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When Is Product Personalization Profit-Enhancing? A Behavior-Based Discrimination Model 什么时候产品个性化可以增加利润?基于行为的歧视模型
Pub Date : 2022-03-07 DOI: 10.1287/mnsc.2022.4298
D. Laussel, J. Resende
This paper investigates duopoly competition when horizontally differentiated firms are able to make personalized product-price offers to returning customers, within a behavior-based discrimination model. In the second period, firms can profile old customers according to their preferences, selling them targeted products at personalized prices. Product-price personalization (PP) allows firms to retain all old customers, eliminating second-period customer poaching. The overall profit effects of PP are shown to be ambiguous. In the second period, PP improves the matching between customers’ preferences and firms’ offers, but firms do not make any revenues in the rival’s turf. In the Bertrand outcome, second-period profits only increase for both firms if the size of their old turfs are not too different or initial products are not too differentiated. However, the additional second-period profits may be offset by lower first-period profits. PP is likely to increase firms’ overall discounted profits when consumers’ (firms’) discount factor is low (high) and firms’ initial products are exogenous and sufficiently different. When the location of initial products is endogenous, profits are hurt because of an additional location (strategic) effect aggravating head-to-head competition in the first period. Likewise, when a fraction of active consumers conceals their identity, PP increases second-period profits at the cost of aggressive first-period price competition. Finally, we show that the room for profitable PP enlarges considerably if firms rely on PP as an effective device to sustain tacit collusive outcomes, with firms credibly threatening to respond to first-period price deviations with second-period aggressive relocations of their standard products. This paper was accepted by Matthew Shum, marketing.
本文在基于行为的歧视模型中,研究了当水平差异化的企业能够为回头客提供个性化的产品价格时的双寡头竞争。在第二个阶段,公司可以根据老客户的偏好来分析他们,以个性化的价格向他们销售目标产品。产品价格个性化(PP)使公司能够留住所有的老客户,从而避免了第二阶段的客户流失。PP的整体利润效应是模糊的。在第二个阶段,PP改善了客户偏好和公司报价之间的匹配,但公司并没有在竞争对手的地盘上获得任何收入。在Bertrand结果中,只有当两家公司的旧地盘规模差别不大或初始产品差别不大时,两家公司的第二阶段利润才会增加。然而,增加的第二期利润可能会被较低的第一期利润所抵消。当消费者(企业)的折现因子低(高)且企业的初始产品是外生的且足够不同时,PP可能会增加企业的总体折现利润。当初始产品的位置是内生的,由于额外的位置(战略)效应加剧了第一阶段的正面竞争,利润受到损害。同样,当一小部分活跃消费者隐瞒自己的身份时,PP以第一期激烈的价格竞争为代价,增加了第二期利润。最后,我们表明,如果企业依赖PP作为维持隐性串通结果的有效手段,那么盈利PP的空间就会大大扩大,因为企业可信地威胁要以第二阶段积极的标准产品重新定位来应对第一阶段的价格偏差。这篇论文被市场营销学的Matthew Shum接受。
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引用次数: 6
Reference Dependence in Intertemporal Preference 跨期偏好中的参考依赖
Pub Date : 2022-03-03 DOI: 10.1287/mnsc.2022.4348
Zhihua Li, Songfa Zhong
Dynamic structures in intertemporal choices offer multiple channels through which reference dependence can occur. We examine intertemporal reference dependence when using choice lists to elicit time preference over outcome sequences. Reference point effects can arise endogenously within an outcome sequence and exogenously from the experimental environment of the choice list. We show that estimated discount factors in the choice list are biased by both kinds of reference points and propose a model to jointly account for both. Our experimental design with outcome sequences also enables us to jointly estimate the discount factor and utility curvature. We further discuss the implications for recent developments in the measurement of intertemporal preference. This paper was accepted by Manel Baucells, behavioral economics and decision analysis.
跨期选择中的动态结构提供了多种参考依赖发生的渠道。我们检查跨期参考依赖时,使用选择列表,以引出时间偏好的结果序列。参考点效应可以在结果序列中产生内因,也可以在选择列表的实验环境中产生外因。我们证明了选择列表中估计的折扣因子受到两种参考点的偏差,并提出了一个模型来共同考虑这两种参考点。我们的实验设计结果序列也使我们能够联合估计折扣因子和效用曲率。我们进一步讨论了对跨期偏好测量的最新发展的影响。这篇论文被Manel Baucells,行为经济学和决策分析所接受。
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引用次数: 0
Social Performance Incentives in Mission-Driven Firms 使命驱动型企业的社会绩效激励
Pub Date : 2022-03-03 DOI: 10.1287/mnsc.2021.4232
Sunseop Jung, J. Shin
We examine the effect of introducing an incentive plan based on social performance in a sample of 186 social mission–oriented firms in Korea. We find that the social performance of social enterprises (SEs) significantly improves over time after adoption of an incentive plan based on social performance, and that the incentive effect increases with managers’ perceived measurability of social performance. Moreover, we document that social bonuses do not harm SEs’ financial performance and that they have a positive spillover effect on financial performance in SEs that have a higher level of task complementarity between social and financial goals. Our results also show that when the main beneficiary of social bonuses is expected to be a firm’s employees, the incentive effect of social bonuses decreases (increases) with a firm’s focus on social controls (formal controls). In contrast, when the main beneficiary is expected to be a firm’s social mission, the incentive effect increases with a firm’s reliance on social controls. This paper was accepted by Suraj Srinivasan, accounting.
