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作者：Morvinski, Coby; Saccardo, Silvia; Amir, On
作者单位：Ben-Gurion University of the Negev; Carnegie Mellon University; University of California System; University of California San Diego
摘要：Morals constrain self-serving behavior. Yet, self-regulation failures in the face of monetary temptation are common at the workplace. To limit such failures, organizations can design environments that limit the temptation to behave self-servingly, nudging workers to uphold their morals. In a series of experiments where participants may be tempted to take excessive pay after exerting effort, we study whether a simple intervention-asking individuals to state the wage they believe should be paid ...
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作者：Song, Fenghua; Thakor, Anjan V.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Washington University (WUSTL); European Corporate Governance Institute
摘要：We develop a theory wherein a priori identical banksmay trade loans in a search market with reusable information. The equilibrium is unique, but its nature depends on the probability of a future market state. When the probability of a boom is high, all banks hold no equity and do no screening. When this probability is low, all banks choose a high level of equity and screen loans. For intermediate probability values, the equilibrium is heterogeneous, with some banks posting equity and screening...
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作者：Bertsimas, Dimitris; Shtern, Shimrit; Sturt, Bradley
作者单位：Massachusetts Institute of Technology (MIT); Technion Israel Institute of Technology; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：We propose a new data-driven approach for addressing multistage stochastic linear optimization problems with unknown distributions. The approach consists of solving a robust optimization problem that is constructed from sample paths of the underlying stochastic process. We provide asymptotic bounds on the gap between the optimal costs of the robust optimization problem and the underlying stochastic problem as more sample paths are obtained, and we characterize cases in which this gap is equal ...
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作者：Chen, Jian; Yao, Jiaquan; Zhang, Qunzi; Zhu, Xiaoneng
作者单位：Xiamen University; Jinan University; Shandong University; Shanghai University of Finance & Economics; Shanghai Institute of International Finance & Economics
摘要：This article examines the cross-country asset pricing implications of disaster risk concerns. We construct a new disaster risk index, relying on six news-implied rare disaster proxies of Manela and Moreira (2017), and show that this index is a powerful predictor for stock returns and other asset returns in international markets both in and out of sample. By further disentangling a global common component from our rare disaster index, we find evidence supporting theories that emphasize globally...
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作者：An, Jake; Briley, Donnel; Danziger, Shai; Levi, Shai
作者单位：University of Sydney; Tel Aviv University
摘要：We examine the impact of social investing on charitable donations using a unique data set consisting of investment behaviors and donation transactions for more than 10,000 customers of an investment app platform. We find that investors switching to a recently introduced social fund reduced their donations, mainly in charities supporting causes similar to those of the social fund. However, 79% of the investors that switched to the social fund did not donate before switching, so the social fund ...
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作者：Yang, Jeremy; Eckles, Dean; Dhillon, Paramveer; Aral, Sinan
作者单位：Harvard University; Massachusetts Institute of Technology (MIT); University of Michigan System; University of Michigan
摘要：Decision makers often want to target interventions so as to maximize an outcome that is observed only in the long term. This typically requires delaying decisions until the outcome is observed or relying on simple short-term proxies for the long-term outcome. Here, we build on the statistical surrogacy and policy learning literatures to impute the missing long-term outcomes and then approximate the optimal targeting policy on the imputed outcomes via a doubly robust approach. We first show tha...
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作者：Dubiel-Teleszynski, Tomasz; Kalogeropoulos, Konstantinos; Karouzakis, Nikolaos
作者单位：University of London; London School Economics & Political Science; American College of Greece; University of Sussex
摘要：We explore the statistical and economic importance of restrictions on the dynamics of risk compensation from the perspective of a real-time Bayesian learner who predicts bond excess returns using dynamic term structure models (DTSMs). The question on whether potential statistical predictability offered by such models can generate economically significant portfolio benefits out-of-sample is revisited while imposing restrictions on their risk premia parameters. To address this question, we propo...
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作者：Russo, Daniel
作者单位：Columbia University
摘要：Folklore suggests that policy gradient can be more robust to misspecification than its relative, approximate policy iteration. This paper studies the case of state-aggregated representations, in which the state space is partitioned and either the policy or value function approximation is held constant over partitions. This paper shows a policy gradient method converges to a policy whose regret per period is bounded by epsilon, the largest difference between two elements of the state-action val...
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作者：Chava, Sudheer; Oettl, Alexander; Singh, Manpreet; Zeng, Linghang
作者单位：University System of Georgia; Georgia Institute of Technology; National Bureau of Economic Research; Babson College
摘要：Using an administrative payroll data set for 2.6 million retail workers, we find that the staggered rollout of a major e-commerce firm's fulfillment centers reduces traditional retail workers' income in geographically proximate counties by 2.4%. Wages of hourly workers, especially part-time hourly workers, decrease significantly driven by a drop in the number of hours worked. We observe a U-shaped pattern in which both young and old workers experience a sharper decrease in wage income. Consequ...
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作者：Correa, Jose; Pizarro, Dana; Vulcano, Gustavo J.
作者单位：Universidad de Chile; Universidad de O'Higgins; Universidad Torcuato Di Tella; Consejo Nacional de Investigaciones Cientificas y Tecnicas (CONICET)
摘要：We consider a dynamic pricing problem in which a firm sells one item to a single buyer to maximize expected revenue. The firm commits to a price function over an infinite horizon. The buyer arrives at some random time with a private value for the item. He is more impatient than the seller and strategizes over the timing of the purchase in order to maximize his expected utility, which implies either buying immediately, waiting to benefit from a lower price, or not buying. We study the value of ...
