论文速递 | Management Science 1月文章合集（上）

编者按

在本系列文章中，我们梳理了运筹学顶刊Management Science2024年1月份发布的28篇文章的基本信息，旨在帮助读者快速洞察行业最新动态。本文为第一部分。

文章1

● 题目：Investor Regret and Stock Returns

投资者的后悔与股票回报

● 原文链接：https://doi.org/10.1287/mnsc.2022.03389

● 作者：Y. Eser Arisoy, Turan G. Bali, Yi Tang

● 发布时间：3 Jan 2024

● 摘要：

We introduce a measure of regret for stock market investors and investigate its cross-sectional asset pricing implications. According to our regret-based framework, investors experience regret due to not achieving the highest possible return from a similar set of stock investments, and equity portfolios with high regret generate 6.84% more annualized alpha than portfolios with low regret. Using investor-trading activity of 78,000 households at a large U.S.-based brokerage firm, we develop an investor-based regret index and show that this household-level regret measure predicts stock returns in a similar way to our proposed regret measure. We also show that regret is not spanned by established risk or behavioral factors that have been documented to be robust predictors of equity returns.

我们引入了一种衡量股市投资者后悔的方法，并研究了它在横截面资产定价中的影响。根据我们基于后悔的框架，投资者由于没有从类似的股票投资中获得最高可能的回报而感到后悔，而具有高后悔的股票组合比具有低后悔的股票组合产生6.84%更高的年化Alpha。利用一家总部位于美国的大型券商的78,000个家庭的投资者交易活动，我们开发了一个基于投资者的后悔指数，并展示这个家庭级别的后悔度量可以像我们提出的后悔度量一样预测股票回报。我们还表明，后悔并不由已知的风险或行为因素所涵盖，这些因素已被证明是股票回报的强大预测因素。

文章2

● 题目：Helping Small Businesses Become More Data-Driven: A Field Experiment on eBay

帮助小型企业实现数据驱动：eBay的一项现场实验

● 原文链接：https://doi.org/10.1287/mnsc.2021.02026

● 作者：Sagit Bar-Gill, Erik Brynjolfsson, Nir Hak

● 发布时间：3 Jan 2024

● 摘要：

As digitization sweeps across industries and markets, analytics and data-driven decision making (DDD) are becoming increasingly important. The adoption of analytics and DDD has been slower in small-to-medium enterprises (SMEs) compared with large firms, and reliable causal estimates of the impacts of analytics tools for small businesses have been lacking. We derive experiment-based estimates of the impact of an analytics tool on SME outcomes, analyzing the randomized introduction of eBay’s Seller Hub (SH), a data-rich seller dashboard. We find that SH adoption is associated with increased DDD and that access to SH increases e-retailers’ revenues by 3.6% on average, as more items are transacted and service quality increases, without increases in average prices. Our results suggest that analytics and DDD help SMEs establish a competitive advantage. Managerial practices play an important role in reaping the benefits from the analytics dashboard, as more than a third of the SH impact is driven by active performance monitoring. Digital platforms should therefore embed analytics tools to support SMEs to increase entry and revenues. Furthermore, policies to support small businesses’ transition to the data era should address analytics and DDD gaps by ensuring access to both tools like SH and to appropriate managerial training.

随着数字化席卷各个行业和市场，分析和数据驱动的决策越来越重要。与大型企业相比，小中型企业（SMEs）采用分析和数据驱动决策（DDD）的速度较慢，并且缺乏关于分析工具对小型企业影响的可靠因果估计。我们通过分析eBay的Seller Hub（SH）的随机引入，得出了关于分析工具对SME成果影响的实验估计。我们发现，SH的采用与增加的DDD相关联，并且访问SH平均增加了e零售商的收入。通过我们的结果表明，分析和DDD有助于SME建立竞争优势。管理实践在从分析仪表板中获益方面起着重要作用，因为超过三分之一的SH影响是由积极的性能监控驱动的。因此，数字平台应嵌入分析工具，以支持SME增加进入和收入。此外，支持小型企业过渡到数据时代的政策应通过确保对SH等工具和适当的管理培训的访问来填补分析和DDD差距。

文章3

● 题目：Customer Preferences for Delivery Service Attributes in Attended Home Delivery

