Management Science

最新文章

• Speculation and the Bond Market: An Empirical No-Arbitrage Framework AI翻译
  作者：Barillas, Francisco; Nimark, Kristoffer
  作者单位：Emory University; Cornell University
  摘要：An affine no-arbitrage asset pricing framework is developed that allows for agents to have rational but heterogeneous expectations. The framework can match both bond yields and the observed dispersion of yield expectations in survey data. Heterogeneous information introduces a speculative component in bond prices that is (i) statistically distinct from classical components such as risk premia and expectations about future short rates and (ii) quantitatively important, at times accounting for u...
• Ride Your Luck! A Field Experiment on Lottery-Based Incentives for Compliance AI翻译
  作者：Fabbri, Marco; Barbieri, Paolo Nicola; Bigoni, Maria
  作者单位：University of Amsterdam; University of Gothenburg; University of Bologna
  摘要：In a field experiment, we studied the performance of an incentive scheme that combines a lottery-based reward for compliance with probabilistic sanctions for noncompliance. For one month, bus passengers who purchased a ticket on board a subset of buses operating in a medium-sized Italian city participated in a lottery awarding a (sic)500 prize. The remaining buses-otherwise identical-were used as controls. We observed the amount of tickets sold on treated and control buses over three months, b...
• When and How to Diversify-A Multicategory Utility Model for Personalized Content Recommendation AI翻译
  作者：Song, Yicheng; Sahoo, Nachiketa; Ofek, Elie
  作者单位：University of Minnesota System; University of Minnesota Twin Cities; Boston University; Harvard University
  摘要：Sometimes we desire change, a break from the same, or an opportunity to fulfill different aspects of our needs. Noting that consumers seek variety, several approaches have been developed to diversify items recommended by personalized recommender systems. However, current diversification strategies operate under a one-shot paradigm without considering the evolution of preferences resulting from recent consumption. Therefore, such methods often sacrifice accuracy. In the context of online media,...
• Corporate Innovation Along the Supply Chain AI翻译
  作者：Chu, Yongqiang; Tian, Xuan; Wang, Wenyu
  作者单位：University of South Carolina System; University of South Carolina Columbia; Tsinghua University; Indiana University System; IU Kelley School of Business; Indiana University Bloomington
  摘要：In this paper, we document a positive effect of supplier-customer geographic proximity on supplier innovation. To establish causality, we explore plausibly exogenous variation in proximity caused by customer relocations. The positive effect of supplier-customer proximity on supplier innovation is stronger when customers are more innovative themselves, when suppliers and customers are closer in technological space, and when customers' demand accounts for a larger fraction of suppliers' total sa...
• Dynamic Relational Contracts for Quality Enforcement in Supply Chains AI翻译
  作者：Bondareva, Mariya; Pinker, Edieal
  作者单位：Yale University
  摘要：We model the interaction of a single buyer with a single supplier within a market in a developing country with homogeneous local suppliers and homogeneous buyers from developed nations. The buyer sources a product from a supplier and then inspects and sells it on the market, subject to quality standards such as regulations about chemical content. Suppliers decide howmuch effort to exert to ensure compliance with quality standards. Buyers are assumed to comply with contracts because they are ba...
• Learning from Inventory Availability Information: Evidence from Field Experiments on Amazon AI翻译
  作者：Cui, Ruomeng; Zhang, Dennis J.; Bassamboo, Achal
  作者单位：Emory University; Washington University (WUSTL); Northwestern University
  摘要：Many online retailers provide real-time inventory availability information. Customers can learn from the inventory level and update their beliefs about the product. Thus, consumer purchasing behavior may be impacted by the availability information. Based on a unique setting from Amazon lightning deals, which displays the percentage of inventory consumed in real time, we explore whether and how consumers learn from inventory availability information. Identifying the effect of learning on consum...
• Welfare Implications of Inventory-Driven Dynamic Pricing AI翻译
  作者：Stamatopoulos, Ioannis; Chehrazi, Naveed; Bassamboo, Achal
  作者单位：University of Texas System; University of Texas Austin; Northwestern University
  摘要：We argue that dynamic pricing motivated by the management of inventory holding and ordering costs leads to increased operational efficiencies that could benefit firms without hurting consumers. To demonstrate this point, we equip the traditional economic order quantity (EOQ) setting with a rich set of demand models and compare social outcomes under two alternatives, dynamic and static pricing. We show that dynamic pricing generates higher retailer profits, a lower average price per unit sold, ...
• Markov Decision Processes with Exogenous Variables AI翻译
  作者：Bray, Robert L.
  作者单位：Northwestern University
  摘要：I present two algorithms for solving dynamic programs with exogenous variables: endogenous value iteration and endogenous policy iteration. These algorithms are always at least as fast as relative value iteration and relative policy iteration, and they are faster when the endogenous variables converge to their stationary distributions sooner than the exogenous variables.
• A New Predictor of US Real Economic Activity: The S&P 500 Option Implied Risk Aversion AI翻译
  作者：Faccini, Renato; Konstantinidi, Eirini; Skiadopoulos, George; Sarantopoulou-Chiourea, Sylvia
  作者单位：University of London; Queen Mary University London; University of Manchester; Alliance Manchester Business School; University of Piraeus; City St Georges, University of London; University of Warwick
  摘要：We propose a new predictor of U.S. real economic activity (REA)-namely, the representative investor's implied relative risk aversion (IRRA) extracted from S&P 500 option prices. IRRA is forward-looking and hence is expected to be related to future economic conditions. We document that U.S. IRRA predicts U.S. REA both in- and out-of-sample once we control for well-known REA predictors and take into account their persistence. An increase (decrease) in IRRA predicts a decrease (increase) in REA. ...
• Asset Growth, Profitability, and Investment Opportunities AI翻译
  作者：Cooper, Ilan; Maio, Paulo
  作者单位：BI Norwegian Business School; Hanken School of Economics
  摘要：We show that recent prominent equity factor models are to a large degree compatible with the Intertemporal CAPM (ICAPM) framework. Factors associated with alternative profitability measures forecast the equity premium in a way that is consistent with the ICAPM. Several factors based on firms' asset growth predict a significant decline in stock market volatility, thus being consistent with their positive prices of risk. The investment-based factors are also strong predictors of an improvement i...