Management Science

最新文章

• Softening Competition Through Unilateral Sharing of Customer Data AI翻译
  作者：Choe, Chongwoo; Cong, Jiajia; Wang, Chengsi
  作者单位：Monash University; Fudan University
  摘要：We study how a data-rich firm can benefit by unilaterally sharing its customer data with a data-poor competitor when the data can be used for price discrimination. By sharing data on the segment of market that is more loyal to the competitor and keeping the data on the competitor's most loyal segment to itself, the firm can induce the competitor to raise its price for consumers on which it does not have data. Such data sharing is an example of a fat-cat strategy as it softens price competition...
• Tick Size, Competition for Liquidity Provision, and Price Discovery: Evidence from the US Treasury Market AI翻译
  作者：Fleming, Michael; Nguyen, Giang; Ruela, Francisco
  作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Chicago
  摘要：This paper studies how a tick size change affects market quality, price discovery, and the competition for liquidity provision by dealers and high-frequency trading firms (HFTs) in the U.S. Treasury market. Using difference-in-differences regressions around the November 19, 2018, tick size reduction in the 2-year Treasury note and a similar change in the 2-year futures eight weeks later, we find significantly improved market quality. Moreover, dealers become more competitive in liquidity provi...
• Dynamic Market Timing in Mutual Funds AI翻译
  作者：Busse, Jeffrey A.; Ding, Jing; Jiang, Lei; Wu, Ke
  作者单位：Emory University; Tongji University; Tsinghua University; University System of Ohio; Kent State University; Kent State University Salem; Kent State University Kent; Renmin University of China
  摘要：We use the dynamic conditional correlation (DCC) model to estimate daily frequency mutual fund betas. Compared with traditional estimates, daily betas better capture changes in fund risk stemming from daily fund trading activity. Based on these beta estimates and a two -stage estimation procedure, we find significant evidence of market timing ability among actively managed U.S. equity funds that is not apparent via standard approaches. Unlike traditional measures, our timing estimates correlat...
• Extrapolative Uncertainty and Household Economic Behavior AI翻译
  作者：Fermand, Elyas; Kuhnen, Camelia M.; Li, Geng; Ben-David, Itzhak
  作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve System Board of Governors; University System of Ohio; Ohio State University
  摘要：We examine the uncertainty in households' expectations regarding macroeconomic outcomes, namely inflation and the rate of nationwide home price growth. We document that people extrapolate from the instability of their personal and local environment when assessing the future volatility of these macroeconomic variables. Consequently, there are within-person spillovers in subjective uncertainty regarding different economic outcomes. This extrapolative behavior is more pronounced among lower-numer...
• The Spillover Effects of Capacity Pooling in Hospitals AI翻译
  作者：Lim, Jong Myeong; Song, Hummy; Yang, Julius J.
  作者单位：University of Miami; University of Pennsylvania; Harvard University; Harvard University Medical Affiliates; Beth Israel Deaconess Medical Center
  摘要：Off-service placement is a common capacity-pooling strategy that hospitals utilize to address mismatches in supply and demand that arise from the day-to-day variation in patient demand. This strategy involves placing patients in a bed in a unit that is designated for another specialty service. Building on prior work that documents the negative first order effects of off-service placement on patients who are placed off service themselves, we quantify the spillover effects of this practice on pa...
• Cooperation in Queueing Systems AI翻译
  作者：Rosokha, Yaroslav; Wei, Chen
  作者单位：Purdue University System; Purdue University; Washington University (WUSTL)
  摘要：We study a social dilemma in a single-queue system in which human servers have discretion over the effort with which to process orders that arrive stochastically. We show theoretically that the efficient outcome in the form of high effort can be sustained in the subgame-perfect equilibrium if the interactions are long term (even when each server has a short-term incentive to free-ride and provide low effort). In addition, we show that queue visibility plays an important role in the type of str...
• Managing Volunteers and Paid Workers in a Nonprofit Operation AI翻译
  作者：Berenguer, Gemma; Haskell, William B.; Li, Lei
  作者单位：Universidad Carlos III de Madrid; Purdue University System; Purdue University; Hong Kong Polytechnic University
  摘要：Some nonprofit organizations (NPOs) manage a complex workforce composed of a mix of volunteers, part-time workers, and full-time workers. We study the NPO's finite-horizon staffing problem to determine the optimal initial staff planning decisions and per period optimal hiring and assignment decisions given a budget, capacity constraints, and an uncertain supply of volunteers and part-time workers. Our main goal is to solve this problem in a way that is effective and easy to implement while obt...
• Ambiguous Dynamic Treatment Regimes: A Reinforcement Learning Approach AI翻译
  作者：Saghafian, Soroush
  作者单位：Harvard University
  摘要：A main research goal in various studies is to use an observational data set and provide a new set of counterfactual guidelines that can yield causal improvements. Dynamic Treatment Regimes (DTRs) are widely studied to formalize this process and enable researchers to find guidelines that are both personalized and dynamic. However, available methods in finding optimal DTRs often rely on assumptions that are violated in real-world applications (e.g., medical decision making or public policy), esp...
• Debt Contracting When Borrowers Face Transitory Uncertainty: Evidence from US Gubernatorial Elections AI翻译
  作者：Kim, Kirak; Nguyen, Trang
  作者单位：Texas A&M University System; Texas A&M University Central Texas; University of Bristol
  摘要：We study debt-contracting implications of uncertainty surrounding U.S. gubernatorial elections. In election years, loan contracts are more likely to include performance pricing provisions, whereas loan spreads are mostly unaffected. Additionally, we find, only among those loans without performance-pricing provisions, a marginal increase in loan spreads in election years and a significant increase in loan-spread amendments postelection. The results suggest that under transitory uncertainty, per...
• Planned vs. Actual Attention AI翻译
  作者：Avoyan, Ala; Ribeiro, Mauricio; Schotter, Andrew; Schotter, Elizabeth R.; Vaziri, Mehrdad; Zou, Minghao
  作者单位：Indiana University System; Indiana University Bloomington; University of Bristol; New York University; State University System of Florida; University of South Florida; State University System of Florida; University of South Florida; Princeton University
  摘要：People often need to plan how to allocate their attention across different tasks. In this paper, we run two experiments to study a stylized version of this attention-allocation problem between strategic tasks. More specifically, we present subjects with pairs of 2 x 2 games, and for each pair, we give them 10 seconds to decide how they would split a fixed time budget between the two games. Then, subjects play both games without time constraints, and we use eye-tracking to estimate the fraction...