7期

最新文章

• Saving with Group or Individual Personal Pension Schemes: How Much Difference Does It Make? AI翻译
  作者：Zalewska, Anna (Ania)
  作者单位：University of Bath
  摘要：The quality of services provided by institutional investors has attracted considerable attention. This paper adds to the debate by showing that institutional differences in setting up defined contribution personal schemes have an economically and statistically significant impact on the returns. Using a sample of 10,326 UK defined contribution personal pension funds over July 1990-June 2019, I show that pension funds that have a third party involved in contract setting and subsequent oversight ...
• The (In)Elasticity of Moral Ignorance AI翻译
  作者：Serra-Garcia, Marta; Szech, Nora
  作者单位：University of California System; University of California San Diego; Helmholtz Association; Karlsruhe Institute of Technology
  摘要：Ignorance enables individuals to act immorally. This is well known in policy circles, in which there is keen interest in lowering moral ignorance. In this paper, we study how the demand for moral ignorance responds to monetary incentives and how the demand curve for ignorance reads to social norm messages. We propose a simple behavioral model in which individuals suffer moral costs when behaving selfishly in the face of moral information. In several experiments, we find that moral ignorance de...
• Speculative Trading and Bubbles: Evidence from the Art Market AI翻译
  作者：Penasse, Julien; Renneboog, Luc
  作者单位：University of Luxembourg; Tilburg University
  摘要：We argue that extrapolative expectations drive boom-bust cycles in the postwar art market. Price run-ups coincide with increases in demand fundamentals but are followed by predictable busts. Predictable changes account for about half of the variance of five-year price changes. High prices coincide with many attributes of speculative bubbles: trading volume, the share of short-term trades, the share of postwar art, and volatility are all higher during booms. In addition, short-term transactions...
• Online Assortment Optimization with Reusable Resources AI翻译
  作者：Gong, Xiao-Yue; Goyal, Vineet; Iyengar, Garud N.; Simchi-Levi, David; Udwani, Rajan; Wang, Shuangyu
  作者单位：Massachusetts Institute of Technology (MIT); Columbia University; Massachusetts Institute of Technology (MIT); University of California System; University of California Berkeley
  摘要：We consider an online assortment optimization problem where we have n substitutable products with fixed reusable capacities c(1), ...,c(n). In each period t, a user with some preferences (potentially adversarially chosen) who offers a subset of products, S-t, from the set of available products arrives at the seller's platform. The user selects product j is an element of S-t with probability given by the preference model and uses it for a random number of periods,(t) over tilde (j), that is dis...
• Sharing Demand Information with Retailer Under Upstream Competition AI翻译
  作者：Jain, Aditya
  作者单位：City University of New York (CUNY) System; Baruch College (CUNY)
  摘要：We analyze demand information sharing collaboration between two manufacturers and a retailer under upstream competition. The manufacturers produce partially substitutable products, which are stocked by the retailer that sells them in the market characterized by random demand. The manufacturers are privately informed about uncertain demand and decide on whether to share this information with the retailer. We show that by not sharing information, a manufacturer ends up distorting its wholesale p...
• Separated by a Common Language: How the Nature of Code Differences Shapes Communication Success and Code Convergence AI翻译
  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...
• Designing Advance Market Commitments for New Vaccines AI翻译
  作者：Kremer, Michael; Levin, Jonathan; Snyder, Christopher M.
  作者单位：University of Chicago; University of Chicago; National Bureau of Economic Research; Stanford University; Dartmouth College
  摘要：Advance market commitments (AMCs) provide a mechanism to stimulate investment by suppliers of products to low-income countries. In an AMC, donors commit to a fund from which a specified subsidy is paid per unit purchased by low-income countries until the fund is exhausted, strengthening suppliers' incentives to invest in research, development, and capacity. Last decade saw the launch of a $1.5 billion pilot AMC to distribute pneumococcal vaccine to the developing world; in the current pandemic...
• Regulation with Experimentation: Ex Ante Approval, Ex Post Withdrawal, and Liability AI翻译
  作者：Henry, Emeric; Loseto, Marco; Ottaviani, Marco
  作者单位：Institut d'Etudes Politiques Paris (Sciences Po); Centre for Economic Policy Research - UK; University of Chicago; Bocconi University
  摘要：We analyze the optimal mix of ex ante experimentation and ex post learning for the dynamic adoption of activities with uncertain payoffs in a two-phase model of information diffusion. In a first preintroduction phase, costly experimentation is undertaken to decide whether to adopt an activity or abandon experimentation. In a second stage following adoption, learning can continue possibly at a different pace while the activity remains in place; the withdrawal option is exercised following the a...
• Disclosure Sentiment: Machine Learning vs. Dictionary Methods AI翻译
  作者：Frankel, Richard; Jennings, Jared; Lee, Joshua
  作者单位：Washington University (WUSTL); Brigham Young University
  摘要：We compare the ability of dictionary-based and machine-learning methods to capture disclosure sentiment at 10-K filing and conference-call dates. Like Loughran and McDonald [Loughran T, McDonald B (2011) When is a liability not a liability? Textual analysis, dictionaries, and 10-Ks. J. Finance 66(1):35-65.], we use returns to assess sentiment. We find that measures based on machine learning offer a significant improvement in explanatory power over dictionary-based measures. Specifically, machi...
• Talking Behind Your Back: Communication and Team Cooperation AI翻译
  作者：Abbink, Klaus; Dong, Lu; Huang, Lingbo
  作者单位：Monash University; Nanjing Audit University
  摘要：Communication is one of the most effective devices in promoting team cooperation. However, asymmetric communication sometimes breeds collusion and hurts team efficiency. Here, we present experimental evidence showing that excluding one member from team communication hurts team cooperation; the communicating partners collude in profit allocation against the excluded member, and the latter reacts by exerting less effort. Allowing the partners to reach out to the excluded member partially restore...