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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
2010
Journal
Journal of Political Economy

Order in Product Customization Decisions: Evidence from Field Experiments

Author
Heitmann, Mark, Andreas Herrmann, and Sheena Iyengar

Differentiated product models are predicated on the belief that a product's utility can be derived from the summation of utilities for its individual attributes. In one framed field experiment and two natural field experiments, we test this assumption by experimentally manipulating the order of attribute presentation in the product customization process of custom-made suits and automobiles.

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Type
Journal Article
Date
2010
Journal
Review of Economic Studies

Politicians, Taxes, and Debt

Author
Yared, Pierre

The standard analysis of the efficient management of income taxes and debt assumes a benevolent government and ignores potential distortions arising from rent-seeking politicians. This paper departs from this framework by assuming that a rent-seeking politician chooses policies. If the politician chooses extractive policies, citizens throw him out of power. We analyze the efficient sustainable equilibrium. Unlike in the standard economy, temporary economic shocks generate volatile and persistent changes in taxes along the equilibrium path.

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Type
Journal Article
Date
2010
Journal
Journal of the European Economic Association

Strategic Communication: Prices versus Quantities

Author
Alonso, Ricardo, Wouter Dessein, and Niko Matouschek

We examine how cheap talk communication between managers within the same firm depends on the type of decisions that the firm makes. A firm consists of a headquarters and two operating divisions. Headquarters is unbiased but does not know the demand conditions in the divisions’ markets. Each division manager knows the demand conditions in his market but is also biased towards his division. The division managers communicate with headquarters, which then sets either the prices or quantities for each division.

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Type
Newspaper/Magazine Article
Date
2010
Publication
e21

The Volcker Rule: Unworkable and Unwise

Author
Calomiris, Charles
The last two years have seen the publication of numerous detailed and sometimes thoughtful financial reform proposals by the US Treasury, various financial regulators, leading members of Congress, independent groups and academics. Now, suddenly, a new idea for reform has emerged from the White House — prohibiting proprietary trading in bank holding companies. Of course, it is not really a new idea; rather it is one of Paul Volcker?s very old ideas which he is trying to resurrect in the current up-for-grabs policy environment.
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Type
Working Paper
Date
2010

Equilibrium Impact of Demographic Changes on Asset Prices

Author
Donaldson, John, Angela Maddaloni, and Rajnish Mehra

We study a dynamic overlapping generations model where the population growth rate is stochastic, or can experience gradual but persistent changes. This leads to changes in the demographic makeup of the economy across the young, middle aged (who do the principal saving) and the old (who sell their assets to finance consumption).

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Type
Journal Article
Date
2010
Journal
New York Law School Law Review

Short Selling and the News: A Preliminary Report on an Empirical Study

Author
Glosten, Lawrence, Merritt Fox, and Paul Tetlock

This paper examines the so far unexplored relationship between short selling and news. It starts with a theoretical analysis of short selling's potentially beneficial and harmful effects, a brief history of its regulation and a review of the existing empirical literature. The study that follows uses daily NYSE short sale trading data representing a total of 2.3 million firm days and a measure negativity of firm news based on a content analysis of the Dow Jones Newswires.

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Type
Working Paper
Date
2010

Autonomy in Chinese Joint Ventures

Author
Harrigan, Kathryn and Wei Yang

Because the level of uncertainty experienced by the two parties differs, operating autonomy in Chinese joint ventures (JVs) can be predicted with asymmetrical accuracy. Resource contributions, ownership structure, and strategic intent of partners all contribute to autonomy in their quality-, market-, and import/export- related decisions. Results indicate that the foreign partner’s control tendency is easier to predict than the Chinese partner’s control tendency which is consistent with the resource dependence framework.

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Type
Case Study
Date
2010

Ed Heffernan at Alliance Data

Author
Abrahamson, Eric
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Type
Newspaper/Magazine Article
Date
2010
Publication
e21

The Painful Arithmetic of Greek Debt Default

Author
Calomiris, Charles

Becoming part of the euro zone was a big commitment for Greece. It meant abandoning its control of the printing press, which can be a perpetual means of financing government deficits (spending in excess of taxation). But, after making that commitment, the Greek government ran its fiscal affairs in a profligate manner, not just during the recent crisis, but continually, even during the boom years of 2004–2006.

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Type
Case Study
Date
2010

Corus Bank Acquisiton

Author
Sagalyn, Lynne
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Type
Journal Article
Date
2010

Channel, deadline, and distortion aware scheduling of video streams over wireless, IEEE Trans. on Wireless Communications 2010.

