-
作者：Sockin, Michael; Xiong, Wei
作者单位：University of Texas System; University of Texas Austin; Princeton University; The Chinese University of Hong Kong, Shenzhen
摘要：We model cryptocurrencies as utility tokens used by a decentralized digital platform to facilitate transactions between users of certain goods or services. The network effect governing user participation, in conjunction with the nonneutrality of the token price, can cause the token market to break down. We show that token retradeability mitigates this risk of breakdown on younger platforms by harnessing user optimism but worsens this fragility when sentiment trading by speculators crowds out u...
-
作者：Besbas, Omar; Mouchtaki, Omar
作者单位：Columbia University
摘要：We study the classical newsvendor problem in which the decision maker must trade off underage and overage costs. In contrast to the typical setting, we assume that the decision maker does not know the underlying distribution driving uncertainty but has only access to historical data. In turn, the key questions are how to map existing data to a decision and what type of performance to expect as a function of the data size. We analyze the classical setting with access to past samples drawn from ...
-
作者：Downey, Mitch; Lind, Nelson; Shrader, Jeffrey G.
作者单位：Stockholm University; Emory University; Columbia University
摘要：Unchecked climate change will cause precipitation volatility to increase around the world, leading to economic damages in the face of adjustment costs. We estimate these damages for construction-an economically important, climate exposed industry. Empirically, employment falls in response to forecasted rainfall and more so as the forecast horizon increases. This pattern allows for identification of labor adjustment costs via a multisector model of local labor markets calibrated to our estimate...
-
作者：Deng, Yiting; Lambrecht, Anja; Liu, Yongdong
作者单位：University of London; University College London; University of London; London Business School
摘要：Freemium, whereby a basic service level is provided free of charge but consumers are charged for more advanced features, has become a popular business model for firms selling digital goods. However, it is not clear whether the launch of a free version helps or hurts the demand of an existing paid version. The free version may allow consumers to sample the product before making a purchase decision and subsequently increase demand of the paid version, but it may also cannibalize demand of the pa...
-
作者：Aouad, Ali; Feldman, Jacob; Segev, Danny
作者单位：University of London; London Business School; Washington University (WUSTL); Tel Aviv University
摘要：In this paper, we consider the yet-uncharted assortment optimization problem under the exponomial choice model, in which the objective is to determine the revenue-maximizing set of products that should be offered to customers. Ourmain algorithmic contribution comes in the form of a fully polynomial-time approximation scheme, showing that the optimal expected revenue can be efficiently approached within any degree of accuracy. We synthesize several ideas related to approximate dynamic programmi...
-
作者：Petropoulos, Fotios; Siemsen, Enno
作者单位：University of Bath; University of Wisconsin System; University of Wisconsin Madison
摘要：Effective approaches to forecast model selection are crucial to improve forecast accuracy and to facilitate the use of forecasts for decision-making processes. Information criteria or cross-validation are common approaches of forecast model selection. Both methods compare forecasts with the respective actual realizations. However, no existing selection method assesses out-of-sample forecasts before the actual values become available???a technique used in human judgment in this context. Researc...
-
作者：Billings, Mary Brooke; Hsueh, Kevin; Lewis-Western, Melissa F.; Shobe, Gladriel
作者单位：New York University; Brigham Young University
摘要：This paper examines an innovation in capital formation that has spurred contentious debate: the Umbrella Partnership Corporation (???Up-C???) IPO. Advisors and underwriters argue that the Up-C deal structure is a driver of post-IPO value and, thus, is a value-enhancing means of raising capital that may be one solution to concerns regarding the drop in the number of publicly traded companies. Consistent with these claims, recent research suggests that organizing soon-to-be public businesses as ...
-
作者：Ichihashi, Shota; Kim, Byung-Cheol
作者单位：Bank of Canada; Queens University - Canada; University of Alabama System; University of Alabama Tuscaloosa
摘要：We study competition for consumer attention in which platforms can sacrifice service quality for attention. A platform can choose the addictiveness of its service. A more addictive platform yields consumers a lower utility of participation but a higher marginal utility of allocating attention. We provide conditions under which increased competition can harm consumers by encouraging platforms to offer low-quality services. In particular, if attention is scarce, increased competition reduces the...
-
作者：Mostagir, Mohamed; Siderius, James
作者单位：University of Michigan System; University of Michigan; Massachusetts Institute of Technology (MIT)
摘要：We study the spread of misinformation in a social network characterized by unequal access to learning resources. Agents use social learning to uncover an unknown state of the world, and a principal strategically injects misinformation into the network to distort this learning process. A subset of agents throughout the network is endowed with knowledge of the true state. This gives rise to a natural definition of inequality: privileged communities have unrestricted access to these agents, where...
-
作者：Boehm, Johannes; Sonntag, Jan
作者单位：Institut d'Etudes Politiques Paris (Sciences Po)
摘要：This paper studies the prevalence of potential anticompetitive effects of vertical mergers using a novel data set on U.S. and international buyer-seller relationships and across a large range of industries. We find that relationships are more likely to break when suppliers vertically integrate with one of the buyers??? competitors than when they vertically integrate with an unrelated firm. This relationship holds for both domestic and crossborder mergers and for domestic and international rela...
