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Columbia Business School Research

At the Forefront of Their Fields

At Columbia Business School, our faculty members are at the forefront of research in their respective fields, offering innovative ideas that directly impact the practice of business today. A quick glance at our publication on faculty research, CBS Insights, will give you a sense of the breadth and immediacy of the insight our professors provide.

As a student at the School, this will greatly enrich your education. In Columbia classrooms, you are at the cutting-edge of industry, studying the practices that others will later adopt and teach. As any business leader will tell you, in a competitive environment, being first puts you at a distinct advantage over your peers. Learn economic development from Ray Fisman, the Lambert Family Professor of Social Enterprise and a rising star in the field, or real estate from Chris Mayer, the Paul Milstein Professor of Real Estate, a renowned expert and frequent commentator on complex housing issues. This way, when you complete your degree, you'll be set up to succeed.

The Columbia Advantage

Columbia Business School in conjunction with the Office of the Dean provides its faculty, PhD students, and other research staff with resources and cutting edge tools and technology to help push the boundaries of business research.

Specifically, our goal is to seamlessly help faculty set up and execute their research programs. This includes, but is not limited to:

  • Highly skilled staff of full-time predoctoral fellows, summer research interns, and part-time research assistants
  • Access to centralized funding from the Dean's office and external grants to support research activities
  • Providing a state-of-the-art high-performance grid computing environment
  • Acquisition of proprietary data sets and access to various databases
  • Leading library which provides faculty with latest tools and techniques to enable digital scholarship

All these activities help to facilitate and streamline faculty research, and that of the doctoral students working with them.

Featured Research

Be a better manager: Live abroad

Authors
W. Maddux, Adam Galinsky, and C. Tadmor
Date
January 1, 2010
Format
Journal Article
Journal
Harvard Business Review

The article offers the authors' views on expatriate management programs and the benefits from executives interacting with the people and institutions of the host country. The idea that international experience or interaction between foreign managers and local people will help managers become more creative, entrepreneurial, and successful is discussed. The concept of integrative complexity in bi-cultural managers which enhances job performance is mentioned.

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The Kidney Case

Authors
D. Austen-Smith, T. Feddersen, Adam Galinsky, and K. Liljenquist
Date
January 1, 2010
Format
Case Study
Publisher
Kellogg School of Management, Dispute Resolution Research Center

The Kidney Case is multi-person exercise that involves the allocation of a single kidney. Students read profiles of eight candidates for the kidney and make a first allocation decision. Each candidate was designed to be high on some allocation principles but low or unknown on others (e.g., best, match, time in cue, age, personal responsibility for disease, future benefits to society, etc.). Then, students are put into groups and assigned to advocate for one of the candidates. Each group will prepare and give a 3-minute presentation on why their candidate should receive the kidney.

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Mitigating Disaster Risks in The Age Of Climate Change

Authors
Harrison Hong, Jinqiang Yang, and Neng Wang
Date
Forthcoming
Format
Journal Article

Emissions abatement alone cannot address the consequences of global warming for weather disasters. We model how society adapts to manage disaster risks to capital stock. Optimal adaptation — a mix of firm-level efforts and public spending — varies as society learns about the adverse consequences of global warming for disaster arrivals. Taxes on capital are needed alongside those on carbon to achieve the first best.

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Returns to Education through Access to Higher-Paying Firms: Evidence from US Matched Employer-Employee Data

Authors
Niklas Engbom and Christian Moser
Date
May 1, 2017
Format
Journal Article
Journal
American Economic Review: Papers and Proceedings

What are the sources of the returns to education? We study the allocation of higher education graduates from public institutions in Ohio across firms. We present three results. First, we confirm findings in the earlier literature of large pay differences across degrees. Second, we show that up to one quarter of pay premiums for higher degrees are explained by between-firm pay differences. Third, higher education degrees are associated with greater representation at the best-paying firms.