顾客对上门配送服务属性的偏好

● 原文链接：https://doi.org/10.1287/mnsc.2020.01274

● 作者：Pedro Amorim, Nicole DeHoratius, Fredrik Eng-Larsson, Sara Martins

● 发布时间：3 Jan 2024

● 摘要：

Retailers face increasing competitive pressure to determine how best to deliver products purchased online to the end customer. Grocery retailers often require attended home delivery where the customer must be present to receive the delivery. For attended home delivery to function, the retailer and customer must agree on a delivery time slot that works for both parties. Using online data from a grocery retailer, we observe customer preferences for three delivery service attributes associated with each time slot: speed, precision, and timing. We define speed as the expected time between the placement of an order and its delivery, precision as the duration of the offered time slot, and timing as the availability of choices across times of the day and days of the week. We show that customers not only value speed as an attribute of delivery service but that precision and timing are also key drivers of the customer’s time slot selection process. We also observe substantial customer heterogeneity in the willingness of customers to pay for time slots. Customers that differ in their loyalty to the retailer, basket value, basket size, and basket composition exhibit distinct differences in their willingness to pay. We show that retailers with the capability to tailor their time slot offerings to specific customer segments have the potential to generate approximately 9% more shipping revenue than those who cannot. Our findings inform practitioners seeking to design competitive fulfillment strategies and academics modeling customer behavior in the attended home delivery context.

零售商面临越来越大的竞争压力，需要确定如何最好地将在线购买的产品送达最终客户。食品杂货零售商通常需要进行上门配送，客户必须在家接收送货。为了使上门配送顺利进行，零售商和客户必须就适合双方的送货时间段达成一致。利用一家食品杂货零售商的在线数据，我们观察到客户对每个送货时间段关联的三个配送服务属性的偏好：速度、精确性和时机。我们将速度定义为下单到送货之间的预期时间，精确性定义为提供的时间段的持续时间，时机定义为一天中和一周中的不同时间选择的可用性。我们展示了顾客不仅将速度视为送货服务的属性，而且精确性和时机也是影响顾客选择送货时间段的关键因素。我们还观察到顾客在愿意支付送货时间段方面存在显著的异质性。在对零售商忠诚度、购物篮价值、购物篮大小和购物篮构成有所不同的顾客中，他们在支付意愿上表现出明显的差异。我们表明，具有能够将送货时间段定制为特定顾客群体的能力的零售商，其潜在的运送收入可能比那些不能定制的零售商高出约9%。我们的研究结果为寻求设计竞争履行策略的从业者和在上门配送背景下建模顾客行为的学者提供了信息。

文章4

● 题目：The Voice of Customers in Customization

顾客在定制中的声音

● 原文链接：https://doi.org/10.1287/mnsc.2021.04025

● 作者：Liang Guo 

● 发布时间：4 Jan 2024

● 摘要：

Recent years have seen a growth in customized products and services. As a prerequisite for customization, private information on individual customers’ quality preferences needs to be uncovered. Sellers can listen to customers about their stated or self-reported preferences through direct communication (e.g., conversation, survey). Alternatively, customer preferences can be inferred from their behavior when they are given the rights to self-design the quality. In this research we endogenize the viability of customization by investigating whether and when customers may reveal their stated/inferred preferences truthfully. We find that, for either preference-learning approach, customers would voice their preferences faithfully if and only if they are sufficiently heterogenous. Equilibrium preference revelation, and hence endogenous customization, tend to be sustained by intermediate seller bargaining power or nonextreme production/selling costs. We examine how the preference-learning approaches may differ in the endogenous feasibility of customization, equilibrium qualities, and the parties’ expected payoffs. We show that giving up the design right need not always be harmful for the seller, and gaining it can make the buyers worse off, especially when fixed costs of customization are considered.

近年来，定制产品和服务呈现增长趋势。作为定制的先决条件，需要揭示个体顾客的品质偏好的私人信息。卖家可以通过直接沟通（例如对话、调查）听取顾客关于其陈述或自我报告的偏好。或者，顾客在获得自主设计品质权利时的行为可以推断出其偏好。在这项研究中，我们通过调查顾客何时以及何种情况下可能真实地揭示其陈述/推断的偏好，使定制的可行性内生化。我们发现，对于任何一种偏好学习方法，只有在顾客足够异质化时，他们才会忠实地表达自己的偏好。均衡偏好揭示，因此内生定制，往往受到中间卖家议价能力或非极端生产/销售成本的支持。我们考察了偏好学习方法在定制的内生可行性、均衡品质和各方预期收益上可能存在的差异。我们表明，放弃设计权并不总是对卖家有害，而获得设计权可能会使买家处境更糟，特别是当考虑到定制的固定成本时。