Author
Dua, Aditya, Carri Chan, and Nicholas Bambos
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Type
Working Paper
Date
2010

Diversify with Care — Even in Private Equity

Author
Harrigan, Kathryn, Daniel Klier, Martin Welge, and Karsten Webel

This study presents a comprehensive analysis of the relationship between diversification and performance in private equity. It pioneers the view of industry diversification in private equity firms on a firm level rather than on the level of individual funds, providing the first analysis for comparison with traditional multi-business firms. The study not only draws on a broad range of established research methodologies from the strategic management and finance discipline, it also extends them as a weighted least squares regression is applied in order to account for heteroscedasticity.

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Type
Working Paper
Date
2010

Affective Evaluations Are More Ordinal

Author
Pham, Michel Tuan and Olivier Toubia

Because of its evolutionary roots, the affective system of evaluation is inherently more ordinal in its architecture than the cognitive system. That is, the affective system focuses more on the relative ranking of target objects on the evaluative dimension than on their absolute values on the same dimension.

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Type
Chapter
Date
2010
Book
China's Growing Role in World Trade

China's Experience under the Multifiber Arrangement and the Agreement on Textile and Clothing

Author
Khandelwal, Amit, Irene Brambilla, and Peter Schott

This paper analyzes China's experience under U.S. apparel and textile quotas. It makes use of a new database that tracks U.S. trading partners' performance under the quota regimes established by the global Multifiber Arrangement (1974 to 1995) and subsequent Agreement on Textiles and Clothing (1995 to 2005). We find that China was relatively more constrained under these regimes than other countries and that, as quotas were lifted, China's exports grew disproportionately. When the ATC finally ended in 2005, China's exports surged while those from nearly all other regions fell.

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Type
Book
Date
2010

China's Growing Role in World Trade

Author
Wei, Shang-Jin and Robert Feenstra

In less than three decades, China has grown from playing a negligible role in world trade to being one of the world's largest exporters, a substantial importer of raw materials, intermediate outputs, and other goods, and both a recipient and source of foreign investment. Not surprisingly, China's economic dynamism has generated considerable attention and concern in the United States and beyond.

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Type
Chapter
Date
2010
Book
Self Control in Society, Mind, and Brain

Conflict and control at different levels of self-regulation

Author
Scholer, Abigail and E. Tory Higgins
Traditionally, self-control conflicts have been defined as conflicts between some immediate, short-term gratification versus some delayed, long-term gain. Although this is certainly a self-control issue, we argue that a focus on this definition of self-control has obscured the broader self-control issue: self-control is about resolving and managing conflict. In this chapter, we take a broad view of defining self-control within the self-regulatory system by considering how conflicts and control are represented within a self-regulatory hierarchy.
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Type
Case Study
Date
2010

Manhattan House: Converting a Residential Landmark

Author
Sagalyn, Lynne
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Type
Journal Article
Date
2010
Journal
International Journal of Economic Theory

Mixed Strategy Equilibria in Repeated Games with One-Period Memory

Author
Siconolfi, Paolo and Prajit Dutta

Infinitely repeated games is the pre-dominant paradigm within which economists study long-term strategic interaction. The standard framework allows players to condition their strategies on all past actions; that is, assumes that they have unbounded memory. That is clearly a convenient simplification that is at odds with reality. In this paper we restrict attention to one-period memory and characterize all totally mixed equilibria. In particular, we focus on strongly mixed equilibria. We provide conditions that are necessary and sufficient for a game to have such an equilibrium.

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Type
Journal Article
Date
2010
Journal
Management Science

Package Size Decisions

Author
Kohli, Rajeev and Ricardo Montoya
We describe a model examining how a firm might choose the package size and price for a product that deteriorates over time. Our model considers four factors: (1) the usable life of the product, (2) the rates at which consumers use the product, (3) the relation between package size and the variable cost of the product, and (4) the minimum quantities consumers seek to consume for each dollar they spend (we call these reservation quantities). We allow heterogeneity in the usage rates and reservation quantities for the consumers.
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Type
Working Paper
Date
2010

Stock and Bond Returns with Moody Investors

Author
Bekaert, Geert, Eric Engstrom, and Steven Grenadier

We present a tractable, linear model for the simultaneous pricing of stock and bond returns that incorporates stochastic risk aversion. In this model, analytic solutions for endogenous stock and bond prices and returns are readily calculated. After estimating the parameters of the model by the general method of moments, we investigate a series of classic puzzles of the empirical asset pricing literature.