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Putting on the pressure: How to make threats in negotiations

Authors
Adam Galinsky and K. Liljenquist
Date
January 1, 2004
Format
Journal Article
Journal
Negotiation

This article focuses on the role of threats in negotiations. Broadly speaking, a threat is a proposition that issues demands and warns of the costs of noncompliance. Even if neither party resorts to them, potential threats shadow most negotiations. Researchers have found that people actually evaluate their counterparts more favorably when they combine promises with threats rather than extend promises alone. Whereas promises encourage exploitation, the threat of punishment motivates cooperation.

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Type
Journal Article
Date
1991
Journal
IEEE Expert

Classifying cells for cancer diagnosis using neural networks

Author
Moallemi, Ciamac

A computer-based system for diagnosing bladder cancer is described. Typically, an object falls into one of two classes: Well or Not-well. The Well class contains the cells that will actually be useful for diagnosing bladder cancer; the Not-well class includes everything else. Several descriptive features are extracted from each object in the image and then fed to a multilayer perceptron, which classifies them as Well or Not-well. The perceptron's superior classification abilities reduces the number of computer misclassification errors to a level tolerable for clinical use.

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Type
Journal Article
Date
1991
Journal
Planning Review

Knowledge Workers The Last Bastion of Competitive Advantage

Author
Harrigan, Kathryn and Gaurav Dalmia
Knowledge workers are key employees who create intangible value-added assets. They are most common in high-technology innovation centers like Silicon Valley. Organizations can maximize the contribution of their knowledge workers by initiating formal and informal organizational changes to enhance strategic information sharing. Managing knowledge workers also requires management to make philosophical changes. Knowledge workers often possess the critical information needed for effective global marketing and logistics.
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Type
Journal Article
Date
1991
Journal
Management Science

Rejoinder to 'Comments on one-warehouse multiple retailer systems with vehicle routing costs'

Author
Anily, Shoshana and Awi Federgruen
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Type
Journal Article
Date
1991
Journal
Journal of Financial Economics

The Consumption of Stockholders and Nonstockholders

Author
Mankiw, N. and Stephen Zeldes

Only one-fourth of U.S. families own stock. This paper examines whether the consumption of stockholders differs from the consumption of nonstockholders and, if so, whether these differences help explain the empirical failures of the consumption-based CAPM. Household panel data are used to construct time series on the consumption of each group. The results indicate that the consumption of stockholders is more volatile and more highly correlated with the excess return on the stock market.

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Type
Journal Article
Date
1991
Journal
Journal of the ACM

Structural conditions for perturbation analysis of queueing systems

Author
Glasserman, Paul

Infinitesimal perturbation analysis is a technique for estimating derivatives of performance indices from simulation or observation of discrete event systems. Such derivative estimates are useful in performing optimization and sensitivity analysis through simulation. A general formulation of finite-horizon perturbation analysis derivative estimates is given, and then sufficient conditions for their use is presented with a variety of queuing systems.

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Type
Journal Article
Date
1991
Journal
Academy of Management Review

Managerial Fads and Fashions: The Diffusion and Rejection of Innovations

Author
Abrahamson, Eric
Reviews indicate that the dominant perspective in the diffusion of innovation literature contains proinnovation biases which suggest that innovations and the diffusion of innovations will benefit adopters. As a result, it is difficult to either address or begin answering the questions: when and how do technically inefficient innovations diffuse? or when and how are technically efficient innovations rejected?
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Type
Journal Article
Date
1991
Journal
Journal of Financial and Quantitative Analysis

Futures Prices on Yields, Forward Prices, and Implied Forward Prices from Term Structure

Author
Sundaresan, M. Suresh

When futures contracts are settled with respect to underlying asset prices, received theory suggests that the differences between futures prices and implied forward prices (from the term structure) are strictly due to marking to market, ceteris paribus. Empirical evidence appears to indicate that such differences are small for contracts with short maturities. What happens when the futures contract settles to yields implied by future prices of underlying assets?

