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作者：Massey, Cade; Thaler, Richard H.
作者单位：University of Pennsylvania; University of Chicago
摘要：A question of increasing interest to researchers in a variety of fields is whether the biases found in judgment and decision-making research remain present in contexts in which experienced participants face strong economic incentives. To investigate this question, we analyze the decision making of National Football League teams during their annual player draft. This is a domain in which monetary stakes are exceedingly high and the opportunities for learning are rich. It is also a domain in whi...
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作者：Belenzon, Sharon; Berkovitz, Tomer; Rios, Luis A.
作者单位：Duke University; Columbia University
摘要：We investigate the effect of financial development on the formation of European corporate groups. Because cross-country regressions are hard to interpret in a causal sense, we exploit exogenous industry measures to investigate a specific channel through which financial development may affect group affiliation: internal capital markets. Using a comprehensive firm-level data set on European corporate groups in 15 countries, we find that countries with less developed financial markets have a high...
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作者：Morgan, John; Vardy, Felix
作者单位：University of California System; University of California Berkeley; University of California System; University of California Berkeley; International Monetary Fund
摘要：We show that the value of commitment is fragile in many standard games. When the follower faces a small cost to observe the leader's action, equilibrium payoffs are identical to the case where the leader's actions are unobservable. Applications of our result include standard Stackelberg-Cournot and differentiated product Bertrand games, as well as forms of indirect commitment, highlighted in Bulow et al. [Bulow J, Geanakoplos J, Klemperer P (1985) Multimarket oligopoly: Strategic substitutes a...
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作者：Ben-Tal, Aharon; den Hertog, Dick; De Waegenaere, Anja; Melenberg, Bertrand; Rennen, Gijs
作者单位：Technion Israel Institute of Technology; Tilburg University; Tilburg University
摘要：In this paper we focus on robust linear optimization problems with uncertainty regions defined by phi-divergences (for example, chi-squared, Hellinger, Kullback-Leibler). We show how uncertainty regions based on phi-divergences arise in a natural way as confidence sets if the uncertain parameters contain elements of a probability vector. Such problems frequently occur in, for example, optimization problems in inventory control or finance that involve terms containing moments of random variable...
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作者：Kocher, Martin G.; Pahlke, Julius; Trautmann, Stefan T.
作者单位：University of Munich; University of Gothenburg; Leibniz Association; Ifo Institut; Tilburg University
摘要：We study the effects of time pressure on risky decisions for pure gain prospects, pure loss prospects, and mixed prospects involving both gains and losses. In two experiments we find that time pressure has no effect on risk attitudes for gains, but increases risk aversion for losses. For mixed prospects, subjects become simultaneously more loss averse and more gain seeking under time pressure, depending on the framing of the prospects. The results suggest the importance of aspiration levels, a...
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作者：DeCroix, Gregory A.
作者单位：University of Wisconsin System; University of Wisconsin Madison
摘要：We consider an assembly system with a single end product and a general assembly structure, where one or more of the component suppliers or (sub)assembly production processes is subject to random supply disruptions. We present a method for reducing the system to an equivalent system with some subsystems replaced by a series structure. This reduction simplifies the computation of optimal ordering policies and can also allow for comparison of disruption impacts across systems with different suppl...
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作者：Lichtendahl, Kenneth C., Jr.; Grushka-Cockayne, Yael; Winkler, Robert L.
作者单位：University of Virginia; Duke University
摘要：We consider two ways to aggregate expert opinions using simple averages: averaging probabilities and averaging quantiles. We examine analytical properties of these forecasts and compare their ability to harness the wisdom of the crowd. In terms of location, the two average forecasts have the same mean. The average quantile forecast is always sharper: it has lower variance than the average probability forecast. Even when the average probability forecast is overconfident, the shape of the averag...
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作者：Campbell, Benjamin A.
作者单位：University System of Ohio; Ohio State University
摘要：Although previous studies have examined the rewards available to individuals inside entrepreneurial firms, entrepreneurial experience may provide rewards that are independent of the entrepreneurial context. Building on human capital theory, this study provides theoretical explanations for the effects of experience at a start-up on earnings across an individual's career and then examines these implications in the context of California's semiconductor industry Comparing the career trajectories o...
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作者：Chen, Li; Koek, A. Guerhan; Tong, Jordan D.
作者单位：Duke University; University of Wisconsin System; University of Wisconsin Madison
摘要：Does the payment scheme have an effect on inventory decisions in the newsvendor problem? Keeping the net profit structure constant, we examine three payment schemes that can be interpreted as the newsvendor's order being financed by the newsvendor herself (scheme 0), by the supplier through delayed order payment (scheme S), and by the customer through advanced revenue (scheme C). In a laboratory study, we find that inventory quantities exhibit a consistent decreasing pattern in the order of sc...
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作者：Dong, Lingxiu; Tomlin, Brian
作者单位：Washington University (WUSTL); Dartmouth College
摘要：s Disruptive events that halt production can have severe business consequences if not appropriately managed. Business interruption (BI) insurance offers firms a financial mechanism for managing their exposure to disruption risk. Firms can also avail of operational measures to manage the risk. In this paper, we explore the relationship between BI insurance and operational measures. We model a manufacturing firm that can purchase BI insurance, invest in inventory, and avail of emergency sourcing...