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Type
Book
Date
2010

Strategic Learning: How to Be Smarter Than Your Competition and Turn Key Insights into Competitive Advantage

Author
Pietersen, William
What's even harder than creating a breakthrough strategy? Making it stick. As companies are fighting to survive in a tough economy, this new book by Willie Pietersen demonstrates the power of the Strategic Learning process, a four-step dynamic cycle guaranteed to create and sustain winning performance.
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Type
Journal Article
Date
2010
Journal
European Journal of Social Psychology

Tailoring visual images to fit: Value creation in persuasive messages

Author
Mannetti, Lucia, Mauro Giacomantonio, E. Tory Higgins, Antonio Pierro, and Arie Kruglanski

The present studies aimed to extend Regulatory Fit Theory in the domain of persuasive communication by (a) using printed advertisement images without any verbal claim, instead of purely or mostly verbal messages; (b) selecting the images to fit the distinct orientations of regulatory mode rather than regulatory focus; and (c) priming regulatory mode orientation instead of relying on chronic prevalence of either locomotion or assessment orientation.

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Type
Book
Date
2010

The Art of Choosing

Author
Iyengar, Sheena

In The Art of Choosing, Columbia Business School professor Sheena Iyengar, a leading expert on choice, sets herself the Herculean task of helping us become better choosers. She asks fascinating questions: Is the desire for choice innate or created by culture? Why do we sometimes choose against our best interests? How much control do we really have over what we choose? Ultimately, she offers unexpected and profound answers, drawn from her award-winning, discipline-spanning research.

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Type
Working Paper
Date
2010

Optimal dynamic assortment planning

Author
Zeevi, Assaf and Denis Saure

We study a family of stylized assortment planning problems, where arriving customers make purchase decisions among offered products based on maximizing their utility. Given limited display capacity and no a priori information on consumers' utility, the retailer must select which subset of products to offer. By offering different assortments and observing the resulting purchase behavior, the retailer learns about consumer preferences, but this experimentation should be balanced with the goal of maximizing revenues.

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Type
Journal Article
Date
2010
Journal
Social Science and Medicine

Pharmaceutical innovation and mortality in the United States, 1960–2000. A commentary on Schnittker and Karandinos

Author
Lichtenberg, Frank

Although there is a good deal of speculation surrounding the role of pharmaceutical innovation in late 20th century mortality improvements in the United States, there is little empirical evidence on the topic and there remains a good deal of doubt regarding whether pharmaceuticals matter at all for mortality.

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Type
Working Paper
Date
2010

Price competition under multinomial logit demand functions with random coefficients

Author
Federgruen, Awi, Gad Allon, and Margaret Pierson

In this paper, we postulate a general class of price competition models with Mixed Multi Nomial Logit demand functions under affine cost functions. We characterize the equilibrium behavior of this class of models starting with the case where each product in the market is sold by a separate, independent firm. Here we identify a natural upper bound for the price levels.

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Type
Case Study
Date
2010

Albert Heijn: Price War among Retailers

Author
Dessein, Wouter and Remmelt De Jong

In October 2003, leading Dutch supermarket chain Albert Heijn slashed prices up to 30% on more than 1,000 items to counter a loss in market share caused by consumer perception of high prices. AH continued the strategy for the ensuing three years, forcing competing supermarkets to match the markdowns or risk customer defections. Game theory adherents and analysts questioned the strategy, noting price wars often jeopardize profits of both individual companies and their industries.

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Type
Newspaper/Magazine Article
Date
2010
Publication
El País

Recuperar la credibilidad

Author
Santos, Tano
<p>España se enfrenta estos días a una crisis de credibilidad. Los mercados, ni se creen que tengamos la capacidad para tomar dolorosas decisiones de ajuste, ni se creen los números del Gobierno o de las entidades financieras.
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Type
Newspaper/Magazine Article
Date
2010
Publication
<a href="http://www.voxeu.org/index.php?q=node/4568">VoxEU.com</a>

The Mystery of Chinese Savings

Author
Wei, Shang-Jin
<p>Much attention has been directed toward China's high savings rate (Broda et al. 2009, Prasad 2009, Reisen 2009). Not only is the savings rate disproportionately high compared to virtually any other country, but it directly impacts China's current account surplus and the US consumer debt and trade deficit.
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Type
Case Study
Date
2010

Corporate Governance at Hewlett-Packard, 1999&ndash;2005

Author
Edwards, Franklin and Daniel Sorid

In 1999, Carly Fiorina became Hewlett-Packard's first chief executive from outside the company, ushering in a period marked both by transformation as well as division within the board and between directors and the CEO. The relationship between Fiorina, who was also appointed to chair the board soon after her hire, and HP's other board members was at first mutually supportive.

