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作者：Arnosti, Nick; Weinberg, S. Matthew
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Princeton University
摘要：We argue that the concentrated production and ownership of Bitcoin mining hardware arise naturally from the economic incentives of Bitcoin mining. We model Bitcoin mining as a two-stage competition; miners compete in prices to sell hardware while competing in quantities for mining rewards. We characterize equilibria in our model and show that small asymmetries in operational costs result in highly concentrated ownership of mining equipment. We further show that production of mining equipment w...
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作者：Black, Dirk E.; Pierce, Spencer R.; Thomas, Wayne B.
作者单位：University of Nebraska System; University of Nebraska Lincoln; State University System of Florida; Florida State University; University of Oklahoma System; University of Oklahoma - Norman
摘要：The purpose of our study is to further understand managerial incentives that affect the volatility of reported earnings. Prior research suggests that the volatility of fourth-quarter earnings may be affected by the integral approach to accounting (i.e., settling up of accrual estimation errors in the first three quarters of the fiscal year) or earnings management to meet certain reporting objectives (e.g., analyst forecasts). We suggest that another factor affecting fourth-quarter earnings is ...
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作者：Fioriti, Andres; Hernandez-Chanto, Allan
作者单位：National University of the South; Instituto de Investigaciones en Ingenieria Electrica (IIIE); University of Queensland
摘要：We introduce risk-averse bidders in a security-bid auction to analyze how the security design affects bidders' equilibrium behavior and, as a result, the revenue and efficiency of the auction. We show that steeper securities provide more insurance because they allow bidders to smooth payoffs across realizations. Such insurance levels the playing field for more-risk-averse bidders, inducing them to bid more aggressively. As a consequence, the auction's allocative efficiency weakly increases whe...
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作者：Van Wesep, Edward D.; Waters, Brian
作者单位：University of Colorado System; University of Colorado Boulder
摘要：We present a general equilibrium model in which firms and workers coordinate compensation so that turnover is high in some periods and low in others. This ensures that firms and workers typically search for new matches when other firms and workers are available. If firms and workers find themselves in a periodic equilibrium, contracts often feature large bonuses paid just prior to periods of high labor market turnover. The theory's predictions match stylized facts concerning compensation and t...
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作者：Chen, Kay-Yut; Wang, Jingguo; Lang, Yan
作者单位：University of Texas System; University of Texas Arlington
摘要：Digital extortion has emerged as a significant threat to organizations that rely on information technologies for their operations. Using human subject experimentation, we study the effectiveness of message appeals in encouraging defenders to adopt two mitigation strategies, investment in security and refusal to pay ransoms, to digital extortion threats. We explore two types of appeals, benefit and normative, for this purpose. We find that the decisions of the defenders (representing any organi...
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作者：Corgnet, Brice; Deck, Cary; DeSantis, Mark; Porter, David
作者单位：Centre National de la Recherche Scientifique (CNRS); Ecole Normale Superieure de Lyon (ENS de LYON); Universite Claude Bernard Lyon 1; Universite Jean Monnet; Universite Lyon 2; emlyon business school; University of Alabama System; University of Alabama Tuscaloosa; Chapman University System; Chapman University; Chapman University System; Chapman University
摘要：There is an ongoing debate regarding the degree to which a forecaster's ability to draw correct inferences from market signals is real or illusory. This paper attempts to shed light on the debate by examining how personal characteristics do or do not affect forecaster success. Specifically, we investigate the role of fluid intelligence, manipulativeness, and theory of mind on forecast accuracy in experimental asset markets. We find that intelligence improves forecaster performance when market ...
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作者：Jiang, Zhaohui (Zoey); Huang, Yan; Beil, Damian R.
作者单位：Carnegie Mellon University; University of Michigan System; University of Michigan
摘要：In this paper, we empirically examine the impact of performance feedback on the outcome of crowdsourcing contests. We develop a dynamic structural model to capture the economic processes that drive contest participants' behavior and estimate the model using a detailed data set about real online logo design contests. Our rich model captures key features of the crowdsourcing context, including a large participant pool; entries by new participants throughout the contest; exploitation (revision of...
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作者：Ladas, Konstantinos; Kavadias, Stylianos; Loch, Christoph
作者单位：University of Cambridge
摘要：We present a model that suggests possible explanations for the observed proliferation of pay-per-use (PPU) business models over the last two decades. Delivering fractions of a product as a service offers a cost advantage to customers with lower usage but requires extra delivery costs. Previous research focused on information goods (with negligible production costs) and predicted that PPU, when arising as a differentiation to selling in equilibrium, would fundamentally achieve lower profits tha...
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作者：Chen, Xi; Simchi-Levi, David; Wang, Yining
作者单位：New York University; Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT); State University System of Florida; University of Florida
摘要：The prevalence of e-commerce has made customers' detailed personal information readily accessible to retailers, and this information has been widely used in pricing decisions. When using personalized information, the question of how to protect the privacy of such information becomes a critical issue in practice. In this paper, we consider a dynamic pricing problem over T time periods with an unknown demand function of posted price and personalized information. At each time t, the retailer obse...
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作者：Schuhmacher, Karl; Burkert, Michael
作者单位：Emory University; University of Fribourg
摘要：Accurate cost information is critical to effective decision making within organizations. Cost computations often rely on subjective judgments by employees regarding the amount of time that different tasks consume. In an experimental setting, we examine the accuracy of two common approaches to eliciting subjective time estimates vital for accurate cost information. Specifically, we compare estimation error when employees estimate (i) the total time for all iterations of a task (the pool approac...
