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作者：Ma, Will
作者单位：Columbia University
摘要：who will purchase at most one. Typically, retailers select a subset of items, corresponding to an assortment of brands to carry, and make each selected item available for purchase at its brand-recommended price. Despite the tremendous importance in practice, the best method for selling these fixed-price items is not well understood, as retailers have begun experimenting with making certain items available only through a lottery. In this paper, we analyze the maximum possible revenue that can b...
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作者：Bostanci, Gorkem; Yildirim, Pinar; Jerath, Kinshuk
作者单位：University of British Columbia; University of Pennsylvania; University of Pennsylvania; Columbia University
摘要：Negative advertising provides information about the weaknesses of a competitor's product. We study negative advertising with a focus on how its regulation impacts product positioning for profit-maximizing firms. We build a model of informative advertising competition, where product positioning is endogenous, and consumers have rational expectations. We show that despite the informational benefits of negative advertising, permitting it (as the Federal Trade Commission in the United States does)...
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作者：Hu, Sang; Obloj, Jan; Zhou, Xun Yu
作者单位：The Chinese University of Hong Kong, Shenzhen; University of Oxford; University of Oxford; Columbia University
摘要：We develop an approach to solve the Barberis casino gambling model [Barberis N (2012) A model of casino gambling. Management Sci. 58(1):35-51] in which a gambler whose preferences are specified by the cumulative prospect theory (CPT) must decide when to stop gambling by a prescribed deadline. We assume that the gambler can assist their decision using independent randomization. The problem is inherently time inconsistent because of the probability weighting in CPT, and we study both precommitte...
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作者：Dai, Min; Kou, Steven; Soner, H. Mete; Yang, Chen
作者单位：Hong Kong Polytechnic University; Boston University; Princeton University; Chinese University of Hong Kong
摘要：Although leveraged exchange-traded funds (ETFs) are popular products for retail investors, how to hedge them poses a great challenge to financial institutions. We develop an optimal rebalancing (hedging) model for leveraged ETFs in a comprehensive setting, including overnight market closure and market frictions. The model allows for an analytical optimal rebalancing strategy. The result extends the principle of aiming in front of target introduced by Garleanu and Pedersen (2013) from a constan...
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作者：Cohen-Hillel, Tamar; Panchamgam, Kiran; Perakisc, Georgia
作者单位：University of British Columbia; Massachusetts Institute of Technology (MIT)
摘要：In-store promotions are a highly effective marketing tool that can have a significant impact on revenue. In this research, we study the question of dynamic promotion planning in the face of Bounded-Memory Peak-End demandmodels. In order to determine promotion strategies, we establish that a High-Low pricing policy is optimal under diagonal dominance conditions (so that the current period price dominates both past period price effects and competitive product price effects on the demand), as wel...
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作者：Schmid, Thomas; Urban, Daniel
作者单位：University of Hong Kong; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
摘要：This paper examines how female directors (FDs) affect firm value in the absence of mandatory gender quotas. Using a newly collected data set on director deaths around the globe, we find that stock prices decrease approximately 2% more when an FD passes away, compared with a male director. What explains this negative capital market reaction? We find evidence that finding successors for deceased FDs is challenging for firms: Succession delays are longer, and although firms try to replace FDs wit...
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作者：Falk, Armin; Becker, Anke; Dohmen, Thomas; Huffman, David; Sundef, Uwe
作者单位：University of Bonn; Harvard University; Maastricht University; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; University of Munich
摘要：Incentivized choice experiments are a key approach tomeasuring preferences in economics but are also costly. Survey measures are a low-cost alternative but can suffer from additional forms of measurement error due to their hypothetical nature. This paper seeks to leverage the strengths of both approaches by proposing a new survey module on risk aversion, time discounting, trust, altruism, positive and negative reciprocity, in which survey items are selected based on ability to predict choices ...
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作者：Donges, Alexander; Meier, Jean-Marie; Silva, Rui C.
作者单位：University of Mannheim; University of Texas System; University of Texas Dallas; Universidade Nova de Lisboa; Centre for Economic Policy Research - UK
摘要：We study the impact of inclusive institutions on innovation using novel, handcollected, county-level data for Imperial Germany. We use the timing and geography of the French occupation of different German regions after the French Revolution of 1789 as an instrument for institutional quality. We find that the number of patents per capita in counties with the longest occupation was more than double that in unoccupied counties. Among the institutional changes brought by the French, the introducti...
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作者：Kaynar, Nur; Siddiq, Auyon
作者单位：Cornell University; University of California System; University of California Los Angeles
摘要：The design of performance-based incentives-commonly used in online labor platforms-can be naturally posed as a moral hazard principal-agent problem. In this setting, a key input to the principal's optimal contracting problem is the agent's production function: the dependence of agent output on effort. Although agent production is classically assumed to be known to the principal, this is unlikely to be the case in practice. Motivated by the design of performance-based incentives, we present a m...
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作者：Gross, Daniel P.
作者单位：Duke University; National Bureau of Economic Research
摘要：One of the most commanding powers of the U.S. Patent and Trademark Office (USPTO) is to compel inventions into secrecy, withholding patent rights and prohibiting disclosure, to prevent technology from leaking to foreign competitors. This paper studies the impacts of compulsory secrecy on firm invention and the wider innovation system. In WorldWar II, USPTO issued secrecy orders to more than 11,000 patent applications, which it rescinded en masse at the end of the war. Compulsory secrecy caused...