文章5

● 题目：Cooperation in Queueing Systems

排队系统中的合作

● 原文链接：https://doi.org/10.1287/mnsc.2020.00603

● 作者：Yaroslav Rosokha, Chen Wei 

● 发布时间：8 Jan 2024

● 摘要：

We study a social dilemma in a single-queue system in which human servers have discretion over the effort with which to process orders that arrive stochastically. We show theoretically that the efficient outcome in the form of high effort can be sustained in the subgame-perfect equilibrium if the interactions are long term (even when each server has a short-term incentive to free-ride and provide low effort). In addition, we show that queue visibility plays an important role in the type of strategies that can sustain a high-effort equilibrium. In particular, we show that limiting feedback about the current state of the queue may be beneficial if the expected duration of interaction is long. We conduct two controlled laboratory experiments to test the theoretical predictions and find that effort increases with the expected duration of an interaction. We also find that visibility has a strong impact on the strategies that human subjects use to provide effort in a dynamic setting. We discuss implications for managers and firms that are trying to improve service systems.

我们研究了一个社会困境，在这个单队列系统中，人类服务员可以自行决定如何努力处理随机到达的订单。我们在理论上展示，如果交互是长期的（即使每个服务器在短期内有免费搭便车和提供低努力的激励），高努力的有效结果可以在次博弈完美均衡中维持。此外，我们还展示了队列可见性在能够维持高努力均衡的策略类型中扮演重要角色。特别是，我们发现如果交互的预期持续时间很长，限制关于队列当前状态的反馈可能是有益的。我们进行了两项受控实验来测试理论预测，并发现努力随着交互的预期持续时间增加而增加。我们还发现，可见性对人类主体在动态环境中提供努力所使用的策略有很大影响。我们讨论了对试图改进服务系统的经理和公司的启示。

文章6

● 题目：How Do Consumers Interact with Digital Expert Advice? Experimental Evidence from Health Insurance

消费者如何与数字专家建议互动？来自健康保险的实证证据

● 原文链接：https://doi.org/10.1287/mnsc.2020.02453

● 作者：M. Kate Bundorf, Maria Polyakova, Ming Tai-Seale

● 发布时间：9 Jan 2024

● 摘要：

Consumers increasingly use digital advice when making purchasing decisions. How do such tools change consumer behavior and what types of consumers are likely to use them? We examine these questions with a randomized controlled trial of digital expert advice in the context of prescription drug insurance. The intervention we study was effective at changing consumer choices. We propose that, conceptually, expert advice can affect consumer choices through two distinct channels: by updating consumer beliefs about product features (learning) and by influencing how much consumers value product features (interpretation). Using our trial data to estimate a model of consumer demand, we find that both channels are quantitatively important. Digital expert advice tools not only provide consumers with information, but also alter how consumers value product features. For example, consumers are willing to pay 14% less for a plan with the most popular brand and 37% less for an extra star rating when they incorporate digital expert advice on plan choice relative to only having information about product features. Further, we document substantial selection into the use of digital advice on two margins. Consumers who are inherently less active shoppers and those who we predict would have responded to advice more were less likely to demand it. Our results raise concerns regarding the ability of digital advice to alter consumer preferences as well as the distributional implications of greater access to digital expert advice.

消费者在做购买决策时越来越多地使用数字建议。这些工具如何改变了消费者行为，以及哪些类型的消费者更有可能使用它们？我们通过一项关于处方药保险的随机对照试验来研究这些问题。我们研究的干预措施成功地改变了消费者的选择。我们提出，从概念上讲，专家建议可以通过两种不同的渠道影响消费者选择：一是更新消费者对产品特性的信念（学习），二是影响消费者对产品特性的价值看法（解释）。利用我们的试验数据估计了一个消费者需求模型，我们发现这两种渠道在数量上都很重要。数字专家建议工具不仅为消费者提供信息，而且改变了消费者对产品特性的价值看法。例如，相较于只了解产品特性，当消费者在选择计划时融入了数字专家建议时，他们对最受欢迎品牌的计划愿意支付的价格降低了14%，对额外星级评价的计划愿意支付的价格降低了37%。此外，我们还发现，在两个方面，消费者对数字建议的使用存在明显的选择性。消费者对产品不太活跃的购买者和我们预测会更多地回应建议的消费者不太可能需要它。我们的研究结果引发了对数字建议改变消费者偏好的担忧，以及更多获得数字专家建议的潜在影响。