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Type
Working Paper
Date
2010

The Impact of Advertising Copy on Word-of-Mouth

Author
Moldovan, Sarit and Donald Lehmann
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Type
Newspaper/Magazine Article
Date
2010
Publication
Forbes.com

Why Do the Chinese Save So Much?

Author
Wei, Shang-Jin
<p>Given its far-reaching effects, both private sector analysts and policymakers have attempted to trace the causes of China's high savings rate and to predict how long it will last. Some have attributed the savings primarily to Chinese corporations rather than households. Others point to a precautionary savings motive: Because Chinese people are worried about costs of health care, education and old-age pensions and are unsure about how much these costs might change over time, they respond by saving more.
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Type
Journal Article
Date
2010
Journal
Effective Executive

Competing with Customer Value Added

Author
Sexton, Don

This article explains how the metric, Customer Value Added (CVA), can be applied to develop effective marketing and branding strategies. Strategies that are successful against competitors should focus on creating CVA that is greater than those produced by competitors. To do so, one must first regularly measure and monitor CVA by examining its components, perceived value and variable costs per unit. Next, one must develop strategies and tactics to increase CVA effectively and efficiently. In the long run, the organization that succeeds in achieving and maintaining the highest CVA wins.

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Type
Chapter
Date
2010
Book
Proceedings of the 2010 U.S. Monetary Policy Forum

Financial Conditions Indexes: A Fresh Look After the Financial Crisis

Author
Hatzius, Jan, Peter Hooper, Frederic Mishkin, Kermit Schoenholtz, and Mark Watson

This paper explores the link between financial conditions and economic activity. We first review existing measures, including both single indicators and composite financial conditions indexes (FCIs). We then build a new FCI that features three key innovations. First, besides interest rates and asset prices, it includes a broad range of quantitative and survey-based indicators. Second, our use of unbalanced panel estimation techniques results in a longer time series (back to 1970) than available for other indexes.

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Type
Case Study
Date
2010

Liquidity-Driven Investment Opportunities: Mayfair House

Author
Sagalyn, Lynne
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Type
Chapter
Date
2010
Book
Wiley International Encyclopedia of Marketing

Marketing Metrics

Author
Lehmann, Donald
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Type
Journal Article
Date
2010
Journal
Psychological Science

Medium of Exchange Matters: What's Fair for Goods is Unfair for Money

Author
DeVoe, Sanford and Sheena Iyengar

Organized groups face a fundamental problem of how to distribute resources fairly. We found people view it as less fair to distribute resources equally when the allocated resource invokes the market by being a medium of exchange than when the allocated resource is a good that holds value in use. These differences in fairness can be attributed to being a medium of exchange, and not to other essential properties of money (i.e., being a unit of account or a store of value).

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Type
Journal Article
Date
2010
Journal
Journal of Personality and Social Psychology

Negotiating gender roles: gender differences in assertive negotiating are mediated by women's fear of backlash and attenuated when negotiating on behalf of others

Author
Amanatullah, Emily and Michael Morris

The authors propose that gender differences in negotiations reflect women's contextually contingent impression management strategies. They argue that the same behavior, bargaining assertively, is construed as congruent with female gender roles in some contexts yet incongruent in other contexts. Further, women take this contextual variation into account, adjusting their bargaining behavior to manage social impressions. A particularly important contextual variable is advocacy—whether bargaining on one's own behalf versus on another's behalf.

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Type
Journal Article
Date
2010
Journal
Journal of Money, Credit and Banking

New Keynesian Macroeconomics and the Term Structure

Author
Bekaert, Geert, Seonghoon Cho, and Antonio Moreno

This article complements the structural New Keynesian macro framework with a no-arbitrage affine term structure model. Whereas our methodology is general, we focus on an extended macro model with unobservable processes for the inflation target and the natural rate of output that are filtered from macro and term structure data. We find that term structure information helps generate large and significant parameters governing the monetary policy transmission mechanism. Our model also delivers strong contemporaneous responses of the entire term structure to various macroeconomic shocks.

