-
作者：Gong, Shuaishuai; Levine, Ross; Lin, Chen; Xie, Wensi
作者单位：University of Macau; Stanford University; University of Hong Kong; Chinese University of Hong Kong
摘要：Exploiting a unique high-frequency, individual-level database, we (1) construct individual-level, incentive-compatible proxies of impulsivity based on video gaming behavior and (2) use these proxies to evaluate predictions concerning how impulsivity shapes individuals' responses to a relaxation of credit constraints as captured by receiving a credit card. We discover that precard gaming intensity-as measured by the frequency and amount of game expenditures-is strongly and positively associated...
-
作者：Park, Sanghyun; Puranam, Phanish
作者单位：INSEAD Business School
摘要：The benefits of vicarious learning are usually conceptualized in terms of a mechanism for learners to utilize the superior knowledge of others. Building on the fact that vicarious learning typically co-occurs and interacts with individual learning-by-doing, we propose an alternative mechanism-one in which vicarious learning is useful because it corrects for certain well-known limitations of individual learning-by-doing. Using computational agent-based models, we show that, under this mechanism...
-
作者：Lim, Stanley Frederick W. T.; Gao, Fei; Tan, Tom Fangyun
作者单位：Michigan State University; Michigan State University's Broad College of Business; Indiana University System; Indiana University Bloomington; IU Kelley School of Business; Southern Methodist University
摘要：We examine a large transaction-level data set of an Italian omnichannel furniture retailer to study channel-specific effects of fulfillment lead time on demand. This omnichannel retailer sells the same products and has the same product fulfillment across three channels: showroom, online, and catalog. The showroom channel carries no inventory but allows customers to touch and feel the products. The online channel provides a website for consumers to browse and order the products. The catalog cha...
-
作者：Zhang, Chu
作者单位：Hong Kong University of Science & Technology
摘要：This paper extends the methodology of statistically extracting latent factors in settings with return-predictive firm characteristics as conditional covariances (betas) between returns and factors. The main feature is that the pricing errors (alphas) are specified to be orthogonal to the affine-transformed firm characteristics as the betas with one component of pricing errors lying outside the space spanned by the firm characteristics. The specification is shown to make substantial differences...
-
作者：Orlowski, Piotr; Schneider, Paul; Trojani, Fabio
作者单位：Universite de Montreal; HEC Montreal; Universita della Svizzera Italiana; University of Turin; University of Geneva
摘要：Market skewness risk is priced, but the components of its premium are not fully understood. We propose new trading strategies decomposing the skewness risk premium into jump and leverage effect components, and we analyze the skewness risk premia in the market for S&P 500 index options. We find that the skewness premium is higher when markets are closed than during trading hours, consistently with uncertainty resolution patterns by non-U.S investors; that it increases after left-tail market eve...
-
作者：Cao, H. Henry; Ma, Liye; Ning, Z. Eddie; Sun, Baohong
作者单位：University System of Maryland; University of Maryland College Park; University of British Columbia
摘要：Through repeated interactions, firms today refine their understanding of individual users' preferences adaptively for personalization. In this paper, we use a continuous time bandit model to analyze firms that recommend content to multihoming consumers, a representative setting for strategic learning of consumer preferences to maximize lifetime value. In both monopoly and duopoly settings, we compare a forward-looking recommendation algorithm that balances exploration and exploitation to a myo...
-
作者：Chen, Luyang; Pelger, Markus; Zhu, Jason
作者单位：Stanford University; Stanford University
摘要：We use deep neural networks to estimate an asset pricing model for individual stock returns that takes advantage of the vast amount of conditioning information, keeps a fully flexible form, and accounts for time variation. The key innovations are to use the fundamental no-arbitrage condition as criterion function to construct the most informative test assets with an adversarial approach and to extract the states of the economy from many macroeconomic time series. Our asset pricing model outper...
-
作者：Roche, Maria P.; Oettl, Alexander; Catalini, Christian
作者单位：Harvard University; University System of Georgia; Georgia Institute of Technology; National Bureau of Economic Research; Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT)
摘要：We examine the influence of physical proximity on between -start-up knowledge spillovers at one of the largest technology coworking hubs in the United States. Relying on the exogenous assignment of office space to the hub's 251 start-ups, we find that proximity positively influences knowledge spillovers as proxied by the likelihood of adopting an upstream web technology already used by a peer start-up. This effect is largest for startups within close proximity of each other and quickly decays;...
-
作者：Yuan, Yuan; Liu, Tracy Xiao; Tan, Chenhao; Chen, Qian; Pentland, Alex Sandy; Tang, Jie
作者单位：Purdue University System; Purdue University; Tsinghua University; University of Chicago; University of Chicago; Tencent; Massachusetts Institute of Technology (MIT); Tsinghua University
摘要：Gifts are important instruments for forming bonds in interpersonal relationships. Our study analyzes the phenomenon of gift contagion in online groups. Gift contagion encourages social bonds by prompting further gifts; it may also promote group interaction and solidarity. Using data on 36 million online red packet gifts on a large social site in East Asia, we leverage a natural experimental design to identify the social contagion of gift giving in online groups. Our natural experiment is enabl...
-
作者：Tehrani, Shervin Shahrokhi; Ching, Andrew T.
作者单位：University of Texas System; University of Texas Dallas; Johns Hopkins University
摘要：This research introduces a new heuristic decision model called myopic-value of perfect information (VPI) to study multiarmed bandit (MAB) problems. The myopic-VPI approach only involves ranking the alternatives and computing a one-dimensional integration to obtain the expected future value of exploration. Because myopic-VPI is intuitive and does not involve solving a dynamic programming problem, it has the potential to serve as a useful heuristic approach to model exploration-exploitation trad...
