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作者：Dertwinkel-Kalt, Markus; Koester, Mats
作者单位：University of Munster; Max Planck Society
摘要：Important decisions are often complex, and existing evidence suggests that complexity can affect economic behavior. It is an open question, however, exactly when and how complexity matters. We hypothesize that salient cues-standing out in the choice context-mitigate the effect of complexity on choices. We theoretically develop and experimentally test this hypothesis in the context of portfolio selection. We find that, in both simple and complex problems, subjects seek highly right -skewed port...
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作者：Munro, Evan
作者单位：Stanford University
摘要：There is increasing interest in allocating treatments based on observed individual characteristics: examples include targeted marketing, individualized credit offers, and heterogeneous pricing. Treatment personalization introduces incentives for individuals to modify their behavior to obtain a better treatment. Strategic behavior shifts the joint distribution of covariates and potential outcomes. The optimal rule without strategic behavior allocates treatments only to those with a positive con...
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作者：Harris, Jeffrey H.; Spyridopoulos, Ioannis; Zekhnini, Morad; Brunetti, Celso
作者单位：American University; Michigan State University; Michigan State University's Broad College of Business; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Several large, well-connected banks jointly underwrite the vast majority of syndicated loans. Although syndication reduces risk by spreading large loans across multiple banks and may benefit borrowers, the process may also facilitate collusive pricing. Disentangling these two effects requires a network view of loan syndicates as traditional measures of market concentration do not capture the collaborative nature of syndication. We find that well-connected banks offer 5-to 15-basis-point-lower ...
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作者：Beil, Damian; Duenyas, Izak; Leider, Stephen; Li, Jiawei; Qi, Anyan
作者单位：University of Michigan System; University of Michigan; Amazon.com; University of Texas System; University of Texas Dallas
摘要：We experimentally study dynamic resource allocation decisions using product development as the context. A product manager must accept or reject a series of design improvement opportunities, given a limited budget. Human subjects perform well when the cost-to-implement is fixed throughout the project. However, in a more complex setting where the cost increases for the latter half of the project, subjects' performance worsens substantially. We use the strategy frequency estimation method to anal...
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作者：Knechel, W. Robert; Maex, Steven A.; Park, Hyun Jong
作者单位：State University System of Florida; University of Florida; University of Auckland; George Mason University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University
摘要：We explore the role of auditor reputation in driving the value of smart contract audits (SCAs) within the decentralized finance (DeFi) ecosystem. Given the lack of regulatory oversight and the risk of cybersecurity breaches against the protocols comprising the DeFi ecosystem, a marketplace has emerged for voluntary on-demand assurance to identify vulnerabilities in smart contracts' coded logic. After documenting that market participants value SCAs and exploring the protocol attributes associat...
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作者：Luo, Shanshan; Shechter, Steven M.
作者单位：University of British Columbia
摘要：Mass vaccination is essential for epidemic control, but long queues can increase infection risk. We study how to schedule arrivals at a mass vaccination center to minimize a tri-objective function of (a) the expected number of infections acquired while waiting, (b) throughput, and (c) overtime. Leveraging multimodularity results of a related optimization problem, we construct a solution algorithm and apply it to a case study of COVID-19. We find that although the standard equally distributed, ...
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作者：Gan, Kyra; Jia, Su; Li, Andrew; Tayur, Sridhar
作者单位：Cornell University; Cornell University; Carnegie Mellon University
摘要：This paper addresses challenges in developing liquid biopsies for early-stage cancer detection through active sequential hypothesis testing (ASHT). In the problem of ASHT, a learner seeks to identify the true hypothesis (true cancer type) from a known set of hypotheses (candidate cancer types). The learner is given a set of actions (sequencing genetic intervals) and knows the distribution of the random outcome (whether a mutation is detected) of any action under any true hypothesis. Given a ta...
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作者：Lobo, Miguel Sousa; Yao, Dai
作者单位：INSEAD Business School; Hong Kong Polytechnic University
摘要：How frequent are large disagreements in human judgment? The substantial literature relating to expert assessments of real-valued quantities and their aggregation almost universally assumes that judgment errors follow a jointly normal distribution. We investigate this question empirically using 73 data sets from four different sources that include over 169,000 estimates and forecasts. We find incontrovertible evidence for excess kurtosis: that is, of fat tails. Despite the diversity of the anal...
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作者：Yang, Luyi; Yu, Man
作者单位：University of California System; University of California Berkeley; Hong Kong University of Science & Technology
摘要：This paper studies surprise clearance as an innovative business model to increase store profit and reduce food waste. A store holding surprise clearance sells surprise bags composed of surplus food that would otherwise go to waste. At the time of ordering, consumers are uncertain about the quantity of food items included in a surprise bag. We model surprise clearance and compare it with both no clearance and transparent clearance, which sets a transparent unit clearance price based on the amou...
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作者：Elias, Julio; Lacetera, Nicola; Macis, Mario
作者单位：University of Bologna; University of Toronto; Johns Hopkins University
摘要：Public authorities often introduce price controls following price surges, potentially causing inefficiencies and exacerbating shortages. A survey experiment with 7,612 Canadian and U.S. respondents shows that unregulated price surges raise moral objections and widespread disapproval. However, acceptance increases and demand for regulation declines when participants are prompted to consider economic trade-offs between controlled and unregulated prices, whereby incentives from higher prices lead...
