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作者：He, Xinhao; Li, Jin; Yuan, Zhaoneng
作者单位：University of Hong Kong; Peking University
摘要：We study the optimal contracting problem with subjective evaluation when the principal can ask the agent to revise his work. The possibility of revision benefits the principal by providing the option value of making another attempt at the work. However, it also introduces a new type of incentive problem for the principal: she may ask for revision even if it is inefficient to do so. This new incentive issue for the principal also affects the incentive of the agent: he may procrastinate his effo...
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作者：Mohnen, Myra
作者单位：University of Ottawa; University of London; London School Economics & Political Science
摘要：This paper estimates the heterogeneity in peer effects among research scientists in terms of network position. I propose a new measure, brokerage degree, that determines the extent to which a scientist depends on a coauthor to provide him unique access to other scientists further away. I apply this measure to the coauthorship network of medical scientists. I show that network position is crucial for productivity by facilitating access to nonredundant knowledge. Identification results from vari...
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作者：Gurkan, Huseyin; de Vericourt, Francis
摘要：This paper explores how firms that lack expertise in machine learning (ML) can leverage the so-called AI Flywheel effect. This effect designates a virtuous cycle by which as an ML product is adopted and new user data are fed back to the algorithm, the product improves, enabling further adoptions. However, managing this feedback loop is difficult, especially when the algorithm is contracted out. Indeed, the additional data that the AI Flywheel effect generates may change the provider's incentiv...
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作者：Tunc, Sait; Sandikci, Burhaneddin; Tanriover, Bekir
作者单位：Virginia Polytechnic Institute & State University; Istanbul Technical University; University of Arizona
摘要：Despite efforts to increase the supply of donated organs for transplantation, organ shortages persist. We study the problem of organ wastage in a queueing-theoretic framework. We establish that self-interested individuals set their utilization levels more conservatively in equilibrium than the socially efficient level. To reduce the resulting gap, we offer an incentive mechanism that recompenses candidates returning to the waitlist for retransplantation, who have accepted a predefined set of o...
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作者：Kocak, Ozgecan; Puranam, Phanish
作者单位：Emory University; INSEAD Business School
摘要：Coordinated action within and beween organizations is easier when individuals share communication codes mappings between stimuli and labels. Because codes are specific to the groups within which they arise as conventions, collaboration across organizational units that have developed their own distinctive codes is often difficult. However, not all code differences are equal in their implications for communication difficulty and the capacity of individuals starting out with different codes to de...
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作者：Patatoukas, Panos N.; Sloan, Richard G.; Wang, Annika Yu
作者单位：University of California System; University of California Berkeley; University of Southern California; University of Houston System; University of Houston
摘要：We use the initial public offering (IPO) setting to provide evidence that the combination of valuation uncertainty and short-sales constraints generates significant equity market mispricing. The IPOs that we predict to be most susceptible to overpricing in the immediate aftermarket have first-day returns of +47% and lockup expiration returns of -9%. Our detailed analysis of securities lending market data confirms that these IPOs experience severe short-sales constraints that peak around the lo...
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作者：Shi, Peng
作者单位：University of Southern California
摘要：This paper develops a tractable methodology for designing an optimal priority system for assigning agents to heterogeneous items while accounting for agents' choice behavior. The space of mechanisms being optimized includes deferred acceptance and top trading cycles as special cases. In contrast to previous literature, I treat the inputs to these mechanisms, namely the priority distribution of agents and quotas of items, as parameters to be optimized. The methodology is based on analyzing larg...
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作者：Aral, Karca D.; Giambona, Erasmo; Wang, Ye
作者单位：Syracuse University; University of International Business & Economics
摘要：What should a distressed buyer???s sourcing strategy be? We find that this depends on the dynamics in a potential in-court bankruptcy. To establish causality, we use a novel sourcing data set in combination with a unique quasi-natural experimental setting provided by a regulatory shock that significantly strengthened the protection granted to suppliers when a distressed buyer files for bankruptcy: the Supplier Protection Act. We find that, following this regulatory change, the number of suppli...
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作者：Avramov, Doron; Kaplanski, Guy; Subrahmanyam, Avanidhar
作者单位：Reichman University; Bar Ilan University; University of California System; University of California Los Angeles
摘要：Regression regularization techniques show that deviations of accounting fundamentals from their preceding moving averages forecast drifts in equity market prices. Deviations-based predictability survives a comprehensive set of prominent anomalies. The profitability applies strongly to the long leg and survives value weighting and excluding microcaps. We provide evidence that the predictability arises because investors anchor to recent means of fundamentals. A factor based on our fundamentals-b...
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作者：Feiler, Daniel; Tong, Jordan
作者单位：Dartmouth College; University of Wisconsin System; University of Wisconsin Madison
摘要：We study decision behavior in the selection, forecasting, and production for a new product. In a stylized behavioral model and five experiments, we generate new insight into when and why this combination of tasks can lead to overconfidence (specifically, overestimating the demand). We theorize that cognitive limitations lead to noisy interpretations of signal information, which itself is noisy. Because people are statistically naive, they directly use their noisy interpretation of the signal i...
