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作者：Basu, Soumya; Easley, David; O'Hara, Maureen; Sirer, Emin Gun
作者单位：Cornell University; Cornell University; Cornell University; Cornell University
摘要：Blockchain-based cryptocurrencies must solve the problem of assigning priorities to competing transactions. The most widely used mechanism involves each transaction offering a fee to be paid once the transaction is processed, but this discriminatory price mechanism fails to yield stable equilibria with predictable prices. We propose an alternate fee setting mechanism, StableFees, that is based on uniform price auctions. We prove that our proposed protocol is free from manipulation by users and...
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作者：Abada, Ibrahim; Lambin, Xavier
作者单位：Grenoble Ecole Management; Engie; ESSEC Business School
摘要：Strategic decisions are increasingly delegated to algorithms. We extend previous results of the algorithmic collusion literature to the context of dynamic optimization with imperfect monitoring by analyzing a setting where a limited number of agents use simple and independent machine-learning algorithms to buy and sell a storable good. No specific instruction is given to them, only that their objective is to maximize profits based solely on past market prices and payoffs. With an original appl...
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作者：Diop, Moussa; Zheng, Chen
作者单位：University of Southern California; The Brattle Group
摘要：We study incentive problems associated with the compensation of servicers during default remediation. First, we fill a gap in the literature by identifying stylized facts about servicing fees. Next, we present evidence showing that servicing fees drive mortgage modifications and foreclosures, likely to the detriment of investors. Servicers modify loans paying high servicing fees and delay their foreclosure to protect servicing cash flows. These effects are causal. Voluntary mortgage renegotiat...
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作者：Ke, T. Tony; Sudhir, K.
作者单位：Chinese University of Hong Kong; Yale University
摘要：General Data Protection Regulation (GDPR)-the European Union's data protection regulation-has two key principles. It recognizes that individuals own and control their personal (but not contractual) data in perpetuity, leading to three critical privacy rights, namely, the rights to (i) explicit consent (data opt-in), (ii) to be forgotten (data erasure), and (iii) portability (data transfer). It also includes data security mandates against privacy breaches through unauthorized access. We study G...
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作者：Bartov, Eli; Faurel, Lucile; Mohanram, Partha
作者单位：New York University; Arizona State University; Arizona State University-Tempe; University of Toronto
摘要：Prior studies document the role social media information plays in the stock market and the important dissimilarities between the bond and stock markets. Bridging these two types of literature, we examine the role of social media information in the corporate bond market. Analyzing a broad sample of messages by Twitter individual users, posted just prior to earnings announcements, containing bond, credit risk, and fundamental information, we find that aggregate Twitter opinion (DPI) predicts upc...
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作者：Zeng, Zhixiong; Jin, Yi
作者单位：Nanchang University; Nanchang University; Southwestern University of Finance & Economics - China
摘要：This paper studies how liquidity management affects asset markets and aggregate economic performance. We explore the connection between liquidity allocation and capital allocation. The policy that changes the liquidity premia on assets has broad implications for private-sector behavior and market efficiency. Liquidity tightening, that is, a reduction in the aggregate quantity of liquid debt, is associated with credit loosening, that is, an increase in funds raised through the issuance of priva...
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作者：Meisner, Vincent
作者单位：Technical University of Berlin
摘要：Despite the truthful dominant strategy, participants in strategy-proof mecha-nisms submit manipulated preferences. In our model, participants dislike rejections and enjoy the confirmation from getting what they declare desirable. Formally, the payoff from a match decreases in its position in the submitted ranking such that a strategic trade-off between preference intensity and match probability arises. This trade-off can trigger the commonly observed self-selection strategies. We show that mis...
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作者：Park, Jiyong; Han, Kunsoo; Lee, Byungtae
作者单位：University of North Carolina; University of North Carolina Greensboro; McGill University; Korea Advanced Institute of Science & Technology (KAIST)
摘要：The rapid, widespread adoption of cloud computing over the last decade has sparked debates on its environmental impacts. Given that cloud computing alters the dynamics of energy consumption between service providers and users, a complete understanding of the environmental impacts of cloud computing requires an investigation of its impact on the user side, which can be weighed against its impact on the vendor side. Drawing on production theory and using a stochastic frontier analysis, this stud...
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作者：Zhang, Zelin; Yang, Kejia; Zhang, Jonathan Z.; Palmatier, Robert W.
作者单位：Renmin University of China; Colorado State University System; Colorado State University Fort Collins; University of Washington; University of Washington Seattle
摘要：Massive online text reviews can be a powerful market research tool for understanding consumer experiences and helping firms improve and innovate. This research exploits the rich semantic properties of text reviews and proposes a novel machine learning modeling framework that can reliably and efficiently extract consumer opinions and uncover potential interaction effects across these opinions, thereby identifying hidden and nuanced areas for product and service improvement beyond existingmodeli...
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作者：Witkowski, Jens; Freeman, Rupert; Vaughan, Jennifer Wortman; Pennock, David M.; Krausee, Andreas
作者单位：Frankfurt School Finance & Management; University of Virginia; Microsoft; Rutgers University System; Rutgers University New Brunswick; Swiss Federal Institutes of Technology Domain; ETH Zurich
摘要：We initiate the study of incentive-compatible forecasting competitions in which multiple forecasters make predictions about one or more events and compete for a single prize. We have two objectives: (1) to incentivize forecasters to report truthfully and (2) to award the prize to the most accurate forecaster. Proper scoring rules incentivize truthful reporting if all forecasters are paid according to their scores. However, incentives become distorted if only the best-scoring forecaster wins a ...