文章7

● 题目：The Risk of Expected Utility Under Parameter Uncertainty

在参数不确定性下的预期效用风险

● 原文链接：https://doi.org/10.1287/mnsc.2023.00178

● 作者：Nathan Lassance, Alberto Martín-Utrera, Majeed Simaan 

● 发布时间：10 Jan 2024

● 摘要：

We derive analytical expressions for the risk of an investor’s expected utility under parameter uncertainty. In particular, our analysis focuses on characterizing the out-of-sample utility variance of three portfolios: the classic mean-variance portfolio, the minimum-variance portfolio, and a shrinkage portfolio that combines both. We then use our analytical expressions to study a robustness measure that balances out-of-sample utility mean and volatility. We show that neither the sample mean-variance portfolio nor the sample minimum-variance portfolio exhibits maximal robustness individually, and one needs to combine both to optimize portfolio robustness. Accordingly, we introduce a robust shrinkage portfolio that delivers an optimal tradeoff between out-of-sample utility mean and volatility and is more resilient to estimation errors. Our results highlight the importance of considering out-of-sample performance risk in designing and evaluating investment strategies and stochastic discount factor models.

我们推导了投资者在参数不确定性下的预期效用风险的分析表达式。具体而言，我们的分析侧重于三种投资组合的超样本效用方差的特征：经典均值-方差投资组合、最小方差投资组合和同时结合两者的收缩投资组合。然后，我们使用我们的分析表达式研究了一个平衡性度量，平衡了超样本效用均值和波动性。我们表明，单独考虑样本均值-方差投资组合或样本最小方差投资组合都不会在个体情况下表现出最大的鲁棒性，需要结合两者来优化投资组合的鲁棒性。因此，我们引入了一种鲁棒的收缩投资组合，它提供了超样本效用均值和波动性之间的最佳权衡，并且对估计误差更具韧性。我们的结果强调了在设计和评估投资策略和随机折现因子模型时考虑超样本绩效风险的重要性。

文章8

● 题目：Market Consequences of Sovereign Accounting Errors

主权会计错误的市场后果

● 原文链接：https://doi.org/10.1287/mnsc.2023.00724

● 作者：Marion Boisseau-Sierra, Jenny Chu, Shiva Rajgopal 

● 发布时间：12 Jan 2024

● 摘要：

This paper investigates the market consequences of sovereign accounting errors, opening a new area of research on sovereign accounting quality in the accounting literature. Eurostat, a division of the European Commission, provides semiannual assessments of financial reports produced by the member states of the European Union (EU) and issues reservations that detail financial reporting errors. Using a sample of Eurostat reservation issuances across 28 EU countries from 2004 to 2018, we find that sovereign bond yields abnormally increase during a reservation announcement window, especially when a reservation explicitly mentions deficit or debt, when it quantifies the extent of the errors’ financial impact, or when the errors relate to recent fiscal data. Consistent with a home bias after the release of negative news, we find that domestic holdings of sovereign debt increase after the issuance of a reservation. Overall, our evidence suggests that sovereign accounting errors have significant market consequences and raises further questions for future research in sovereign accounting quality.

本文调查了主权会计错误的市场后果，开辟了会计文献中有关主权会计质量的新研究领域。欧盟委员会旗下的欧洲统计局（Eurostat）每半年对欧盟28个成员国的财务报告进行评估，并发布有关财务报告错误的保留意见。利用2004年至2018年间Eurostat对28个欧盟国家的保留发行的样本，我们发现，保留公告期间主权债券收益率异常上升，特别是当保留明确提到赤字或债务，当其量化错误的财务影响程度，或者当错误涉及最近的财政数据时。与负面消息发布后的国内持有量增加一致，我们发现，主权会计错误在发布保留后导致国内持有的主权债券增加。总的来说，我们的证据表明，主权会计错误具有重要的市场后果，并引发了主权会计质量研究的进一步问题。

