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  • 2022
  • Working Paper

Buy Now, Pay Later Credit: User Characteristics and Effects on Spending Patterns
By: Marco Di Maggio, Emily Williams and Justin Katz
Firms offering "buy now, pay later" (BNPL) point-of-sale installment loans with minimal underwriting and low interest have captured a growing fraction of the market for short-term unsecured consumer credit. We provide a detailed look into the US BNPL market by...  View Details
Keywords: Household Finance; Fintech; Consumer Credit; Credit; Consumer Behavior
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  • April 2022
  • Article

Demand Interactions in Sharing Economies: Evidence from a Natural Experiment Involving Airbnb and Uber/Lyft
By: Shunyuan Zhang, Dokyun Lee, Param Singh and Tridas Mukhopadhyay
We examine whether and how ride-sharing services influence the demand for home-sharing services. Our identification strategy hinges on a natural experiment in which Uber/Lyft exited Austin, Texas, in May 2016 due to local regulation. Using a 12-month longitudinal...  View Details
Keywords: Airbnb; Uber; Natural Experiment; Geographic Demand Dispersion; Sharing Economy; Transportation; Demand and Consumers; Geographic Scope
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  • 2021
  • Working Paper

Who Benefits from Online Gig Economy Platforms?
By: Christopher Stanton and Catherine Thomas
This paper estimates the magnitude and distribution of surplus from the knowledge worker gig economy using data from an online labor market. Labor demand elasticities determine workers’ wages, and buyers’ past market experience shapes both their job posting frequency...  View Details
Keywords: Gig Economy; Knowledge Workers; Online Platforms; Employment; Internet and the Web; Governing Rules, Regulations, and Reforms; Wages; Digital Platforms
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  • 2021
  • Working Paper

Racial Disparities in the Paycheck Protection Program
By: Sergey Chernenko and David S. Scharfstein
Using a large sample of Florida restaurants, we document significant racial disparities in borrowing through the Paycheck Protection Program (PPP) and investigate the causes of these disparities. Black-owned restaurants are 25% less likely to receive PPP loans....  View Details
Keywords: Discrimination; Paycheck Protection Program; Economic Injury Disaster Loans; Bank Lending; Nonbank Lending; Banks and Banking; Financing and Loans; Prejudice and Bias; Race
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  • May 2021
  • Article

Stability, Strategy-Proofness, and Cumulative Offer Mechanisms
By: John William Hatfield, Scott Duke Kominers and Alexander Westkamp
We consider the setting of many-to-one matching with contracts, where firms may demand multiple contracts, but each worker desires at most one contract. We introduce three novel conditions—observable substitutability, observable size monotonicity, and...  View Details
Keywords: Matching With Contracts; Stability; Strategy-proofness; Substitutability; Size Monotonicity; Cumulative Offer Mechanism; Marketplace Matching; Balance and Stability
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  • 2022
  • Working Paper

Canary Categories
By: Eric Anderson, Chaoqun Chen, Ayelet Israeli and Duncan Simester
Past customer spending in a category is generally a positive signal of future customer spending. We show that there exist “Canary Categories” for which the reverse is true. The more customers purchase in these categories, the less likely these customers are to return...  View Details
Keywords: Churn; Churn Management; Churn/retention; Retention; Assortment Planning; Retail; Retailing; Retailing Industry; Preference Heterogeneity; Customer Relationship Management; Consumer Behavior; Retail Industry; United States
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  • 2021
  • Working Paper

Competitive Two-Part Tariffs
By: Jorge Tamayo and Guofu Tan
We study competitive two-part tariffs in a model of asymmetric duopoly firms that offer (vertically and horizontally) differentiated products. We show that the sign of the markup for each product depends on the average expected demand among all customers as well as the...  View Details
Keywords: Product Differentiation; Two-part Tariffs; Marginal-cost Pricing; Cross-subsidization; Competition; Price
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  • January 2021
  • Article

Chain Stability in Trading Networks
By: John William Hatfield, Scott Duke Kominers, Alexandru Nichifor, Michael Ostrovsky and Alexander Westkamp
We show that in general trading networks with bilateral contracts, a suitably adapted chain stability concept (Ostrovsky, 2008) is equivalent to stability (Hatfield and Kominers, 2012; Hatfield et al., 2013) if all agents' preferences are fully substitutable and...  View Details
Keywords: Matching; Trading Networks; Chain Stability; Stability; Competitive Equilibria; Full Substitutability; Laws Of Aggregate Supply And Demand; Contracts; Market Design; Balance and Stability
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  • August 2019
  • Article

When and How to Diversify—A Multicategory Utility Model for Personalized Content Recommendation
By: Yicheng Song, Nachiketa Sahoo and Elie Ofek
Sometimes we desire change, a break from the same or an opportunity to fulfill different aspects of our needs. Noting that consumers seek variety, several approaches have been developed to diversify items recommended by personalized recommender systems. However,...  View Details
Keywords: Recommender Systems; Personalization; Recommendation Diversity; Variety Seeking; Collaborative Filtering; Consumer Utility Models; Digital Media; Clickstream Analysis; Learning-to-rank; Consumer Behavior; Media; Customization and Personalization; Strategy; Mathematical Methods
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  • August 2018
  • Article

