depends on the operations of the marketplace platform and its sellers' capacities. In this study, we explore one strategy that a marketplace platform can use to enhance its scalability: providing an ancillary service to sellers. In our model, a platform can choose whether and when to provide this service to sellers and, if so, what prices to charge and which types of sellers to serve. Although such a service helps small sellers, we highlight that the provision ...
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作者：Bojinov, Iavor; Simchi-Levi, David; Zhao, Jinglong
作者单位：Harvard University; Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT); Boston University
摘要：Switchback experiments, where a firm sequentially exposes an experimental unit to random treatments, are among the most prevalent designs used in the technology sector, with applications ranging from ride-hailing platforms to online marketplaces. Although practitioners have widely adopted this technique, the derivation of the optimal design has been elusive, hindering practitioners from drawing valid causal conclusions with enough statistical power. We address this limitation by deriving the o...
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作者：Cvijanovic, Dragana; Gantchev, Nickolay; Li, Rachel
作者单位：University of Warwick; Centre for Economic Policy Research - UK; European Corporate Governance Institute; University of Alabama System; University of Alabama Tuscaloosa
摘要：Despite intense scrutiny from investors, markets, and regulators, many public companies have no formal succession plans. Anecdotal evidence links succession risk to significant value destruction, but there is limited academic research evaluating the effects of succession planning on chief executive officer (CEO) turnover outcomes. We provide evidence that succession planning reduces the cost of management transitions by improving their efficiency. Firms with succession plans experience not onl...
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作者：Goldstein, Michael; Kwan, Amy; Philip, Richard
作者单位：Babson College; University of New South Wales Sydney; University of Sydney
摘要：We examine the effect of high-frequency trading on market quality from the perspective of a limit order trader. By competing with slower limit order traders, high-frequency traders impose a welfare externality by selectively crowding out the most profitable limit orders. The order book imbalance immediately before each order submission, cancellation, and trade suggests that high-frequency traders strategically use limit order book information to supply liquidity on the thick side of the order ...
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作者：Jain, Sanjay; Chen, Haipeng (Allan)
作者单位：University of Texas System; University of Texas Dallas; University of Kentucky
摘要：It is generally acknowledged that sunk cost bias leads to suboptimal decisions, such as escalation of commitment. Some researchers, however, suggest that sunk cost bias can be beneficial when consumers have self-control problems. In this paper we explore the case when consumers with sunk cost bias have time-inconsistent preferences and, therefore, suffer from self-control problems. We experimentally demonstrate that sunk costs can make subjects better off by inducing higher effort. We then dev...