文章9

● 题目：The Spillover Effects of Capacity Pooling in Hospitals

医院容量池化的溢出效应

● 原文链接：https://doi.org/10.1287/mnsc.2022.02202

● 作者：Jong Myeong Lim, Hummy Song, Julius J. Yang

● 发布时间：16 Jan 2024

● 摘要：

Off-service placement is a common capacity-pooling strategy that hospitals utilize to address mismatches in supply and demand that arise from the day-to-day variation in patient demand. This strategy involves placing patients in a bed in a unit that is designated for another specialty service. Building on prior work that documents the negative first order effects of off-service placement on patients who are placed off service themselves, we quantify the spillover effects of this practice on patients who are actually placed on service. Using an estimation strategy that combines the Heckman correction procedure and a heteroskedasticity-based identification approach, we find that off-service placement has substantial negative spillover effects on the efficiency of care delivered to on-service patients. In particular, we find that a 10 percentage point increase in the level of off-service placement during a patient’s hospitalization is associated with a 10.9% increase in length of stay. Through a series of counterfactual analyses, we propose alternate routing and capacity-planning policies that could meaningfully improve the efficiency of care in the inpatient setting.

离职安置是医院常用的容量池化策略，用于解决由日常患者需求变化引起的供需不平衡。该策略涉及将患者安置在专门为其他专科服务指定的床位上。在之前的研究基础上，记录了离职安置对被安置患者护理效率的负面影响，我们量化了这种做法对实际安置患者护理效率的溢出效应。通过结合 Heckman 修正程序和基于异方差性的识别方法的估计策略，我们发现，离职安置对实际安置患者的护理效率产生了显著负面影响。特别地，我们发现，在患者住院期间，离职安置水平每增加 10 个百分点，住院时间增加 10.9%。通过一系列反事实分析，我们提出了能够有意义地改善住院医疗护理效率的替代路由和容量规划政策。

文章10

● 题目：A Continuous Time Framework for Sequential Goal-Based Wealth Management

基于顺序目标的财富管理的连续时间框架

● 原文链接：https://doi.org/10.1287/mnsc.2022.02047

● 作者：Agostino Capponi, Yuchong Zhang

● 发布时间：16 Jan 2024

● 摘要：

We develop a continuous time framework for sequential goals-based wealth management. A stochastic factor process drives asset price dynamics and the client’s goal amount and income. We prove the weak dynamic programming principle for the value function of our control problem, which we show to be the unique viscosity solution of the corresponding Hamilton-Jacobi-Bellman equation. We develop an equivalent and computationally efficient representation of the Hamiltonian, which yields the optimal portfolio within a factor-dependent opportunity set defined by the maximum and minimum variance hypersurfaces. Our analysis shows that it is optimal to fund an expiring goal up to the level where the marginal benefit of additional fundedness is exceeded by the opportunity cost of diverting wealth from future goals. An all-or-nothing investor is more risk averse toward an approaching goal deadline if well funded, but more risk seeking if not on track with upcoming goals, compared with an investor with flexible goals.

我们为基于顺序目标的财富管理开发了一个连续的时间框架。随机因子过程驱动资产价格动态和客户的目标金额和收入。我们证明了我们控制问题的价值函数的弱动态规划原理，我们证明了它是相应Hamilton-Jacobi-Bellman方程的唯一粘度解。我们开发了哈密顿量的等价和计算高效表示，它在由最大和最小方差超曲面定义的因子相关机会集中产生最佳投资组合。我们的分析表明，将到期目标资助到额外资金的边际收益超过将财富从未来目标转移的机会成本的水平是最优的。一个全有或全无的投资者，如果资金充足，对即将到来的目标期限更具风险厌恶性，但如果没有按计划实现即将到来的目标，则更具风险寻求性，与具有灵活目标的投资者相比。

