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作者：Kallus, Nathan; Zhou, Angela
作者单位：Cornell University
摘要：We study the problem of learning personalized decision policies from observational data while accounting for possible unobserved confounding. Previous approaches, which assume unconfoundedness, that is, that no unobserved confounders affect both the treatment assignment as well as outcome, can lead to policies that introduce harm rather than benefit when some unobserved confounding is present as is generally the case with observational data. Instead, because policy value and regret may not be ...
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作者：Drakopoulos, Kimon; Jain, Shobhit; Randhawa, Ramandeep
作者单位：University of Southern California
摘要：We study a pricing and information provisioning game between a better-informed seller (such as a retailer) and its customers. The seller is (ex post) better informed about product availability and can choose how to communicate this information to the customers. The customers are heterogeneous in their valuation for the product. The firm optimizes on publicly posted prices (which are the same for all customers) and its information provisioning (which can be personalized). Using a Bayesian persu...
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作者：Joslin, Scott; Le, Anh
作者单位：University of Southern California; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：Within the affine framework, many have observed a tension between matching conditional first and second moments in dynamic term structure models (DTSMs). Although the existence of this tension is generally accepted, less understood is the mechanism that underlies it. We show that no arbitrage along with the rich information in the cross section of yields has strong implications for both the dynamics of volatility and the forecasts of yields. We show that this link implied by the absence of arb...
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作者：Farias, Vivek F.; Shanthikumar, J. George
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作者：Dong, Jing; Ibrahim, Rouba
作者单位：Columbia University; University of London; University College London
摘要：The shortest-remaining-processing-time (SRPT) scheduling policy has been extensively studied, for more than 50 years, in single-server queues with infinitely patient jobs. Yet, much less is known about its performance in multiserver queues. In this paper, we present the first theoretical analysis of SRPT in multiserver queues with abandonment. In particular, we consider the M/GI/s + GI queue and demonstrate that, in the many-sever overloaded regime, performance in the SRPT queue is equivalent,...
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作者：Colliard, Jean-Edouard; Demange, Gabrielle
作者单位：Paris School of Economics
摘要：In over-the-counter markets for assets, such as bonds and securitizations, large volumes can be split into smaller pieces and gradually sold to several final investors with the intermediation of multiple dealers. This paper proposes a model to study this process, called asset dissemination. A dealer buys several units of an asset from a customer and then sells some units to the dealer's customers and to a second dealer, who sells to the second dealer's customers and to a third dealer, and so o...
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作者：Dominiak, Adam; Lefort, Jean-Philippe
作者单位：Virginia Polytechnic Institute & State University; Universite PSL; Universite Paris-Dauphine
摘要：Experiments detecting ambiguity aversion often rely on the assumption that probabilities are exogenously given for some uncertain events. However, the canonical models that accommodate ambiguity into economic theory, such as the maxmin expected utility (MEU) and Choquet expected utility (CEU) models, are purely subjective. These models do not specify how subjects could incorporate exogenous probabilities into decisions. We study two approaches for embedding exogenous probabilities in the conte...
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作者：Faccio, Mara; O'Brien, William J.
作者单位：Purdue University System; Purdue University; National University of Singapore; European Corporate Governance Institute; National Bureau of Economic Research; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：Using a newly assembled 50-country firm-level database spanning 19 years, we document a bright side for employees of business group-affiliated firms: less pronounced fluctuations in employment than unaffiliated firms in response to macroeconomic shocks. The results are robust to a variety of tests designed to mitigate endogeneity concerns, including propensity score matching and comparisons of successful and failed group integrations, and are present in both booms and recessions. Our results a...
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作者：Aral, Sinan; Dhillon, Paramveer S.
作者单位：Massachusetts Institute of Technology (MIT); University of Michigan System; University of Michigan
摘要：Most online content publishers have moved to subscription-based business models regulated by digital paywalls. But the managerial implications of such freemium content offerings are not well understood. We, therefore, utilized microlevel user activity data from the New York Times to conduct a large-scale study of the implications of digital paywall design for publishers. Specifically, we use a quasi-experiment that varied the (1) quantity (the number of free articles) and (2) exclusivity (the ...
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作者：Balzer, Benjamin; Rosato, Antonio
作者单位：University of Technology Sydney; University of Naples Federico II
摘要：We analyze the bidding behavior of expectations-based loss-averse bidders in auctions with interdependent values. We emphasize the difference between the risk bidders face over whether they win the auction (extensive risk) and the risk they face over the value of the prize conditional on winning (intensive risk). The extensive risk creates an attachment effect, whereas the intensive risk operates via a comparison effect. How loss-averse bidders react to these different risks depends on whether...