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Type
Journal Article
Date
2010
Journal
Personality and Social Psychology Bulletin

Not So Fast: The (Not-Quite-Complete) Dissociation between Accuracy and Confidence in Thin Slice Impressions

Author
Ames, Daniel, Alexandra Suppes, and Niall Bolger

After decades of research highlighting the fallibility of first impressions, recent years have featured reports of valid impressions based on surprisingly limited information, such as photos and short videos. Yet beneath mean levels of accuracy lies tremendous variance—some snap judgments are well-founded, others wrongheaded. An essential question for perceivers, therefore, is whether and when to trust their initial intuitions about others.

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Type
Case Study
Date
2010

OTC or CCP? ICE or CME?

Author
Glasserman, Paul
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Type
Case Study
Date
2010

Putting Back the Pieces of Ownership: The Madison Building

Author
Sagalyn, Lynne
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Type
Journal Article
Date
2010
Journal
American Economic Journals: Microeconomics

Social Reinforcement: Cascades, Entrapment and Tipping

Author
Heal, Geoffrey and Howard Kunreuther

The actions of different agents sometimes reinforce each other. Examples are network effects and the threshold models used by sociologists as well as Harvey Leibensteins's "bandwagon effects." We model such situations as a game with increasing differences, and show that tipping of equilibria, cascading and clubs with entrapment are natural consequences of this mutual reinforcement. If there are several equilibria, one of which Pareto dominates, then the inefficient equilibria can be tipped to the efficient one, a result of interest in the context of coordination problems.

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Type
Chapter
Date
2010
Book
Wiley Encyclopedia of Operations Research and Management Science

Using Queueing Theory to Alleviate Emergency Department Overcrowding

Author
Green, Linda

Timely access to care is a key component of high quality health care. Yet, patient delays are prevalent throughout the health-care system resulting in dissatisfaction and adverse clinical consequences for patients as well as potentially higher costs and wasted capacity for providers. For this reason, the Institute of Medicine has identified "timeliness" as one of the six keys in "aims for improvement" in its health-care quality initiative.

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Type
Working Paper
Date
2010

Comments on Campbell, Shiller, and Viceira

Author
Mishkin, Frederic

Frederic Mishkin responds to the Brookings Institution paper "Understanding Inflation-Indexed Bond Markets" by John Campbell, Robert Shiller, and Luis Viceira. Drawing from his experience as a former governor of the Federal Reserve, Mishkin discusses why their analysis is so important for policymakers.

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Type
Newspaper/Magazine Article
Date
2010
Publication
Financial Times

Is Telecom Infrastructure Peaking?

Author
Noam, Eli
In Washington, things may finally be starting to happen that will affect the creation of advanced information infrastructure. This follows a year of mostly words, minor symbolic actions, and procedural walkabouts. A paltry one per cent of the federal economic stimulus money had been allocated to broadband communications. Of this, a year later, the first small grants are now trickling out, just as the economic crisis has hopefully turned the corner.
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Type
Newspaper/Magazine Article
Date
2010
Publication
Journal of Pension Economics and Finance

Nudge: Improving Decisions About Health, Wealth, and Happiness

Author
Iyengar, Sheena

Each day we face countless decisions that test our self-control : order greasy pizza or a healthy salad for lunch? Buy a new pair of shoes or put that money in the bank? Surf the Internet or buckle down and finish the project? We don?t always make the "best" choices for ourselves, and we often realize that we should find a way to reduce temptation.

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Type
Newspaper/Magazine Article
Date
2010
Publication
Orthodoxy Today

God&#39;s Household Economics

Author
Calomiris, Charles

Oikonomia is a Greek word with multiple meanings, or rather, one meaning that has different aspects, and applies to various levels of human organization (individual, family, community, and society). Nemein means to manage or control and oikos is a house. The concept can have a purely individual connotation: "the rules which control a person's manner of living," or "making the most of one's resources." The management of a household is the most literal translation.

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Type
Working Paper
Date
2010

Bayesian dynamic pricing policies: Learning and earning under a binary prior distribution

Author
Zeevi, Assaf, N. Bora Keskin, and J. Richard Harrison

Motivated by applications in financial services, we consider a seller who offers prices sequentially to a stream of potential customers, observing either success or failure in each sales attempt. The parameters of the underlying demand model are initially unknown, so each price decision involves a trade-off between learning and earning. Attention is restricted to the simplest kind of model uncertainty, where one of two demand models is known to apply, and we focus initially on performance of the myopic Bayesian policy (MBP), variants of which are commonly used in practice.

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Type
Working Paper
Date
2010

The Impact of Competition and the Cost of Overstating Quality on the Optimal Quality, Quality Claims, and Price of New Products

Author
Kopalle, Praveen and Donald Lehmann
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