文章11

● 题目：Sequential Search with Acquisition Uncertainty

具有获取不确定性的顺序搜索

● 原文链接：https://doi.org/10.1287/mnsc.2022.00203

● 作者：David B. Brown, Cagin Uru 

● 发布时间：16 Jan 2024

● 摘要：

We study a variation of the classical Pandora’s problem in which a decision maker (DM) sequentially explores alternatives from a given set and learns their values while trying to acquire the best alternative. The variations in the model we study are (i) alternatives randomly become unavailable during exploration and (ii) the DM’s ability to acquire a remaining alternative is uncertain and depends on a chosen offer price. Such acquisition uncertainties arise in many applications, including housing search, hiring problems, and e-commerce, but greatly complicate the search problem in that optimal policies retain all previously explored alternative values as part of the problem state, as opposed to only the highest explored value as in Pandora’s rule. Our central insight is that despite the complexity that these acquisition uncertainties create, simple greedy policies based on static sequencing and a single threshold value enjoy strong performance guarantees. We develop such a class of policies and show how to compute them using a greedy algorithm whose worst-case run-time scales linearly (up to logarithmic factors) in the number of alternative types. We show that our policies (a) are asymptotically optimal in high multiplicity regimes with many alternatives and (b) obtain at least 1−e^{−1}≈63.2% of the optimal value under a broad set of conditions. Extensive numerical examples support this theory: We illustrate our policies on a variation of Pandora’s problem with disappearing alternatives and housing search on models calibrated on data from the online brokerage Redfin. In these examples, our policies significantly outperform policies based on Pandora’s rule.

我们研究了经典潘多拉问题的一个变体，其中决策者（DM）从给定的集合中顺序探索备选方案，并在试图获取最佳备选方案的同时学习它们的值。我们研究的模型中的变体是（i）备选方案在探索期间随机变得不可用，以及（ii）DM获取剩余备选方案的能力是不确定的，并取决于所选择的报价。这种获取不确定性出现在许多应用中，包括住房搜索、招聘问题和电子商务，但极大地复杂化了搜索问题，因为最优策略保留所有先前探索的备选方案值作为问题状态的一部分，而不是像潘多拉规则那样仅保留最高探索值。我们的核心见解是，尽管这些获取不确定性造成了复杂性，但基于静态排序和单一阈值的简单贪婪策略享有强大的性能保证。我们开发了这样一类策略，并展示了如何使用贪心算法计算它们，其最坏情况运行时间线性缩放（直到对数因子）在备选类型的数量上。我们展示了我们的策略（a）在具有许多备选方案的高多重制度中是渐近最优的，并且（b）在广泛的条件下获得至少1−e^{−1}≤63.2%的最优值。广泛的数值示例支持这一理论：我们说明了我们的策略在基于在线经纪公司Redfin数据校准的模型上与消失备选方案和住房搜索的Pandora问题的变体。在这些示例中，我们的策略显著优于基于Pandora规则的策略。

文章12

● 题目：Compatibility and Information Asymmetry in Online Matching Platforms

在线匹配平台中的兼容性和信息不对称

● 原文链接：https://doi.org/10.1287/mnsc.2021.03807

● 作者：Amit Basu, Sreekumar Bhaskaran, Rajiv Mukherjee   

● 发布时间：16 Jan 2024

● 摘要：

Firms seeking business partners and individuals seeking life partners face several challenges in addition to finding available candidates. One of these challenges is uncertainty about a candidate’s compatibility with the match-seeker on various subjective criteria. Another challenge is authentication of objective quality features, particularly in online settings where credentials can be easily misrepresented. Online matching platforms can address these challenges through counseling services that help assess mutual compatibility of match-seekers and authentication services to validate match-seekers’ credentials. Using a stylized model, we show that the platform’s decisions to offer counseling and authentication services are influenced by match-seeker behavior in response to factors such as the platform’s counseling capability, the composition of the matching market, and the interactions between the two services. This leads to optimal strategies for the platform that are not obvious and can even be counterintuitive. For instance, offering better counseling does not necessarily result in higher revenues for the platform. And it may be optimal for the platform to reduce its access fee when it decides to offer an authentication service. We also show that when the platform’s counseling capability is modest, an increase in this capability increases the value of authentication (i.e., counseling complements authentication); however, when the platform’s counseling capability is high, counseling and authentication become substitutes, because narrowing the search to only high-value candidates based on authentication can exclude some compatible candidates. Our analysis and results provide valuable insights for platform operators on the relative value of counseling and authentication, and for researchers studying matching platforms for vertically and horizontally differentiated markets.

