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作者：Boleslavsky, Raphael; Cotton, Christopher S.; Gurnani, Haresh
作者单位：University of Miami; Queens University - Canada; Wake Forest University
摘要：We incorporate product demonstrations into a game theoretic model of price competition. Demonstrations may include product samples, trials, return policies, online review platforms, or any other means by which a firm allows consumers to learn about their value for a new product. In our model, demonstrations help individual consumers to learn whether they prefer an innovative product over an established alternative. The innovative firm controls demonstration informativeness. When the innovative...
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作者：Alpern, Steve; Baston, Vic
作者单位：University of Warwick; University of Southampton
摘要：This paper analyzes a variation of the secretary problem in which two selectors with different fields of interest each want to appoint one of the n candidates with as much expertise as possible in their field. Selectors simultaneously vote to accept or reject: Unanimous decisions are respected, and candidates with a split decision are hired with probability p. Each candidate arrives with expertise x and y in the two fields, uniformly and independently distributed on [0; 1] and observable to bo...
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作者：Keuschnigg, Marc; Ganser, Christian
作者单位：University of Munich
摘要：In the last decade, interest in the wisdom of crowds effect has gained momentum in both organizational research and corporate practice. Crowd wisdom relies on the aggregation of independent judgments. The accuracy of a group's aggregate prediction rises with the number, ability, and diversity of its members. We investigate these variables' relative importance for collective prediction using agent-based simulation. We replicate the diversity trumps ability proposition for large groups, showing ...
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作者：Bartram, Sohnke M.
作者单位：University of Warwick
摘要：This paper shows that the real investment by nonfinancial firms is systematically related to the size of their defined-benefit plan. In particular, these plans allow research and development (R&D)-intensive firms to retain and borrowfrom their employees, which is attractive since they have high adjustment costs, require a stable cash flow, have less collateral, have assets that are harder to value, and have high asymmetric information and agency costs. By contrast, capital expenditures benefit...
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作者：Paravisini, Daniel; Rappoport, Veronica; Ravina, Enrichetta
作者单位：University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK; Columbia University
摘要：We estimate risk aversion from investors' financial decisions in a person-to-person lending platform. We develop a method that obtains a risk-aversion parameter from each portfolio choice. Since the same individuals invest repeatedly, we construct a panel data set that we use to disentangle heterogeneity in attitudes toward risk across investors, from the elasticity of risk aversion to changes in wealth. We find that wealthier investors are more risk averse in the cross section and that invest...
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作者：Chen, Xin; Hu, Peng; Hu, Zhenyu
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Huazhong University of Science & Technology; National University of Singapore
摘要：We analyze a finite-horizon dynamic pricing model in which demand at each period depends on not only the current price but also past prices through reference prices. A unique feature but also a significant challenge in this model is the asymmetry in reference price effect, which implies that the underlying optimization problem is nonsmooth and no standard optimization methods can be applied. We identify a few key structural properties of the problem, which enable us to develop strongly polynom...
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作者：Fong, Nathan M.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University
摘要：It has become common practice for retailers to personalize direct marketing efforts based on customer transaction histories as a tactic to increase sales. Targeted email offers featuring products in the same category as a customer's previous purchases generate higher purchase rates. However, a targeted offer emphasizing familiar products could result in curtailed search for unadvertised products, as a closely matched offer weakens a customer's incentives to search beyond the targeted items. In...
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作者：Pilehvar, Ali; Elmaghraby, Wedad J.; Gopal, Anandasivam
作者单位：University System of Maryland; University of Maryland College Park
摘要：Online auction environments provide several sources of information that can be used by bidders to form their bids. The impact of this information on bidding is likely to be higher when ambiguously specified products are auctioned. The secondary market represents one such environment, where used and returned items from big-box retailers are auctioned off to other business buyers. Using a proprietary data set of secondary market auctions hosted on an online business-to-business platform, we stud...
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作者：Abarbanell, Jeffery; Park, Hyungshin
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; Southern Methodist University
摘要：Several influential studies have concluded that earnings surprises just to the right or to the left of a hypothesized bright line produce distinct price reactions compared with surrounding earnings surprises because they convey special meaning. In this study, we examine whether previous inferences of asymmetric stock price reactions to bright-line surprises are observed when empirical tests are designed to be consistent with a rational expectations equilibrium. Focusing on a small range of ear...
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作者：Crama, Pascale; De Reyck, Bert; Taneri, Niyazi
作者单位：Singapore Management University; University of London; University College London; Singapore University of Technology & Design
摘要：Research and development (R&D) collaborations, common in high-tech industries, are challenging to manage because of technical and market risks as well as incentive problems. We investigate how control rights, options, payment terms, and timing allow the innovator to capture maximum value from its R&D collaborations with a marketer. Our study reveals a counterintuitive result; the innovator may, under certain conditions, prefer to grant launch control rights or buyout options to the marketer de...