The Effect of Graphic Warnings on Sugary-Drink Purchasing
By: Grant Donnelly, Laura Y. Zatz, Daniel Svirsky and Leslie John
Governments have proposed text warning labels to decrease consumption of sugary drinks – a contributor to chronic diseases like diabetes. However, they may be less effective than more evocative, graphic warning labels. We field-tested the effectiveness of graphic...  View Details
Keywords: Policy Making; Preferences; Food; Health; Policy; Information; Labels; Consumer Behavior; Decision Making; Performance Effectiveness
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  • May 2016
  • Article

Matching with Slot-Specific Priorities: Theory
By: Scott Duke Kominers and Tayfun Sönmez
We introduce a two-sided, many-to-one matching with contracts model in which agents with unit demand match to branches that may have multiple slots available to accept contracts. Each slot has its own linear priority order over contracts; a branch chooses contracts by...  View Details
Keywords: Matching With Contracts; Stability; Strategy-proofness; School Choice; Affirmative Action; Airline Seat Upgrades; Contracts; Market Design; Marketplace Matching; Balance and Stability
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  • 2015
  • Working Paper

Stability, Strategy-Proofness, and Cumulative Offer Mechanisms
By: John William Hatfield, Scott Duke Kominers and Alexander Westkamp
We consider the setting of many-to-one matching with contracts, where firms may demand multiple contracts but each worker desires at most one contract. We introduce three novel conditions—observable substitutability, observable size monotonicity,...  View Details
Keywords: Matching With Contracts; Stability; Strategy-proofness; Substitutability; Size Monotonicity; Cumulative Offer Mechanism; Contracts; Market Design; Marketplace Matching; Balance and Stability
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  • March 2014
  • Article

Cyclicality of Credit Supply: Firm Level Evidence
By: Bo Becker and Victoria Ivashina
Theory predicts that there is a close link between bank credit supply and the evolution of the business cycle. Yet fluctuations in bank-loan supply have been hard to quantify in the time series. While loan issuance falls in recessions, it is not clear if this is due to...  View Details
Keywords: Business Cycles; Borrowing and Debt; Credit; Banks and Banking; Bonds; Financial Markets; Financing and Loans; Banking Industry
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  • 2016
  • Working Paper

Reviews, Reputation, and Revenue: The Case of Yelp.com
By: Michael Luca
Do online consumer reviews affect restaurant demand? I investigate this question using a novel dataset combining reviews from the website Yelp.com and restaurant data from the Washington State Department of Revenue. Because Yelp prominently displays a restaurant's...  View Details
Keywords: Revenue; Network Effects; Reputation; Social and Collaborative Networks; Food and Beverage Industry; Service Industry; Washington (state, US)
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  • 2011
  • Working Paper

Cyclicality of Credit Supply: Firm Level Evidence
By: Bo Becker and Victoria Ivashina
Theory predicts that there is a close link between bank credit supply and the evolution of the business cycle. Yet fluctuations in bank-loan supply have been hard to quantify in the time-series. While loan issuance falls in recessions, it is not clear if this is due to...  View Details
Keywords: Business Cycles; Borrowing and Debt; Credit; Banks and Banking; Bonds; Financial Markets; Financing and Loans; Banking Industry
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  • Article

The Cost Structure, Customer Profitability, and Retention Implications of Self-Service Distribution Channels: Evidence from Customer Behavior in an Online Banking Channel
By: Dennis Campbell and Frances X. Frei
This paper uses the context of online banking to investigate the consequences of employing self-service distribution channels to alter customer interactions with the firm. Using a sample of retail banking customers observed over a 30-month period at a large U.S. bank,...  View Details
Keywords: Cost; Service Operations; Distribution Channels; Consumer Behavior; Internet and the Web; Banks and Banking; Technology Adoption; Service Delivery; Market Transactions; Market Participation; Profit; Retail Industry; Banking Industry; United States
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  • Article

Households' Willingness to Pay for 'Green' Goods: Evidence from Patagonia's Introduction of Organic Cotton Sportswear
By: Ramon Casadesus-Masanell, Michael Crooke, Forest L. Reinhardt and Vishal Vasishth
To shed light on individuals' willingness to pay for "green" goods (i.e., goods that are supposed to have lower adverse environmental impacts either in production or in use), we study data from the introduction by Patagonia, Inc., of organic cotton sportswear in the...  View Details
Keywords: Spending; Consumer Behavior; Environmental Sustainability; Consumer Products Industry
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  • 2007
  • Working Paper

Platform Envelopment
By: Thomas Eisenmann, Geoffrey Parker and Marshall Van Alstyne
Due to network effects and switching costs in platform markets, entrants generally must offer revolutionary functionality. We explore a second entry path that does not rely upon Schumpeterian innovation: platform envelopment. Through envelopment, a provider in one...  View Details
Keywords: Digital Platforms; Market Entry and Exit; Network Effects
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  • Article

Network Effects in the Governance of Strategic Alliances
By: Toby E. Stuart
We argue that the stock of prior alliances between participants in the biotechnology sector forms a network that serves as a governance mechanism in interfirm transactions. To test how this network substitutes for other governance mechanisms, we examine how equity...  View Details
Keywords: Network Effects; Governance; Strategy; Alliances; Stocks; Market Transactions; Equity; Mortgages; Biotechnology Industry
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  • Article

Contracting in a Supply Chain with Stochastic Demand and Substitute Products
By: Santiago Kraiselburd, V.G. Narayanan and Ananth Raman
Keywords: Supply Chain; Product
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