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作者：Hossain, Tanjim; List, John A.
作者单位：University of Toronto; University of Chicago
摘要：Recent discoveries in behavioral economics have led to important new insights concerning what can happen in markets. Such gains in knowledge have come primarily via laboratory experiments a missing piece of the puzzle in many cases is parallel evidence drawn from naturally occurring field counterparts. We provide a small movement in this direction by taking advantage of a unique opportunity to work with a Chinese high-tech manufacturing facility. Our study revolves around using insights gained...
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作者：Kocher, Martin G.; Lenz, Marc V.; Sutter, Matthias
作者单位：University of Munich; University of Gothenburg; University of Innsbruck
摘要：Dynamic competitive settings may create psychological pressure when feedback about the performance of competitors is provided before the end of the competition. Such psychological pressure could produce a first-mover advantage, despite a priori equal winning probabilities. Using data from a randomized natural experiment-penalty shootouts in soccer-we reexamine evidence by Apesteguia and Palacios-Huerta [Apesteguia J, Palacios-Huerta 1 (2010) Psychological pressure in competitive environments: ...
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作者：Zhang, Juanjuan; Liu, Peng
作者单位：Massachusetts Institute of Technology (MIT); Cornell University
摘要：Microloan markets allow individual borrowers to raise funding from multiple individual lenders. We use a unique panel data set that tracks the funding dynamics of borrower listings on Prosper.com, the largest microloan market in the United States. We find evidence of rational herding among lenders. Well-funded borrower listings tend to attract more funding after we control for unobserved listing heterogeneity and payoff externalities. Moreover, instead of passively mimicking their peers (irrat...
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作者：Price, Curtis R.
作者单位：University Southern Indiana
摘要：The purpose of this study is to investigate the use of competitive compensation between a manager and a worker in the laboratory. To this end, we impose a simple agency relationship between two groups of subjects termed managers and workers. The manager chooses a compensation scheme for the worker from either a piece rate or a tournament payment scheme and is paid based on the workers performance in the task. The results indicate that when given information about worker ability, male managers ...
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作者：Mortensen, Mark; Neeley, Tsedal B.
作者单位：INSEAD Business School; Harvard University
摘要：Scholars argue that direct knowledge about distant colleagues is crucial for fostering trust in global collaboration. However, their arguments focus mainly on how trust accrues from knowledge about distant collaborators' personal characteristics, relationships, and behavioral norms. We suggest that an equally important trust mechanism is reflected knowledge, knowledge that workers gain about the personal characteristics, relationships, and behavioral norms of their own site through the lens of...
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作者：Glasserman, Paul; Nouri, Behzad
作者单位：Columbia University; Columbia University
摘要：Contingent capital in the form of debt that converts to equity when a bank faces financial distress has been proposed as a mechanism to enhance financial stability and avoid costly government rescues. Specific proposals vary in their choice of conversion trigger and conversion mechanism. We analyze the case of contingent capital with a capital-ratio trigger and partial and ongoing conversion. The capital ratio we use is based on accounting or book values to approximate the regulatory ratios th...
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作者：Hooker, J. N.; Williams, H. P.
作者单位：Carnegie Mellon University; University of London; London School Economics & Political Science
摘要：We discuss the problem of combining the conflicting objectives of equity and utilitarianism, for social policy making, in a single mathematical programming model. The definition of equity we use is the Rawlsian one of maximizing the minimum utility over individuals or classes of individuals. However, when the disparity of utility becomes too great, the objective becomes progressively utilitarian. Such a model is particularly applicable not only to health provision but to other areas as well. B...
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作者：Bray, Robert L.; Mendelson, Haim
作者单位：Stanford University
摘要：The bullwhip effect is the amplification of demand variability along a supply chain: a company bullwhips if it purchases from suppliers more variably than it sells to customers. Such bullwhips (amplifications of demand variability) can lead to mismatches between demand and production and hence to lower supply chain efficiency. We investigate the bullwhip effect in a sample of 4,689 public U. S. companies over 1974-2008. Overall, about two-thirds of firms bullwhip. The sample's mean and median ...
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作者：Harrison, J. Michael; Keskin, N. Bora; Zeevi, Assaf
作者单位：Stanford University; Columbia University
摘要：Motivated by applications in financial services, we consider a seller who offers prices sequentially to a stream of potential customers, observing either success or failure in each sales attempt. The parameters of the underlying demand model are initially unknown, so each price decision involves a trade-off between learning and earning. Attention is restricted to the simplest kind of model uncertainty, where one of two demand models is known to apply, and we focus initially on performance of t...
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作者：Hirshleifer, David; Hou, Kewei; Teoh, Siew Hong
作者单位：University of California System; University of California Irvine; University System of Ohio; Ohio State University
摘要：We document considerable return comovement associated with accruals after controlling for other common factors. An accrual-based factor-mimicking portfolio has a Sharpe ratio of 0.16, higher than that of the market factor or the SMB and HML factors of Fama and French. According to rational frictionless asset pricing models, the ability of accruals to predict returns should come from the loadings on this accrual factor-mimicking portfolio. However, our tests indicate that it is the accrual char...