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Type
Journal Article
Date
1991
Journal
Journal of Applied Probability

Time-changing and truncating <em>K</em>-capacity queues from one <em>K</em> to another

Author
Glasserman, Paul and Wei-Bo Gong

For 0<K'<K≤∞, we obtain a K'-capacity queue from a K-capacity queue through a random time change and a truncation, provided arrivals are Poisson or service is exponential. In the case of an M/G/1/K queue, the time change erases service intervals that begin with more than K' customers in the systems. This constructions yields a straightforward sample path proof of Keilson's result on the proportionality of the ergodic queue length probabilities in M/G/1/K queues.

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Type
Journal Article
Date
1991
Journal
Journal of Marketing Research

A Reservation-Price Model for Optimal Pricing of Multiattribute Products in Conjoint Analysis

Author
Kohli, Rajeev and Vijay Mahajan
A significant application of conjoint analysis is in pricing decisions for new products. Conceptually, profit maximization is an important criterion for selecting the price of a product. However, the maximization of profit necessitates estimation of fixed and variable costs, which are difficult to estimate reliably for the large number of products available for evaluation in conjoint analysis. Consequently, users of conjoint models have begun to use a share simulation to screen a small set of attractive products.
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Type
Journal Article
Date
1991
Journal
Management Science

A simple forward algorithm to solve general dynamic lot sizing models with n periods in 0(n log n) or 0(n) time

Author
Federgruen, Awi and Michal Tzur

This paper is concerned with the general dynamic lot size model, or (generalized) Wagner-Whitin model. Let n denote the number of periods into which the planning horizon is divided. We describe a simple forward algorithm which solves the general model in 0(n log n) time and 0(n) space, as opposed to the well-known shortest path algorithm advocated over the last 30 years with 0(n2) time.

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Type
Journal Article
Date
1991
Journal
Journal of Economic Psychology

Affective Reactions to Consumption Situations: A Pilot Investigation

Author
Derbaix, Christian and Michel Tuan Pham

The authors first attempt to clarify the affect terminology. Then, in an empirical study, they explore the affective reactions prompted by a wide range of consumption situations. For each of them, the authors investigate what preceeds, what happens during and what happens after the situation. 1,436 affective experiences, retrieved by 118 subjects in response to the proposed situations, were content-analyzed. The subjects reported more positive than negative affective reactions. These were essentially feelings, followed by evaluative affects.

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Type
Journal Article
Date
1991
Journal
Journal of Economic Theory

Class Shares and Economies of Scope

Author
Arzac, Enrique

This paper examines the allocative role of class shares that pay dividends based upon the performance of the individual activities of multi-activity firms. The firms considered operate under economies of scope and technological uncertainty in an incomplete asset market. Investor unanimity about the choice of production plans and a constrained Pareto optimum are attained when all firms in the economy issue a class of shares for each of their activities.

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Type
Journal Article
Date
1991
Journal
International Journal of Production Research

Scheduling job shops with delays

Author
van Ryzin, Garrett, Sheldon Lou, and Stanley Gershwin
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Type
Journal Article
Date
1991

A Combined Simply Scalable and Tree Based Preference Model

Author
Lehmann, Donald and William Moore
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Type
Journal Article
Date
1991
Journal
Journal of Business Research

A Combined Simply Scalable and Tree-Based Preference Model

Author
Lehmann, Donald and William Moore

This article proposes a model that nests both a strict tree model and the Luce choice model. The multiplicative formulation allows for easy estimation using least-squares procedures. The model is shown to be more parsimonious than the hierarchical elimination method and in a small illustration, to significantly out-perform Luce in predicting soft-drink preferences.

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Type
Journal Article
Date
1991
Journal
Advances in Applied Probability

Optimality of threshold policies in single-server queueing systems with server vacations

Author
Federgruen, Awi and Kut So

In this paper we consider a class of single-server queueing systems with compound Poisson arrivals, in which, at service completion epochs, the server has the option of taking off for one or several vacations of random length. The cost structure consists of holding cost rate specified by a general non-decreasing function of the queue size, fixed costs for initiating and terminating service, and a variable operating cost incurred for each unit of time that the system is in operation.

