How to Jump-Start the Global Supply Chain
How to Jump-Start the Global Supply Chain
How to Jump-Start the Global Supply Chain
There is a large body of work that documents a strong, positive correlation between education and measures of health, but little is known about the mechanisms by which education might affect health. One possibility is that more educated individuals are more likely to adopt new medical technologies. We investigate this theory by asking whether more educated people are more likely to use newer drugs, while controlling for other individual characteristics, such as income and insurance status.
This paper describes a practical algorithm based on Monte Carlo simulation for the pricing of multi-dimensional American (i.e., continuously exercisable) and Bermudan (i.e., discretely-exercisable) options. The method generates both lower and upper bounds for the Bermudan option price and hence gives valid confidence intervals for the true value. Lower bounds can be generated using any number of primal algorithms.
No one has derived closed-form solutions for consumption with stochastic labor income and constant relative risk aversion utility. A numerical technique is used here to give an accurate approximation to the solution. The resulting consumption function is often dramatically different than the certainty equivalence solution typically used, in which consumption is proportional to the sum of financial wealth and the present value of expected future income.
Hannah Li is an Assistant Professor in the Decision, Risk, and Operations division at Columbia Business School. Her research focuses on developing data science methods for social systems--marketplaces, education systems, and online platforms. Her research combines techniques from operations research, statistics, and economics to develop theoretical insights for practically motivated problems. She informs her work with industry experience, working for and collaborating with large online platforms.
Omar Besbes's primary research interests are in the area of data-driven decision-making with a focus on applications in e-commerce, pricing and revenue management, online advertising, operations management and general service systems. His research has been recognized by multiple prizes, including the 2019 Frederick W. Lanchester Prize, the 2017 M&SOM society Young Scholar Prize, the 2013 M&SOM best paper award and the 2012 INFORMS Revenue Management and Pricing Section prize. He serves on the editorial boards of Management Science and Operations Research.
Professor Broadie currently teaches the elective courses Security Pricing: Models and Computation, Computational Finance, and Programming for Business Research. He is an Academic Advisory Board Member for the Program for Financial Studies. His research interests include the pricing of derivative securities, risk management and, more generally, quantitative methods for decision-making under uncertainty.
Hortense Fong uses machine learning, econometric, and experimental methods to study how emotions impact consumer behavior. A distinguishing feature of her interests involves going beyond ML’s use in prediction to study how to incorporate domain-specific theoretic and managerial knowledge into ML systems and make them more interpretable. She also has a broader interest in questions at the interface of marketing and society (e.g., fairness).
Professor Glasserman's research and teaching address risk management, quant finance, Monte Carlo simulation, statistics and operations. Prior to joining Columbia, Glasserman was with Bell Laboratories; he has also held visiting positions at Princeton University, NYU, and the Federal Reserve Bank of New York. In 2011-2012, he was on leave from Columbia and working at the Office of Financial Research in the U.S. Treasury Department, where he continues to serve as a part-time consultant.
Santiago R. Balseiro is an Associate Professor of Business at the Graduate School of Business, Columbia University. He is the Research Director of the Deming Center and a part-time research scientist at Google Research. He teaches the core MBA classes Business Analytics and Operations Management, and the core Ph.D. class Foundations of Optimization.
Professor Netzer's expertise centers on one of the major business challenges of the data-rich environment: developing quantitative methods that leverage data to gain a deeper understanding of customer behavior and guide firms' decisions. He focuses primarily on building statistical and econometric models to measure consumer preferences and understand how customer choices change over time, and across contexts. Most notably, he has developed a framework for managing firms' customer bases through dynamic segmentation.
Lisa Yao Liu joined Columbia University in 2020. Her research interests include regulation and enforcement, information disclosure, auditing, technology, and innovation. Professor Liu uses different research methods including empirical archival methods, structural estimation, and field survey and interviews. Her research has been presented at leading conferences and published in the Journal of Accounting and Economics and the Journal of Accounting Research.
Daniel Guetta is Associate Professor of Professional Practice at Columbia Business School and Director of the Business School's Center for Pricing and Revenue Management. He is also Director of the Business Analytics Initiative at the Columbia Business School and Columbia Engineering. His research focuses on the ways companies can harness the power of data and analytics to drive value. He teaches classes in business analytics, including data science, pricing, supply chain management, and technical tools such as python and cloud computing.
Dan joined the Decision, Risk, and Operations division of the Columbia Business School in Summer 2017. He teaches a core MBA course on statistics and a PhD course on dynamic optimization. His research lies at the intersection of statistical machine learning and online decision making, mostly falling under the broad umbrella of reinforcement learning. Outside academia, he works with Spotify to apply reinforcement learning style models to audio recommendations.
Stijn Van Nieuwerburgh is the Earle W. Kazis and Benjamin Schore Professor of Real Estate and Professor of Finance at Columbia University’s Graduate School of Business, which he joined in July 2018. His research lies in the intersection of housing, asset pricing, and macroeconomics. One strand of his work studies how financial market liberalization in the mortgage market relaxed households' down payment constraints, and how that affected the macro-economy, and the prices of stocks and bonds.
Shiva Rajgopal is the Kester and Byrnes Professor of Accounting and Auditing at Columbia Business School. He has also been a faculty member at the Duke University, Emory University and the University of Washington. Professor Rajgopal’s research interests span financial reporting, earnings quality, fraud, executive compensation and corporate culture. His research is frequently cited in the popular press, including The Wall Street Journal, The New York Times, Bloomberg, Fortune, Forbes, Financial Times, Business Week, and the Economist.
Professor of Economics and Garrett Professor of Public Policy and Business Responsibility, emeritus. Director of the Columbia Institute for Tele-Information, a research center focusing on management and policy issues in telecommunications, internet, and electronic mass media. Served as Public Services Commissioner of New York State. Appointed by the White House to the President’s IT Advisory Committee. Also taught at Columbia Law School, Princeton University’s Economics Department and Woodrow Wilson School, and the Swiss universities of St. Gallen and Fribourg.
Mark A. Cohen has been in the retail business since his graduation from Columbia University in 1971. (MBA '71, BS Electrical Engineering '69) He has over 20 years experience in president/chairman, chief executive officer level positions. Most recently he was Chairman/CEO of Sears Canada Inc, Chief Marketing Officer and President of Softlines of Sears Roebuck & Co., Chairman/CEO of Bradlees Inc., and Chairman/CEO of Lazarus Department Stores. He has also held positions with Abraham & Strauss, The Gap, Lord Taylor, Mervyn's and Goldsmith's Department Stores.
Many employers expect workers to be proficient in a host of tech tools. Among them: data analysis, online collaboration and project management.
Adapted from “Global Value Chains in Developing Countries: A Relational Perspective from Coffee and Garments,” by Laura Boudreau of Columbia Business School, Julia Cajal Grossi of the Geneva Graduate Institute, and Rocco Macchiavello of the London School of Economics.
The Nobel Prize-winning economist visited CBS for the first installment of a new speaker series from The Hub, a new think tank, to discuss the future of capitalism with CBS Dean Emeritus Glenn Hubbard.
Western consumers and governments are increasingly demanding that goods produced overseas be manufactured under safe working conditions.