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作者：Enke, Benjamin; Rodriguez-Padilla, Ricardo; Zimmermann, Florian
作者单位：Harvard University; National Bureau of Economic Research; University of Bonn; University of Bonn
摘要：Many applied economic settings involve trade-offs between in-group members and strangers. To better understand decision making in these contexts, this paper measures and investigates the economic relevance of heterogeneity in moral universalism: the extent to which people exhibit the same level of altruism and trust toward strangers as toward ingroup members. We first introduce a new experimentally validated, survey-based measure of moral universalism that is simple and easily scalable. We the...
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作者：Dur, Robert; Kvaloy, Ola; Schoettner, Anja
作者单位：Tinbergen Institute; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; Leibniz Association; Ifo Institut; IZA Institute Labor Economics; Universitetet i Stavanger; Humboldt University of Berlin; Centre for Economic Policy Research - UK
摘要：Why do some leaders use praise as a means to motivate workers, whereas other leaders use social punishment? This paper develops a simple economic model to examine how leadership styles depend on the prevailing labor market conditions for workers. We show that the existence of a binding wage floor for workers (e.g., due to trade union wage bargaining, minimum wage legislation, or limited-liability protection) can make it attractive for firms to hire a leader who makes use of social punishment. ...
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作者：Lapre, Michael A.; Cravey, Candace
作者单位：Vanderbilt University; University of Virginia
摘要：Organizations can learn from prior successes and failures to improve organizational performance. Few learning-curve studies have investigated this phenomenon at the individual level. A notable exception found that surgeons learn from their own success and others' failure. Success in surgery is common and individually independent from other surgeries. We study learning from success and failure in a context where success is rare and competitive: Formula One (F1) racing. Only one driver will win ...
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作者：Wu, Szu-Yin (Jennifer); Chung, Kee H.
作者单位：State University of New York (SUNY) System; University at Buffalo, SUNY; Sungkyunkwan University (SKKU)
摘要：This paper shows that hedge fund activism is associated with a decrease in mergers and acquisitions (M&A) and offer premiums and an increase in stock and operating performance. Activist hedge funds improve target firms' M&A performance by reducing poor M&A, diversifying M&A, and the M&A of firms with multiple business segments. Activist hedge funds improve target firms' M&A decisions by influencing their governance practices. We show that our results are unlikely driven by selection bias. Over...
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作者：Kao, Yuan-Mao; Keskin, N. Bora; Shang, Kevin
作者单位：Duke University
摘要：We consider a firm that faces a potential disruption in its normal operations can purchase business interruption (BI) insurance from an insurer to guard against the disruption risk. The firm makes demand forecasts and can put a recovery effort if a disruption occurs; both are unobservable to the insurer. Accordingly, the insurer offers BI insurance to the firm while facing adverse selection and moral hazard. We first find that, because of the joint effect of limited production capacity and sel...
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作者：Garcia, Daniel; Tolvanen, Juha; Wagner, Alexander K.
作者单位：University of Vienna; University of Vienna; Salzburg University
摘要：We provide a new framework to identify demand elasticities in markets where managers rely on algorithmic recommendations for price setting and apply it to a data set containing bookings for a sample of midsized hotels in Europe. Using nonbinding algorithmic price recommendations and observed delay in price adjustments by decision makers, we demonstrate that a control-function approach, combined with state-of-the-art model selection techniques, can be used to isolate exogenous price variation a...
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作者：Malik, Nikhil; Aseri, Manmohan; Singh, Param Vir; Srinivasan, Kannan
作者单位：University of Southern California; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Carnegie Mellon University
摘要：Bitcoin falls dramatically short of the scale provided by banks for payments. Currently, its ledger grows by the addition of blocks of similar to 2,000 transactions every 10 minutes. Intuitively, one would expect that increasing the block capacity would solve this scaling problem. However, we show that increasing the block capacity would be futile. We analyze strategic interactions of miners, who are heterogeneous in their power over block addition, and users, who are heterogeneous in the valu...
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作者：Degryse, Hans; Van Achter, Mark; Wuyts, Gunther
作者单位：KU Leuven; Centre for Economic Policy Research - UK
摘要：We analyze how market design choices about counterparty information and costs related to the plumbing (i.e., clearing, settlement, and custody) of securities markets affect market quality and welfare. Our model compares two post-trade fee structures for allocating these costs. One charges a uniform fee for all trades and the other, marginal cost-based structure a reduced fee for internalized trades (which, both traders being from the same broker, is less costly to process). Both market design ...
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作者：Dierks, Ludwig; Seuken, Sven
作者单位：University of Zurich
摘要：Cloud computing providers must constantly hold many idle compute instances available (e.g., for maintenance or for users with long-term contracts). A natural idea, which should intuitively increase the provider's profit, is to sell these idle instances on a secondary market, for example, via a preemptible spot market. However, this ignores possible market cannibalization effects that may occur in equilibrium as well as the additional costs the provider experiences due to preemptions. To study ...
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作者：Kucukgul, Can; Ozer, Ozalp; Wang, Shouqiang
作者单位：University of Texas System; University of Texas Dallas
摘要：Many online platforms offer time-locked sales campaigns, whereby products are sold at fixed prices for prespecified lengths of time. Platforms often display some information about previous customers' purchase decisions during campaigns. Using a dynamic Bayesian persuasion framework, we study how a revenue-maximizing platform should optimize its information policy for such a setting. We reformulate the platform's problem equivalently by reducing the dimensionality of its message space and propr...