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Type
Journal Article
Date
1991
Journal
The American Economic Review

The Role of Demandable Debt in Structuring Optimal Banking Arrangements

Author
Calomiris, Charles and Charles Kahn

Demandable-debt finance by banks warrants explanation because it entails costs of bank suspension, liquidation, and idle reserve holdings. An explanation is developed in which demandable debt provides incentive-compatible intermediation where the banker has comparative advantage in allocating investment funds but may act against the interests of uninformed depositors. Demandable debt attracts funds by giving depositors an option to force liquidation. Its usefulness in transacting follows from information-sharing between monitors and nonmonitors.

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Type
Journal Article
Date
1991

Values, Utility, and Ownership: Modeling the Relationships for Consumer Durables

Author
Corfman, Kim P., Donald Lehmann, and Sunder Narayanan
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Type
Journal Article
Date
1991
Journal
International Economic Review

A General Equilibrium Analysis of Option and Stock Market Interactions

Author
Detemple, Jerome and Larry Selden

The traditional pricing methodology in finance values derivative securities as redundant assets that have no impact on equilibrium prices and allocations. This paper demonstrates that when the market is incomplete primary and derivative asset markets, generically, interact: the valuation of derivative and primary securities is a simultaneous pricing problem and primary security prices depend on the contractual characteristics of the derivative assets available.

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Type
Journal Article
Date
1991
Journal
Journal of Labor Economics

Over-Education in the Labor Market

Author
Sicherman, Nachum

This article examines the reasons for the observed discrepancy between workers' actual and required levels of schooling and the resulting differences in returns to schooling, "Overeducated" workers are found to be younger and to have lower amounts of on-the-job training than workers with the required level of schooling. They also have higher rates of firm and occupational mobility, characterized by movement of higher-level occupations.

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Type
Journal Article
Date
1991
Journal
Operations Research

A stochastic and dynamic vehicle routing problem in the Euclidean plane

Author
Bertsimas, D. J. and Garrett van Ryzin
We propose and analyze a generic mathematical model for dynamic, stochastic vehicle routing problems, the dynamic traveling repairman problem (DTRP). The model is motivated by applications in which the objective is to minimize the wait for service in a stochastic and dynamically changing environment. This is a departure from classical vehicle routing problems where one seeks to minimize total travel time in a static, deterministic environment. Potential areas of application include repair, inventory, emergency service and scheduling problems.
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Type
Journal Article
Date
1991
Journal
Discrete Event Dynamic Systems

Algebraic structure of some stochastic discrete event systems, with applications

Author
Glasserman, Paul and David Yao

Generalized semi-Markov processes (GSMPs) and stochastic Petri nets (SPNs) are generally regarded as performance models (as opposed to logical models) of discrete event systems. Here we take the view that GSMPs and SPNS are essentially automata (generators) driven by input sequences that determine the timing of events. This view combines the deterministic, logical aspects and the stochastic, timed aspects of the two models.

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Type
Journal Article
Date
1991
Journal
Journal of Accounting, Auditing and Finance

An Evaluation of Accounting Rate-of-Return

Author
Penman, Stephen

This article evaluates the role of rate of return (ROE) in assessing cross-sectional differences in prices and price changes of ROE. Accounting ROE is traditionally regarded as the major summary number in financial statement analysis. Findings of the study indicate that ROE is best interpreted as a profitability measure and not as a risk measure and observed ROE indicates future profitability and thus distinguishes market-to-book ratios. The comparison of earnings to book values in the ROE calculation provides information about how earnings project to future earnings.

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Type
Chapter
Date
1991

Arbitrage Pricing Theory

Author
Huberman, Gur and Zhenyu Wang

Focusing on asset returns governed by a factor structure, the APT is a one-period model, in which preclusion of arbitrage over static portfolios of these assets leads to a linear relation between the expected return and its covariance with the factors. The APT, however, does not preclude arbitrage over dynamic portfolios. Consequently, applying the model to evaluate managed portfolios contradicts the no-arbitrage spirit of the model.

