-
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...
-
作者：Hara, Chiaki; Honda, Toshiki
作者单位：Kyoto University; Hitotsubashi University
摘要：.we investigate the optimal portfolio choice problem for an investor who has autility function of the smooth ambiguity model. We identify necessary and sufficientconditions for a given portfolio to be optimal for such an investor. We define the impliedambiguity of a portfolio as the smallest ambiguity aversion coefficient with which theportfolio is optimal, and the measure of ambiguity perception as the part of the variabilityin asset returns that can be attributed to the ambiguity. We show th...
-
作者：Derakhshan, Mahsa; Golrezaei, Negin; Manshadi, Vahideh; Mirrokni, Vahab
作者单位：University System of Maryland; University of Maryland College Park; Massachusetts Institute of Technology (MIT); Yale University; Alphabet Inc.; Google Incorporated
摘要：On online platforms, consumers face an abundance of options that are displayed in the form of a position ranking. Only products placed in the first few positions are readily accessible to the consumer, and she needs to exert effort to access more options. For such platforms, we develop a two-stage sequential search model where, in the first stage, the consumer sequentially screens positions to observe the preference weight of the products placed in them and forms a consideration set. In the se...
-
作者：Fang, Vivian W.; Iselin, Michael; Zhang, Gaoqing
作者单位：University of Minnesota System; University of Minnesota Twin Cities
摘要：This paper studies financial statement consistency - the purported means to comparability - from an information perspective. We model consistency as firms' required propensity to apply common accounting methods to individual transactions and show that consistency creates information spillover through correlated measurements (spillover channel) while potentially reducing the informativeness of one's own report (standalone channel). The model generates two central predictions. First, optimal con...
-
作者：Li, Meng; Liu, Yan
作者单位：University of Houston System; University of Houston; Chinese Academy of Sciences; University of Science & Technology of China, CAS
摘要：In this paper, we study a regretful seller???s problem of selling a fixed number of goods over a finite and known time horizon. The seller engages in counterfactual thinking to compare her selected price with other forgone alternatives. If a forgone alternative (ex post) generates a better outcome than the selected one, then the seller experiences regret. We characterize the pricing decision of a regretful seller and find that, although regret leads the seller to set a price that is lower than...
-
作者：Aloosh, Arash; Bekaert, Geert
作者单位：NEOMA Business School; Columbia University
摘要：We examine the ability of existing and new factor models to explain the comovements of G10 currency changes, measured using ???currency baskets.??? A clustering technique reveals a clear two-block structure in currency comovements, with the first block containing mostly the dollar currencies and the other the European currencies. A factor model incorporating this ???clustering??? factor and two additional factors, a commodity currency factor and a ???world??? factor based on trading volumes, f...
-
作者：Berbeglia, Gerardo; Garassino, Agustin; Vulcano, Gustavo
作者单位：University of Melbourne; University of Buenos Aires; Universidad Torcuato Di Tella; Consejo Nacional de Investigaciones Cientificas y Tecnicas (CONICET)
摘要：Choice-based demand estimation is a fundamental task in retail operations and revenue management, providing necessary input data for inventory control, assortment, and price-optimization models. The task is particularly difficult in operational contexts where product availability varies over time and customers may substitute into the available options. In addition to the classical multinomial logit (MNL) model and extensions (e.g., nested logit, mixed logit, and latent-class MNL), new demand m...
-
作者：Esenduran, Gokce; Letiza, Paolo; Ovchinnikov, Anton
作者单位：Purdue University System; Purdue University; University of Tennessee System; University of Tennessee Knoxville; Queens University - Canada; INSEAD Business School
摘要：Recent advances in information technology, advanced manufacturing (robotics, 3D printing, etc.), and logistics have allowed firms to customize their products to the specifications of individual consumers, who, in turn, prefer these products to standard ones. In the unlikely event that customized products do not match expectations, however, consumers often feel entitled to a return. Should firms offer returns on customized products? We examine this question via a Stackelberg game model, in whic...
-
作者：Chao, Matthew; Fisher, Geoffrey
作者单位：Williams College; Cornell University
摘要：Nonprofits regularly use conditional thank you gifts to entice prospective donors to give, yet experimental evidence suggests that their effects are mixed in practice. This paper uses multiple laboratory experiments to test when and why thank you gifts vary in effectiveness. First, we demonstrate that although gifts often increase donations to charities that donors did not rate highly, many of the same gifts had no effects or negative effects for charities that prospective donors already liked...
-
作者：Guo, Liang
作者单位：Chinese University of Hong Kong
摘要：Many phenomena of preference construction demonstrate a violation of the rationality premise in classical economic theories. One of the most well-known examples of preference construction is the compromise effect. This puzzling anomaly can be rationalized by contextual deliberation (i.e., endogenous information retrieval/acquisition that can partially resolve utility uncertainty before choice). In this research, we investigate the empirical validity of this explanation by performing falsificat...
