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作者：Gans, Joshua S.
作者单位：University of Toronto; National Bureau of Economic Research
摘要：This paper examines how a firm's choice of the type of experiment impacts on its potential exploitation of new technological opportunities. It does so in the context of the failure of successful firms (or disruption) where the literature has informally suggested that firms undertake errors in experimental choice. It is shown that firms will generically choose experiments that minimize false positives (a high-bar) or minimize false negatives (a low-bar) rather than strike a balance between the ...
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作者：Meyer, Andrew; Hundtofte, Sean
作者单位：Chinese University of Hong Kong
摘要：In nearly every betting market, gamblers overvalue the riskiest bets. This longshot bias is usually explained by a tendency to overweight low-probability events. We offer a novel explanation: contrast effects enhance the attractiveness of longshots because gambles presented in terms of their payoffs are easier to compare along the payoff dimension than along the probability dimension. Our analysis of historical betting odds suggests that contrasts between gamble payoffs can explain the longsho...
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作者：Chava, Sudheer; Oettl, Alexander; Singh, Manpreet
作者单位：University System of Georgia; Georgia Institute of Technology; National Bureau of Economic Research
摘要：Using intertemporal variation in the bounding of a state's minimum wage by the federal rate and business credit-score data for 15.2 million establishments, we find that the increase in labor costs caused by a higher federal minimum wage leads to lower business credit scores and worsens the financial health of small businesses in the affected states. In particular, small, young, labor-intensive, and minimum-wage-sensitive establishments located in affected states and those located in competitiv...
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作者：Chen, Mark A.; Hu, Shuting Sophia; Wang, Joanna; Wu, Qinxi
作者单位：University System of Georgia; Georgia State University; Baylor University; Peking University; Peking University Shenzhen Graduate School (PKU Shenzhen)
摘要：Real-world contractual agreements between firms are often incomplete, leading to suboptimal investment and loss of value in supply chain relationships. To what extent can blockchain technology help alleviate problems arising from contractual incompleteness? We examine this issue by exploiting a quasi-natural experiment based on the staggered adoption of U.S. state laws that increased firms' in-state ability to develop, adopt, and use blockchain technology. We find that, after exposure to a pro...
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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：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：Qi, Wel; Zhang, Yuli; Zhang, Ningwei
作者单位：Tsinghua University; Beijing Institute of Technology
摘要：Battery swapping for electric vehicle refueling is reviving and thriving. Despite a captivating sustainable future where swapping batteries will be as convenient as refuel,ing gas today, a tension is mounting in practice (beyond the traditional range anxiety issue): On one hand, it is desirable to maximize battery proximity and availability to custo,mers. On the other hand, capacitated urban power grids may curb decentralized charging at a slow speed. To reconcile this tension, some cities are...
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作者：Russo, Daniel
作者单位：Columbia University
摘要：Folklore suggests that policy gradient can be more robust to misspecification than its relative, approximate policy iteration. This paper studies the case of state-aggregated representations, in which the state space is partitioned and either the policy or value function approximation is held constant over partitions. This paper shows a policy gradient method converges to a policy whose regret per period is bounded by epsilon, the largest difference between two elements of the state-action val...
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作者：Pei, Jun; Yan, Ping; Kumar, Subodha
作者单位：Hefei University of Technology; Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University
摘要：As the industrial Internet-of-things (IIoT) is becoming increasingly valuable, manufacturers are eager to establish IIoT-based platforms for preventative maintenance (PM). These platforms reposition the roles of manufacturers and reshape the patterns of the after-sales service market. Manufacturers can adopt either the competitive strategy by introducing improved after-sales services to compete with independent maintenance, repair, and operations firms (MROs) or the coopetitive strategy by sim...
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作者：Malinova, Katya; Park, Andreas
作者单位：McMaster University; University of Toronto
摘要：In a token offering, investors fund a venture in exchange for tokens that grant rights to future economic output. To many financial industry insiders, tokens have no intrinsic merit and exist only as a way to evade regulations. We demonstrate that generic revenue-based token contracts are indeed economically inferior to equity and lead to overor underproduction. However, an optimally designed token contract, which is a combination of an output presale and an incremental revenue-sharing agreeme...