我们以186家韩国社会使命型企业为样本,考察了引入基于社会绩效的激励计划的效果。研究发现,社会企业在实施基于社会绩效的激励计划后,其社会绩效随着时间的推移而显著提高,且激励效果随着管理者对社会绩效可测量性的感知而增加。此外,我们还发现社会奖金不会损害中小企业的财务绩效,并且在社会目标和财务目标之间具有较高任务互补性的中小企业中,社会奖金对财务绩效具有正向溢出效应。我们的研究结果还表明,当期望社会奖金的主要受益者是企业员工时,社会奖金的激励效应随着企业对社会控制(正式控制)的关注而降低(增加)。相反,当预期主要受益者是企业的社会使命时,激励效应会随着企业对社会控制的依赖而增加。这篇论文被会计Suraj Srinivasan接受。
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引用次数: 2
Competition, Contracts, and Creativity: Evidence from Novel Writing in a Platform Market 竞争、契约和创造力:来自平台市场中小说写作的证据
Pub Date : 2022-03-03 DOI: 10.1287/mnsc.2022.4329
Yanhui Wu, Feng Zhu
A growing number of people today are participating in the gig economy, working as independent contractors on short-term projects. We study the effects of competition on gig workers’ effort and creativity on a Chinese novel-writing platform. Authors produce and sell their works chapter by chapter under a revenue-sharing or pay-by-the-word contract with the platform. Exploiting a regulation that induced a massive entry of novels in the romance genre but not other genres, we find that, on average, intensified competition led authors to produce content more quickly, whereas its effect on book novelty was weak. However, revenue-sharing books responded to competition substantially more than pay-by-the-word books, particularly regarding novelty. Moreover, the effect of competition on novelty is considerably stronger for books at earlier stages of the product life cycle. Finally, the platform increased the promotion of contracted books, which disproportionately favored pay-by-the-word books. We discuss the implications of these results for creative workers, platform firms, and policy makers in the gig economy. This paper was accepted by Anandhi Bharadwaj, information systems.
如今,越来越多的人加入了零工经济,以独立承包商的身份从事短期项目。我们研究了竞争对中国小说写作平台上零工工人的努力和创造力的影响。作者根据与平台签订的收入分成或按字数付费的合同,一章一章地创作和销售他们的作品。利用导致大量言情小说而非其他类型小说进入的规则,我们发现,平均而言,激烈的竞争导致作者更快地创作内容,而它对书籍新颖性的影响却很弱。然而,与按字付费的图书相比,收入分成的图书对竞争的反应要大得多,尤其是在新奇方面。此外,在产品生命周期的早期阶段,竞争对新颖性的影响要大得多。最后,该平台加大了对合同图书的推广力度,这对按字付费的图书格外有利。我们讨论了这些结果对零工经济中的创意工作者、平台公司和政策制定者的影响。这篇论文被信息系统的Anandhi Bharadwaj接受。
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引用次数: 6
Operational Distortion: Compound Effects of Short-Termism and Competition 经营扭曲:短期主义与竞争的复合效应
Pub Date : 2022-03-02 DOI: 10.1287/mnsc.2021.4204
Xiaoyan Liu, W. Schmidt
Practitioners and academics alike have argued that a firm’s interest in its short-term capital market valuation (short-termism) is harmful to the firm’s long-term profit. Their argument is intuitive—when a firm exhibits short-termism, its decision making will cater to the short term at the expense of the long term. Some practitioners claim that the adverse effects of increased short-termism become particularly acute in competitive markets. However, there is little academic research that examines the compound effect of short-termism and competition on a firm’s operational choices and long-term profit. In this paper, we provide a rigorous analytical model to examine how short-termism and competition can interact to induce a firm to distort its capacity investment and affect its long-term profit. We model a firm that has private information about its market demand, which can be either high or low and is captured by the firm’s type. Signaling this private information can influence both the investor’s valuation and the competitor’s entry decision. We find that operational distortion can emerge not only when short-termism is large, but also when it is small. In fact, when short-termism is sufficiently small, both firm types will distort their operational decision by underinvesting in a pooling outcome. We show, however, that the impact of short-termism on a firm’s long-term profit is not monotonically negative, and a certain level of short-termism can be beneficial to a firm’s long-term profit. The positive impact of incremental short-termism is robust to alternative modeling assumptions, including the form of competition and the investor’s risk profile. This paper was accepted by Victor Martínez-de-Albéniz, operations management.
