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作者：Diwas Singh, K. C.
作者单位：Emory University
摘要：This paper studies heuristic thinking and cognitive bias using a natural experiment from the field. The setting for the study is a set of acute care hospitals, where we examine the care process and discharge decisions for individual patients. Determining a patient's suitability for discharge is cognitively taxing, calling for the decision maker to draw on up-to-date clinical expertise and detailed information. We postulate that bounded rationality in decision making can lead the care provider ...
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作者：Hollstein, Fabian; Prokopczuk, Marcel; Simen, Chardin Wese
作者单位：Leibniz University Hannover; University of Reading
摘要：When using high-frequency data, the conditional capital asset pricing model (CAPM) can explain asset-pricing anomalies. Using conditional betas based on daily data, the model works reasonably well for a recent sample period. However, it fails to explain the size anomaly as well as three out of six of the anomaly component excess returns. Using high-frequency betas, the conditional CAPM is able to explain the size, value, and momentum anomalies. We further show that high-frequency betas provide...
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作者：Azevedo, Eduardo M.; Pennock, David M.; Waggoner, Bo; Weyl, E. Glen
作者单位：University of Pennsylvania; Microsoft; University of Colorado System; University of Colorado Boulder
摘要：Standard auction formats feature either an upper bound on the equilibrium price that descends over time (as in the Dutch auction) or a lower bound on the equilibrium price that ascends over time (as in the English auction). We show that in some settings with costly information acquisition, auctions featuring both (viz., a narrowing channel of prices) outperform the standard formats. This Channel auction preserves some of benefits of both the English (truthful revelation) and Dutch (security fo...
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作者：Benson, Alan; Sojourner, Aaron; Umyarov, Akhmed
作者单位：University of Minnesota System; University of Minnesota Twin Cities
摘要：Just as employers face uncertainty when hiring workers, workers also face uncertainty when accepting employment, and bad employers may opportunistically depart from expectations, norms, and laws. However, prior research in economics and information sciences has focused sharply on the employer's problem of identifying good workers rather than vice versa. This issue is especially pronounced in markets for gig work, including online labor markets, in which platforms are developing strategies to h...
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作者：Carrera, Mariana; Royer, Heather; Stehr, Mark; Sydnor, Justin
作者单位：Montana State University System; Montana State University Bozeman; University of California System; University of California Santa Barbara; National Bureau of Economic Research; IZA Institute Labor Economics; Drexel University; University of Wisconsin System; University of Wisconsin Madison
摘要：A growing number of firms use incentive programs to encourage healthy behaviors, but there is little evidence about how such incentives should be structured over time. We explore this issue using a large field experiment that incentivized employees of a Fortune 500 company to use their workplace gym. We compare the effectiveness of a treatment with constant incentives over 8 weeks to two treatments that varied incentives over time. One variable treatment featured front-loaded incentives, which...
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作者：Chemla, Gilles; Tinn, Katrin
作者单位：Imperial College London; Centre for Economic Policy Research - UK; Centre National de la Recherche Scientifique (CNRS); Universite PSL; McGill University
摘要：We develop a model in which reward-based crowdfunding enables firms to obtain a reliable proof of concept early in their production cycle: they learn about total demand from a limited sample of target consumers preordering a new product. Learning from the crowdfunding sample creates a valuable real option because firms invest only if updated expectations about total demand are sufficiently high. This is particularly valuable for firms facing a high degree of uncertainty about consumer preferen...
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作者：Kuppuswamy, Venkat; Younkin, Peter
作者单位：Northeastern University; University of Oregon
摘要：The underrepresentation of minorities in cultural industries is a widely publicized problem with far-reaching economic and social significance. It is also one of many industries in which employers suggest that the locus of bias is not within the organization but with the consumer. The empirical challenge of relating consumer behavior to employee composition has constrained prior efforts to test their claim and to test the theory of consumer discrimination more broadly. As a result, employers h...
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作者：Gaertner, Fabio B.; Hoopes, Jeffrey L.; Williams, Braden M.
作者单位：University of Wisconsin System; University of Wisconsin Madison; University of North Carolina; University of North Carolina Chapel Hill; University of Texas System; University of Texas Austin
摘要：We study the foreign externalities of the recent U.S. tax reform, commonly known as the Tax Cuts and Jobs Act (TCJA). Specifically, we examine foreign firms' stock returns around key tax reform events. We find significant heterogeneity in market responses by country, industry, and firm. Chinese firms experience large negative returns, especially in steel, business equipment, and chemical manufacturers, whereas the rest of the world experiences positive returns. Firms operating in more differen...
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作者：Agarwal, Sumit; Pan, Jessica; Qian, Wenlan
作者单位：National University of Singapore; National University of Singapore
摘要：This paper exploits an administrative regulation in Singapore that allows individuals to withdraw between 10% and 30% of their pension savings at age 55. We find a large and highly significant increase in individuals' bank account balances within the first month of turning 55, which declines by about a third by the end of 12 months. Consumers use the increase in disposable income to pay down credit card debt. Liquidity constrained individuals are significantly more likely to increase their spe...
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作者：Cornelius, Philipp B.; Gokpinar, Bilal
作者单位：Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; University of London; University College London
摘要：Entrepreneurs increasingly use reward-based crowdfunding to finance innovation projects through a large number of customer investments. The existing academic literature has predominantly studied factors that drive crowd investments and whether crowdfunding predicts market success. However, we argue that the involvement of customers goes beyond the provision of capital. As investors, customers enter into a principal-agent relationship with entrepreneurs. Thus, entrepreneurs are often faced with...
