Cadre

Thomas R. Eisenmann; Scott Duke Kominers; David  Lane

Case | HBS Case Collection | March 2018 (Revised July 2018)

Cadre

by Thomas R. Eisenmann, Scott Duke Kominers and David Lane

Abstract

Late in 2017, CEO Ryan Williams and his team debated whether Cadre should become not only a technology-enabled investment manager, but also an online trading exchange providing high levels of liquidity for investors in commercial real estate (CRE) equity. Cadre was a pioneering New York City–based startup, offering investors equity in individual CRE properties that its investment team had sourced and vetted. Traditional private equity (PE) funds required investors in CRE equity to accept an entire portfolio of properties, while imposing high fees and holding periods of up to 10 years. Cadre allowed investors both deal-by-deal selectivity and managed accounts of Cadre properties, at fee levels substantially lower than those charged by PE funds.

Keywords: ＂Cadre,＂; Entrepreneurship; Market Design; Market Platforms; Strategy; Online Technology; Private Equity; Financial Services Industry; Real Estate Industry; United States;

Language: English

Format: Print

19 pages

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Citation:

Eisenmann, Thomas R., Scott Duke Kominers, and David Lane. "Cadre." Harvard Business School Case 818-058, March 2018. (Revised July 2018.)

Working Paper | HBS Working Paper Series | 2020

On the Representativeness of Voter Turnout

Louis Kaplow and Scott Duke Kominers

Prominent theory research on voting uses models in which expected pivotality drives voters' turnout decisions and hence determines voting outcomes. It is recognized, however, that such work is at odds with Downs's paradox: in practice, many individuals turn out for reasons unrelated to pivotality, and their votes overwhelm the forces analyzed in pivotality-based models. Accordingly, we examine a complementary model of large-N elections at the opposite end of the spectrum, where pivotality effects vanish and turnout is driven entirely by individuals' direct costs and benefits from the act of voting itself. Under certain conditions, the level of turnout is irrelevant to representativeness and thus to voting outcomes. Under others, \anything is possible"; starting with any given distribution of preferences in the underlying population, there can arise any other distribution of preferences in the turnout set and thus any outcome within the range of the voting mechanism. Particular skews in terms of representativeness are characterized. The introduction of noise in the relationship between underlying preferences and individuals' direct costs and benefits from voting produces, in the limit, fully representative turnout. To illustrate the potential disconnect between the level of turnout (a focus of much empirical literature) and representativeness, we present a simple example in which, as noise increases, the turnout level monotonically falls yet representativeness monotonically rises.

Citation:

Kaplow, Louis, and Scott Duke Kominers. "On the Representativeness of Voter Turnout." Harvard Business School Working Paper, No. 20-097, March 2020. View Details

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Cadre

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Cadre

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