从业人员和学者都认为,公司对其短期资本市场估值的兴趣(短期主义)对公司的长期利润是有害的。他们的论点很直观——当一家公司表现出短期主义时,它的决策将以牺牲长期利益来迎合短期利益。一些从业人员声称,在竞争激烈的市场中,短期主义加剧的不利影响变得尤为严重。然而,很少有学术研究考察短期主义和竞争对企业经营选择和长期利润的复合影响。在本文中,我们提供了一个严谨的分析模型来研究短期主义和竞争如何相互作用,导致企业扭曲其产能投资并影响其长期利润。我们建立了一个公司模型,该公司拥有关于其市场需求的私人信息,这些信息可以是高的,也可以是低的,并由公司的类型捕获。将这些私人信息传递出去既会影响投资者的估值,也会影响竞争对手的进入决策。我们发现,经营扭曲不仅会在短期主义很大的时候出现,也会在短期主义很小的时候出现。事实上,当短期主义足够小时,两种类型的公司都会通过投资不足来扭曲他们的经营决策。然而,我们表明,短期主义对企业长期利润的影响不是单调的负的,一定程度的短期主义可能有利于企业的长期利润。增量短期主义的积极影响是稳健的替代建模假设,包括竞争的形式和投资者的风险状况。本文被运营管理维克多Martínez-de-Albéniz接受。
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引用次数: 1
Patient Routing to Skilled Nursing Facilities: The Consequences of the Medicare Reimbursement Rule 病人路线到熟练护理机构:医疗保险报销规则的后果
Pub Date : 2022-03-02 DOI: 10.1287/mnsc.2022.4316
G. Jin, Ajin Lee, S. F. Lu
Medicare does not pay for a skilled nursing facility (SNF) unless a fee-for-service patient has stayed in the hospital for at least three days. This Medicare reimbursement rule, or the “three-day rule,” provides full coverage for the first 20 days and partial coverage for days 21–100 for skilled nursing care provided at any Centers for Medicare and Medicaid Services-approved SNF. In this paper, we study how this Medicare reimbursement rule affects patient routing to SNFs and whether an SNF discharge reduces patients’ 30-day hospital readmission rates. Data analysis shows that Medicare patients are more likely to be discharged to an SNF rather than home after the three-day cutoff, and SNF discharges increase hospital readmission rates for Medicare day 3 patients. This perverse effect is driven by infection-related readmissions and is more likely to occur when local SNFs have lower occupancy rates and higher deficiency citations than the median SNF of the same state-year. Back-of-the-envelope calculation suggests that the three-day rule may have generated an extra Medicare cost of $71 million to $345 million per year due to the overuse of SNFs and the subsequent rise in hospital readmissions. Replacing the three-day rule with a machine-learning algorithm mimicking private insurers would help. This paper was accepted by Stefan Scholtes, healthcare management.
医疗保险不支付熟练护理设施(SNF)的费用,除非按服务收费的病人在医院住了至少三天。这项医疗保险报销规则,或“三天规则”,为任何医疗保险和医疗补助服务中心批准的SNF提供的熟练护理提供前20天的全额保险和21-100天的部分保险。在本文中,我们研究了医疗保险报销规则如何影响患者到SNF的路径,以及SNF出院是否会降低患者30天的再入院率。数据分析显示,在三天的截止日期后,医疗保险患者更有可能出院到SNF而不是回家,SNF出院增加了医疗保险第3天患者的再入院率。这种反常的影响是由与感染有关的再入院造成的,当当地SNF的入住率较低,缺陷引用率高于同一州年度SNF的中位数时,这种情况更有可能发生。粗略计算表明,三天规则可能造成每年7 100万至3.45亿美元的额外医疗保险费用,原因是snf的过度使用以及随后住院人数的增加。用模仿私人保险公司的机器学习算法取代三天规则会有所帮助。本文被医疗管理专业的Stefan Scholtes接受。
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引用次数: 2
Doing Well by Doing Good: Improving Retail Store Performance with Responsible Scheduling Practices at the Gap, Inc 通过做好事来做得更好:Gap公司通过负责任的调度实践来提高零售商店的绩效
Pub Date : 2022-03-02 DOI: 10.1287/mnsc.2021.4291
S. Kesavan, S. Lambert, Joan C. Williams, Pradeep K. Pendem
We estimate the causal effects of responsible scheduling practices on store financial performance at the U.S. retailer Gap, Inc. The randomized field experiment evaluated a multicomponent intervention designed to improve dimensions of work schedules—consistency, predictability, adequacy, and employee control—shown to foster employee well-being. The experiment was conducted in 28 stores in the San Francisco and Chicago metropolitan areas for nine months between November 2015 and August 2016. Intent-to-treat (ITT) analyses indicate that implementing responsible scheduling practices increased store productivity by 5.1%, a result of increasing sales (by 3.3%) and decreasing labor (by 1.8%). Drawing on qualitative interviews with managers and quantitative analyses of employee shift-level data, we offer evidence that the intervention improved financial performance through improved store execution. Our experiment provides evidence that responsible scheduling practices that take worker well-being into account can enhance store productivity by motivating additional employee effort and reducing barriers to employees adhering to the scheduled labor plan. This paper was accepted by David Simchi-Levi, operations management.
