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作者：Chandy, Rajesh; Dowell, Glen; Mayer, Colin; Plambeck, Erica; Serafeim, George; Toffel, Michael W.; Toktay, L. Beril; Weberg, Elke
作者单位：University of London; London Business School; Cornell University; University of Oxford; Stanford University; Harvard University; University System of Georgia; Georgia Institute of Technology; Princeton University
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作者：Wu, Liuren; Tian, Meng
作者单位：City University of New York (CUNY) System; Baruch College (CUNY)
摘要：The stock option-implied volatility skew reflects both the structural risk characteristics of the underlying company and the short-term information flow about the stock price movement. This paper builds a semistructural, cross-sectional option pricing model to separate the structural risk contributions from the information flow. The model identifies two structural risk sources that contribute to the cross-sectional variation of the skew: the company's business cyclicality and its default risk....
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作者：Laussel, Didier; Long, Ngo Van; Resende, Joana
作者单位：Aix-Marseille Universite; McGill University; Australian National University; Universidade do Porto
摘要：We consider a nondurable good monopolist that collects data on its customers in order to profile them and subsequently practice price discrimination on returning cus-tomers. The monopolist's price discrimination scheme is leaky in the sense that an endogenous fraction of consumers choose to incur a privacy cost to conceal their identity when they return in the following periods. We characterize the Markov perfect equili-brium of the game under two alternative customer profiling regimes: full i...
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作者：Divakaruni, Anantha; Zimmerman, Peter
作者单位：University of Bergen; Federal Reserve System - USA; Federal Reserve Bank - Cleveland
摘要：In April 2020, the U.S. government sent economic impact payments (EIPs) directly to households as part of its measures to address the COVID-19 pandemic. We characterize these stimulus checks as a wealth shock for households and examine their effect on retail trading in Bitcoin. We find a significant increase in Bitcoin buy trades of size $1,200, which is the modal EIP amount. We find similar increases in trading for other countries that paid out stimulus checks. We estimate that the EIPs have ...
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作者：Sherman, Eliot L.; Brands, Raina; Ku, Gillian
作者单位：Georgetown University; University of London; University College London; University of London; London Business School
摘要：Could a salary history ban (SHB) reduce the gender wage gap? Proponents of this intervention believe the gap is sustained by the practice of eliciting salary histories from job applicants. Although observational studies suggest that SHB operates as envisioned, two features complicate the interpretation of its effects. These are, respectively, the passage of relevant legislation alongside SHB, and the presence of public campaigns that propel SHB into law. We assessed SHB in the United Kingdom, ...
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作者：Cohen, Maxima C.; Jacquillat, Alexandre; Serpa, Juan Camilo; Benborhoumc, Michael
作者单位：McGill University; Massachusetts Institute of Technology (MIT)
摘要：Airfares evolve dynamically, giving rise to a so-called price path. This price path is controlled via two levers: (i) a fare ladder, which defines a set of airfares before the selling season, and (ii) revenue management algorithms, which control how fares evolve along the ladder during the season. We hypothesize that the current policies to control both levers-which do not account for quality differences between competing airlines-give rise to an inefficient price path and, accordingly, a loss...
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作者：Gans, Joshua S.
作者单位：University of Toronto; National Bureau of Economic Research
摘要：This paper examines how a firm's choice of the type of experiment impacts on its potential exploitation of new technological opportunities. It does so in the context of the failure of successful firms (or disruption) where the literature has informally suggested that firms undertake errors in experimental choice. It is shown that firms will generically choose experiments that minimize false positives (a high-bar) or minimize false negatives (a low-bar) rather than strike a balance between the ...
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作者：Mahmoudzadeh, Mahdi
作者单位：University of Auckland
摘要：The focal point analysis is a viable approach to analyze models of finitely dura-ble goods in infinite time horizon. Agrawal, Ferguson, Toktay, and Thomas [Agrawal VV, Ferguson M, Toktay LB, Thomas VM (2012) Is leasing greener than selling? Management Sci. 58(3):523-533.] study the focal point of steady-state firm-consumer games for leasing and selling models. We note that the optimal solution for their selling model does not reflect self-replicated leases mirroring the lease offered by the fi...
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作者：Bova, Francesco; Goldfarb, Avi; Melko, Roger G.
作者单位：University of Toronto; Perimeter Institute for Theoretical Physics; University of Waterloo
摘要：A quantum computer exhibits quantum advantage when it can perform a calculation that a classical computer is unable to complete. It follows that a company with a quantum computer would be a monopolist in the market for such a calculation if its only competitor was a company with a classical computer. Conversely, economic outcomes are unclear if quantum computers do not exhibit a quantum advantage, but classical and quantum computers have different cost structures. We model a Cournot duopoly wh...
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作者：Rottenstreich, Yuval; Markle, Alex; Muller-Trede, Johannes
作者单位：University of California System; University of California San Diego; Fordham University; University of Navarra
摘要：Decision research often takes the variability of potential outcomes as a measure of risk. It thus characterizes sure things, which, by definition, guarantee a specific outcome, as safe. But is this characterization always empirically valid? We show that, when the prevailing reference point is an uncertain option or position, sure things can be perceived as risky rather than safe. Furthermore, preferences may hinge on such perceptions: when construed as risky, sure things can be less appealing....
