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作者：Alos-Ferrer, Carlos; Garagnani, Michele
作者单位：University of Zurich
摘要：Decisions in management and finance rely on information that often includes win lose feedback (e.g., gains and losses, success and failure). Simple reinforcement then suggests to blindly repeat choices if they led to success in the past and change them otherwise, which might conflict with Bayesian updating of beliefs. We use finite mixture models and hidden Markov models, adapted from machine learning, to uncover behavioral heterogeneity in the reliance on difference behavioral rules across an...
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作者：Zeng, Zhiyu; Dai, Hengchen; Zhang, Dennis J.; Zhang, Heng; Zhang, Renyu; Xu, Zhiwei; Shen, Zuo-Jun Max
作者单位：Tsinghua University; University of California System; University of California Los Angeles; Washington University (WUSTL); Arizona State University; Arizona State University-Tempe; Chinese University of Hong Kong; University of California System; University of California Berkeley; University of California System; University of California Berkeley
摘要：Content-sharing social network platforms rely heavily on user-generated content to attract users and advertisers, but they have limited authority over content provision. We develop an intervention that leverages social interactions between users to stimulate content production. We study social nudges, whereby users connected with a content provider on a platform encourage that provider to supply more content. We conducted a randomized field experiment (N = 993,676) on a video-sharing social ne...
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作者：Wang, Hongchang; Overby, Eric
作者单位：University of Texas System; University of Texas Dallas; University System of Georgia; Georgia Institute of Technology
摘要：Do political differences, which are becoming increasingly acute among Americans, inhibit market transactions? We study this by examining whether the perceived political distance between investors and borrowers in an online lending market affects whom investors choose to fund. Using two complementary empirical approaches (a gravity model and a difference-in-differences analysis), we find a nuanced effect: Investors from comparatively conservative states consider political distance when making l...
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作者：Cohen, Maxime C.; Desir, Antoine; Korula, Nitish; Sivan, Balasubramanian
作者单位：McGill University; INSEAD Business School; Alphabet Inc.; Google Incorporated; Alphabet Inc.; Google Incorporated
摘要：Buying display ad impressions via real-time auctions comes with significant allocation and price uncertainties. We design and analyze a contract that mitigates this uncertainty risk by providing guaranteed allocation and prices while maintaining the efficiency of buying in an auction. We study how risk aversion affects the desire for guarantees and how to price a guaranteed allocation. We propose to augment the traditional auction with a programmatic purchase option (which we call a Market-Mak...
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作者：Jouini, Elyes
作者单位：Universite PSL; Universite Paris-Dauphine; Centre National de la Recherche Scientifique (CNRS); Institut de Recherche pour le Developpement (IRD); Laboratoire dEconomie de Dauphine LEDa; Centre National de la Recherche Scientifique (CNRS); Universite PSL; Universite Paris-Dauphine
摘要：I develop a continuous-time general equilibrium model with a continuum of states of the world and a continuum of agents endowed with heterogeneous beliefs. The model permits to analyze the interactions between financial markets and production. There is a single firmthat faces convex adjustment costs andmaximizes its terminal value. Equivalently, the firm uses decreasing returns to scale risk-return technology. The model is tractable and matches many of the empirical regularities in aggregate o...
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作者：Ha, Albert Y.; Shang, Weixin; Wang, Yunjie
作者单位：Hong Kong University of Science & Technology; Lingnan University; Renmin University of China
摘要：We develop a game-theoretic model to study the incentive for competing manufacturers to share supplier audit information. Based on the audit information, each manufacturer decides whether to source from a common supplier who has uncertain responsibility violation risk or to switch to a backup supplier who has no responsibility violation risk but charges a higher price. When supplier responsibility violation occurs, some consumers boycott the manufacturers involved. Audit information allows a m...
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作者：Eftekhari, Saeede; Yaraghi, Niam; Gopal, Ram D.; Rameshe, Ram
作者单位：Tulane University; University of Miami; Brookings Institution; University of Warwick; State University of New York (SUNY) System; University at Buffalo, SUNY
摘要：Efforts to promote Health Information Exchanges (HIEs) on a nationwide scale are beset with major challenges, and one of them is its meaningful use for both physicians and patients. Referrals potentially provide a context for the meaningful use of HIE, and we are yet to understand how HIEs affect referrals. This research studies the impact of HIE on referral patterns. We establish that participation in an HIE network increases the referrals sent to and received from other HIE participants. We ...
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作者：Mostagir, Mohamed; Siderius, James
作者单位：University of Michigan System; University of Michigan; Massachusetts Institute of Technology (MIT)
摘要：The impact of product reviews on consumer purchasing behavior is empirically well documented. This can create perverse incentives for firms to offer reviewers side payments (bribes) in exchange for biased reviews for their products. The presence of bribes distorts the information in reviews and leads to detrimental effects on consumer utility. This paper builds a two-sided reputation model where a reviewer can inflate her reviews in exchange for bribes. If the reviewer accepts bribes and misre...
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作者：Chen, Xin; He, Wei; Tao, Libin; Yu, Jianfeng
作者单位：Shenzhen University; Audencia; Guangming Laboratory; Southwestern University of Finance & Economics - China; University of International Business & Economics; Tsinghua University
摘要：Recent studies have proposed a large set of powerful anomaly-based factors in the stock market. This study examines the role of investor inattention in the corresponding anomalies underlying these factors and other underreaction-related anomalies. Using media coverage as a proxy for investor attention, we show that the anomalies underlying many recently proposed prominent factors are much more pronounced among firms with low media coverage in portfolio-formation periods. In addition, we find m...
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作者：Bossaerts, Peter; Fattinger, Felix; Rotaru, Kristian; Xu, Kaitong
作者单位：University of Cambridge; Vienna University of Economics & Business; Monash University; Monash University; University of Melbourne
摘要：Emotional involvement is known to be necessary but not sufficient for good decision making in the face of uncertainty. It has been conjectured that emotional engagement in anticipation of risky outcomes constitutes good emotions. We introduce a new methodology to determine whether anticipatory emotional engagement is beneficial in the context of trading in financial markets. We focus on heart rate changes because they occur at a sufficiently high frequency to discern timing relative to events ...
