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作者：Bernstein, Fernando; Modaresi, Sajad; Saure, Denis
作者单位：Duke University; University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; Universidad de Chile
摘要：We consider an online retailer facing heterogeneous customers with initially unknown product preferences. Customers are characterized by a diverse set of demographic and transactional attributes. The retailer can personalize the customers' assortment offerings based on available profile information to maximize cumulative revenue. To that end, the retailer must estimate customer preferences by observing transaction data. This, however, may require a considerable amount of data and time given th...
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作者：Du, Du; Luo, Dan
作者单位：City University of Hong Kong; Shanghai University of Finance & Economics
摘要：This paper examines the joint time series of the S&P 500 index and its options with a two-factor Hawkes jump-diffusion model that captures jump propagation (i.e., the phenomenon in which the strike of one jump substantially raises the probability for more to follow). The propagation effect uncovered from the joint data is severe but short lived. On average, this component takes up more than two-thirds of the total jump risks. Our jump specification proves crucial not only in reconciling the dy...
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作者：Exley, Christine L.; Terry, Stephen J.
作者单位：Harvard University; Boston University
摘要：We experimentally test how effort responds to wages-randomly assigned to accrue to individuals or to a charity-in the presence of expectations-based reference points or targets. When individuals earn money for themselves, higher wages lead to higher effort with relatively muted targeting behavior. When individuals earn money for a charity, higher wages instead lead to lower effort with substantial targeting behavior. A reference-dependent theoretical framework suggests an explanation for this ...
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作者：Filistrucchi, Lapo; Prufer, Jens
作者单位：University of Florence; Tilburg University; Tilburg University; Tilburg University; Tilburg University
摘要：This paper studies the strategies employed by Catholic and Protestant nonprofit hospitals in Germany and traces them back to the theological foundations of those religions. Using a unique data set, we find that Catholic nonprofit hospitals follow a strategy of horizontal diversification and maximization of the number of patients treated. By contrast, Protestant hospitals pursue a strategy of horizontal specialization and focus on vertical differentiation, putting in more sophisticated inputs a...
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作者：Cheng, Stephanie F.; De Franco, Gus; Jiang, Haibo; Lin, Pengkai
作者单位：Tulane University; University of Quebec; University of Quebec Montreal
摘要：This paper provides evidence on public firms' initial 8-K disclosures that mention Blockchain and investors' response to these disclosures. We categorize the description of Blockchain activities in firms' 8-Ks as Speculative (e.g., a vague future plan that involves Blockchain) or Existing (e.g., a description of Blockchain product). We document a sharp increase in the number of initial 8-K disclosures of Blockchain, particularly by Speculative firms, coinciding with the rise of Bitcoin prices ...
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作者：Hu, Mandy Mantian; Yang, Sha; Xu, Daniel Yi
作者单位：Chinese University of Hong Kong; University of Southern California; Duke University
摘要：We study the contagious switching behavior related to a consumer's choice of wireless carriers, that is, that a consumer is more likely to switch wireless carriers if more of their contacts from the same carrier have switched. Contagious switching (or a positive network effect) can be driven by information-based social learning, as well as other mechanisms related to network size. Although previous marketing literature has documented the social-learning effect, most of the applications studied...
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作者：Cui, Yao; Orhun, A. Yesim; Duenyas, Izak
作者单位：Cornell University; University of Michigan System; University of Michigan
摘要：This paper studies the effect of introducing a new vertical differentiation strategy, paying for an upgrade to a premium product after purchasing the base product, on the price dispersion of the base product arising from existing price discrimination strategies. In particular, we examine how a major U.S. airline's price dispersion in the coach cabin changes after introducing the option to upgrade to a new type of premium economy seating within the coach cabin. We first provide a theoretical an...
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作者：Aviv, Yossi; Wei, Mike Mingcheng; Zhang, Fuqiang
作者单位：Tel Aviv University; State University of New York (SUNY) System; University at Buffalo, SUNY; Washington University (WUSTL)
摘要：This paper studies the potential benefits of responsive pricing and demand learning to sellers of seasonal fashion goods. As typical in such markets, demand uncertainty is high at the beginning of a season, but there is a potential opportunity to learn about demand via early sales observations. Additionally, although the consumers have general preference for purchasing a fashion product earlier rather than later in the season, they may exhibit strategic behavior-contemplating the benefits of p...
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作者：Chod, Jiri; Trichakis, Nikolaos; Tsoukalas, Gerry
作者单位：Boston College; Massachusetts Institute of Technology (MIT); University of Pennsylvania
摘要：When should a firm diversify its supply base? Most extant theories attribute supplier diversification to supplier risk. Herein, we develop a new theory that attributes supplier diversification to buyer risk. When suppliers are subject to the risk of buyer default, buyers may take costly action to signal creditworthiness so as to obtain more favorable terms. But once signaling costs are sunk, buyers sourcing from a single supplier become vulnerable to future holdup. Although ex ante supply base...
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作者：Evangelidis, Ioannis; Levav, Jonathan
作者单位：Bocconi University; Stanford University
摘要：We introduce a new type of utility that we call process utility, which pertains to individuals' preference about how they want to obtain an outcome. We posit that decision makers derive utility not only from the outcome itself, but also from the process through which that outcome is obtained. We focus on two normatively equivalent processes for obtaining an outcome: action and inaction. We argue that inducing differences in how outcomes are obtained can lead to significant preference reversals...