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Type
Journal Article
Date
1991
Journal
Operations Research

Capacitated two-stage multi-item production/inventory model with joint setup costs

Author
Anily, Shoshana and Awi Federgruen

We analyze a continuous-time, two-stage production/inventory system. In the first stage, a common intermediate product is produced in batches, and possibly stored. In the second phase, the intermediate product is fabricated into n distinct finished products. Several finished products may be included in a single production batch of limited capacity to exploit economies of scale. We propose a planning methodology to address the combined problem of joint setup costs and capacity limits (per setup).

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Type
Journal Article
Date
1991

Causes of Delay in Consumer Decision Making: An Exploratory Study

Author
Greenleaf, Eric and Donald Lehmann
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Type
Journal Article
Date
1991
Journal
Journal of Accounting, Auditing and Finance

Do Management Forecasts of Earnings Affect Stock Prices in Japan?

Author
Darrough, M. and Trevor Harris

Japan's capital markets have played a crucial role in the recent increase in the globalization of international capital markets. As a result it has become important to understand the similarities and differences in the way Japanese markets operate in comparison to the more familiar Anglo-American environment. One of the major differences that has attracted a great deal of attention is the relatively high average price/earnings [PE] ratio (Viner [1988]) for the stocks listed on the Tokyo Stock Exchange.

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Type
Journal Article
Date
1991
Journal
Journal of Labor Economics

Do Workers Prefer Increasing Wage Profiles?

Author
Loewenstein, George and Nachum Sicherman

We present survey data challenging the assumption implicit in analyses of labor supply that, all else being equal, workers prefer declining over increasing wage profiles.

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Type
Chapter
Date
1991
Book
Shared Power: What Is It? How Does It Work? How Can We Make It Work Better?

Downtown Shopping Malls and the New Public-Private Strategy

Author
Frieden, Bernard and Lynne Sagalyn

Bernard Frieden and Lynne Sagalyn provide an in-depth analysis of public-private partnerships that have resulted in several large downtown retail redevelopment projects. These projects were dependent in part on an improvement in underlying factors such as the revitalization of the downtown office market. But, more important, these projects owe their existence to innovative entrepreneurial urban policy. This essay shows how current city policies evolved from the experience gained from redevelopment efforts launched under federal auspices.

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Type
Journal Article
Date
1991
Journal
Journal of Accounting Research

Earnings as an Explanatory Variable for Returns

Author
Easton, Peter D. and Trevor Harris

In this paper we investigate whether the level of earnings divided by price at the beginning of the stock return period is relevant for evaluating earnings/returns associations. The primary model motivating this research relies on the idea that book value (owners' equity) and market value are both "stock" variables indicating the wealth of the firm's equity holders. The related "flow" variables (after adjusting for dividends) are, respectively, earnings divided by price at the beginning of the return period (A/P-1) and market returns.

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Type
Journal Article
Date
1991
Journal
Probability in the Engineering and Informational Sciences

Estimating derivatives via Poisson's equation

Author
Fox, Bennett and Paul Glasserman

Let x(j) be the expected reward accumulated up to hitting an absorbing set in a Markov chain, starting from state j. Suppose the transition probabilities and the one-step reward function depend on a parameter, and denote by y(j) the derivative of x(j) with respect to that parameter. We estimate y(0) starting from the respective Poisson equations that x = [x(0),x(l), . . . ] and y = [y(0),y(l), . . . ] satisfy.

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Type
Journal Article
Date
1991
Journal
Operations Research

Finding optimal (s, S) policies is about as simple as evaluating a single policy

Author
Zheng, Yu-Sheng and Awi Federgruen

In this paper, a new algorithm for computing optimal (s, S) policies is derived based upon a number of new properties of the infinite horizon cost function c(s, S) as well as a new upper bound for optimal order-up-to levels S* and a new lower bound for optimal reorder levels s*. The algorithm is simple and easy to understand. Its computational complexity is only 2.4 times that required to evaluate a (specific) single (s, S) policy. The algorithm applies to both periodic review and continuous review inventory systems.