我们估计了美国零售商Gap公司负责任的调度实践对商店财务绩效的因果影响。随机现场实验评估了一种多成分干预,旨在改善工作时间表的维度-一致性,可预测性,充分性和员工控制-显示出促进员工幸福感。该实验于2015年11月至2016年8月在旧金山和芝加哥大都市地区的28家门店进行,历时9个月。意向处理(ITT)分析表明,实施负责任的调度实践使商店的生产率提高了5.1%,这是销售额增加(3.3%)和劳动力减少(1.8%)的结果。通过对经理的定性访谈和对员工轮班数据的定量分析,我们提供了证据,证明干预通过改善商店执行来改善财务绩效。我们的实验证明,考虑到工人福利的负责任的调度实践可以通过激励员工额外的努力和减少员工坚持预定劳动计划的障碍来提高商店的生产率。本文被运营管理专业的David Simchi-Levi接受。
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引用次数: 6
The Impact of Social Investing on Charitable Donations 社会投资对慈善捐赠的影响
Pub Date : 2022-03-02 DOI: 10.2139/ssrn.3958187
Jake An, Donnel Briley, S. Danziger, S. Levi
We examine the impact of social investing on charitable donations using a unique data set consisting of investment behaviors and donation transactions for more than 10,000 customers of an investment app platform. We find that investors switching to a recently introduced social fund reduced their donations, mainly in charities supporting causes similar to those of the social fund. However, 79% of the investors that switched to the social fund did not donate before switching, so the social fund attracted more people to fund social causes. Still, because of the substitution effect, we estimate social funds have a positive effect on society only if their annual contributions to social causes are greater than 3.2% of the balance invested. This paper was accepted by David Simchi-Levi, finance.
我们使用一个独特的数据集来检验社会投资对慈善捐赠的影响,该数据集由投资应用平台的10,000多名客户的投资行为和捐赠交易组成。我们发现,转向最近推出的社会基金的投资者减少了他们的捐款,主要是在支持与社会基金类似的事业的慈善机构。然而,转投社会基金的投资者中,有79%的人在转投前没有捐款,因此社会基金吸引了更多的人来资助社会事业。然而,由于替代效应,我们估计只有当社会基金对社会事业的年贡献大于投资余额的3.2%时,社会基金才会对社会产生积极影响。这篇论文被David Simchi-Levi接受。
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引用次数: 1
2022 Reviewers and Guest Editors 2022审稿人和特邀编辑
Pub Date : 2022-03-01 DOI: 10.1287/mnsc.2022.4345
The editors of Management Science acknowledge all our 2021 reviewers and guest associate editors who generously provided expert counsel and guidance on a voluntary basis. We are grateful for their contributions; without them, the journal could not function. Here, we list those reviewers who contributed four or more reviews in 2021.
《管理科学》的编辑们感谢我们所有的2021名评审和客座副编辑,他们慷慨地在自愿的基础上提供了专家咨询和指导。我们感谢他们的贡献;没有他们,杂志就无法运作。在这里,我们列出了那些在2021年贡献了四篇或更多评论的评论者。
{"title":"2022 Reviewers and Guest Editors","authors":"","doi":"10.1287/mnsc.2022.4345","DOIUrl":"https://doi.org/10.1287/mnsc.2022.4345","url":null,"abstract":"The editors of Management Science acknowledge all our 2021 reviewers and guest associate editors who generously provided expert counsel and guidance on a voluntary basis. We are grateful for their contributions; without them, the journal could not function. Here, we list those reviewers who contributed four or more reviews in 2021.","PeriodicalId":18208,"journal":{"name":"Manag. Sci.","volume":"45 1","pages":"1931-1934"},"PeriodicalIF":0.0,"publicationDate":"2022-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87553078","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Introduction to the Special Section on Data-Driven Prescriptive Analytics 数据驱动的规范分析的特别部分简介
Pub Date : 2022-03-01 DOI: 10.1287/mnsc.2021.4296
K. Giesecke, G. Liberali, Hamid Nazerzadeh, J. Shanthikumar, C. Teo
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引用次数: 1
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