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作者：Walker, Matthew J.; Katok, Elena; Shachat, Jason
作者单位：Newcastle University - UK; University of Texas System; University of Texas Dallas; Durham University; Wuhan University
摘要：In complex procurement projects, it is difficult to write enforceable contracts that condition price upon quality. Supplier nonperformance becomes an acute risk, particularly when there is intense competition for the contract. An established incentive mechanism used to mitigate the problem of supplier nonperformance is retainage, in which the buyer sets aside a portion of the purchase price. After project completion, the buyer determines the amount of retainage that is released to the seller, ...
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作者：Zhou, Wenhui; Huang, Weixiang; Hsu, Vernon N.; Guoc, Pengfei
作者单位：South China University of Technology; Chinese University of Hong Kong; City University of Hong Kong
摘要：We consider a mixed duopoly service system with two service providers (SPs): one private and the other public. The public SP's objective is welfare maximization, whereas the private SP is profit driven. Customers are heterogeneous in terms of their quality tastes and choose from three options, namely, joining the private queue, joining the public queue, and balking (or taking an outside option). We first consider the scenario where the private SP provides a premium service and the public SP pr...
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作者：Pornupatham, Sompong; Tan, Hun-Tong; Vichitsarawong, Thanyaluk; Yoo, G-Song
作者单位：Chulalongkorn University; Nanyang Technological University; Korea University
摘要：The decision usefulness of the direct versus indirect presentation method of a cash flow statement has been a long-standing issue in both practice and accounting research. By capitalizing on comparative advantages of experimental methods, we provide insights into how investors process the information contained in different presentation methods tomake cash flow forecasts, especially in the context of various types of non-recurring items. We predict and find that, when nonrecurring accrued expen...
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作者：Ovtchinnikov, Alexei V.; Valta, Philip
作者单位：Hautes Etudes Commerciales (HEC) Paris; University of Bern
摘要：Candidate self-funding, in particular self-loans, is a significant source of funding of political campaigns. Self-funding clusters among nonincumbent campaigns, republican campaigns, and more expensive campaigns. Self-funded campaigns raise less money from individuals and special interests and also spend less. Self-funders are wealthier on average and run in more competitive elections. The analysis of self-funders' legislative decisions shows that self-funders' votes, especially those of repub...
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作者：Gan, Jingxing (Rowena); Tsoukalas, Gerry; Netessine, Serguei
作者单位：Southern Methodist University; Boston University; International Institute for Management Development (IMD); University of Pennsylvania
摘要：Traditional two-sided platforms (e.g., Amazon, Uber) rely primarily on commission contracts to generate revenues and fuel growth, whereas their decentralized counterparts (e.g., Uniswap, Filecoin) often forego these in favor of token retention. What economics underpin this choice? We show that with properly designed initial coin offerings (ICOs), both mechanisms can independently alleviate market failures at the initial fundraising stage and incentivize long-term platform building. However, th...
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作者：Morozov, Ilya
作者单位：Northwestern University
摘要：I study how much consumers benefit from new products in markets with information frictions. I analyze new products in the U.S. hard drive market, which is characterized by ample product innovation. Using unique click-stream data, I measure the magnitude of two frictions, category consideration and costly search, and show that both play a crucial role in shaping consumer demand. To estimate consumer surplus from new products, I develop a search model that captures both frictions and propose a n...
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作者：Liu, Nan; van Jaarsveld, Willem; Wang, Shan; Xiao, Guanlian
作者单位：Boston College; Eindhoven University of Technology; Sun Yat Sen University; University of Calgary
摘要：Outpatient care providers usually allow patients to access service via scheduling appointments or direct walk-in. Patients choose strategically between these two access channels (and otherwise balking) based on the trade-off of appointment delay and in-clinic waiting. How to manage outpatient care with such dual access channels, taking into account patient strategic choice behavior, is a challenge faced by providers. We study three operational levers to address this management challenge: servi...
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作者：Hastings, Marcella; Falk, Brett Hemenway; Tsoukalas, Gerry
作者单位：University of Pennsylvania; Boston University
摘要：We develop a new privacy-preserving framework for a general class of financial network models, leveraging cryptographic principles from secure multiparty computation and decentralized systems. We show how aggregate-level network statistics required for stability assessment and stress testing can be derived from real data without any individual node revealing its private information to any outside party, be it other nodes in the network, or even a central agent. Our work bridges the gap between...
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作者：Maurin, Vincent; Robinson, David T.; Stromberg, Per
作者单位：Stockholm School of Economics; Swedish House of Finance; Duke University; National Bureau of Economic Research; Centre for Economic Policy Research - UK; European Corporate Governance Institute
摘要：We develop a model of private equity capturing two fundamental features of this market: the fund structure and illiquidity. A fund structure with sequential capital calls arises as an optimal solution to fund managers' (GPs) moral hazard problem but exposes investors (LPs) to illiquidity risk. Funds with more illiquidity-tolerant LPs realize higher returns, leading to different expected returns across both funds and LPs in equilibrium. GPs may inefficiently accelerate drawdowns to avoid defaul...
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作者：Li, Jin; Pisano, Gary; Xu, Yejia; Zhu, Feng
作者单位：University of Hong Kong; Harvard University; University of Southern California
摘要：The scalability of a marketplace depends on the operations of the marketplace platform and its sellers' capacities. In this study, we explore one strategy that a marketplace platform can use to enhance its scalability: providing an ancillary service to sellers. In our model, a platform can choose whether and when to provide this service to sellers and, if so, what prices to charge and which types of sellers to serve. Although such a service helps small sellers, we highlight that the provision ...