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Type
Lecture
Date
1991

Forecasting Behavioral Response to a Repository from Stated Intent Data

Author
Easterling, Doug, Howard Kunreuther, and Vicki Morwitz
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Type
Lecture
Date
1991

Forecasting Behavioral Response to a Repository from Stated Intent Data

Author
Easterling, Doug, Howard Kunreuther, and Vicki Morwitz
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Type
Book
Date
1991

Globalization of Firms and the Competitiveness of Nations

Author
Kogut, Bruce
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Type
Book
Date
1991

Gradient estimation via perturbation analysis

Author
Glasserman, Paul

In analyzing a stochastic system, such as a network of queues, one is often interested in how system performance depends on system parameters. Gradients provide useful information on this dependence. If the system in question is simulated (or perhaps just observed) one may therefore be interested in estimating gradients from sample paths.

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Type
Journal Article
Date
1991
Journal
Management Decision

In Search of Excellence Ten Years Later: Strategy and Organization Do Matter

Author
Capon, Noel, John Farley, James Hulbert, and D. Lei

Customer orientation is a fine ideal. Making it a reality is difficult for many organizations. Provides a framework to guide management through the process of building a customer-driven philosophy. It is hoped that by means of such a framework it will be possible to evaluate an organization's customer orientation profile, and to provide the basis for a comparison of interorganizational approaches.

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Type
Journal Article
Date
1991
Journal
Journal of Retailing

Modeling Choice Among Assortments

Author
Kahn, Barbara and Donald Lehmann

In this paper we propose a model for describing consumer decision making among assortments or menus of options from which a single option will be chosen at a later time. Central to the derivation of the model is an assumption that consumers are uncertain about their future preferences. The model captures both the utility of the items within the assortments as well as the flexibility the items offer as a group. We support our model empirically with two laboratory experiments. In the first experiment we test the underlying assumptions.

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Type
Journal Article
Date
1991
Journal
Journal of Experimental Psychology: Human Perception and Performance

Perception of circular heading from optical flow

Author
Warren, W., D. Mestre, A. Blackwell, and Michael Morris

Observers viewed random-dot optical flow displays that simulated self-motion on a circular path and judged whether they would pass to the right or left of a target at 16 m. Two dots in 2 frames are theoretically sufficient to specify circular heading if the orientation of the rotation axis is known. Heading accuracies were better than 1.5° with a ground surface, wall surface, and 3-dimensional cloud of dots and were constant over densities down to 2 dots, consistent with the theory.

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Type
Book
Date
1991

Regulating Internal Financial Markets: Issues and Policies

Author
Patrick, Hugh and Franklin Edwards
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Type
Journal Article
Date
1991
Journal
RAND Journal of Economics

Share Repurchase and Takeover Deterrence

Author
Hodrick, Laurie Simon

This article examines the use of share repurchase as a takeover deterrent. The main result is that in the presence of an upward-sloping supply curve for shares, the takeover cost to the acquirer can be greater if the target firm distributes cash through share repurchase than if it chooses either to pay a cash dividend or to do nothing. Because shareholders willing to tender the distribution of remaining shareholders toward a more expensive pool. Examining the equilibrium behavior of all players in a stylized takeover game, conditions exist under which repurchase deters takeover.

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Type
Journal Article
Date
1991
Journal
American Economic Review

Shareholder Heterogeneity: Evidence and Implications

Author
Hodrick, Laurie Simon

The nature of supply curves in corporate equity are examined. Until recently, there has been little direct empirical assessment of their elasticity. At issue is whether or not the supposition of shareholder homogeneity of valuations represents a good approximation to actual markets. In Bagwell (1990), supply curves documented in Dutch auction repurchases have a distinct upward slope. Shleifer (1990) also provides evidence of an upward-sloping supply curve.

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Type
Journal Article
Date
1991
Journal
Operations Research

Some effects of nonstationarity on multiserver Markovian queueing systems

Author
Green, Linda, Peter Kolesar, and Antony Svoronos

We examine the effects of nonstationarity on the performance of multiserver queueing systems withe exponential service times and sinusoidal Poisson input streams. Our primary objective is to determine when and how a stationary model may be used as an approximation for a nonstationary system. We focus on a particular quesion: How nonstationary can an arrival process be before a simple stationary approximation fails? Our analysis reveals that stationary models can seriously underestimate delays when the actual system is only modestly nonstationary.

