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作者：Read, Daniel; Olivola, Christopher Y.; Hardisty, David J.
作者单位：University of Warwick; Carnegie Mellon University; University of British Columbia
摘要：This paper proposes a novel account of impatience: People pay more attention to the opportunity costs of choosing larger, later rewards than to the opportunity costs of choosing smaller, sooner ones. Eight studies show that when the opportunity costs of choosing smaller, sooner rewards are subtly highlighted, people become more patient, whereas when the opportunity costs of choosing larger, later rewards are highlighted this has no effect. This pattern is robust to variations in the choice tas...
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作者：Khadjavi, Menusch
作者单位：University of Kiel; Leibniz Association; Institut fur Weltwirtschaft an der Universitat Kiel (IFW)
摘要：This paper investigates two channels of prosociality: indirect reciprocity and charitable giving. We conducted a natural field experiment in a hair salon in Hamburg, Germany, over the course of four months. In the baseline, we collected data on customers' tips-a scenario absent indirect reciprocity and donations. In two treatments we had the hairdresser collect donations to a charity. In one treatment the hairdresser pointed out the opportunity to donate. Our data indicate that the voluntary a...
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作者：Zacharias, Christos; Armony, Mor
作者单位：University of Miami; New York University
摘要：Patients nationwide experience difficulties in accessing medical care in a timely manner due to long backlogs of appointments. Medical practices aim to utilize their valuable resources efficiently, deliver timely access to care, and at the same time they strive to provide short waiting times for patients present at the medical facility. We address the joint problem of determining the panel size of a medical practice and the number of offered appointment slots per day, so that patients do not f...
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作者：Ackermann, Fabian; Pohl, Walt; Schmedders, Karl
作者单位：University of Zurich; Swiss Finance Institute (SFI)
摘要：DeMiguel et al. [DeMiguel V, Garlappi L, Uppal R (2009) Optimal versus naive diversification: How inefficient is the 1/N portfolio strategy? Rev. Financial Stud. 22(5): 1915-1953] showed that in the stock market, it is difficult for an optimized portfolio constructed using mean-variance analysis to outperform a simple, equally weighted portfolio because of estimation error. In this paper, we demonstrate that portfolio optimization can be made to work in currency markets. The key difference bet...
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作者：Addoum, Jawad M.; Korniotis, George; Kumar, Alok
作者单位：Cornell University; University of Miami
摘要：Using multiple U.S. and European data sources, we show that observed physical attributes are related to participation in financial markets. Specifically, we find that individuals who are relatively tall and of normal weight are more likely to hold stocks in their financial portfolios. We consider several potential mechanisms that could drive the relation between physical attributes and portfolio decisions. We find that teenage social experiences as well as genetic and prenatal endowments that ...
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作者：Lohmann, Timo; Rebennack, Steffen
作者单位：Colorado School of Mines
摘要：We present a long-term power generation expansion planning model that features a long planning horizon, an hourly time resolution, multiperiod investment and retirement decisions, transmission constraints, start-up restrictions, and short-term demand response. Demand response is the capability of power load to react to short-term changes in electricity prices. It plays an increasingly important role in today's electricity markets but has not been taken into consideration in long-term power gen...
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作者：Finke, Michael S.; Howe, John S.; Huston, Sandra J.
作者单位：Texas Tech University System; Texas Tech University; University of Missouri System; University of Missouri Columbia
摘要：Households age 60 and older bear increasing responsibility for managing retirement portfolios, and they hold the majority of financial assets in the United States. Cognitive aging studies find evidence of a decline in fluid and crystallized intelligence in old age that may impact the ability to manage money effectively. Using a large sample of older respondents, we test whether knowledge of basic concepts essential to effective financial choice declines after age 60. We find a consistent linea...
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作者：Brown, Martin; Serra-Garcia, Marta
作者单位：University of St Gallen; University of California System; University of California San Diego
摘要：Implicit contracts can mitigate moral hazard in labor, credit, and product markets. The enforcement mechanism underlying an implicit contract is the threat of exclusion: the agent fears that he will lose future income if the principal breaks off the relationship. This threat may be very weak in environments where an agent can appropriate income-generating resources provided by the principal. For example, in credit markets with weak creditor protection, borrowers may be able to appropriate borr...
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作者：Lim, Yun Fong; Wang, Chen
作者单位：Singapore Management University
摘要：We propose a target-oriented robust optimization approach to solve a multiproduct, multiperiod inventory management problem subject to ordering capacity constraints. We assume the demand for each product in each period is characterized by an uncertainty set that depends only on a reference value and the bounds of the demand. Our goal is to find an ordering policy that maximizes the sizes of all the uncertainty sets such that all demand realizations from the sets will result in a total cost low...
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作者：Sangiorgi, Francesco; Spatt, Chester
作者单位：Stockholm School of Economics; Carnegie Mellon University; National Bureau of Economic Research
摘要：We develop a rational expectations model in which an issuer purchases credit ratings sequentially, deciding which to disclose to investors. Opacity about contacts between the issuer and rating agencies induces potential asymmetric information about which ratings the issuer obtained. While the equilibrium forces disclosure of ratings when the market knows these have been generated, endogenous uncertainty about whether there are undisclosed ratings can arise and lead to selective disclosure and ...