寻找商业伙伴的企业和寻找生活伴侣的个人在找到可用候选者之外还面临着许多挑战。其中之一是对候选者在各种主观标准上与寻求匹配者的兼容性的不确定性。另一个挑战是验证客观质量特征，特别是在在线环境中，其中凭证可以很容易地被误传。在线匹配平台可以通过咨询服务来帮助评估匹配双方的相互兼容性以及认证服务来验证匹配双方的凭证来解决这些挑战。我们使用一个简化模型，展示了平台决定提供咨询和认证服务的方式受到匹配双方行为的影响，例如平台的咨询能力，匹配市场的组成以及两项服务之间的交互作用。这导致了对平台最优策略的理解，这些策略对于平台运营商来说并不明显，甚至可能是反直觉的。例如，提供更好的咨询并不一定会导致平台收入增加。当平台决定提供认证服务时，降低其访问费用可能是最优的。我们还表明，当平台的咨询能力适中时，这种能力的提高会增加认证的价值（即，咨询与认证相辅相成）；然而，当平台的咨询能力很高时，咨询和认证成为替代品，因为基于认证将搜索范围限制在仅具有认证的高价值候选者可能会排除一些兼容的候选者。我们的分析和结果为平台运营商提供了有关咨询和认证的相对价值的宝贵见解，以及为研究不同市场差异化和水平差异化的市场提供了有关匹配平台的相关信息。

文章13

● 题目：The Effects of Betrayal Aversion on Effort Provision When Incentives Are Fragile

背叛厌恶对于激励脆弱时的努力提供的影响

● 原文链接：https://doi.org/10.1287/mnsc.2021.02405

● 作者：Volker Benndorf, Stephan Müller, Holger A. Rau

● 发布时间：16 Jan 2024

● 摘要：

This paper studies the impact of betrayal aversion on employees’ effort provision in exchange for a bonus payment that is at the employers’ expense and discretion. In our first study, using a laboratory experiment, we find that the performance of an employee with average betrayal aversion is lower by more than 15% relative to betrayal-neutral employees. Inspired by the findings, we theoretically identify a tradeoff for the effort provision of betrayal-averse employees. That is, higher effort not only increases the level of betrayal when the bonus is not paid, but it also increases the chances to receive a bonus avoiding betrayal. In a second study, we confirm our findings in an online labor market. The data also find support for the identified tradeoff. In a third study, we manipulate employees’ beliefs about the chances of receiving the bonus to provide causal evidence for the tradeoff.

本文研究了员工在以雇主费用和自由裁量权为代价的奖金支付中提供努力时的背叛厌恶影响。在我们第一项研究中，使用实验室实验，我们发现，平均背叛厌恶程度的员工的表现相对于背叛中性员工低了超过15%。受到这些发现的启发，我们从理论上确定了背叛厌恶员工的努力提供的一个权衡。也就是说，更高的努力不仅会增加奖金未支付时的背叛水平，而且还会增加获得奖金避免背叛的机会。在第二项研究中，我们在在线劳动市场证实了我们的发现。数据还支持了我们所确定的权衡。在第三项研究中，我们操纵了员工对于获得奖金机会的信念，以提供关于权衡的因果证据。

文章14

● 题目：Optimal Discoverability on Platforms

平台上的最佳发现性

● 原文链接：https://doi.org/10.1287/mnsc.2023.02362

● 作者：Andrei Hagiu, Julian Wright 

● 发布时间：17 Jan 2024

● 摘要：

Choosing how easy to make it for buyers to discover new sellers is a key design decision for platforms. On one hand, enabling more discoverability generates more transactions and can be more attractive for sellers because they anticipate being discovered by new buyers. On the other hand, discoverability can make sellers more reluctant to participate because they anticipate their existing buyers will discover and purchase from other sellers. We model this fundamental trade-off and study how a platform’s optimal level of discoverability depends on various factors: the degree of substitutability between the sellers’ products; the standalone value of the platform’s tools; the size of the platform’s installed base of buyers; the nature of the platform’s fees, including its ability to charge differential fees depending on whether a transaction is with a seller’s existing buyers or not; the number of sellers; and asymmetries between sellers’ sizes.

选择让买家更容易发现新卖家是平台的一个关键设计决策。一方面，增加发现性会产生更多的交易，并且对卖家更具吸引力，因为他们预计会被新买家发现。另一方面，发现性可能会使卖家更不愿意参与，因为他们预计他们现有的买家会发现并购买其他卖家的产品。我们对这种基本权衡进行建模，并研究了平台的最佳发现性水平如何取决于各种因素：卖家产品之间的替代性程度；平台工具的独立价值；平台买家的安装基数大小；平台费用的性质，包括根据交易是否与卖家现有的买家进行的能力收取差异性费用；卖家的数量；以及卖家大小之间的不对称性。