-
作者：Beaud, Mickael; Willinger, Marc
作者单位：Universite de Montpellier
摘要：We report on a within-subject experiment, with substantial monetary incentives, designed to test whether or not people are risk vulnerable. In the experiment, subjects face the standard portfolio choice problem in which the investor has to allocate part of his wealth between one safe asset and one risky asset. We elicit risk vulnerability by observing each subject's portfolio choice in two different contexts that differ only by the presence or absence of an actuarially neutral background risk....
-
作者：Mak, Ho-Yin; Rong, Ying; Zhang, Jiawei
作者单位：Hong Kong University of Science & Technology; Shanghai Jiao Tong University; New York University
摘要：In this paper, we develop distribution-free models that solve the appointment sequencing and scheduling problem by assuming only moments information of job durations. We show that our min-max appointment scheduling models, which minimize the worst-case expected waiting and overtime costs out of all probability distributions with the given marginal moments, can be exactly formulated as tractable conic programs. These formulations are obtained by exploiting hidden convexity of the problem. In th...
-
作者：Liu, Angela (Xia); Mazumdar, Tridib; Li, Bo
作者单位：Tsinghua University; Syracuse University
摘要：We investigate the effects of a movie star on the movie's opening week theater allocations and box office revenue. Because the pairing of a star and a movie involves a bilateral matching process between the studio and the star, the star (hence the nonstar) movie samples are nonrandom and the star variable is potentially endogenous. To assess the star as well as movie characteristics effects, we utilize a switching model to account for endogenous assignment of stars and nonstars into respective...
-
作者：Abdellaoui, Mohammed; Klibanoff, Peter; Placido, Laetitia
作者单位：Hautes Etudes Commerciales (HEC) Paris; Centre National de la Recherche Scientifique (CNRS); Northwestern University; Paris School of Economics; Centre National de la Recherche Scientifique (CNRS); City University of New York (CUNY) System; Baruch College (CUNY)
摘要：We conduct experiments measuring individual behavior under compound risk, simple risk, and ambiguity. We focus on (1) treatment of compound risks relative to simple risks and (2) the relationship between compound risk attitudes and ambiguity attitudes. We find that compound risks are valued differently than corresponding reduced simple risks. These differences measure compound risk attitudes. These attitudes display more aversion as the reduced probability of the winning event increases. Like ...
-
作者：Schmidt, Klaus M.; Spann, Martin; Zeithammer, Robert
作者单位：University of Munich; University of Munich; University of California System; University of California Los Angeles
摘要：Pay what you want (PWYW) can be an attractive marketing strategy to price discriminate between fair-minded and selfish customers, to fully penetrate a market without giving away the product for free, and to undercut competitors that use posted prices. We report on laboratory experiments that identify causal factors determining the willingness of buyers to pay voluntarily under PWYW. Furthermore, to see how competition affects the viability of PWYW, we implement markets in which a PWYW seller c...
-
作者：Ebbes, Peter; Liechty, John C.; Grewal, Rajdeep
作者单位：Hautes Etudes Commerciales (HEC) Paris; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：Modeling consumer heterogeneity helps practitioners understand market structures and devise effective marketing strategies. In this research we study finite mixture specifications for modeling consumer heterogeneity where each regression coefficient has its own finite mixture-that is, an attribute finite mixture model. An important challenge of such an approach to modeling heterogeneity lies in its estimation. A proposed Bayesian estimation approach, based on recent advances in reversible-jump...
-
作者：Koc, Ali; Morton, David P.
作者单位：International Business Machines (IBM); IBM USA; University of Texas System; University of Texas Austin
摘要：We take a novel approach to decision problems involving binary activity-selection decisions competing for scarce resources. The literature approaches such problems by forming an optimal portfolio of activities. However, often practitioners instead form a rank-ordered list of activities and select those with the highest priority. We account for both viewpoints. We rank activities considering both the uncertainty in the problem parameters and the optimal portfolio that will be obtained once the ...
-
作者：Hagiu, Andrei; Wright, Julian
作者单位：Harvard University; National University of Singapore
摘要：Intermediaries can choose between functioning as a marketplace (in which suppliers sell their products directly to buyers) or as a reseller (by purchasing products from suppliers and selling them to buyers). We model this as a decision between whether control rights over a noncontractible decision variable (the choice of some marketing activity) are better held by suppliers (the marketplace mode) or by the intermediary (the reseller mode). Whether the marketplace or the reseller mode is prefer...
-
作者：Kim, Song-Hee; Chan, Carri W.; Olivares, Marcelo; Escobar, Gabriel
作者单位：Yale University; Columbia University; Universidad de Chile; Kaiser Permanente
摘要：This work examines the process of admission to a hospital's intensive care unit (ICU). ICUs currently lack systematic admission criteria, largely because the impact of ICU admission on patient outcomes has not been well quantified. This makes evaluating the performance of candidate admission strategies difficult. Using a large patient-level data set of more than 190,000 hospitalizations across 15 hospitals, we first quantify the cost of denied ICU admission for a number of patient outcomes. We...
-
作者：Corgnet, Brice; Gomez-Minambres, Joaquin; Hernan-Gonzalez, Roberto
作者单位：Chapman University System; Chapman University; Bucknell University; Chapman University System; Chapman University; University of Granada
摘要：The aim of this paper is to test the effectiveness of wage-irrelevant goal-setting policies in a laboratory environment. In our design, managers can assign a goal to their workers by setting a certain level of performance on the work task. We establish our theoretical conjectures by developing a model in which assigned goals act as reference points to workers' intrinsic motivation. Consistent with our model, we find that managers set goals that are challenging but attainable for a worker of av...
