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作者：Zhang, Hao; Zhang, Weihua
作者单位：University of British Columbia
摘要：We study the maintenance of a machine that deteriorates according to a Markov process until it fails. When failure occurs (which is observable), corrective replacement is made. Otherwise, the machine can be in one of two unobservable working states, and the decision maker can choose production, inspection, or preventive replacement. The state is revealed upon inspection and is reset by corrective or preventive replacement. The objective is to minimize the expected total discounted cost over an...
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作者：Niazadeh, Rad; Golrezaei, Negin; Wang, Joshua; Susan, Fransisca; Badanidiyuru, Ashwinkumar
作者单位：Massachusetts Institute of Technology (MIT)
摘要：Motivated by online decision making in time-varying combinatorial environments, we study the problemof transforming offline algorithms to their online counterparts. We focus on offline combinatorial problems that are amenable to a constant factor approximation using a greedy algorithm that is robust to local errors. For such problems, we provide a general framework that efficiently transforms offline robust greedy algorithms to online ones using Blackwell approachability. We show that the resu...
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作者：Li, Xi; Li, Xinlong
作者单位：University of Hong Kong; Nanyang Technological University
摘要：Modern consumers are concerned about not only their material payoff, but also the fairness of the transaction when making purchasing decisions. In this paper, we investigate how consumers' inequity aversion affects a manufacturer who sources inputs from upstreamsuppliers. We find that, when the manufacturer sources from a single supplier or when consumers observe the manufacturer's cost, inequity aversion hurts both the supplier's and manufacturer's profits. However, when the manufacturer sour...
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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：Lin, Danmo
作者单位：University of Warwick
摘要：I develop a continuous-time model to examine how the interaction between competition and financial constraints affects firms' research and development (R&D) strategies. The model integrates two key characteristics of R&D investment: accelerability (i.e., higher R&D intensity leads to faster discovery) and scalability (i.e., higher R&D intensity leads to higher project payoff). I find that firms react strategically to their rivals' financial constraints when making investment decisions in a duo...
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作者：Liu, Xiaoping; Li, Xiao-Bai; Sarkar, Sumit
作者单位：Northeastern University; University of Massachusetts System; University of Massachusetts Lowell; University of Texas System; University of Texas Dallas
摘要：When acquiring consumer data for marketing or new business initiatives, it is important to decide what attributes or features of potential customers should be acquired. We study a new feature selection problem in the context of customer data acquisition in which different features have different acquisition costs. This feature selection problem is studied for linear regression and logistic regression. We formulate the feature selection and acquisition problems as nonlinear discrete optimizatio...
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作者：Flannery, Mark J.; Hong, Claire Yurong; Wang, Baolian
作者单位：State University System of Florida; University of Florida
摘要：Government bonds might provide reference entities that reduce corporate bond yields. We study China's 2017 issuance of two U.S. dollar (USD)-denominated sovereign bonds when there were (effectively) no outstanding USD sovereigns. We find that Chinese corporate USD bonds experienced a four- to nine-basis-point decline in yield spreads, whereas corporate renminbi (RMB) bonds did not. The effect was stronger for corporate bonds with maturities similar to those of the USD sovereigns. Further consi...
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作者：Benzoni, Luca; Garlappi, Lorenzo; Goldstein, Robert
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago; University of British Columbia; University of Minnesota System; University of Minnesota Twin Cities; National Bureau of Economic Research
摘要：We derive a firm's debt issuance policy when managers have an informational advantage over creditors and face debt restructuring costs. In our model, regardless of how poor their private signal is, managers of firms that can access the credit market avoid default by issuing new debt to service existing debt. Therefore, only bonds of firms that have exhausted their ability to borrow are subject to jump-to-default risk because of incomplete information and, in turn, command a jump-to-default ris...
