-
作者：Battauz, Anna; De Donno, Marzia; Sbuelz, Alessandro
作者单位：Bocconi University; Bocconi University; University of Parma; Catholic University of the Sacred Heart
摘要：We study the nonstandard optimal exercise policy associated with relevant capital investment options and with the prepayment option of widespread collateralized-borrowing contracts like the gold loan. Option exercise is optimally postponed not only when moneyness is insufficient, but also when it is excessive. We extend the classical optimal exercise properties for American options. Early exercise of an American call with a negative underlying payout rate can occur if the option is moderately ...
-
作者：de Langhe, Bart; Puntoni, Stefano
作者单位：University of Colorado System; University of Colorado Boulder; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam
摘要：Prominent decision-making theories propose that individuals (should) evaluate alternatives by combining gains and losses in an additive way. Instead, we suggest that individuals seek to maximize the rate of exchange between positive and negative outcomes and thus combine gains and losses in a multiplicative way. Sensitivity to gain-loss ratio provides an alternative account for several existing findings and implies a number of novel predictions. It implies greater sensitivity to losses and ris...
-
作者：Gutin, Eli; Kuhn, Daniel; Wiesemann, Wolfram
作者单位：Massachusetts Institute of Technology (MIT); Swiss Federal Institutes of Technology Domain; Ecole Polytechnique Federale de Lausanne; Imperial College London
摘要：In a stochastic interdiction game a proliferator aims to minimize the expected duration of a nuclear weapons development project, and an interdictor endeavors to maximize the project duration by delaying some of the project tasks. We formulate static and dynamic versions of the interdictor's decision problem where the interdiction plan is either precommitted or adapts to new information revealed over time, respectively. The static model gives rise to a stochastic program, whereas the dynamic m...
-
作者：Berge, Lars Ivar Oppedal; Bjorvatn, Kjetil; Tungodden, Bertil
作者单位：Norwegian School of Economics (NHH)
摘要：Microenterprises constitute an important source of employment, and developing such enterprises is a key policy concern in most countries. But what is the most efficient tool for microenterprise development? We study this question in a developing country context (Tanzania), where microenterprises are the source of employment for more than half of the labor force, and we report from a field experiment that jointly investigated the importance of a human capital intervention (business training) an...
-
作者：Viard, V. Brian; Economides, Nicholas
作者单位：New York University; University of California System; University of California Berkeley
摘要：A country's human capital and economic productivity increasingly depend on the Internet as a result of its expanding role in providing information and communications. This has prompted a search for ways to increase Internet adoption and narrow its disparity across countries-the global digital divide. Previous work has focused on demographic, economic, and infrastructure determinants of Internet access that are difficult to change in the short run. Internet content increases adoption and can be...
-
作者：Scopelliti, Irene; Morewedge, Carey K.; McCormick, Erin; Min, H. Lauren; Lebrecht, Sophie; Kassam, Karim S.
作者单位：City St Georges, University of London; Boston University; Carnegie Mellon University; University of Colorado System; University of Colorado Boulder
摘要：People exhibit a bias blind spot: they are less likely to detect bias in themselves than in others. We report the development and validation of an instrument to measure individual differences in the propensity to exhibit the bias blind spot that is unidimensional, internally consistent, has high test-retest reliability, and is discriminated from measures of intelligence, decision-making ability, and personality traits related to self-esteem, self-enhancement, and self-presentation. The scale i...
-
作者：Schlapp, Jochen; Oraiopoulos, Nektarios; Mak, Vincent
作者单位：University of Mannheim; University of Cambridge
摘要：Research and development (R&D) projects face significant organizational challenges, especially when the different units who run these projects compete among each other for resources. In such cases, information sharing among the different units is critical, but it cannot be taken for granted. Instead, individual units need to be incentivized to not only exert effort in evaluating their projects, but also to truthfully reveal their findings. The former requires an emphasis on individual performa...
-
作者：Shy, Oz
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Boston
摘要：This paper constructs a model of service providers who compete in service and labor markets simultaneously to analyze the effects of tipping on hourly wages and total tip-inclusive hourly worker compensation. An increase in the tipping rate reduces hourly wages. Total worker compensation increases at different rates depending on the market structure, market coverage, and employment level, with the exception of price-taking (competitive) service providers, where the tip-inclusive hourly income ...
-
作者：Overby, Eric; Kannan, Karthik
作者单位：University System of Georgia; Georgia Institute of Technology; Purdue University System; Purdue University
摘要：Electronic commerce allows bidders to find and participate in auctions regardless of location. This reduction in bidders' search costs has important effects on bidders' participation patterns and sellers' revenue. The demand expansion effect occurs when reduced search costs allow bidders to participate in more auctions. The demand distribution effect occurs when reduced search costs allow bidders to distribute themselves more evenly across auctions. We focus on the latter effect by modeling wh...
-
作者：Savva, Nicos; Taneri, Niyazi
作者单位：University of London; London Business School; Singapore University of Technology & Design
摘要：We develop a model based on asymmetric information (adverse selection) that provides a rational explanation for the persistent use of royalties alongside equity in university technology transfer. The model shows how royalties, through their value-destroying distortions, can act as a screening tool that allows a less-informed principal, such as the university's Technology Transfer Office (TTO), to elicit private information from the more informed spin-off. We also show that equity-royalty contr...
