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作者：Kim, Jong Yeob; Ishihara, Masakazu
作者单位：Nanyang Technological University; New York University
摘要：The obesity rate has grown to epidemic proportions in the United States. Recent scientific studies suggest that excess intake of sugar-sweetened beverages (SSBs) is one of the primary contributors to weight gain. One option to address the growing obesity epidemic is to discourage SSB consumption through fiscal policies such as imposing a soda excise tax. In this paper, we apply the Becker-Murphy model of rational addiction to present evidence that consumers are rationally addicted to the consu...
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作者：Liao, Li; Wang, Zhengwei; Yan, Hongjun; Yang, Jun; Zhou, Congyi
作者单位：Tsinghua University; DePaul University; Nanyang Technological University; Indiana University System; IU Kelley School of Business; Indiana University Bloomington
摘要：We examine the consequences of an intrusive debt-collection tactic that targets delinquent borrowers' social circles. Our identification strategy relies on the fact that some of the delinquent loans are not worked on because of collection agents' excessive workload. Using two approaches to estimate the local treatment effect, we show that this socialshaming tactic backfires and substantially increases the borrowers' default rate. Borrowers with better outside options for credit access and male...
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作者：Burtch, Gordon; McFowland III, Edward; Yang, Mochen; Adomavicius, Gediminas
作者单位：Boston University; Harvard University; University of Minnesota System; University of Minnesota Twin Cities
摘要：Advances in machine learning have made it easier to extract useful information from both structured and unstructured data. Accordingly, empirical researchers often seek to leverage machine learning for statistical inference and hypothesis testing. We study an increasingly popular practice wherein a supervised machine learning model is trained to predict a certain variable of interest, and the predicted values are subsequently used in regression models as independent variables to draw statistic...
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作者：Zhao, Zifeng; Jiang, Feiyu; Yu, Yi; Chen, Xi
作者单位：University of Notre Dame; Fudan University; University of Warwick; New York University
摘要：We consider a high-dimensional dynamic pricing problem under nonstationarity, in which a firm sells products to T sequentially arriving consumers that behave according to an unknown demand model with potential changes at unknown times. The demand model is assumed to be a high-dimensional generalized linear model (GLM), allowing for a feature vector in Rd that encodes products and consumer information. To achieve optimal revenue (i.e., least regret), the firm needs to learn and exploit the unkn...
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作者：Glover, Jonathan; Kim, Eunhee
作者单位：Columbia University; City University of New York (CUNY) System; Baruch College (CUNY)
摘要：An emerging body of research on teams highlights the importance of implicit incentives for cooperation and/or collusion that rely on mutual monitoring among team members. Whereas prior research on mutual monitoring in team production settings typically assumes that agents have identical abilities, this paper examines how such incentives operate when team members differ in their productive abilities. We show that the role of productive heterogeneity depends on the nature of team production. In ...
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作者：Balduzzi, Pierluigi; Connolly, Michael F.; Marcus, Alan
作者单位：Boston College
摘要：Assuming no arbitrage and that a polynomial in the time to maturity approximates spot-rate increments, we develop a consistent approach to estimate factor risk premia in the bond market. This approach is attractive, as the underlying risk factors are the time-varying coefficients of the polynomial specification, and the factor loadings correspond to familiar bond risk characteristics, such as duration and convexity. Our two-factor model-with a positive (negative) duration-factor (convexity-fac...
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作者：He, Wei; Su, Zhiwei; Wang, Yuehan; Yu, Jianfeng
作者单位：Southwestern University of Finance & Economics - China; Lingnan University; Central University of Finance & Economics; Tsinghua University; Hong Kong University of Science & Technology
摘要：We find that the degree of extrapolative weighting in investors' beliefs (DOX) has strong predictive power for a broad set of overreaction-related anomalies in the stock market. The average return spread of these anomalies is about 0.86% per month following high DOX periods and -0.31% per month following low DOX periods. In sharp contrast, DOX has opposite, but weaker, predictive power for underreaction-related anomalies. In addition, the predictive power of DOX is robust after controlling for...
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作者：Ren, Jiayang; You, Ningning; Hua, Kaixun; Ji, Chaojie; Cao, Yankai
作者单位：University of British Columbia; Shanghai Jiao Tong University; University of British Columbia
摘要：This paper presents a practical global optimization algorithm for the K-center clustering problem, which aims to select K samples as the cluster centers to minimize the maximum within-cluster distance. Specifically, we propose a reduced-space branch and bound scheme that guarantees convergence to the global optimum in a finite number of steps by only branching on the regions of centers. To improve efficiency, we design a twostage decomposable lower bound, the solution of which can be derived i...
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作者：Nascimento, Arnaldo; Ng, Che Tat; Gonzalez, Richard
作者单位：University of Waterloo; University of Michigan System; University of Michigan
摘要：We introduce formal measures for two psychological factors of probabilistic risk attitudes: attractiveness (motivational factor) and discriminability (cognitive factor). Unlike previous approaches that relied on heuristic proxies, our measures precisely capture these two fundamental factors. Our measures are mathematically tractable, robust to discontinuities, such as in the NEO-additive case, and flexible to be applied to any weighting function, as well as to both small and large probabilitie...
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作者：Czura, Kristina; Englmaier, Florian; Ho, Hoa; Spantig, Lisa
作者单位：University of Groningen; University of Munich; University of Munich; RWTH Aachen University; University of Essex
摘要：The positive role of transformational leadership for productivity and mental well-being has long been established. Transformational leadership behavior may be particularly suited to navigate times of crisis that are characterized by high levels of complexity and uncertainty. We exploit quasi-random assignment of employees to managers and study the role of frontline managers' leadership styles on employees' performance, work style, and mental well-being in times of crisis. Using longitudinal ad...