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Type
Journal Article
Date
1991
Journal
Probability in the Engineering and Informational Sciences

Strongly consistent steady-state derivative estimates

Author
Glasserman, Paul, Jian-Qiang Hu, and Stephen Strickland

We establish strong consistency (i.e., almost sure convergence) of infinitesimal perturbation analysis (IPA) estimators of derivatives of steady-state means for a broad class of systems. Our results substantially extend previously available results on steady-state derivative estimation via IPA.

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Type
Journal Article
Date
1991
Journal
Operations Research

Structural conditions for perturbation analysis derivative estimation: Finite-time performance indices

Author
Glasserman, Paul

In recent years, there has been a surge of research into methods for estimating derivatives of performance measures from sample paths of stochastic systems. In the case of queueing systems, typical performance measures are mean queue lengths, throughputs, etc., and the derivatives estimated are with respect to system parameters, such as parameters of service and interarrival time distributions. Derivative estimates potentially offer a general means of optimizing performance, and are useful in sensitivity analysis.

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Type
Journal Article
Date
1991
Journal
Operations Research

Structured partitioning problems

Author
Anily, Shoshana and Awi Federgruen

In many important combinatorial optimization problems, such as bin packing, allocating customer classes to queueing facilities, vehicle routing, multi-item inventory replenishment and combined routing/inventory control, an optimal partition into groups needs to be determined for a finite collection of objects; each is characterized by a single attribute. The cost is often separable in the groups and the group cost often depends on the cardinality and some aggregate measure of the attributes, such as the sum or the maximum element.

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Type
Journal Article
Date
1991
Journal
Management Science

The pointwise stationary approximation for queues with nonstationary arrivals

Author
Green, Linda and Peter Kolesar

We empirically explore the accuracy of an easily computed approximation for long run, average performance measures such as expected delay and probability of delay in multiserver queueing systems with exponential service times and periodic (sinusoidal) Poisson arrival processes. The pointwise stationary approximation is computed by integrating over time (that is taking the expectation of) the formula for the stationary performance measure with the arrival rate that applies at each point in time.

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Type
Chapter
Date
1991
Book
Toward a General Theory of Expertise: Prospects and Limits

The Process-Performance Paradox in Expert Judgment: How Can Experts Know So Much and Predict So Badly?

Author
Camerer, C. and Eric Johnson

In research on decision making there are two views about experts. One view, which emerges from behavioral research on decision making, is skeptical about the experts. The second view, stemming from research in cognitive science, suggests that expertise is a rare skill that develops only after much instruction, practice, and experience.

Behavioral and cognitive science approaches have different goals: Whereas behavioral decision theory emphasizes the performance of experts, cognitive science usually emphasizes differences in experts' processes.

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Type
Journal Article
Date
1991
Journal
Journal of Political Economy

The Variability of Velocity in Cash-in-Advance Models

Author
Hodrick, Robert, Narayana Kocherlakota, and Deborah Lucas

Monetary models based on cash-in-advance constraints make strong predictions about the stochastic properties of endogeneous variables such as the velocity of circulation of money, the rate of inflation, and real and nominal interest rates. We develop numerical methods to understand these predictions because the models cannot be characterized analytically. We calibrate some cash-in-advance models using driving processes estimated from U. S. time-series data to generate model predictions that are compared to sample statistics.

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Type
Journal Article
Date
1991
Journal
Journal of Retailing

Values, Utility, and Ownership: Modeling the Relationships for Consumer Durables

Author
Corfman, Kim, Donald Lehmann, and Sunder Narayanan

A conceptual model is developed that describes the relationships among consumer values, utility, and ownership of durables. These relationships are tested empirically using data on a variety of discretionary durables collected from a sample of 735 adults. Results support the model structure and suggest that augmenting the List of Values (Kahle 1983) with a measure of materialism improves prediction of value-related consumer behavior.

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